The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 (the Ship Recycling Convention or the Hong Kong Convention) was adopted in May 2009. After the entry into force of the Convention, the development and maintenance of an Inventory of Hazardous Materials, which identifies the amount and location of hazardous materials onboard a ship, will be required for all ships over 500GT. Furthermore, ships shall only be recycled at ship recycling facilities authorized by the competent authority. The Convention will enter into force 24 months after the date on which the following conditions are met:

1. Ratification by 15 States,
2. Representation by 40 per cent of world merchant shipping by gross tonnage, and
3. A maximum annual ship recycling volume not less than 3 per cent of the combined tonnage of the ratifying States

As of 30 November 2019, Norway, Congo, France, Belgium, Panama, Denmark, Turkey, Netherland, Serbia, Japan, Estonia, Malta, Germany, Ghana and India have acceded to the Convention.

Furthermore, the European Regulation on Ship Recycling had been commenced since 31 December 2018. By the Regulation, development of inventory of hazardous materials (IHMs), is required for both ships flying the flag of a Member State (EU flagged ships) and ships of a third country calling at a port or anchorage of a Member State (non-EU flagged ships) from 31 December 2020.