NGO: Norwegian Pension Funds to Focus on Indian Shipbreaking Yards

ngoIllustration; Image Courtesy: NGO Shipbreaking Platform

Norwegian Council on Ethics for the Government Pension Fund Global (GPFG) plans to turn its attention towards Indian shipbreaking practices, the NGO Shipbreaking Platform said. 

As explained, this may result in further divestments from shipping companies with poor shipbreaking records.

In 2018, the Council on Ethics had already advised the fund to divest from companies, including container line Evergreen, selling their end-of-life vessels to shipbreaking yards located in Pakistan and Bangladesh “due to an unacceptable risk that the companies are contributing to serious environmental damage and gross violations of human rights”.

Norway’s largest private pension fund, Kommunal Landspensjonskasse (KLP), followed suit and blacklisted the same companies.

In January, KLP also blacklisted Nordic American Tankers (NAT) following the sale of ten oil tankers for dirty and dangerous scrapping on beaching yards in South Asia. The Bermuda-registered company, controlled from Norway by Herbjørn Hanson, was firstly confronted by KLP for having sold eight ships for scrapping to South Asia in 2018, ensuring NAT a scrapping revenue of USD 80 million. Five vessels ended up in Chittagong, Bangladesh and three in Alang, India. The sale of two additional vessels to Bangladeshi yards prompted KLP to blacklist NAT earlier this year.

“KLP’s goal is that no ship ends up on a beach where irresponsible scrapping practices take place. It is the ship owners’ responsibility to identify which standards, routines and processes they need to comply with to ensure safe and responsible ship recycling”, Håvard Gulbrandsen, CEO of KLP, stressed.

The European Commission recently announced that two Indian yards — Priya Blue Industries and Shree Ram Vessel Scrap — that applied for inclusion in the European List of ship recycling facilities do not comply with the EU Ship Recycling Regulation.

The site inspections and technical assessments, done by the classification society DNV GL, identified several areas where the yards do not meet the requirements for clean and safe ship recycling.

Share this article

Follow World Maritime News

In Depth>


<< Nov 2019 >>
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >


Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >