Elegant Exit Company, RM Company, and ISSAC Green Tech have signed a memorandum of understanding to jointly pursue the development of a green ship recycling hub in South Korea capable of handling large oceangoing vessels.
Under the agreement, RM Company will contribute its existing ship recycling operations, while ISSAC Green Tech will provide floating drydock and automation technologies for the proposed facility. The companies have not disclosed the project’s location, investment value, planned recycling capacity or expected start-up date.
According to RM Company, it operates Sungha Shipyard, which the company describes as South Korea’s largest ship dismantling yard. The yard is supported by a coastal scrap logistics network and is equipped with heavy guillotine machinery capable of cutting steel plates up to 60 mm thick.
Elegant Exit Company previously carried out a pilot ship recycling project with ASRY in Bahrain as part of its ship recycling activities.
The project was announced after the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships entered into force on 26 June 2025, establishing international requirements for the environmentally sound and safe recycling of ships. South Korea deposited its instrument of accession to the convention on 23 December 2025.
Japan is also preparing new domestic ship recycling capacity. NYK Line and Oono Development are jointly developing a commercial recycling project at Chita in Aichi Prefecture, with operations targeted to begin in 2028. According to NYK Line, the facility is designed to recycle approximately 300,000 tonnes of ships annually, equivalent to around 20 Panamax vessels per year.
