New SRTI Platform For Disclosing Information On Ship Recycling

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  • Ship Recycling Transparency Initiative(SRTI) launched in London to support sustain shipping
  • SRTI is an online tool for sharing information on ship recycling and to drive responsible practice
  • SRTI to support responsible recycling and is an amalgamation of various sectors

On December 10, Ship Recycling Transparency Initiative has launched a new platform to drive responsible ship recycling London to support Sustainable Shipping Initiative.

Ship Recycling Transparency Initiative launched

Industry leaders have launched 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.

Demand for transparency

The need for transparency holds the shipping industry to account, raising the bar for current practice as well as creating fair competition among shipowners.

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 a wide range of approaches – ranging from practices with adverse social and environmental consequences to responsible ship recycling practices, which this initiative is shining the light on.

With transparency on shipping companies’ ship recycling policies and practices, it becomes possible for the industry’s stakeholders – including shippers, lenders, investors, and insurers – to make informed decisions. The importance of such decisions is increasing with the growing expectation for companies to take responsibility for their value chain sustainability.

Need for sustainable recycling

Responsible ship recycling is good for brand value, protecting the reputation and good for business, and is key to being recognized as a responsible and sustainable shipping industry.

The SRTI is neither a standard nor a rating tool, it is an online platform that shipping companies can use to disclose relevant information on ship recycling. The information provided is allowed to tell its own story and is readily available to the industry’s stakeholders, as well as the broader public. The platform creates an onus for stakeholders to use the SRTI for both more informed decision-making, as well as to push for greater transparency.

Amalgamation of various sectors

The SRTI is hosted by the Sustainable Shipping Initiative and brings together leading shipowners, investors, banks, insurers, cargo owners and other key stakeholders from across the maritime industry.

Its founding signatories include shipowners The China Navigation Company, Hapag-Lloyd AG, A.P. 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.

The uniqueness of SRTI to bring positive change

Stephanie Drape, SSI Co-Chair said, “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”.

Andrew Stephens, Executive Director of the SSI, said: “The SRTI is unique in that it tells a positive story, shining a light on what is actually possible in terms of responsible ship recycling. We’ve seen what transparency has done in other sectors, in some cases prompting immediate and transformative change. Knowledge is power, and with knowledge comes responsibility. We believe that through the simple act of companies being transparent about their approach to ship recycling, we can support improved policy, practice and performance – from the cradle to the grave”.

He further added, “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”.

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Source: Ship Recycling Transparency Initiative

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