Ship Recycling Transparency Initiative is designed for the shipowners to share data on their ship recycling process. Credit: Nikos Roussos.

The online platform of Ship Recycling Transparency Initiative (SRTI) has been launched with an aim to better share information on shipping companies’ recycling policies and practices.

The platform is designed for the ship owners to share data on their ship recycling process across a number of disclosure criteria.

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It will allow customers, cargo owners, investors, financial stakeholders, as well as the general public to obtain and use the shared information to decide on their vessel recycling practice.

Various entities involved in the maritime and financial sectors, including Wallenius Wilhelmsen, The China Navigation Company, Hapag Lloyd, AP Moeller-Maersk, Standard Chartered Bank, Lloyd’s Register, are among the founding members of SRTI.

Wallenius Wilhelmsen president and CEO Craig Jasienski said: “The Ship Recycling Transparency Initiative empowers those who invest in or buy services from shipping companies to make informed decisions on vessel recycling.

“With the SRTI, they can demand transparency, helping them ensure they do business with companies that recycle responsibly, rather than those who continue with practices that have horrifying human and environmental consequences.

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“With the SRTI, they can demand transparency, helping them ensure they do business with companies that recycle responsibly.”

“It is unthinkable that change won’t be driven with such knowledge. It also sends a clear signal to tonnage providers on the new normal.”

According to Wallenius Wilhelmsen, ship owners, ship recyclers and other stakeholders in the shipping value chain follow different approaches to ship recycling.

Lack of information on these approaches has restricted the ability of investors to make informed decisions to address risks when using ships as collateral for loans or when seeking fund for shipbuilding.

It also made it difficult for cargo owners while guaranteeing their relation with vessels that do not recycle responsibly.