Teekay
Teekay
Teekay Corporation
Teekay Corporation (Bermuda) Fourth Floor, Belvedere Building 69 Pitts Bay Road Hamilton, HM 08 Bermuda c/o Teekay Shipping (Canada) Ltd. Suite 2000 Bentall 5 550 Burrard Street Vancouver, BC V6C 2K2 Canada
https://www.teekay.com
135
135
9891000
Teekay is a leading provider of international crude oil and gas marine transportation services. Established in 1973, Teekay has developed from a regional crude oil shipping company into one of the world’s largest marine energy transportation companies. We bring energy to where it is needed — anywhere in the world — to power the global economy and to improve people’s lives. Teekay Corporation (NYSE: TK) provides services primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Tankers Ltd. (NYSE:TNK). The consolidated Teekay entities manage and operate total assets under management of approximately $9 billion, comprised of approximately 135 liquefied gas, offshore, and conventional tanker assets. With 13 offices in 10 countries and approximately 5,350 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies. In 2019, Teekay Corporation divested its remaining interest in Teekay Offshore Partners L.P., which subsequently changed its name to Altera Infrastructure L.P. in March 2020.
Teekay is committed to recycling our assets in a manner that demonstrates best-practice in our industry, and which at all times safeguards people, property, and the environment. To fulfil our commitment, we will meet or exceed all compliance obligations, including full compliance with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships.
Yes
No
2018
>75%
Yes
No
Yes
<25%
Yes
Currently no geographical restrictions are applied in the policy. However, Teekay are currently not considering performing recycling operations in Pakistan or Bangladesh. Restriction related to recycling method: Blocks are prevented from falling in the intertidal zone, and no blocks shall come in contact with the intertidal zone. If the Ship Recycling Facility (SRF) is not able to comply, then SRF shall detail alternative procedures and improvements plans to minimize impacts in the inter-tidal zone.
Yes
Teekay vessels will be recycled only at an SRF that: • Has a valid Statement of Compliance (SOC) to the Hong Kong Convention, issued by a Classification Society with a High performance on the Paris MOU Performance List. EU-flagged vessels will be recycled only in a shipyard on the European List of ship recycling facilities; • Complies with additional requirements related to anti-corruption, sub-contractor management, and labour and human rights, as listed in the Ship Recycling Facility Requirements section of Teekay’s procedure, as may be periodically reviewed and updated to incorporate any new or revised laws or industry best practices. Prior to selecting any SRF, the facility will be audited by a Teekay representative against Teekay’s Ship Recycling Facility Requirements. If the SRF is observed to not meet requirements, a detailed improvement plan describing and committing to specific actions and timelines will be requested from the SRF. The SRF may be selected only after the actions contained in the improvement plan are verified as effectively implemented.
Yes
Yes
No
Yes
2018
Yes
If a vessel is sold to a Buyer for further trading or possible conversion or other project which would extend the useful life of the vessel, the Buyer shall warrant in the MOA relating to the vessel that it will i) not recycle the vessel within 24 months of purchase from Teekay; ii) comply with the requirements of the Basel Convention, Hong Kong Convention, as well as all EU and other applicable regulations, whether international, national and/or local, if the Buyer recycles the vessel at any time in the future; and iii) will include similar requirements if the Buyer sells the vessel.
Yes
See response to question 3.1
Sometimes
Teekay will work with our partners to promote responsible recycling. However, Teekay currently in-charters few vessels and rarely for such a period. For further details of our fleet, please see https://www.teekay.com/about-us/fleet/
Sometimes
Teekay will work with our partners to promote responsible recycling. However, Teekay currently in-charters few vessels that are for this period. For further details of our fleet, please see https://www.teekay.com/about-us/fleet/
Always
We have a track record of recycling vessels owned through JVs according to Teekay’s End of Life Sale or Recycling of Vessel policy.
Always
RECYCLECON, with Teekay specific amendments
Always
Teekay maintains a list of approved ship recycling facility yards based on the requirements specified in our “End of Life Sale or Recycling of Vessel” Procedure. This list is continuously updated based on audits and inspections – and subsequent successful/unsuccessful close out of these. Yards have been removed from the list due to unsatisfactory performance observed over time, even when the yard is not actively involved with a Teekay recycling project. This is irrespective of the yard having a valid Hong Kong Convention statement of compliance.
Yes
Teekay uses the RECYCLECON Standard Contract, with additional clauses providing us the right to: • At any time appoint an internal or third-party auditor • Access all relevant ship recycling facility sites, personnel and documents • Receive weekly monitoring reports, including details of any incidents
Yes
Always
Always
Yes
Teekay requires that the Ship Recycling Facility will handle, remove, dispose, and store any Persistent Organic Pollutants (POPs) in accordance with the Stockholm Convention on Persistent Organic Pollutants.
Yes
In the case of Tankers and Gas Carriers, all cargo spaces are cleaned dry and gas freed with related certificates.
Always
Teekay will recycle vessels only at a Ship Recycling Facility that has a valid Statement of Compliance (SOC) to the Hong Kong Convention, issued by a Classification Society with a High performance on the Paris MOU Performance List
Always
Prior to selecting any SRF, the facility will be audited by a Teekay representative against Teekay’s Ship Recycling Facility Requirements. If the SRF is observed to not meet requirements, a detailed improvement plan describing and committing to specific actions and timelines will be requested from the SRF. The SRF may be selected only after the actions contained in the improvement plan are verified as effectively implemented. On-site audits are conducted regularly on all yards currently on the Teekay approved list of Ship Recycling Facilities , as well as yards considered for inclusion on the list.
Always
Teekay monitors and ensures compliance with requirements during all phases of the recycling process, which includes monitoring of performance and incident data, and conducting regular on-site inspections at the SRF. The SRF provides detailed weekly update reports, including as a minimum: • The main activities conducted in the last weeks, including but not limited to cutting progress, removal and disposal of hazardous materials; • The schedule of activities planned for the upcoming weeks; • HSE data and trends • Training and drills carried out in the last weeks and plan for upcoming weeks; • Maintenance and servicing of equipment and machineries; • Statistics and details of any incidents If negative trends are observed in monitoring data, the SRF is required to investigate root causes and create a detailed corrective action plan. The plan is approved, and implementation verified by a Teekay representative. The SRF must report any incidents within 24 hours of occurrence and conduct and provide a full incident investigation report within 7 days. In addition, the SRF is physically inspected by Teekay at least monthly, on average, throughout the recycling process. Any non-compliances observed and recorded during the inspection must be addressed by the SRF within a reasonable time, and photo evidence provided to Teekay representatives for approval. Teekay will also work cooperatively with the SRF to provide training and raise awareness. Training focuses on high-risk recycling operations and areas for improvement as observed during inspections and audits. Training is delivered to SRF management and personnel. Lastly, the SRF’s performance is reported to Teekay senior management in monthly and quarterly management reviews.
Always
Always
Teekay requires SRF’s adherence to International Labour Organization guidelines and conventions, and specifically requires the SRF to: • Maintain a formal and confidential internal complaints / grievance process to receive, investigate, and resolve issues related to violation of HR policies, human rights, or labour practices • Keep records of all policy breaches, as well as investigations and actions taken by the SRF to resolve breaches, complaints or grievances • Protect the privacy and safety of persons reporting complaints / grievances without fear of reprisal
Always
Teekay requires SRF’s adherence to International Labour Organization guidelines and conventions, and specifically requires the SRF to maintain a written and communicated policy that: • prohibits harassment and abuse; • prohibits discrimination and supports equal opportunity; • protects all workers’ freedom of association and rights to collective bargaining • prohibits forced or involuntary labour
Vessel End of Life Sale or Recycling Policy Teekay is committed to recycling our assets in a manner that demonstrates best-practice in our industry, and which at all times safeguards people, property, and the environment. To fulfill our commitment, we will: • Prevent harm to people and property by holding Health and Safety as our first priority • Strive to minimize the impact of our operations on the environment • Meet or exceed all compliance obligations, including full compliance with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships • Ensure that our vessels are recycled only at Ship Recycling Facilities that have been physically inspected and audited by Teekay • Strive to raise minimum standards by ensuring Ship Recycling Facilities comply with our requirements in addition to the Hong Kong Convention, specifically related to facility design and operations, anti-corruption, sub-contractor management, and labour and human rights • Conduct our recycling operations in a transparent manner that supports the Teekay brand • Maintain oversight and monitor compliance during all stages of the recycling process • Ensure that our recycling procedures and activities are suitable, effective, and aligned with the strategic direction of the organization through our Management Review process • Sell vessels near end-of-life only to buyers that warrant not to recycle the vessel within 24 months of purchase from Teekay, and to comply with the Hong Kong Convention if the vessel is recycled at any time in the future.