The SRTI is a ‘one stop shop’ online platform to report information on ship recycling against a set of pre-defined disclosure criteria
Shipowners can publicly disclose their ship recycling policies, practices and progress through the SRTI, thereby holding themselves to account before key stakeholders -including customers, investors, governments and NGOs- and for the benefit of the wider public.
We engage actors across the shipping value chain to consider their role throughout a vessel’s lifecycle. By making this information publicly available, we enable cargo owners, financial stakeholders and other stakeholders to use the data to inform their decision making and reward good practice through the market.
The SRTI is a tool that allows shipowners to share information, allowing the data to tell its own story. It is not a performance standard nor a rating exercise; neither will it rank nor assess individual shipowners’ policies and practices.
Since January 1, 2023, SRTI has been hosted by Smart Freight Centre, an international non-profit organization focused on reducing greenhouse gas emission from freight transportation.
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 aims 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.
We publish a progress report each year compiling data from the platform and highlighting stakeholder perspectives on ship recycling.
Our History
Launched in March 2018 with a mission to improve transparency across the shipping value chain, the SRTI is an open, independent initiative.
The SRTI reflects a collective effort that brings together stakeholders across the shipping value chain to improve ship recycling policy, practice and performance.
The initiative was developed by the Sustainable Shipping Initiative (SSI), a UK registered charity, following work carried out on ship recycling between 2014 and 2018. SSI and a core group of members came together with a mission to accelerate a voluntary market-driven approach to responsible ship recycling practices through transparency.
Key industry stakeholders developed a set of disclosure criteria against which shipowners would report information on ship recycling, including issues such as regulatory compliance, policy for selling owned vessels for further trading, ship recycling contract, among others.
The platform launched in December 2018 with eleven founding signatories: A.P. Moller-Maersk, Forum for the Future, GES International, Hapag-Lloyd, Lloyd’s Register, NORDEN, Nykredit, Standard Chartered Bank, Stolt Tankers, Swire Shipping and Wallenius Wilhelmsen.
Since its launch, the SRTI community has grown to 31 signatories including 14 disclosing shipowners.
Governance
The SRTI is governed by a Steering Group composed of representatives from twelve organisations.
The Steering Group meets on a periodic basis (at least quarterly) and guides SRTI strategy, positioning and development. See the terms and rules of the Steering Group.
SRTI Finances
The SRTI received initial funding contributions from founding members: A.P Moller-Maersk, Hapag-Lloyd, NORDEN, Stolt Tankers, The China Navigation Company and Wallenius Wilhelmsen.
Since the platform launch in 2018, the SRTI has developed a funding model combining annual signatory fees (see below) and external funding to maintain operations and further develop the initiative. We welcome financial contributions to ensure a diverse SRTI funding base that facilitates the initiative’s neutrality.
Additional funding has generously been granted by A/S D/S Orientsfond and Engineering X, an international collaboration founded by the Royal Academic of Engineering and Lloyd’s Register Foundation between 2020 and 2022.
Signatory Annual Fees
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.
An annual fee of 5,000 USD is paid by shipowners, lenders and insurance companies, as well as class societies and ratings/standards agencies.
Cargo owners, forwarders and investors do not pay an annual fee.
Current Steering Group Members
