Ship Recycling Transparency Initiative Gets 31st Member: Volkswagen

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Volkswagen Group Logistics joined the Ship Recycling Transparency Initiative (SRTI) as its 31st signatory on Thursday.

Launched in 2018, the SRTI is "focused on safe and responsible ship recycling at the end of life for vessels" and improving transparency in the ship supply chain, Andrew Stephens, executive director at the Sustainable Shipping Initiative (SSI), told FreightWaves in a previous interview.

The SRTI is an independent initiative hosted by the SSI, a multi-stakeholder effort aimed at making the shipping industry more socially, environmentally and economically sustainable.

Read: What is the Ship Recycling Transparency Initiative?

"An important component of our responsible actions is the careful use of resources. That is why it is important to us as Volkswagen Group Logistics to support and promote issues such as sustainability in shipbuilding, ship recycling and maritime transport as a whole," Simon Motter, head of Volkswagen Group Logistics, said in a statement.

Volkswagen Group Logistics coordinates the transport of about 250,000 containers and 5.6 million vehicles worldwide, according to the release.

The group joins big-name shippers such as A.P. Møller – Maersk and Hapag-Lloyd as well as other shipowners, lenders, insurance companies, class societies, and ratings and standards agencies as part of the SRTI.

View a comprehensive list of SRTI signatories here.

"Addressing challenges in ship recycling is a shared responsibility and we are glad to have Volkswagen Group Logistics join the SRTI community and lead by example, showing how cargo owners can be aware of and take responsibility for their full supply chain, going above and beyond what is required," Stephens said in the release. 

SRTI's theory of change is driven by four main ideas in ship recycling, including:

• Disclosure and accountability.
• Demand for data and transparency.
• Informed decision-making.
• Knowledge as a driver of change.

"The coming decades will see ship recycling play a pivotal role as the shipping industry sets out to achieve its decarbonization goals and shipowners execute their fleet transition plans, recycling older vessels," said the SRTI 2021 report.

To join the SRTI, signatories have to complete a disclosure questionnaire and pay a $5,000 annual fee. According to SRTI, the fees go toward running the online platform and developing and growing the initiative.

"We look forward to working with VW Group Logistics to raise the profile of this issue and bring awareness to others who may want to consider how the vessels that carry their cargo are being recycled," Stephens said.

Click here for more FreightWaves articles by Alyssa Sporrer.

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This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.