LONDON: The Ship Recycling Transparency Initiative (SRTI) has published its latest ship recycling policies and practices from 12 shipowners.
NYK Line recently joined SRTI members Altera Infrastructure, Swire Pacific Offshore Operations, Stolt Tankers, Wallenius Wilhelmsen, The China Navigation Company, Teekay, Evergreen Marine Corporation, Hapag-Lloyd, Norden, CMA CGM and A.P. Moller – Maersk.
Collectively these companies operate 3,439 vessels including containers, tankers, bulk, vehicle carriers and cruise ships.
Nine of the 12 shipowners disclosing data via the SRTI have a policy to promote responsible recycling of owned vessels sold for further trading, and 10 of them impose legally binding covenants or other commercial incentives to the buyer to encourage responsible recycling.
The SRTI provides a platform through which its members can publicly disclose their ship recycling policies, practices and progress, thereby accounting to customers, investors, governments, NGOs and the wider public.
This in turn enables cargo owners, financial stakeholders and others to make informed decisions and reward good practice through the market, raising the bar for the industry.
SRTI executive director Andrew Stephens said last year saw increased interest and activity by the finance sector in relation to ship recycling and ESG. However, “while the SRTI community continues to grow, we recognise that ship recycling remains an invisible industry to many,” he added.
The SRTI recently received funding from the Engineering X Safer End of Engineered Life project and the Danish Orient’s Fond to improve the safety of decommissioning offshore structures and ships in places where unsafe practices are most prevalent.
Story Type: News