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Scrapping market is unique in many respects. The value of its products is more affected by ınternational trade than by shipping economic circles. There are many regulations for the environmentally friendly dismantling of ships. Ship recycling is the eco-friendly method of ship dismantling, it is governed by a set of rules, namely: a) Hong Kong Convention on Ship Recycling - SRC - (implemented by IMO), b) UN Basel Convention and c) E.U. Waste Shipment Regulation. Despite this polyphony in legislation, no clear set of rules has been uniformly applied yet, resulting in institutional discontinuities which are often exploited by shipowners.

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