Embracing Sustainable Ship Recycling: Opportunities and Challenges for the Shipping Industry

The shipping industry is poised for a significant surge in ship recycling activities, driven by tightening regulations on greenhouse gas emissions. This optimistic outlook brings forth a busy and promising period for ship recyclers worldwide. Recent analysis from BIMCO indicates that the anticipated wave of ship scrapping candidates may surpass previous projections, propelled by stringent environmental regulations and the aging global merchant fleet. By 2032, it is forecasted that more than 15,000 ships or 600 million deadweight tonnes, equivalent to over a quarter of the current trading fleet, could be recycled—a remarkable growth of over 100% compared to the past decade.

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