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 and how is it funded?

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.

SRTI Finances

The SRTI is hosted by the Sustainable Shipping Initiative, a non-profit organisation and UK registered charity. Since its inception in March 2018 the SRTI has received funding generously through a grant from A/S D/S Orient’s Fond and contributions from SRTI founding members: The China Navigation Company, A.P. Moeller-Maersk, NORDEN, Hapag-Lloyd, Stolt Tankers and Wallenius Wilhelmsen.

We welcome financial contributions to ensure a diverse SRTI funding base that facilitates the initiative’s neutrality.

SRTI Signatory Annual Fees
SRTI annual fees cover the costs associated with maintenance of the online platform as well as contribute to the ongoing operation, development and growth of the initiative. These are expected to diminish over time as the SRTI signatory base increases. The annual fees are listed below under each stakeholder group.

Who is leading the SRTI?

The SRTI is an independent initiative hosted by the Sustainable Shipping Initiative. The SRTI is governed by a Steering Group, composed of representatives of the following organisations: 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.

Supported by the SSI Secretariat, the SRTI Steering Group meets on a periodic basis (at least quarterly) and guides SRTI strategy, positioning and development. See below for rules of the SRTI Steering Group.

SRTI Steering Group rules
Why should shipowners sign up to the SRTI?

What commitment is required by shipowners upon signing up to the SRTI?
By signing up to the SRTI, shipowners make a commitment to disclose their ship recycling policies and practices, with their brand recognised as an SRTI signatory and associated with transparent and responsible ship recycling, alongside other SRTI signatories.

Shipowners feed into the development of the SRTI, including recruitment of other shipowners and signatories, engagement in the SRTI community as well as further development of the ship recycling disclosure criteria.

Upon completing the SRTI disclosure questionnaire and uploading their company logo, shipowners become an SRTI signatory following payment of an annual fee of USD 5,000 (more information on SRTI Finances below).

What value does the SRTI bring to shipowners?
Shipowners derive value from the SRTI by being part of a diverse community of like-minded sustainability leaders driving change across the industry. Shipowners demonstrate how responsible ship recycling is possible, providing evidence to their (cargo owner) customers of a more transparent and accountable supply chain.

The SRTI allows a more level playing field for shipowners; association with the SRTI allows shipowners to distinguish themselves from their less transparent peers.

As SRTI Signatories shipowners are able to shape SRTI disclosure criteria and the data that are collected and tracked through the online platform, raising the bar for current ship recycling practice.

How can shipowners use SRTI data?
Shipowners can draw on the SRTI data disclosed by peers as they learn about other shipowners’ approaches to ship recycling. SRTI data also provides a useful benchmark against which shipowners can monitor and report on their respective ship recycling and sustainability journeys.

What is the annual fee for shipowners?
Shipowners pay an annual fee of USD 5,000.

Why should cargo owners sign up to the SRTI?

What commitment is required by cargo owners (shippers and forwarders) upon signing up to the SRTI?
By signing up to the SRTI, cargo owners demonstrate their commitment by associating their brand with transparent and responsible ship recycling, alongside other SRTI signatories.

There is no cost associated with cargo owners becoming an SRTI signatory; they simply enter their details in the online signatory form and upload their company logo.

What value does the SRTI bring to cargo owners?
The SRTI provides value to cargo owners who seek information on which to base their sourcing-related decisions, allowing them to meet the growing expectations of customers for a more transparent and accountable supply chain.

Cargo owners join a diverse community of like-minded sustainability leaders, leveraging their brand to drive responsible ship recycling practices through the market.The SRTI also delivers value through its branding opportunities for corporate communications channels, reporting and information materials.

How can cargo owners use SRTI data?
Cargo owners can use SRTI data to develop incentives and build these into existing supplier codes of conduct and sustainability strategies, for example setting specific ship recycling criteria to be met and demanding transparency as a minimum requirement in procurement processes.

Cargo owners use SRTI data to hold the shipping industry to account, raising the bar for current ship recycling practice as well as creating fair competition among shipowners.

What is the annual fee for cargo owners?
Shippers and forwarders do not pay an annual fee.

Why should financial stakeholders sign up to the SRTI?

What commitment is required by financial stakeholders upon signing up to the SRTI?
By signing up to the SRTI, financial stakeholders including investors, lenders and insurance companies demonstrate their commitment by associating their brand with transparent and responsible ship recycling, alongside other SRTI signatories. Financial stakeholders commit to using SRTI data to inform their decisions and make a public statement to that effect.

There is no cost associated with investors becoming an SRTI signatory; they simply enter their details in the online signatory form and upload their company logo. Lenders and insurance companies become an SRTI signatory following payment of an annual fee of USD 5,000 (more information on SRTI Finances below).

What value does the SRTI bring to financial stakeholders?
The SRTI provides value to financial stakeholders who seek information on which to base their risk management strategies for investments, lending and risk coverage of shipowners, allowing them to meet the growing expectations of their stakeholders.

Financial stakeholders join a diverse community of like-minded sustainability leaders, leveraging their influence to drive responsible ship recycling practices.The SRTI also delivers value through its branding opportunities for corporate communications channels, reporting and information materials.

How can financial stakeholders use SRTI data?
Financial stakeholders can use SRTI data to develop incentives to drive responsible ship recycling policies, performance and practice through the market. The SRTI also provides financial stakeholders the opportunities to shape SRTI data collection to ensure that it provides quality and level of detail needed to make better financing decisions.

Financial stakeholders use SRTI data to hold the shipping industry to account, raising the bar for current ship recycling practice as well as creating fair competition among shipowners.

What is the annual fee for financial stakeholders?
Investors do not pay an annual fee.
Lenders and insurance companies pay an annual fee of USD 5,000.

Why should other stakeholders sign up to the SRTI?

What commitment is required by other stakeholders upon signing up to the SRTI?
By signing up to the SRTI, stakeholders such as class societies and ratings/standards organisations demonstrate their commitment by associating their brand with transparent and responsible ship recycling, alongside other SRTI signatories.

Upon completing the online signatory form and uploading their company logo, stakeholders become an SRTI signatory following payment of an annual fee of USD 5,000 (more information on SRTI Finances below).

What value does the SRTI bring to other stakeholders?
Other stakeholders join a diverse community of like-minded sustainability leaders, leveraging their brand to drive transparency and responsible ship recycling practices.The SRTI also delivers value through its branding opportunities for corporate communications channels, reporting and information materials.

How can other stakeholders use SRTI data?
Stakeholders use SRTI data to hold the shipping industry to account, raising the bar for current ship recycling practice as well as creating fair competition among shipowners.

What is the annual fee for other stakeholders?
Lenders and insurance companies pay an annual fee of USD 5,000.