- NYK became the first Japanese shipping company to join the Ship Recycling Transparency Initiative (SRTI).
- NYK will promote transparency of the ship-recycling process through the company’s participation in the SRTI.
NYK Line has become a signatory of the Ship Recycling Transparency Initiative (SRTI) and becomes the 12th shipowner to publicly disclose its approach to ship recycling through the SRTI online platform, reads the company press release.
Ship Recycling Transparency Initiative
The Ship Recycling Transparency Initiative (SRTI) is comprised of leading shipping companies, shippers, and financial stakeholders, including investors, lenders and insurance providers.
It aims to promote transparency in ship recycling and provide information to stakeholders such as cargo owners, banks, investing institutions, and insurance companies by sharing information on the SRTI website about participating shipowners’ ship-recycling policies, practices, and progress. NYK has become the first Japanese shipping company to join the SRTI.
“The NYK Group places environmental, social, and governance (ESG) factors at the centre of its business management. Through the SRTI, NYK can provide transparency in ship recycling, which we believe we can bring about improvements and influence needed,” says Hitoshi Nagasawa, President and Chief Executive Officer of NYK Line.
Transparency on environmental issues
Headquartered in Tokyo and operating 777 major ocean vessels, NYK joins industry peers in making its ship recycling policies and practices publicly available and demonstrating its commitment toward transparency and accountability on environmental and social issues.
“We are glad to welcome NYK to the SRTI community and are encouraged to see momentum continue to build behind the importance of transparency and accountability on sustainability challenges such as ship recycling,” says Andrew Stephens, Executive Director of the Ship Recycling Transparency Initiative.
“Shipowners like NYK are holding themselves to account before key stakeholders, making ship recycling data available for interested parties to review, scrutinise, and use to make informed decisions.”
NYK’s disclosure brings the total number of signatories to 28. The company’s disclosure can be viewed via the SRTI platform.
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