Splash 247

Four European banks take ship recycling stance

Four European banks take ship recycling stance

Array
(
    [0] => WP_Term Object
        (
            [term_id] => 62
            [name] => Environment
            [slug] => environment
            [term_group] => 0
            [term_taxonomy_id] => 62
            [taxonomy] => category
            [description] => Stay updated on what's going on in the maritime environment by browsing the environment news archive. Find the latest maritime and shipping news on Splash 24/7.

Get the updated list of the latest maritime environment related news. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 506
            [filter] => raw
            [cat_ID] => 62
            [category_count] => 506
            [category_description] => Stay updated on what's going on in the maritime environment by browsing the environment news archive. Find the latest maritime and shipping news on Splash 24/7.

Get the updated list of the latest maritime environment related news. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Environment
            [category_nicename] => environment
            [category_parent] => 54
        )

    [1] => WP_Term Object
        (
            [term_id] => 70
            [name] => Europe
            [slug] => europe
            [term_group] => 0
            [term_taxonomy_id] => 70
            [taxonomy] => category
            [description] => Stay updated on what's going on in Europe by browsing the European region news archive. Find the latest maritime, offshore and shipping news on Splash 24/7.

Find here the updated list of the latest news about the European region. Browse Splash 24/7 for more maritime and shipping news.
            [parent] => 55
            [count] => 5126
            [filter] => raw
            [cat_ID] => 70
            [category_count] => 5126
            [category_description] => Stay updated on what's going on in Europe by browsing the European region news archive. Find the latest maritime, offshore and shipping news on Splash 24/7.

Find here the updated list of the latest news about the European region. Browse Splash 24/7 for more maritime and shipping news.
            [cat_name] => Europe
            [category_nicename] => europe
            [category_parent] => 55
        )

    [2] => WP_Term Object
        (
            [term_id] => 65
            [name] => Finance and Insurance
            [slug] => finance-and-insurance
            [term_group] => 0
            [term_taxonomy_id] => 65
            [taxonomy] => category
            [description] => This is the Splash 24/7 archive of maritime finance and insurance news coming from all over the world. News are sorted by release date, from the latest to the oldest.

Get the updated list of the latest news about finance and insurance. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 1142
            [filter] => raw
            [cat_ID] => 65
            [category_count] => 1142
            [category_description] => This is the Splash 24/7 archive of maritime finance and insurance news coming from all over the world. News are sorted by release date, from the latest to the oldest.

Get the updated list of the latest news about finance and insurance. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Finance and Insurance
            [category_nicename] => finance-and-insurance
            [category_parent] => 54
        )

)

At Nor-Shipping in Oslo yesterday, Dutch banks ABN AMRO, ING Bank and NIBC, together with the Scandinavian DNB, announced that they are all introducing responsible ship recycling standards (RSRS) for their ship financing. The banks took the opportunity of making this announcement during the biannual industry gathering in order to raise awareness with the intention of including more banks into the initiative. The Norwegian fund, KLP, who in 2016 commissioned a report by the International Law and Policy Institute on shipbreaking, had also already taken a stance to reject beaching practices.

A collective move to include ship recycling conditions on loans by leading banks and financial institutions with large shipping portfolios may force change in shipowners’ recycling preferences.

“We welcome the leading role taken by the banks to ensure a departure from the unnecessarily dirty and dangerous practice of beaching, and expect that investors and clients of shipping that are increasingly pushing for higher standards for ship recycling will join the initiative,” said Ingvild Jenssen, founder and director of the NGO Shipbreaking Platform.

Share this article

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts