GMS is excited to announce a special three-part webinar series titled “HKC Compliance: What the Maritime Industry Needs to Know,” scheduled for June 25th and 26th, 2025. This series marks the entry into force of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC), which officially becomes effective on June 26, 2025.
Established by the International Maritime Organization (IMO) in 2009, the Hong Kong Convention sets global standards for the safe and environmentally responsible recycling of ships. After 16 years of awaiting ratification by nations representing over 40% of the world’s merchant fleets, the Convention will impose legally binding requirements on shipowners, recycling facilities, and flag states worldwide.
Participation in the webinar is free with prior registration, and one enrollment provides access to all three sessions. In global news, the ongoing volatility that the world has been adapting to in 2025 intensified this week following Israel’s strikes on Iranian nuclear sites, arms facilities, and oil depots.
Additionally, former President Trump reignited trade tensions by calling for nations to present renewed offers and initiate fresh negotiations. These developments contributed to significant economic fluctuations.
The price of oil jumped over 7.2% as Israel targeted multiple sites, resulting in oil futures settling at USD 73 per barrel amid fears of export disruptions near the Gulf of Hormuz. Concurrently, the Baltic Exchange Dry Index reported a 3.4% increase, with the Capes and Panamax sectors experiencing jumps of 4.7% and 1.9%, respectively, reaching their highest levels in two months.
The ship recycling markets in the Indian subcontinent have faced a downward trend throughout the year, with owners struggling to secure market levels in light of ongoing global uncertainty. Geopolitical issues continue to challenge recycling markets, depriving them of ample tonnage supply as rising freight rates support various sectors amid a backdrop of conflicts and tariffs.
With the HKC set to take effect soon, advancements in recycling facilities in Bangladesh aim to align with India’s progress, while Pakistan still has a ways to go. As the region enters the quieter monsoon season, it is anticipated that only a limited amount of tonnage will reach subcontinental shores for recycling, allowing yards in Bangladesh and Pakistan to complete necessary upgrades before volume increases again.
Meanwhile, Turkey remains quiet and absent from bidding activities.