Interest grows in new “green” ship recycling agreement: Recyclecon commercial solution

BIMCO's project to develop a "green" recycling contract to provide a commercial solution for owners and yards who want to dispose of ships in an environmentally responsible manner has caught the interest of the industry.

The contract, code named RECYCLECON, was presented at the Tradewinds Ship Recycling Conference in Dubai in March. BIMCO has also been invited to present the new contract at conferences in London and Shanghai later this year. Recycling is a "hot topic" in the industry and the global interest in RECYCLECON reflects the need to provide a commercially acceptable interim solution for those wishing to "green" recycle their ships before the Hong Kong Ship Recycling Convention comes into force.

At the most recent meeting of the RECYCLECON sub-committee, the group was joined by Dr. Nikos Mikelis of the IMO Secretariat who provided invaluable input and advice as to how certain key features of the Hong Kong Convention could be incorporated into a commercial agreement bearing in mind that much of the administrative infrastructure required by the Convention is not yet in place.

RECYCLECON is now in its final draft and will be put forward for adoption at the next meeting of the Documentary Committee which will be held in Vancouver on 6 June.

Source: BIMCO. 06 March 2011

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