Ship recycling platform to encourage healthier ship breaking practices
THE non-profit Sustainable Shipping Initiative has announced the launch of the Ship Recycling Transparency Initiative's (SRTI) online platform, a tool for sharing information on ship recycling to drive responsible practice
THE non-profit Sustainable Shipping Initiative has announced the launch of the Ship Recycling Transparency Initiative's (SRTI) online platform, a tool for sharing information on ship recycling to drive responsible practice.
The platform comes nine months after a group of shipping companies first announced their collective effort to use the market-drivers that transparency brings to make responsible ship recycling the norm. Demanding transparency holds the shipping industry to account, raising the bar for current practice as well as creating fair competition among shipowners.
The founding signatories of SRTI include shipowners The China Navigation Company, Hapag-Lloyd, AP Moeller-Maersk, NORDEN, Stolt Tankers and Wallenius Wilhelmsen; financial stakeholders GES, Nykredit and Standard Chartered Bank; classification society Lloyd's Register; and sustainability non-profit Forum for the Future, a release issued by Hapag-Lloyd explained.
In 2017, 835 ships were recycled out of a world fleet of 50,000. Despite the known risks associated with ship recycling, there is no global regulation currently in force, resulting in approaches ranging from those with adverse social and environmental consequences to responsible ship recycling practices, which this initiative is shedding light on.
Increased transparency into ship recycling policies and practices of shipping companies, makes it possible for the industry stakeholders - including shippers, lenders, investors and insurers - to make informed decisions.
Responsible ship recycling is good for brand value, protecting reputation and good for business, and is key to being recognised as a responsible and sustainable shipping industry.
'At the SSI we see responsible ship recycling as a critical issue that needs to be addressed through smart interventions like increasing transparency,' said SSI co-chairwoman Stephanie Draper. 'The SRTI is an opportunity for shipowners, cargo owners, investors and others to collectively demand transparency and through that better standards.'