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NYK GOES FOR TRANSPARENCY IN SHIP RECYCLING

NYK GOES FOR TRANSPARENCY IN SHIP RECYCLING

Tuesday, May 11, 2021 

NYK has become the first Japanese shipping company to join the Ship Recycling Transparency Initiative (SRTI), an information disclosure platform hosted by the Sustainable Shipping Initiative (SSI).

SRTI comprises 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 is the first Japanese shipping company to join the SRTI.

Ships contain a large amount of high-quality iron, and appropriate disposal of valuable recyclable resources is important for the realisation of a circular economy. Additionally, the minimisation of industrial accidents and environmental pollution when ships are dismantled have been issues receiving attention. The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, or simply the Hong Kong Convention, was adopted by the IMO in 2009 and ratification is currently underway in various countries to bring the convention into effect. However, in 2008 prior to the introduction of the convention, NYK established its own ship-recycling policy, which incorporates the final draft of the convention, to achieve earlier implementation of the convention benefits.

NYK will further promote transparency of the ship-recycling process through the company’s participation in the SRTI so that stakeholders can be assured that NYK-owned vessels are being safely and properly recycled. At the same time, NYK will promote responsible ship recycling within the global shipping industry, which considers safety, the environment, and human rights to be of utmost importance, and aim to build a healthier supply chain.

Promoting transparency in ship recycling through participation in the SRTI reflects the company’s initiative to achieve NYK’s environment management target, which is to reduce CO2 emissions per ton-kilometre of transport by 50% by 2050.

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