March 20, 2019
Living our core value of Safety and Sustainability through all stages of our vessels’ lifecycle
After decades of sailing the seas, at the end of their life, ships are recycled – the vessel is dismantled, and steel and other valuable materials are recycled. It is the most responsible way of disposing a vessel, since almost every part of the ship is reused.
However, if not done responsibly, the process can be dangerous for people and damaging to the environment. Therefore, in 2009, the IMO adopted the “Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships”, which ensures that health, safety, and environmental risks are minimized as much as possible throughout every part of the recycling process.
Not only do we support the Hong Kong Convention – but we believe more can be done.
We have developed and adopted a stringent process for ship recycling that goes above and beyond the Hong Kong Convention, and by being directly involved on-the-ground we ensure this standard is met when recycling our vessels.
Since 2017, Teekay has recycled four vessels in India, all at recycling facilities that have been verified to be in compliance with the Hong Kong Convention. Before selecting these facilities, we audited the yards to ensure they could meet our strict standards. In addition, throughout the recycling process, which typically takes about 6-8 months, our staff continually monitor HSEQ performance and visit regularly to perform inspections and provide skills training to increase the safety and sustainability performance of the yard.
The next step is to increase transparency and elevate standards throughout the industry.
More than 70% of the world’s ship recycling occurs in three countries – India, Bangladesh, and Pakistan – and conditions can vary widely from yard to yard.
To drive change, we are now joining with other major maritime players in supporting the Ship Recycling Transparency Initiative (SRTI). The vision of the SRTI 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.
We are the eighth leading ship owner to join the SRTI. We are committed to be a part of the solution, and we encourage participation from all members of the maritime industry. With proper commitment and engagement, we believe responsible ship recycling is achievable.