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Norwegian fund to exclude co's over human rights concerns related to shipbreaking practices

Author: Container Management, Published on: 18 January 2018

Norway’s central bank has excluded Evergreen Marine from one of its two sovereign wealth funds, citing the Taiwanese company’s vessel scrapping practices as causing “serious human rights violations and severe environmental damage”...

The investment ban resulted from the carrier’s sale of six decommissioned ships, but Evergreen has claimed the scrapping of three was outside of its control...

On the remaining three ships, the carrier stated: “Evergreen sold them to a buyer that adopts a ship recycling policy in line with the guidelines of the IMO’s “2009 Hong Kong Convention on Safe and Responsible Ship Recycling” to ensure that the vessels have ended their operations in a safe and eco-friendly manner.

“Based on the company’s environmental philosophy, Evergreen specifically demands, in both its bidding invitations and memorandum of agreement for ship recycling that its vessels are sold for demolition at ISO certified “Green-Ship Recycling” shipyards only.”

...Three bulk operators Korea Line Corporation, Precious Shipping PCL and Thoresen Thai Agencies PCL have also been excluded from the GPFG over similar practices while Pan Ocean Company has been placed under observation based on the same criteria.

Read the full post here

Related companies: Evergreen Group Norges Bank Investment Management (NBIM)