Norway’s EUR 1.2 trillion wealth fund has lifted its exclusion of Thoresen Thai Agencies and ended its ‘observation’ of Hyundai Glovis for sending ships to beaching yards in South Asia.
Thoresen Thai Agencies was excluded from the fund in 2018 following reports it was selling decommissioned vessels to shipbreaking sites in Bangladesh. Working conditions were ‘extremely poor’. The fund’s ethics council has now revoked the exclusion as the company is no longer enabling such beaching practices.
Meanwhile, Hyundai Glovis has implemented a new policy of responsible ship recycling. It came under observation last year, following shipbreaking contracts with Pakistan and Bangladesh.
Ship recycling at turning point
Another positive development is that the Hong Kong Convention has reached the required threshold for its entry into force in 2025. The International Maritime Organization (IMO) adopted the convention almost 15 years ago.
Furthermore, the EU has updated its list of approved ship recycling yards. The latest version contains 48 sites, mostly in Europe and Turkey.