Can Seven: 'Ship Recycling is No Longer a Decision at the End of Life, but a Strategic Decision'

Can Seven, Director and Vice President of Marsh Marine Lines, evaluated Turkey’s position in ship recycling during his presentation at the Marine Insurance Turkey symposium held in Istanbul today. Seven stated that the Hong Kong Convention and EU regulations have now become elements that directly determine market access; compliance has ceased to be optional.

In an international session, Can Seven assessed Turkey's role in the global ship recycling market and the regulatory dynamics reshaping the sector.

At the beginning of his presentation, Seven made a fundamental observation: 'International frameworks such as the Hong Kong Convention and EU regulations have now become decisive elements in determining the direction of the market. Compliance is no longer a choice; it is a condition that directly determines market access.'

Price Still Matters — But It’s Not the Only Factor

Seven emphasized that shipowners are now looking at a much broader set of criteria when choosing a recycling facility. Price remains important; however, the additional factors are changing the balance of the market:

• Compliance requirements

• ESG expectations

• Geographical location

'All of these are now evaluated together. Choosing the facility that offers the highest price is no longer a reasonable choice for most shipowners.'

Aging Fleet and Transition to Alternative Fuels

Seven reminded that the global fleet is aging, and at the same time, the transition to alternative fuels is accelerating. These two dynamics together are speeding up the recycling of older ships; demand for compliant facilities is also increasing in parallel.

According to Seven, Turkey is in a favorable position in this equation: 'Turkey is in a position to defend its current status. As EU targets rise and demand increases, Turkey’s compliance advantage becomes even more valuable. However, continuous investment and raising standards are essential for maintaining this advantage.'

Insurance Perspective: ESG is Now Part of the Underwriting Process

The most critical part of the presentation was dedicated to the insurance aspect. Seven emphasized that ESG assessments have now become a decisive factor in underwriting processes.

The pollution risk in recycling operations, environmental responsibility, and reputational risk are being evaluated with increasing scrutiny by insurers. Shipowners’ choices of recycling facilities are interpreted as part of the holistic risk profile of the shipowner, not just that operation.

'A shipowner’s choice of which facility to use and under what standards is now becoming visible in that shipowner’s overall insurance relationship.'

Competition from India and the Position of Turkish Shipyards

Seven noted that Turkey’s most significant competitor in the recycling market is India and that Turkish shipyards sometimes lag in price competition. However, he expressed that with the Hong Kong Convention, competition will not only be based on price; standards, inspection infrastructure, and insurability criteria will be at least as decisive as price.

He stated that raising environmental standards, increasing transparency in inspection processes, and establishing an insurable operational infrastructure are critically important to strengthen the position of Turkish shipyards.

'Recycling is No Longer a Decision at the End of Life'

Seven summarized his presentation with a structural observation for the global sector: 'Ship recycling is no longer just a decision at the end of a ship’s life. It is a strategic decision shaped by regulations and ESG expectations. Turkey plays an important role as a compliant recycling hub in this changing landscape. In this new structure, insurance is positioned as a key enabler of effective risk management.'

Q&A: 'Which Factor is More Determinative?'

In response to the question posed after the presentation, 'Which factor is becoming more decisive in decision-making processes?' Seven’s answer was clear: 'Insurance implications are coming to the forefront.' For shipowners with high ESG sensitivity, the insurer's assessment has reached a weight that can balance out price differences.

Can Seven: 'Ship Recycling is No Longer a Decision at the End of Life, but a Strategic Decision'

Can Seven, Director and Vice President of Marsh Marine Lines, evaluated Turkey’s position in ship recycling during his presentation at the Marine Insurance Turkey symposium held in Istanbul today.

May 20, 2026 14:38

: May 20, 2026 14:38

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