The parties that participate decided this initiative as ship recycling standards and transparency are insufficient. This causes bad practices which are not punished, and good practices that are not rewarded. Shipbreaking is often carried out with few safety controls, increasing the risk to health and safety.

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The SRTI’s initial signatories are A.P. Moller Maersk, Hapag-Lloyd, Wallenius Wilhelmsen, The China Navigation Company, NORDEN, Standard Chartered Bank, Nykredit, GES, and Lloyd’s Register.

Stephanie Draper, Chief Change Officer, Forum for the Future noted:

We see increasing levels of transparency as a key lever for change in ship recycling. If ship owners share their practices then it raises awareness of what’s happening, puts pressure on under-performers and allows customers and owners to reward good performance. Ultimately this will lead to better social and environmental outcomes which are so critical for ship recycling.

The Ship Recycling Transparency Initiative (SRTI), gathers leading ship owners, banks and other key stakeholders from across the industry, to improve transparency in the global ship recycling. This can be achieved by sharing recycling practices and related data by ship owners, in order for all related parties to make better decisions.

Namely, through an online platform ship owners will be able to share critical information that will be accessible to investors, customers and the wider public.