After decades of ongoing efforts, the Hong Kong Convention (HKC) has entered into force with big changes underway for the industry, reports cash buyer GMS. Bangladeshi and Pakistani markets still have a
After decades of ongoing efforts, the Hong Kong Convention (HKC) has entered into force with big changes underway for the industry, reports cash buyer GMS. Bangladeshi and Pakistani markets still have a lot of work to do and catch up to the strides India has already made in upgrading their facilities over the last decade.
“This is certainly great news for stakeholders, ship owners, cash buyers, recyclers, and the environment at large, as positive strides at improving industry standards will further serve as a catalyst in the crucial circular world of shipping,” says GMS.
“Of course, in the short term, there is likely to be a testy period of transition whilst everyone in the industry gets accustomed to the changing regulations, inward formality procedures, and additional documents required when a vessel is being transacted for HKC recycling from here on.
“Of note, documentation and procedures might change as the initial phase in period settles. In the interim however, owners / cash buyers seeking to deliver units into the Indian sub-continent ship recycling markets will now have to include IHM reports part I, II and III, along with a ‘Ready for Recycling’ certificate from the relevant flag state, all gift wrapped
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