A waste management system for plastic or other material floating on the surface and in the subsurface of a body of water. A shredding device will reduce the size of the particles of waste. Ocean water is removed by a drying device. The dried waste material is frozen to a temperature at or below minus fifty degrees Fahrenheit, using liquid nitrogen or other suitable means. The frozen waste material is then pulverized and ground into a powder. The powder may then be sprayed into a gas-filled chamber and heated. Temperature, pressure and humidity are maintained within the chamber for more than one minute. Microwave or other radiation and catalysts may be used to enhance the process of extraction. The processed material is then removed from the chamber. Carbon may be recycled or used as fuel by the ship. Water may be used by the ship or returned to the ocean.