AJOT Digital Edition #668

In January, Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, announced it would stop investing in four shipping lines. The reason for such drastic action: The ship owners sell their vessels for scrapping that relies on what critics maintain are dangerous and polluting shipbreaking methods in Pakistan and Bangladesh.

Shipbreaking is essential to not only the shipping industry but the global economy. With lower prices for steel scrap and a glut of steel products, there is a tremendous over capacity in the shipbreaking facilities.