Hong Kong Convention (HKC)-compliant recycling facilities in India took all the tonnage sold for demolition over the past week as high-profile owners IMC Industrial Group, MSC Mediterranean Shipping Company and Gearbulk cleared their decks of older ships.
Their decision to accept lower prices for green recycling in a market in which scrap values are falling highlights the increasing momentum by shipowners to seek out compliant facilities to dispose of unwanted tonnage.
