A group of major shipping companies has joined forces with two financial institutions and Lloyd's Register to launch a project Wednesday aimed at making the process of scrapping vessels more transparent.
The project is named Ship Recycling Transparency Initiative, and the companies behind the project are Maersk, Hapag-Lloyd, Wallenius Wilhelmsen, CNCo, Norden, Nykredit, Standard Chartered Bank, GES and Lloyd's Register.
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