Non-profit organization the Sustainable Shipping Initiative has launched the online platform of the Ship Recycling Transparency Initiative.

According to the SSI, the SRTI is neither a standard nor a rating tool. The online platform allows shipping companies to disclose relevant information on ship recycling in order to drive responsible practice. The information provided tells its own story and is available to industry stakeholders as well as the broader public. The platform creates an onus for stakeholders to use the SRTI for both more informed decision-making and greater transparency.

“We are really proud to be launching the SRTI site this week,” said Stephanie Draper, co-chair of the SSI. “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.”

The SRTI was launched by the SSI and sustainability non-profit Forum for the Future in March 2018, with the aim of increasing responsible ship recycling practices. 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, as well as classification society Lloyd’s Register.

Demanding transparency holds the shipping industry to account, raising the bar for current practice as well as creating fair competition among shipowners. Increased transparency into ship recycling policies and practices of shipping companies also makes it possible for industry stakeholders to make informed decisions. Responsible ship recycling has a positive impact on brand value, reputation and business, and is key to being recognized as a responsible and sustainable industry.

“The SRTI is unique in that it tells a positive story, shedding light on what is actually possible in terms of responsible ship recycling,” said Andrew Stephens, executive director of the SSI. “We have 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. 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.”

In 2017, 835 ships out of a world fleet of 50,000 were recycled. Despite the known risks associated with ship recycling, there is no global regulation currently in force, resulting in a wide range of approaches, according to the SSI.