Norway wealth fund amends status of two companies over ship scrapping

Hyundai Glovis

03/10/2023 21:15

OSLO, Oct 3 (Reuters) - Norway sovereign wealth fund
said on Tuesday it revoked the exclusion of Thoresen Thai
Agencies  TTA.BK  from its investments, and ended observation of
Hyundai Glovis Co  086280.KS .
    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. 

 (Reporting by Nerijus Adomaitis
Editing by Chris Reese)
 ((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters
Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))