SSY Expands Portfolio with Strategic Move into Ship Recycling
In a significant diversification of its services, UK-based shipbroking giant SSY has announced its entry into the ship recycling sector. This strategic expansion comes as the maritime industry prepares for the enforcement of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (Hong Kong Convention) on June 26, 2025.
Leadership and Expertise
Spearheading SSY’s new recycling division is Harry Conrad-Pickles, a seasoned expert in ship recycling. Based in Dubai, Conrad-Pickles brings over two decades of experience from his tenure at Braemar, where he led the ship recycling division. He is set to join SSY on April 10, 2025, officially.
Conrad-Pickles expressed his enthusiasm about the new role: “The recycling market is poised to enter a crucial and consequential period, and I’m eager to join SSY and take a proactive role in driving positive change in partnership with the firm’s outstanding global team. In doing so, we can provide our clients with the necessary expertise to help navigate through these regulatory shifts while providing maximum value and the highest environmental and compliance standards.”
Strategic Timing Amid Regulatory Changes
SSY’s foray into ship recycling aligns with the impending enforcement of the Hong Kong Convention, a comprehensive treaty developed by the International Maritime Organization (IMO). The convention aims to ensure that ships, upon reaching the end of their operational lives, are recycled safely without posing unnecessary risks to human health and the environment. Adopted in 2009, the convention’s entry into force on June 26, 2025, follows the fulfilment of specific ratification criteria, including ratification by at least 15 states representing a significant portion of the world’s merchant shipping tonnage and ship recycling volume.
Market Outlook and Industry Implications
The ship recycling market is on the cusp of a transformative decade, with projections indicating that approximately 15,000 ships are expected to be scrapped over the next ten years. This surge is attributed to factors such as the aging global fleet, stringent environmental regulations, and the maritime industry’s shift towards more sustainable practices.
Stanko Jekov, SSY’s managing partner, highlighted the strategic importance of this move: “The recycling market is an area that we’ve been keen to enter for some time, and by offering this service we can now help our clients through the myriad of complexities that come with efficient and safe ship recycling.”
SSY’s Commitment to Sustainable Practices
SSY’s expansion into ship recycling underscores the company’s commitment to sustainable and environmentally responsible practices. By integrating recycling services into its portfolio, SSY aims to provide comprehensive solutions that address the entire lifecycle of a vessel, from construction and operation to decommissioning and recycling.
This holistic approach not only enhances SSY’s service offerings but also positions the company as a proactive participant in the global effort to promote safe and environmentally sound ship recycling practices.
Industry Perspectives
The maritime industry has welcomed SSY’s entry into the ship recycling sector, viewing it as a timely and strategic move that aligns with global regulatory trends. Industry analysts note that as the Hong Kong Convention’s enforcement date approaches, there is an increasing demand for expertise in navigating the complex regulatory landscape associated with ship recycling.
By bringing on board a seasoned professional like Conrad-Pickles, SSY is well-positioned to offer clients the guidance and services needed to comply with international standards and ensure that their vessels are recycled in a safe and environmentally responsible manner.
Challenges and Opportunities Ahead
While the ship recycling market presents significant opportunities, it also comes with its set of challenges. Ensuring compliance with the Hong Kong Convention requires meticulous planning, comprehensive documentation, and adherence to stringent environmental and safety standards.
Shipowners and operators must develop and maintain an Inventory of Hazardous Materials (IHM) for each vessel, obtain necessary certifications, and work with authorized ship recycling facilities that meet the convention’s requirements.
SSY’s new recycling division aims to assist clients in navigating these complexities by offering expert advice, facilitating compliance, and ensuring that the recycling process maximizes value while upholding the highest environmental and safety standards.
Conclusion
SSY’s strategic expansion into the ship recycling market marks a significant milestone in the company’s evolution and reflects its commitment to addressing the industry’s changing needs. With the impending enforcement of the Hong Kong Convention and the anticipated increase in ship recycling activities, SSY’s new division is poised to play a pivotal role in facilitating safe, compliant, and environmentally responsible recycling practices.
As the maritime industry continues to navigate regulatory changes and sustainability challenges, SSY’s proactive approach positions it as a leader in providing comprehensive lifecycle solutions for vessels, reinforcing its reputation as a forward-thinking and client-centric organization.
