Hamburg Commercial Bank joins the "Responsible Ship Recycling Standards" initiative

Hamburg, November 25, 2020 - Hamburg Commercial Bank (HCOB) joins the "Responsible Ship Recycling Standards" (RSRS) initiative.

The initiative aims to include clauses on the scrapping of ships according to international standards (including the Hong Kong Convention) in loan agreements. At the same time, the framework provides for ships to carry a so-called "green passport" listing all hazardous materials installed in the ship so that this can be taken into account when it will be scrapped. The RSRS initiative aims to contribute to ensuring – in cooperation with shipowners – that minimum standards of occupational health and safety and environmental protection are met when ships are scrapped. To date – with the several hundred ships each year being taken out of service and being scrapped – not always enough attention is being paid to this.

"The ‘Responsible Ship Recycling Standards’ make a contribution to a more sustainable maritime shipping," says Dr Nicolas Blanchard, Chief Clients and Products Officer of Hamburg Commercial Bank. "By joining this initiative, we underline that sustainability is an important part of our business strategy. At the same time, we are committed to complying with environmental standards and health and safety conditions when ships are scrapped". Shipping is a central business area for Hamburg Commercial Bank. As of 30 June 2020, the entire portfolio amounted to approximately € 4.9 billion.

Information on Responsible Ship Recycling Standards:

The three banks ABN Amro, ING and NIBC launched the RSRS initiative at the end of 2017. In the meantime, many international banks have joined the Responsible Ship Recycling Standards.