NYK becomes first Japanese shipping company to participate in Ship Recycling Transparency Initiative

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On May 11, 2021, 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), it highlighted in a release.

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 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 companys 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.

On February 3, NYK released the NYK Group ESG Story, which aims to further integrate ESG into the companys management strategy and promotes activities that contribute to the achievement of the SDGs (Sustainable Development Goals) through business activities. Promoting transparency in ship recycling through participation in the SRTI reflects the companys initiative to achieve NYKs environment management target, which is to reduce CO2 emissions per ton-kilometre of transport by 50% by 2050. To strongly promote ESG management, the NYK Group will encourage new value creation as a sustainable solution provider through a business strategy that includes software innovation, the release added.