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Where ships go to die: understanding the shipbreaking industry and its financial and liability risks

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According to data released by the NGO Shipbreaking Platform, 674 ocean-going commercial ships and offshore units were sold to scrap yards in 2019. Of these vessels, 469 large tankers, bulkers, floating platforms, cargo and passenger ships were broken down on only three beaches in Bangladesh, India and Pakistan, amounting to nearly 90% of the gross tonnage dismantled globally. The practice of “beaching” vessels to dismantle them does not only pose a great risk to the health and safety of the workers, it also causes irreparable damage to tidal mudflats due to the countless dirty and dangerous materials which are released during the process.

In this webinar, Ingvild Jenssen, Founder & Director of the NGO Shipbreaking Platform, provides insights into the shipbreaking industry and discusses liability risks associated with the practice of “beaching”. Ingvild further addresses how the marine insurance sector can help improve standards in the ship recycling industry.

 

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