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Ship recycling is centuries old

The fabric of a ship, wood in the past and steel today, has always held considerable value but ship recycling is a very complex, highly competitive business. It is also is a highly dangerous occupation, it’s not easy cutting apart steel structures and many ships contain toxic material such as plastics, asbestos and radioactive material. There is therefore also a cost to the environment. When it comes to where the ship is to be recycled there is huge disparity between nations on safety regulations.

Ship Recycling

The term ship recycling didn’t actually come into being until 1999. Today they manage to reuse about ninety-eight percent of the ship’s weight, recycling steel and other metals. The value of a ship at the end of its life is determined by its freight - if it has some on board- the sale and purchase market for ships - if it is to be sold on to another shipping company- and the demand for scrap steel, which is highest in the sub-continent where the labour market is cheap and there is less regulation. All of its fixtures and fittings would also have a value and therefore could be sold on to recoup the price paid for the vessel.

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