Industry leaders, including ocean carrier Hapag-Lloyd, and non-profit organization Sustainable Shipping Initiative, have announced the launch of the Ship Recycling Transparency Initiative’s (SRTI) online platform.
The tool, for sharing information on ship recycling, comes nine months after a group of shipping companies first announced their collective effort to drive responsible practice.
According to a statement, 835 ships were recycled in 2017 out of a world fleet of 50,000 and, despite the known risks associated with ship recycling, there is no global regulation currently in place to manage the effects of this activity.
By increasing the transparency of ship recycling policies and the practices of shipping companies, industry stakeholders such as shippers, lenders, investors and insurers are able to make more informed decisions.
The SRTI’s online platform can be used by shipping companies that wish to disclose relevant information on ship recycling, which is available to industry stakeholders and the wider public.
Derek Kober, Navis, emphasises the importance of data sharing as a method of collaboration in a recent Port Technology technical paper
The SRTI is hosted by the Sustainable Shipping Initiative and brings together leading ship-owners, investors, banks, insurers, cargo owners and other key stakeholders from across the maritime industry.
Founding signatories of this initiative include The China Navigation Company, Hapag-Lloyd AG, A.P. Moeller-Maersk and Wallenius Wilhelmsen, as well as financial stakeholders like Standard Chartered and classification societies like Lloyd’s Register.
Stephanie Draper, Sustainable Shipping Initiative Co-Chair, said: “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.”
Today, industry leaders and the non-profit organization Sustainable Shipping Initiative announced the launch of the Ship Recycling Transparency Initiative’s (SRTI) online platform. Click here for more: https://t.co/apqwDyRRk4 pic.twitter.com/h9tnSmmquz
— Hapag-Lloyd AG (@HapagLloydAG) December 10, 2018
Andrew Stephens, Executive Director of the Sustainable Shipping Initiative, added: “The SRTI is unique in that it tells a positive story, shedding light on what is actually possible in terms of responsible ship recycling.
“We have seen what transparency has done in other sectors, in some cases prompting immediate and transformative change.
“With the information disclosed through the SRTI online platform investors and cargo owners can reduce reputational and brand risk, and be accountable for their supply chain.”