Identification and Valuation of Equipment and Materials for Reuse, Remanufacturing

Project: Knowledge Exchange

Description

A circular economy approach towards assets is currently lacking in the marine industry. When a marine asset comes to the end of its useful life, opportunities to reuse, repair, remanufacture and recycle the majority of the materials, equipment and parts arise; however, to date, these opportunities have not been fully exploited. This is primarily attributed to the owner and recycler of the asset not being fully aware of its contents and potential value. Therefore, the proposed concept of this project is to establish a methodology for the identification and valuation of equipment and materials for reuse, remanufacturing and recycling on marine assets. This methodology will be developed to be carried out in tandem with the Inventory of Hazardous Materials (IHM); a survey identifying hazardous materials legally required to be conducted in ALL ships and offshore assets. By identifying not just the hazardous materials/products but also the ones that have future value or use, the following benefits are envisaged:•Materials and products easily identified for removal and ‘upcycling’ by the recyclers or repairers•Increase in rate of reuse, remanufacturing and recycling in the shipping and oil & gas sectors•Added value for the asset owner and recyclers•Greater incentive for asset owners to get a hazardous materials survey (which is required by law)

Key findings

•Identify common products, parts and materials which are able to be reused, remanufactured and recycled on board ships and oil & gas assets•Create valuation methodology for common products, parts and materials which are able to be reused, remanufactured and recycled on board ships and oil & gas assets•Create survey methodology which can be integrated into existing inventory of hazardous material (IHM) survey•Scope technology to assist survey and reporting process (cloud data storage, automated report construction, photographs etc.)•Validation of methodology
StatusFinished
Effective start/end date1/06/1630/11/17

Keywords

  • Circular Economy
  • maritime
  • shipping
  • remanufacturing
  • Inventory of hazardous materials