April 23 ------ Elegant Exit Company (EEC), a sustainable ship recycling startup, is on a mission to change the ship recycling industry by converting old ships into green steel. The Drachten-based company was launched in 2020 with plans to own a fleet of end-of-life ships that will be operated until their planned recycling date. The business strategy is to scrap ships in a sustainable way while making a profit at the same time.
EEC was founded by Captain Uday Yellapurkar, a former chairman of Womar, Rein Amels, a former managing director of W-O Shipping, and Vladimir Radisic, an ex-colleague of theirs. The three founders bring with them a wealth of experience and expertise in the field of shipping.
In an interview with Offshore Energy Capt. Uday explained that sustainable shipbreaking was an untapped area ripe for disruption. “At EEC, we define “green” as the pursuit of the least polluting methods and the continuous improvement of our processes. It’s a journey rather than a cul-de-sac destination, and it guides our efforts to create a sustainable supply chain by means of sustainable recycling,” Uday said.
Despite efforts to promote sustainable practices, a significant number of ships are still being beached at Asian yards, where workers are exposed to hazardous conditions and the environment is damaged by toxic waste. Nevertheless, a number of players are emerging on the market with the aim of helping advance more sustainable practices with the use of modern technology as the shipping industry embarks on its decarbonization mission in line with global sustainability targets. “Our goal at EEC is to change the current ship recycling scene by providing steel plants with senior ships that can serve as a resilient source of supply chain instead of relying solely on ore mines. We also strive to give discarded ships a new life by breaking them down and using the molecules in other products. I understand the challenges faced by the shipping industry and I believe that we shouldn’t add more distractions to their already busy schedules. Instead of blaming them, we should offer compliant, real-time, holistic, and flexible solutions to their problems. By lining up infrastructure, steel makers, and finance, we can provide the necessary support to the industry without affecting their core business,” he said.
The company is working with partners which include Bahrain-based Arab Shipbuilding and Repair Yard Company (ASRY), which has recently obtained the statement of compliance certificates for the Hong Kong Convention and European Ship Recycling Regulations. Other partners include structural steel products producer SULB, Azzaron Overseas, Dammam Shipyard and Astander Shipyard. Last month, the company revealed the acquisition of its first ship for sustainable ship recycling, the Wan Hai 65. The 1998-built containership was bought from Taiwanese shipping company Wan Hai Lines, and will now undergo recycling at the ASRY yard. Initially, EEC had set sights on recycling tankers solely, however, the company said it was adapting to market dynamics impacted by global events and geopolitical developments.
At the moment, EEC is ‘in intense interactions with different parties’ on further deals which will be disclosed once finalized. “As I see it, collaboration is the main key to sustainable ship recycling. It doesn’t require rocket science, just good shipyards with infrastructure and strong work ethics. That’s why we believe in repurposing part of the new building and repair yards to serve as sustainable ship recycling facilities. Additionally, we’re exploring the possibility of establishing greenfield Recycle Docks in select locations with new sources of energy and innovative methods to upcycle steel without the need for melting it all down,” Uday said.
That being said, there is still a significant challenge in terms of finding suitable locations for the recycling and repurposing of these ships. “We urge all stakeholders to come together and work towards identifying such locations, which should ideally have a port for logistics and space for ship layups as inventory. This collaborative effort will be key in achieving a truly sustainable and responsible shipping industry,” Uday pointed out.
Source: offshore-energy.biz
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