G M S [DUBAI] - World’s largest buyer of ships & offshore vessels

GMS, the world’s largest buyer of ship and offshore assets, wholeheartedly supports the recent submission by BIMCO to the International Maritime Organization (IMO) aimed at addressing legal inconsistencies between the Hong Kong Convention (HKC) and the Basel Convention on ship recycling. With the HKC set to become effective on June 26, 2025, this initiative highlights a pivotal moment for the global ship recycling sector.

Dr. Anand Hiremath, Chief Sustainability Officer at GMS, emphasizes the timeliness of BIMCO's intervention, stating, "As we approach the enforcement of the Hong Kong Convention in the next 16 months, it's crucial to acknowledge its role as the potential universal standard for ship recycling. The adoption of a singular, global standard will significantly enhance transparency and facilitate upgrades in the industry. The Hong Kong Convention represents both a starting point and a foundational platform that should be universally embraced."

The recent paper submitted by BIMCO, alongside Bangladesh, India, Norway, Pakistan, and the International Chamber of Shipping (ICS), before the 81st Marine Environment Protection Committee (MEPC) meeting, seeks to harmonize the differing requirements of the Hong Kong and Basel Conventions. This endeavour is vital to prevent severe repercussions for shipowners, recycling yards, and maritime operations globally.

Dr. Anand further elaborates, "Region-specific standards for ship recycling lead to confusion and inefficiency, detracting from our collective goal of a sustainable maritime environment. The Hong Kong Convention offers a pragmatic and level playing field, setting the stage for future advancements in ship recycling practices. It is essential that this standard becomes universally accepted to ensure the industry moves forward cohesively."

BIMCO's Secretary General & CEO, David Loosley, also highlighted the significance of resolving these legal ambiguities to fully leverage the historic opportunity presented by the ratification of the Hong Kong Convention. The goal is to ensure that compliance with the HKC does not by mistake lead to sanctions under the Basel Convention, thereby promoting a safer and more environmentally sound ship recycling process worldwide.

GMS stands with BIMCO and the co-sponsors of the submission in advocating for increased transparency and the consistent implementation of the Hong Kong Convention. As the world's largest international shipping association, BIMCO's efforts in steering the industry towards sustainable practices are commendable and are in perfect harmony with GMS's commitment to sustainability and corporate responsibility.