Unveiling GMS’s Sustainable Ship & Offshore Recycling Program (SSORP)
In the latest weekly report, Global Marketing Systems (GMS) proudly highlights the remarkable strides of its Sustainable Ship & Offshore Recycling Program (SSORP) as it takes center stage amidst the burgeoning 2024 landscape. With a primary focus on Hong Kong Convention (HKC) compliance, GMS’s SSORP has not only met but surpassed all stipulations and requirements for environmentally safe and responsible ship recycling.
The Essence of the Hong Kong Convention
The Hong Kong Convention, established in 2009 during a diplomatic conference in Hong Kong, China, aims to ensure that ships, when recycled at the end of their operational lives, pose no unnecessary risks to human health, safety, and the environment. Embracing the “cradle to grave” concept, it addresses all aspects of ship recycling, including the responsible management and disposal of associated waste streams.
SSORP as the Guardian of Compliance
SSORP has emerged as a guardian overseeing compliance monitoring and auditing initiatives, a process meticulously verified and endorsed by Lloyd’s Register Quality Assurance (LRQA). In an era where safety and environmental standards are paramount, ship owners, recycling facilities, and maritime stakeholders are increasingly relying on SSORP, showcasing their collective commitment to sustainability.
Since its inception, SSORP has successfully supervised and monitored the recycling of over 120 ships and offshore assets. Over 30 ship and offshore owners have chosen SSORP as their exclusive compliance monitoring partner. Notably, SSORP is the sole program estimating the carbon footprint of ship recycling. With SSORP in command, companies can align their Environmental, Social, and Governance (ESG) requirements with recycling needs, meeting the highest standards of environmentally safe vessel recycling.
Current Dynamics in Ship Recycling
GMS reports a slow start to ship recycling sales in 2024, despite improvements in vessel and plate prices. Ship owners appear reluctant to accept current offers in the low USD 500s/LDT, having witnessed higher levels just a few quarters ago. L/C restrictions easing in Pakistan and Bangladesh have sparked interest from these markets. India, grappling with steel price declines, faces tough competition from its strengthening neighbors. Meanwhile, Turkey remains largely invisible on the ship recycling front.
In conclusion, SSORP continues to be a beacon of sustainability, ensuring that ship recycling aligns with the highest environmental and safety standards, as mandated by the Hong Kong Convention.