On May 11, NYK became 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 is comprised of 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 has become 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 realization of a circular economy. Additionally, the minimization 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.