South Africa wants to set up a new shipbreaking yard to capitalise on the growing demand for green recycling.
The 34South facility at Saldanha Bay in the Western Cape will be supported by the Industrial Development Corp as its largest shareholder, according to domestic consultancy Frost & Sullivan.
Consulting analyst Yaa Agyare-Dwomoh said: "Growing environmental and labour concerns in the global shipbreaking industry present a desperate need for green-compliant ship recycling facilities."
