What is the Ship Recycling Transparency Initiative?

Our vision is of a world where ships are recycled responsibly – socially, environmentally and economically – going beyond international conventions and setting a new norm for responsible ship recycling.

The SRTI is a ‘one stop shop’ online platform to report information on ship recycling against a set of pre-defined disclosure criteria developed jointly by key industry stakeholders. In the interest of transparency, shipowners should share their approach on key disclosure criteria on the SRTI online platform. Cargo owners and financial stakeholders will have access to information on different companies’ approaches to ship recycling and make informed decisions.

Launched in March 2018, the SRTI is an open initiative with a mission to accelerate a voluntary market-driven approach to responsible ship recycling practices through transparency; and subsequently to inform decision-making and create fair competition across the shipping industry.

SRTI brochure

Download the full SRTI information pack (6 MB)
(brochure, slide deck, key messages, testimonials, disclosure questionnaire)

How does the SRTI work?

The SRTI online platform is a tool that allows shipowners to share information on their ship recycling policies and practices, allowing the data to tell its own story and help investors and cargo owners make informed decisions.

The SRTI is not a performance standard nor a rating exercise: neither will it rank nor assess individual ship- owners’ policies and practices.

Who is leading the SRTI?

The SRTI is an independent initiative hosted by the Sustainable Shipping Initiative. It reflects a collective effort that brings together the shipping industry, investors, cargo owners and broader stakeholders to improve ship recycling policy, practice and performance.

A number of leaders from across the shipping value chain are leading the SRTI as members of the SRTI Steering Group including: The China Navigation Company, Forum for the Future, Hapag Lloyd, Lloyd’s Register, A.P. Moeller-Maersk, NORDEN, Nykredit, Standard Chartered Bank, Stolt Tankers, Teekay and Wallenius Wilhelmsen. A range of investors and cargo owners have also expressed their interest in signing up to the Initiative. Find out why they signed up to the SRTI.

The SRTI is funded by independent actors, including grants and foundations. SRTI signatories are invited to make a voluntary financial contribution towards the running of the Initiative.

What does it mean for shipowners to become an SRTI signatory?

By signing up to the SRTI, shipowners:

  • make a commitment to disclose their ship recycling policies and practices on the SRTI disclosure criteria
  • become a member of the SRTI community through participation in regular meetings and events, with the possibility of becoming a member of the SRTI Steering Group (upon invitation)
  • speak publicly about their engagement and support in recruiting other SRTI signatories
What does it mean for cargo owners and financial stakeholders to become SRTI signatories?

Cargo owners and financial stakeholders signing up the SRTI:

  • Use SRTI data to inform their decision-making, and make a public statement to that effect.
    See examples of high level public statements of SRTI signatories; SRTI signatories are encouraged to include similar messaging in their communications materials.
  • Join the SRTI community through participation in the ongoing dialogue to ensure data generated through the SRTI online platform is actionable, providing the information needed to make more informed decisions.
  • Develop incentives to drive responsible ship recycling policy, practice and performance through the market.
  • Are publicly recognised as an SRTI signatory in SRTI communications materials (company logo submitted upon signing up via the online platform) and proactively support the recruitment of SRTI signatories.

As SRTI signatories, cargo owners and financial stakeholders benefit from this ‘one stop shop’ of information on ship recycling approaches across the maritime industry. The SRTI will help cargo owners meet the growing expectations of their customers through a more transparent and accountable supply chain; it will also support financial stakeholders’ critical risk management strategies for investments in ships. All stakeholders will be able to use SRTI data to understand what is happening in ship recycling around the world, support good practice and hold the industry to account.