The shipping trade plays an important part in the global economy, as the transport of goods contributes to our prosperity and welfare. ING is a major financier of the shipbuilding industry.
ING encourages clients in the shipping sector to adopt ship recycling practices that are environmentally sustainable and socially responsible. To start with, our policy doesn’t permit the financing of ‘breaking yards’ or buyers of scrap vessels. Furthermore, ING seeks to finance leading and reputable shipping companies that follow a responsible policy of breaking down ships, known as ‘vessel scrapping’.
In addition, we require customers to adhere to industry best practices, such as adopting the recommendations under the Hong Kong Convention, and for all vessels to have a Green Passport (inventory of hazardous materials).
We also, wherever possible, seek to document customers’ obligations within the loan documentation. For example: The ship owner confirms that as long as it’s in a lending relationship with ING, it will ensure that any ship it controls that’s intended to be scrapped will be recycled at a yard that conducts its recycling business in a socially and environmentally responsible manner.