The update reflects the entry into force of the Hong Kong Convention last year, as well as significant developments in ship recycling practice, regulatory requirements and sale and purchase procedures.
It replaces the 2012 edition and is now known as RECYCLECON 2026. It is BIMCO’s standard agreement for the sale of vessels for safe and environmentally sound recycling.
The revised form is the result of almost two years of work by a specialist subcommittee of shipowners, cash buyers, recycling yards, brokers, legal advisers and BIMCO representatives, supported by extensive industry consultation. The subcommittee finalised the contract at an in-person meeting in Antwerp on 30 June and 1 July 2026 and BIMCO’s Documentary Committee adopted it in its October 2026 meeting.[…]