Norway Wealth Fund Revises Ship Scrapping Status of Two Companies
Norway sovereign wealth fund said on Tuesday it revoked the exclusion of Thoresen Thai Agencies from its investments, and ended observation of Hyundai Glovis Co.
It had previously excluded one and put another company on observation due to their practice of sending decommissioned vessels to be broken up for scrap in Bangladesh and Pakistan where working conditions were "extremely poor," according to the fund.
Thoresen Thai Agencies has not sent any more vessels to Bangladesh since 2018, while Hyundai Glovis established a new policy for responsible disposal of decommissioned vessels, it added in a statement.
(Reuters - Reporting by Nerijus Adomaitis Editing by Chris Reese)