History of Ship Recycling in Bangladesh
In 1960 a foreign vessel named Mac ALPINE stranded on the coast of Sitakunda due to a severe cyclone. It was there for quite some time and then dismantled by Chittagong Steel House in 1965. In 1971, during war of liberation a Pakistani vessel named AL ABBAS was damaged by bombing, was salvaged and brought to seashore near Fauzdarhat . In 1974 it was sold to a business firm for scrap thus laying the path of commercial ship breaking in Bangladesh. However the booming of the industry started in 1980s.
At present, the global center of the ship breaking and re-cycling industry is in South Asia, specifically Bangladesh, India and Pakistan. These three countries account for 70-80 percent of the international recycling market for ocean-going vessel with China and Turkey covering the remaining market. Only about one percent of the global volume is scrapped outside these five countries.