The Elegant Exit Company (EEC) announced the acquisition of the Wan Hai 165, a vessel built in 1998, from Taiwanese shipping company Wan Hai Lines. This acquisition is part of EEC’s commitment to sustainable and responsible ship recycling practices.
Chairman Uday Yellapurkar expressed his pride in the acquisition, stating “The true measure of success is not the absence of obstacles, but the ability to overcome them. The fact that our game-changing concept has been validated through the winning of this ship in a global open public tender from an unrelated highly reputable and ethical company speaks volumes and solidifies our proof of concept.”
EEC’s purpose is to revolutionize the ship recycling industry by introducing cutting-edge finance and industrial processes. With a commitment to sustainability and innovation, the company will establish a secure and efficient fleet of ships destined to be recycled sustainably and responsibly.
To achieve this goal, EEC will purchase and own a fleet of ships that will be operated until their planned recycling date. The company will also introduce a sale and lease back construction model with the residual value and end of lease aligned with the recycling date, ensuring a streamlined and sustainable process.
To further ensure a seamless and reliable production process, Elegant Exit will also purchase additional ships for prompt recycling in case of any production gaps. By introducing these innovations and investments, EEC is poised to lead the way in sustainable ship recycling and make a positive impact on the industry as a whole.
The ship is currently alongside at ASRY awaiting approval from the Surpreme Council of Environment (SCE). The Wan Hai 165 will be freed of hazardous substances and will undergo a rigorous process of removal. The accommodation block will be removed layer by layer and the ship will be placed in a floating dry dock to reduce its weight to approximately 4500 tons. The ship will then be pulled up the slipway for further processing and eventual cutting into blocks of up to 25 tons for transportation to the secondary and tertiary cutting zones.
“As ASRY continues on its modernisation drive,” commented ASRY Managing Director, Mazen Matar, “environmental sustainability is a vital part of the facility’s future operations. As a responsible member of the maritime industry, we must not tolerate harmful and dangerous practices of ship recycling, which are common practice across the globe.
We have now achieved compliance with the strictest international standards with a view to being able to offer a sustainable, responsible and affordable alternative for vessel owners with end-of-life maritime assets. There is also natural synergy with nearby steel production facilities, who can benefit from this new initiative.
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