Time period: 2018-2022
Governance: The Ship Recycling Transparency Initiative is an independent initiative hosted by the SSI between 2018-2022 and taken over by Smart Freight Centre (SFC) as of 1 January 2023. The SRTI can be accessed through the www.shiprecyclingtransparency.org website, or by contacting srti@smartfreightcentre.org.
It is governed by a Steering Group composed of representatives from the following organisations: American Hellenic Hull Insurance Company, Altera Infrastructure, CMA CGM, Gard, Hapag-Lloyd, Lloyd’s Register, A.P. Moller-Maersk, Nykredit, Standard Chartered Bank, Stolt Tankers, Swiss Re Corporate Solutions, Teekay, and Wallenius Wilhelmsen.
Launched in 2018 following the work of the SSI’s ship recycling working group, the Ship Recycling Transparency Initiative (SRTI) is an open initiative with a mission to improve transparency across the shipping value chain, increase disclosure of ship recycling policies and practices, and enable and encourage cargo owners, financial stakeholders and others to make informed decisions that will in turn drive improved performance.
The SRTI provides a platform through which shipowners can publicly disclose their ship recycling policies, practices and progress, thereby holding themselves to account before key stakeholders – including customers, investors, governments and NGOs – and for the benefit of the wider public. This access to publicly disclosed data enables cargo owners, financial stakeholders and other groups to make informed decisions and reward good practice through the market.
The SRTI aims to accelerate a voluntary market-driven approach to responsible ship recycling practices through transparency; and subsequently to influence and improve decision-making about ship recycling, creating an industry-wide level playing field.
The platform launched in 2018, allowing shipowners to report information on ship recycling against a set of pre-defined disclosure criteria developed by key industry stakeholders.
Signatories include a number of SSI members, but have grown beyond SSI to include financial institutions such as Nykredit and Gard, cargo owners like BMW and John Deere, and shipowners like Wallenius Wilhelmsen and CMA CGM.
See a full list of SRTI signatories
In 2019, the SRTI launched its first annual report at Tradewinds 2019 Ship Recycling Forum, compiling data on the ship recycling approaches of 7 shipowners. In 2020, the second annual report was launched, now covering 9 major shipowners operating a total of 2,433 vessels (~36% of the global container fleet’s tonnage).
Throughout 2020, the SRTI has hosted a series of webinars (in lieu of a physical Roundtable in London postponed due to the COVID-19 pandemic) focusing on three key themes for the SRTI’s further development: data and transparency, circular economy, and the role of financial stakeholders. The series culminated in a virtual roundtable event on September 9, 2020.
In June 2020, the SRTI collaborated with Lloyd’s Register and Lloyd’s List on an episode of the Lloyd’s List Shipping Podcast focused on ship recycling. Featuring SRTI Steering Group members Lloyd’s Register, NORDEN, Standard Chartered Bank and the SSI/SRTI Secretariat, the podcast presented a unique opportunity to discuss the role of data and transparency in improving ship recycling, and to bring the conversation to the broader maritime community.
In January 2023, hosting of the SRTI was taken over by Smart Freight Centre, an international non-profit organisation focused on reducing greenhouse gas emissions from freight transportation.
