Altera, Gard sign up to Ship Recycling Transparency Initiative

Altera Infrastructure and Gard joined the Ship Recycling Transparency Initiative (SRTI), a multi-stakeholder initiative using transparency to accelerate a voluntary market-driven approach to responsible ship recycling and ultimately leading to an industry-wide level playing field.

Formerly part of the Teekay group of companies, Altera becomes the tenth shipowner to publicly disclose its approach to ship recycling, bringing the number of SRTI signatories to 24.  President & CEO Ingvild Sæther said: “Continuing the SRTI membership under our new brand name was a matter of course. We want to take a leading position in the change we all need to be a part of, and we believe openness and transparency are key in achieving this.”

Andrew Stephens, Executive Director of the Sustainable Shipping Initiative which hosts the SRTI, commented: “By publicly disclosing its approach, Altera is not only making clear its commitment to responsible ship recycling; it’s also raising the bar and contributing to a more transparent and accountable maritime industry.”

There is also the addition of Gard, the first insurer to join the SRTI.  A member of the International Group of P&I Clubs and the largest marine insurer in the world, Gard is the first of the insurance sector to join the SRTI.  They join several peers from the wider finance sector leveraging their influence to drive transparency and responsible ship recycling, including banks Nykredit and Standard Chartered Bank as well as pension funds MP Pension and PBU.

Rolf Thore Roppestad, CEO of Gard commented: “We are delighted to become a signatory to the Ship Recycling Transparency Initiative.  This is an important part of our policy on sustainability and we hope to use our position in the marine insurance market to encourage discussions on the most sustainable way to end a ship’s life.  Ship recycling is both necessary and desirable but there are many considerations to be made to ensure that the dismantling of the ship does not endanger either people or the environment.”

“Ship recycling is a shared imperative requiring collaboration between shipowners and financial stakeholders,” said Stephens. “Gard joins like-minded sustainability leaders holding the maritime industry to account by demanding transparency, using SRTI data as a basis for its risk management strategies and driving responsible ship recycling practice.”

Photo credit IMO

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