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Sustainable Ship Financing and the Social Aspect of ESG

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Sustainable Ship Financing and the Social Aspect of ESG - SCMP

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The content of this article has been produced by our advertising partner.] As a major international maritime centre, Hong Kong is home to some of the world’s leading shipowners, operators and managers. As such they are often owners of capital assets worth many millions of US dollars, and employers of hundreds or even thousands of seafarers and onshore staff. Mindful of the impact their policies and actions may have on individuals, society and the global environment, they are embracing ESG to demonstrate social commitment and contributing positively to society.  A duty of care to employees at sea Working and living onboard a ship presents challenges rarely found in land-based occupations. Not least the requirement to work onboard for many months at a time without a break. Achieving a work life balance therefore can be difficult. The onus is therefore on the shipowner or ship manager to ensure the welfare of its ocean going staff.

The minimum requirements for seafarers’ employment are governed by the International Labour Organization’s Maritime Labour Convention 2006. The Convention determines conditions of employment, accommodation, recreational facilities, food and catering, health protection, medical care, welfare and social security protection.

In a working environment that demands experience, crew retention is an important factor.  Wallem Ship Management is one of many Hong Kong shipowners and ship managers applying a robust social commitment to their seafarers.  Wallem maintains a retention rate of over 90% among its pool of around 6,000 seafarers, with some ship staff celebrating 35 and 40-year milestones. A reassuring indication that the company has placed the welfare of its crews high on its agenda.  Managing director of Wallem Ship Management, Ioannis Stefanou declares: "Wallem is committed to prioritising health, safety and environmental matters in all its operations.


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Article Details

Author / Journalist: Advertising partner

Category: Business

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-09 @ 00:00:11 (7 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 197 words

Reading Time: 2 minutes read

Sentences: 5 lines

Sentence Length: 40 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 28496305

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About SCMP

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Main Topics: Business

Official Website: scmp.com

Update Frequency: 15 posts per day

Year Established: 1903

Headquarters: Hong Kong

News Last Updated: 11 hours ago

Coverage Areas: Hong Kong

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #42

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