Industry Leadership

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Industry Leadership

CNCo is a founding member and an active participant of the Sustainable Shipping Initiative (SSI). The SSI is a coalition of shipping leaders from around the world, formed to take practical steps to tackle some of the sector’s greatest opportunities and challenges. The group is working to achieve a vision “of an industry in which sustainability equals success”.

By being an active member of the SSI, we work alongside our competitors, regulators, suppliers, financial institutions, etc, united by the common goal to show that collaborative action is possible, and to mobilise support across the whole shipping supply chain from factory gate to consumer, demonstrating that shipping can contribute to and (will only) thrive by operating in a sustainable manner.

Going in lockstep with the addition of our new tonnage, is the sustainable retirement of tonnage that is being replaced as it has reached the end of its economic life. The most environmentally efficient solution to this retirement is the responsible and environmentally sound recycling of ships, through which over 99% of the ship by weight is reused, either as is or in re-constituted form. CNCo is the lead company in the SSI on the Sustainable Ship Recycling Working Group.

A significant success during the year was our sponsorship of a second Roundtable on Sustainable Ship Recycling immediately post an industry Sustainable Ship Recycling Conference in Dubai. We had around 30 attendees, including all Hong Kong Convention (HKC) certified compliant Ship Recycling Facilities (SRF) in India, representatives from the Danish, French, German and Japanese Ship-owners’ Associations, four IACS Class Societies, five SSI members, the relevant EU Directorate, and the NGO Shipbreaking Platform. All the attendees made commitments to a) press their relevant governments to ratify the HKC and/or b) to maintain communication to help raise standards in the industry.

During the year, we oversaw the successful sustainable recycling (zero injuries, zero pollution incidents, increased level of HKC compliance and social commitment at the SRF) of two of our ships: MV Changsha and MV Chengtu, at an HKC compliant SRF in India. All four SRF who bid for this work fully accepted our requirement for external independent auditing, visits by our GM for Sustainability and the embedding of a three-man HKC Compliance Monitoring Team at the SRF during every minute when demolishing work was taking place, (all at our additional cost) to ensure that capacity building continued and that standards and best practices were maintained.

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It is worthy of note that the SRF willingly accepted all third-party advice on improving operations from all three parties and that all three parties were empowered to stop any/all work if it was seen that personnel were in danger of injury, or that there as a risk of an environmental pollution event.

This is especially noteworthy as with the exchange of the bill of sale, CNCo, as prior owners, no longer has any liability or responsibility for the ship. We believe this is a significant paradigm shift in any sector, post-sale of an asset.


CNCo is a founding member and an active participant of the Sustainable Shipping Initiative (SSI). The SSI is a coalition of shipping leaders from around the world, formed to take practical steps to tackle some of the sector’s greatest opportunities and challenges.