South Korea is strengthening its position in the marine ship recycling market. According to the report, Elegant Exit Company together with local recycler RM Company and ISSAC Green Tech signed a memorandum of understanding to create a facility that the partners call potentially one of the largest shipbreaking centers in Asia.
The project is based on using RM's existing infrastructure and ISSAC Green Tech's technologies, including a floating dock and automation, with the ability to handle large ocean-going vessels.
The organizations did not disclose the investment amount, exact capacity, location or expected project launch date.
Key facts on RM's existing capabilities
- RM already operates Sungha Shipyard, which the company describes as the largest shipbreaking site in the country.
- Coastal value chains and scrap logistics infrastructure have already been established by RM.
- The company uses heavy guillotine equipment to cut steel plates up to 60 mm thick.
Additional context: scaling steps
The initiative is based on Elegant Exit's prior industrial recycling experience: the company has already run a pilot project at ASRY in Bahrain and in 2024 announced an order of six + six large floating docks for projects worldwide, including countries inside and outside the OECD.
Regional context
Compared with other regions, the text notes that the South Korean initiative is developing against the backdrop of Japan's efforts in this field. There, the partnership of NYK and Oono Development is aimed at launching a facility in Chita (Aichi Prefecture) by 2028, with stated capacity of about 300,000 tonnes per year (roughly 20 Panamax-size ships) and the ability to handle two VLCCs simultaneously at an 810 m dock.
Both projects are oriented toward heavier equipment and automation to improve efficiency. Further steps on this topic are noted after the Hong Kong Convention on ship recycling entered into force in June 2025: South Korea acceded to it in December and took on commitments under the new global requirements for environmental and occupational safety.
