9,367.77 TRY BIST 100 BIST 100
4.79 CNY CNY CNY
34.56 USD USD USD
36.19 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
41.35 TRY Interest Interest
74.24 USD Fossil Oil Fossil Oil
30.90 USD Silver Silver
4.09 USD Copper Copper
100.80 USD Iron Ore Iron Ore
365.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,982.57 TRY Gold (gr) Gold (gr)

NYK and Oono Development launch eco-friendly ship recycling initiative in Japan

Nippon Yusen Kabushiki Kaisha (NYK), a Japan-based shipping company, has signed an agreement with Oono Development to build the country's only recycling plant.

NYK and Oono Development launch eco-friendly ship recycling initiative in Japan

Nippon Yusen Kabushiki Kaisha (NYK), a shipping company based in Japan has agreed with Oono Development to explore the commercialization of environmentally responsible ship recycling. The memorandum of understanding between the two companies was signed at NYK’s Tokyo headquarters, aiming to establish a sustainable method for dismantling ships and large offshore structures in Japan.

The project will be carried out at Oono Development's dry dock facility in Chita City, Aichi Prefecture, one of Japan's largest, measuring 810 meters in length and 92 meters in width. This facility stands out as it has the capacity to dismantle two large ocean liners simultaneously.

The companies intend to recycle ships into steel scrap and other reusable materials using an advanced onshore dismantling and waste treatment process. This method is designed with a strong emphasis on environmental protection and occupational safety, addressing growing concerns within the maritime industry about sustainable practices.

The collaboration comes at a critical time, as the global maritime sector faces increasing pressure to implement eco-friendly ship recycling methods. With stricter international regulations on the horizon, including the forthcoming enforcement of the International Maritime Organization's (IMO) Hong Kong Convention for safe and environmentally sound ship recycling in 2025, the need for responsible dismantling methods is more urgent than ever.

In addition, the European Union's Ship Recycling Regulation, in place since 2013, mandates that EU-flagged vessels be dismantled at approved facilities, ensuring environmental and occupational safety standards are met. This regulation bans hazardous "beaching" practices commonly seen in South Asia and promotes sustainable ship recycling across certified facilities in Europe, Türkiye, and the USA.

The joint project between NYK and Oono Development aims to contribute to decarbonization efforts while advancing the circular economy. By developing more sophisticated recycling methods, the partnership seeks to align with the growing global focus on legal compliance, environmental conservation, and safety in ship dismantling.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Roadmap for India’s steel sector: Demand, imports and future plans

Friday, November 22, 2024

A new era begins in the Indian steel sector

Thursday, November 21, 2024

China's HRC, CRC and rebar production decreased y-o-y in October

Thursday, November 21, 2024

HRC prices decline from China to Middle East

Thursday, November 21, 2024

EU construction decreased in september

Thursday, November 21, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now