Why sign up to the SRTI?

The SRTI reflects a collective effort that brings together different players across the shipping industry, investors, cargo owners and broader stakeholders to improve ship recycling policy, practice and performance.

These testimonials from senior officials of leading companies from across the shipping value chain explain why they support and/or signed up the SRTI.

James Woodrow, Managing Director, The China Navigation Company

“The China Navigation Company (CNCo) strongly supports this Ship Recycling Transparency initiative by a coalition of committed ship financiers, ship owners and cargo shippers to work together to raise the environmental, safety and social standards of the Ship Recycling Industry.

We find it anomalous that many ship-owners provide superintendency in ship building yards to ensure quality control and good health, safety and environmental practices even before the ship is handed over to the owners, and similarly throughout the operational life of the ship, but subsequently at the point of sale most owners wash their hands of all responsibility for these issues and externalise the necessary costs for these. We believe that “Extended Product Responsibility” applies equally to our industry, requiring us to minimise whole of lifecycle environmental impacts and accept some physical and socio-economic responsibility for environmental impacts during the post ownership, disposal, phase at the end of each ship’s economic life.

CNCo believes that if more stakeholders in the shipping value chain share their practices transparently then it will be clear what best practices are possible, and at what level of commitment, and thus how standards can be raised globally for the benefit of all. This Ship Recycling Transparency initiative does not seek to set any standards, but does provide concrete evidence of what is possible, what is practically being done, and thus allows other stakeholders to select those that are aligned with their own positions and aspirations to be responsible and sustainable.”

Jonathon Porritt, Founder Director & Trustee, Forum for the Future

“No industry today is immune from growing public and regulatory pressure around climate change, energy efficiency and the circular economy. Through the SRTI, the shipping industry has started to address critical end-of-life sustainability challenges, reimagining some basic business models to drive better working conditions and more circular resource management solutions. This kind of collaboration is precious, encouraging leading players in the industry to take responsibility, holding themselves to account, and inspiring others to benefit from the experience and learning that has been generated in the process.”

Hanna Roberts, CEO, GES International

GES strongly supports the Ship Recycling Transparency Initiative. As a service provider for responsible investments, we see that it is important for our institutional investor clients to ensure that investee companies address both environmental and social risks in ship recycling. This platform facilitates making informed investment decision and is at the same time a good driver for companies within the ship recycling industry to improve performance and transparency, making it beneficial for all parties.

Anthony Firmin, COO, Hapag-Lloyd AG

“Hapag-Lloyd strongly encourages all players and competitors to support full transparency and contribute to a level playing field when it comes to ship recycling. Seeking sustainable solutions for green ship recycling will not only have a major positive impact for the wellbeing and sanity of workers affected, but also for our environment.”

Nick Brown, Marine & Offshore Director, Lloyd’s Register

“Ship recycling is a complex issue, Lloyd’s Register has worked with a number of responsible vessel owners who want to take action and improve their own responsible recycling practices.  To make this the new norm, it requires wider collaboration across the value chain. The Ship Recycling Transparency Initiative platform provides the knowledge and information to enable informed decisions to be made to support improvements in the safety and environmental practices of recycling ships.”

Søren Toft, Chief Operating Officer, A.P. Moeller-Maersk

“Most ship recycling still happens under unacceptable standards. In the absence of effective regulation the market must act to raise the standards and to enable a level playing field. With the launch today, we encourage all fellow ship owners to sign up to the SRTI and cargo owners and investors to start using it.”

Jens Munch Holst, CEO, MP Pension

“Workers, communities and the environment all too often suffer the consequences of sub-standard ship recycling practices that are currently widespread. MP Pension is pleased to be supporting the Ship Recycling Transparency Initiative’s efforts to drive positive change in the shipping industry. We believe that increased transparency around recycling practices of ship owners will be a key part of the solution – which will also require enforcement and cooperation between many stakeholders, including investors.”

Jan Rindbo, CEO, NORDEN

“The last recorded recycling of a NORDEN owned vessel dates back to 1928. While we do not have experience with recycling, and do not have every detail of the process planed in detail at this point, we believe in taking a stand – and taking responsibility – should the situation arise.

We consider transparency as an important principle in line with conducting business in a legal, ethical and socially responsible manner. SRTI is not a compliance exercise, but about being transparent, which we are confident will drive improvements, and influence responsible practices across the supply chain. And this is in line with NORDEN’s core values of every person and action matters.”

Morten Therkildsen, Managing Director, Nykredit Asset Management

“This initiative is helpful to any investor who wants insights to the very complex question of ship recycling. With key information on a company level this initiative will enable investors to better assess related risks and opportunities.”

Sune Schackenfeldt, CEO, Pædagogernes Pension/The Pension Fund of Early Childhood and Youth Educators (PBU)

“Supporting the Ship Recycling Transparency Initiative fits well into PBU’s social investor engagement that includes fighting child labour, improving child’s rights and making sure that adult labourers work under decent conditions. Sub-standard ship recycling practices are often associated with unsustainable working conditions and even hazardous child labour. As a global investor in a broad spectrum of companies that rely on sustainable shipping of goods and produce, the SRTI is a necessary addition to improving both social and environmental governance and performance.”

Amit Puri, Global Head of Environmental and Social Risk Management, Standard Chartered Bank

“Standard Chartered welcomes the SRTI initiative to help create a level playing field in the ship recycling value chain through promoting transparency. Having demonstrated the positive role that financial institutions can have in this space, we remain committed to driving long term, sustainable improvements in ship recycling practices, while supporting economic growth and prosperity in the markets we operate in.”

Mark Martecchini, President, Stolt Tankers

“An initiative like this has been a long time coming for the industry. I am proud of our history of ‘doing the right thing’ in recycling our ships following the adoption of the ground-breaking Hong Kong Convention almost 10 years ago and of the recycling yards we worked with over that period. Over the years there have been many inaccuracies reported on this issue and it has been difficult for customers, investors and other stakeholders to understand the real differentiation achieved by the best recycling yards in frequently maligned regions. So, taking the opportunity to join with the wider shipping industry to improve transparency in recycling methods was a no-brainer. The Ship Recycling Transparency Initiative (SRTI) will give all stakeholders the information required to know when and where best practices for safe and environmentally sound recycling are being used.”

Stephanie Draper, Co-Chair, Sustainable Shipping Initiative

“We are really proud to be launching the SRTI site this week.  At the SSI we see responsible ship recycling as a critical issue that needs to be addressed through smart interventions like increasing transparency.  The SRTI is an opportunity for shipowners, cargo owners, investors and others to collectively demand transparency and through that better standards.  We think that the industry can lead by working across the supply chain to change itself and it is great to be shaping this positive example of that.”

Kenneth Hvid, President and CEO, Teekay

“The safety and sustainability of the ship recycling process deserves the attention of the marine industry.  As an industry we must drive and support the raising of standards globally by raising the safety and sustainability bar to the same level we have achieved in the other stages of a ship’s lifecycle – shipbuilding and ship operations, which many of us have focused on intensely as responsible shipowners over the past decades.   Teekay is committed to be a part of the solution, and we support the SRTI work underway.”

Craig Jasienski, President & CEO, Wallenius Wilhelmsen

“The Ship Recycling Transparency Initiative empowers those who invest in or buy services from shipping companies to make informed decisions on vessel recycling. With the SRTI they can demand transparency, helping them ensure they do business with companies that recycle responsibly, rather than those who continue with practices that have horrifying human and environmental consequences.  It is unthinkable that change won’t be driven with such knowledge. It also sends a clear signal to tonnage providers on the new normal.

Wallenius Wilhelmsen responsibly recycles vessels at craned berths and landing facilities which we pre-vet to ensure worker welfare and safety is front of mind, as well as to make certain materials are recycled and waste treated in an appropriate and traceable manner. We have a representative on site to supervise the entire process, with the authority to stop work for safety, welfare or environmental reasons.”

Bellona Foundation

“Bellona appreciates the Ship Recycling Transparency Initiative’s goal to improve the shipping industries practice at ships end-of-life. Transparency is crucial to give business partners, the public and environmental organizations the opportunity to make assessment of shipping companies’ performance based on provided information.

The Initiative has the potential to become a platform for all shipowners to tell the world about their policy and practice. Available information also commits cargo owners, investors, lenders, insurers and other business partners to use it and the ability to make more sustainable decisions and lower their overall environmental footprint. Our expectation is that this can give shipowners with the best environmental policy and practice, a competitive advantage.

Bellona encouraging all shipowers to use this platform to make international shipping more transparent and contribute to decent condition for labors, acceptable environmental standards and safe treatment of hazardous waste. Bellona will follow the information provided by the SRTI closely to make sure the Initiative’s main goal of raising the standard in the shipbreaking industry is achieved.”