In contrast, Bangladesh's sub-continental rivals beached 150 ships, while Pakistan beached 95 ships. In 2019, 186 ships were beached for recycling by Alang.

Over 90 of the 120 Alang workplaces are approved by the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, adopted by the IMO in 2009, for compliance with green recycling requirements.

There was only one green recycling yard in Bangladesh, while Pakistan had none.

The pandemic had a devastating effect on the worldwide shipping industry, as vessels were stranded, steel rates collapsed by around $150 per Light Displacement Tonnage (LDT) and contributed to the failure of many recycling deals.

As owners scrapped vessels due to low freight rates, the year 2020 began with container ships being sold for recycling, but it ended with a revival in tariff for the container shipping market.

According to GMS Inc., the priority in 2021 will be on recycling dry bulk carriers and tankers because of the decreasing charter rates in these segments.

Maritime Business World