The ship’s lifecycle has four main stages – design, construction, operation and recycling. Most stakeholders tend to focus more on the first three stages rather than the last stage, despite its importance in balancing the demand and supply of maritime transportation services. In the present era, the shipping industry is gradually starting to focus on digitalization using new and emerging technologies such as blockchain. It is not uncommon to hear terms such as digital disruption and digital innovation within the context of the shipping industry. However, the focus is more on the operations stage followed by design and construction stages of the ship’s lifecycle. Unfortunately, the recycling stage is untouched by these developments.