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South China Morning Post

Sustainable Ship Financing and the Social Aspect of ESG

[The content of this article has been produced by our advertising partner.] Advertisement 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. Advertisement In a working environment that demands experience, crew retention is an important factor.