NORDEN
NORDEN
Dampskibsselskabet NORDEN A/S
Copenhagen
http://www.ds-norden.com/
300
38
300
Founded in 1871 NORDEN is an independent shipping company operating a mix of owned and chartered tonnage with the purpose of enabling smarter global trade. In dry cargo, NORDEN is one of the largest operators of mediumsized vessels carrying commodities such as grain, coal, cement. In tankers, NORDEN is primarily active in the Handysize and MR product tanker vessel types carrying refined oil products. The tanker fleet is operated through the 50% owned Norient Product Pool. NORDEN is listed on Nasdaq Copenhagen under symbol DNORD.
NORDEN is committed to conducting business in a legal, ethical and socially responsible manner. Our business model is operating a modern fleet and we have not recycled a vessel since 1928, yet we find it important to express our principles on responsible recycling and we want to help raise the bar. In the case NORDEN should recycle a vessel, it would be at a facility that has been approved by an independent third party, followed up by ongoing monitoring requirements guided by an environmental and social action plan developed on the basis of an impact assessment for the particular case. NORDEN endorses Danish Shipping’s policy paper on Ship Recycling and supports the ratification of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, the EU Ship Recycling Regulation and the European Union’s Basel Convention, which bans export of hazardous waste from OECD countries to non-OECD countries.
Yes
Yes
http://www.ds-norden.com/public/dokumenter/news_english/1811Shiprecylingpolicy.pdf
2017
No
Yes
25-50%
Yes
NORDEN will act in accordance with the EU Ship Recycling Regulation in relation to all European flagged vessels, and the Basel and Hong Kong Conventions for all other vessels to prevent and minimise risk and potential harm to people and the environment caused by ship recycling operations. In areas of environment and health and safety issues, NORDEN’s standards go beyond the Hong Kong Convention. By following the international guidelines set out in the OECD Guidelines for Multinational Enterprises, UN Global Compact and UN Guiding Principles for Business and Human Rights, NORDEN also has high standards in areas of anti-corruption, subcontractor conditions as well as labour and human rights.
No
No
No
No
Yes
In cases where the proposed sales price of a NORDEN vessel is less than 25% above highest scrap value, a clause must be applied to the contract specifying responsible recycling practices.
Yes
The clause specifies that if the buyer wishes to recycle the vessel, this must be done responsibly at a facility in accordance with the Hong Kong Convention. Furthermore, the clause must specify that the buyer is required to include the same contract clause with its buyer, if the vessel is resold within 6 months from the date of purchase.
Sometimes
NORDEN’s business model includes owning and long-term chartering modern vessels. A clause will be included in long-term charters of vessels on charter to NORDEN for more than 5 consecutive years where, upon redelivery to the owners, the vessel is more than 20 years old. In these cases, NORDEN’s clause states that, at the time of redelivery, if the value of the redelivered chartered vessel is estimated to be less than 25% above highest scrap value, and the owner wishes to recycle the vessel within 6 months from redelivery, this must be done at a facility in accordance with the Hong Kong Convention, verified by presenting a statement of compliance with all applicable environmental and social regulations awarded by a competent and independent party. NORDEN will monitor the vessel location for 6 months and reserve the right to take legal actions.
Never
Sometimes
The same principles apply for vessels in J/V where NORDEN’s ownership is at least 50%. A clause will be included in long-term charters of vessels on charter to NORDEN for more than 5 consecutive years where, upon redelivery to the owners, the vessel is more than 20 years old. In these cases, NORDEN’s clause states that, at the time of redelivery, if the value of the redelivered chartered vessel is estimated to be less than 25% above highest scrap value, and the owner wishes to recycle the vessel within 6 months from redelivery, this must be done at a facility in accordance with the Hong Kong Convention, verified by presenting a statement of compliance with all applicable environmental and social regulations awarded by a competent and independent party. NORDEN will monitor the vessel location for 6 months and reserve the right to take legal actions.
Never
Never
No
NORDEN has not recycled a vessel or sold a vessel for recycling since 1928. NORDEN’s business model involves operating a modern fleet and selling and redelivering vessels long before end-of-life. Should NORDEN be in such a situation, we would make sure that it was done responsibly according to the NORDEN Responsible Ship Recycling Policy.
No
Always
Always
No
Always
In case a NORDEN-owned vessel is to be recycled, NORDEN will select a vetted recycling facility based on thorough reviews and inspections. The facility must hold a statement of compliance in accordance with the Hong Kong Convention and be able to present a statement of compliance with all applicable environmental and social regulations awarded by a competent and independent party. In cases where the proposed sales price of a vessel is less than 25% above highest scrap value, a clause must be applied to the contract specifying responsible recycling practices. The clause must specify that if the buyer wishes to recycle the vessel, this must be done responsibly at a facility in accordance with the Hong Kong Convention. Further, on redelivery to the owners, a clause will be included in all long-term charters of vessels on charter to NORDEN for more than 5 consecutive years where the vessel is more than 20 years old.
Always
In case a NORDEN-owned vessel is to be recycled, NORDEN will select a vetted recycling facility based on thorough reviews and inspections. The facility must hold a statement of compliance in accordance with the Hong Kong Convention and be able to present a statement of compliance with all applicable environmental and social regulations awarded by a competent and independent party.
Always
NORDEN has not recycled a vessel since 1928. In the case NORDEN should recycle a vessel, it would be at a facility that has been approved by an independent third party, followed up by ongoing monitoring requirements guided by an environmental and social action plan developed on the basis of an impact assessment for the particular case.
Never
Always
NORDEN has not recycled a vessel since 1928. In the case NORDEN should recycle a vessel, NORDEN will select a vetted recycling facility with full access to grievance mechanisms.
Always
NORDEN has not recycled a vessel since 1928. In the case NORDEN should recycle a vessel, NORDEN will select a vetted recycling facility where the employees have access to collective bargaining.