Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• First shipping company to publish its CO2 emissions relative to the IMO 2050 trajectories
• Commitment to minimizing risk of all forms of pollution and managing waste streams
• Sustainability-linked pricing feature of INSW’s new debt facility

Social Achievements

• Safe, healthy and secure working conditions for all employees on land and at sea, reinforced with strong safety statistics, e.g. 0.76 incidents per million hours and 0.45 lost time injuries per million hours for the last 12 months through March 2020
• Member of the Marine Anti-Corruption Network

Governance Achievements

• Seven of nine members of Board of Directors are fully independent
• Split non-Executive Chairman and CEO
• Commitment to diversity exemplified by two female Directors, one of whom is CEO
• Shareholder representation on Board
• Board includes former CEOs, former CFOs, and experts in shipping, compensation practices and compliance/governance
• Annual election for all Board Members
• Robust management and director stock ownership guidelines

Climate Goals & Targets

Environmental Challenges

• Coronavirus (COVID-19) negatively impacted oil demand
• OPEC and Russia failed to agree on production cuts in March, leading to increased production by Saudi Arabia
• Delays at discharge ports due to inadequate storage space
• Aging VLCC fleet requiring significant investment to continue trading

Mitigation Strategies

• Completed refinancing, saving $25 million in annual interest
• OPEC+ agreement to curb production
• Capitalized on strong market in first half of year through time charters
• Potential for increased scrapping of older vessels if rates moderate

Supply Chain Management

Climate-Related Risks & Opportunities

Awards & Recognition

• NAMEPA Marine Environment Protection award, 2019