Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environment
• Social
• Governance

Environmental Achievements

• Significant reduction in Sulphur and Nitrous oxide emissions
• Significant decline in carbon dioxide emissions partly due to improved fuel efficiency
• 90% of fleet equipped with EGCSs as of 2019
• 52% of fleet equipped with BWTSs as of 2019
• 2.3% reduction in average EEOI (EU MRV calculation method) compared to 2018
• 1.4% reduction in average total fuel consumption per day compared to 2018
• 6% reduction in total CO2 emissions compared to 2018
• 6.2% reduction in SOx emissions compared to 2018
• 6.1% reduction in NOx emissions compared to 2018
• Estimated 4,400 tonnes of CO2 saved by transporting spare parts and equipment via sea instead of air

Social Achievements

• All injury-related incidents reduced during 2019
• Increased on-board inspections, internal audits, and superintendent attendances
• Reduced PSC deficiency ratio by 12%
• Increased seafarers pool and number of office employees
• Increased crew training and promotions
• High crew retention rate (92.7%)
• 9 community investment initiatives supported in 2019
• Introduced Social Responsibility policy

Governance Achievements

• Applied corporate governance best practices
• Maintained a diverse Board of Directors
• 0 bribery and fraud incidents
• 0 whistleblowing incidents
• 0 violations of ethical principles & Anti-Corruption Policy
• Increased internal audits by 10% compared to 2018
• No material weaknesses or significant deficiencies identified during audits
• Engaged with financial institutions for the promotion of the Poseidon Principles

Climate Goals & Targets

Environmental Challenges

• IMO 2020 compliance preparations causing substantial disruptions
• COVID-19 outbreak impacting the shipping industry

Mitigation Strategies

• Further streamlined operating costs while maintaining high service quality
• Implemented remote work program for shore employees and Covid-19 prevention policies
• Postponed crew changes where possible and introduced enhanced safety measures
• Developed and implemented Covid-19 prevention protocols on board vessels
• Suspended all business travel
• Provided safety equipment and disinfectants to ships and offices
• Ensured timely supply of provisions, stores, and spares to vessels
• Employed local surveyors for external vessel audits and implemented remote internal audit processes

Supply Chain Management

Supplier Audits: 146 suppliers evaluated in 2019

Responsible Procurement

• New supplier evaluation process to monitor business partners' adherence to quality, ethical, environmental, and social standards
• Social Responsibility Policy shared and applied by suppliers
• Centralized procurement through an online e-procurement platform

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards Core option, SASB for Marine transportation, NASDAQ ESG Reporting guidelines

Certifications: ISO 9001, ISO 14001, ISO 45001, ISO 50001

Third-party Assurance: PwC Greece

Environmental Metrics

ESG Focus Areas

• Health, Safety and Security
• Inclusion and Diversity
• People’s Development
• Community Investment
• GHG and Air Emissions
• Protection of Marine Environment
• Waste and Water Management
• Research and Development
• Regulatory Compliance
• Ethical Principles
• Risk Management
• Transparency

Environmental Achievements

• Completed installation of Exhaust Gas Cleaning Systems (EGCS) on 114 vessels, reducing SOx emissions by approximately 79%
• Fitted 55% of the fleet with Ballast Water Treatment Systems (BWTS)
• Reduced paper consumption in offices by 10%

Social Achievements

• Achieved 95% crew retention rate
• Achieved 98% office personnel retention rate
• Reduced Lost Time Injury Frequency (LTIF) by 45% and Total Recordable Case Frequency (TRCF) by 53%
• Reduced Port State Control (PSC) deficiency ratio by 23%
• Undertook 9 community investment initiatives

Governance Achievements

• Established a strong corporate governance framework with various committees (Nomination and Corporate Governance, Audit, Compensation)
• Adopted and communicated a Code of Ethics to all employees
• Implemented a robust cyber security system
• No material weaknesses or significant deficiencies identified during internal audits

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic causing disruptions to global trade and operations
• Weak dry bulk market environment
• Crew change challenges due to COVID-19 restrictions
• Climate-related risks (increase in energy prices, rising commodity prices, extreme weather events)

Mitigation Strategies

• Implemented rigorous COVID-19 protocols for crew and shore personnel
• Sustained a strong competitive profile with daily operating expenses below industry average
• Implemented flexible work-from-home policies
• Proactive identification and assessment of climate-related risks and opportunities, scenario analysis, and development of mitigation strategies

Supply Chain Management

Supplier Audits: 833 suppliers evaluated (stores/provisions), 87% ranked above 70%

Responsible Procurement

• Social Responsibility Policy ensuring suppliers conduct activities in a socially responsible manner
• Online e-procurement platform

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events, heat waves, sea level rise

Transition Risks

• Increase in energy prices, rising commodity prices, higher demand for renewables

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI Standards Core option, SASB for Marine transportation, NASDAQ ESG Reporting guidelines 2.0, UN Global Compact principles

Certifications: ISO 14001, ISO 50001, ISO 9001: 2015, ISO 45001: 2018

Third-party Assurance: Ernst & Young (Hellas)

UN Sustainable Development Goals

• Not disclosed

Aligned strategy with Sustainable Development Goals (SDGs)

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• GHG emission reduction and energy efficiency
• Water pollution prevention
• Impact of environmental regulations
• Corporate governance, ethics and transparency
• Regulatory compliance
• Occupational health, safety and security
• Economic performance
• Security of operations
• Research and innovation in green technologies
• Commercial strategy and commercial performance
• Employee well-being
• Relationship with business partners
• Respecting human rights
• Risk mitigation and control
• Waste management and recycling
• Labor practices
• Sustainable procurement practices
• Partnerships for advancing sustainability
• Corporate and employee performance management
• Employee training
• Diversity and inclusion

Environmental Achievements

• 94% of vessels fitted with Exhaust Gas Cleaning Systems (EGCS)
• 73% of fleet equipped with Ballast Water Treatment Systems (BWTS)
• Reduced energy consumption ashore by 13%
• Reduced average NOx emissions per vessel by 5.5%

Social Achievements

• High seafarer retention rate (94.1%)
• High onshore employee retention rate (94.08%)
• Zero tolerance on human rights violations
• Over $250,000 spent on crew wellbeing initiatives
• More than $420,000 spent on crew trainings and development

Governance Achievements

• Zero incidents of corrupt practices
• Joined the Maritime Anti-Corruption Network (MACN)
• Strong and independent Board of Directors
• ESG Committee at Board level
• Robust internal controls to manage risks

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic disruptions
• Crew changes due to COVID-19
• Increase in operating speed as per charterers’ instructions
• War in Ukraine impacting crew and operations
• Climate-related risks (energy price increases, regulatory changes)

Mitigation Strategies

• Implemented extensive measures to protect employees and seafarers against COVID-19
• Enhanced internal promotion programs
• Implemented remote work policies
• Provided COVID-19 kits and provisions on vessels
• Supported evacuation and repatriation of Ukrainian seafarers
• Developed a climate transition plan
• Applied advanced technologies and operational improvements to enhance energy efficiency
• Participated in R&D for new technologies and alternative fuels

Supply Chain Management

Supplier Audits: 1,117 suppliers of stores and provisions evaluated; 47 suppliers screened based on environmental criteria

Responsible Procurement

• Supplier evaluation process
• Mandatory IHM form completion

Climate-Related Risks & Opportunities

Physical Risks

• Heat waves
• Sea level rise

Transition Risks

• Increase in energy prices
• Rising prices of commodities
• Regulatory changes

Opportunities

• Development of energy-efficient products
• Development of alternative fuels

Reporting Standards

Frameworks Used: GRI Standards (Core option), SASB for Marine transportation, NASDAQ ESG Reporting guidelines 2.0, UNGC principles

Certifications: ISO 50001, ISO 14001, ISO 45001, ISO 9001:2015, ISO/IEC 27000 (Stage 1)

Third-party Assurance: Ernst & Young (Hellas)

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

Not disclosed

Awards & Recognition

• AMVER Awards

Environmental Metrics

ESG Focus Areas

• Climate change and energy efficiency
• Marine environmental protection
• Green technologies and alternative fuels
• Employment practices
• Talent attraction and retention
• Social empowerment and community support
• Corporate governance, ethics and transparency
• Regulatory compliance
• Partnerships
• Occupational health, safety
• Security of operations

Environmental Achievements

• Reduced average fleet Energy Efficiency Operation Index (EEOI) by approximately 3% compared to 2021 (6.45 in 2022)
• Reduced average fleet Annual Efficiency Ratio (AER) by approximately 4% compared to 2021 (3.29 in 2022)
• Achieved a 98% of fleet equipped with Ballast Water Treatment Systems (BWTS)
• 80% decrease in plastic mineral bottle purchase (for 10 vessels with water filtration systems)
• Achieving a score of B in CDP under Climate Change for our voluntary disclosures
• 4.6% decrease in total fleet CO₂e emissions due to operational and technical measures
• 6% reduction in total fleet SOx emissions
• 3% reduction in total fleet NOx emissions

Social Achievements

• 42% women across our workforce
• 23% increase in total amount spent on crew trainings and development
• 20% increase in total amount spent on wellbeing initiatives on board
• Introduction of work from home policy
• 78% increase in new hires
• 10% reduction in Lost Time Injury Frequency (LTIF)
• 6.7% reduction in Total Recordable Case Frequency (TRCF)
• Launched an Employee Assistance Program with a 24/7 Mental Health Hotline

Governance Achievements

• Establishment of an ESG Committee
• Zero cyber security incidents
• Zero whistleblowing incidents
• Zero incidents of corruption and bribery
• Zero fraud incidents
• Amendments and restatement of the Code of Ethics

Climate Goals & Targets

Environmental Challenges

• Shipping industry decarbonization challenges
• Supply chain disruptions
• Inadequate protection of physical, mental health and well-being due to work-related accidents
• Human rights violations due to insufficient monitoring of labor standards
• Limited monitoring of Code of Ethics violations
• Penalties and fines due to noncompliance with regulatory requirements
• Increase of security threats and cyberattacks due to insufficient internal management systems and measures
• Reduced contribution to human capital development and education
• Reduced contribution to employment and low employee engagement

Mitigation Strategies

• Actively exploring and adopting energy-saving technologies and practices
• Partnership in a Green Corridor project
• Investments in training programs and wellbeing initiatives
• Implementation of a robust whistleblowing mechanism
• Implementation of the Code of Ethics and Conduct
• Establishment of monitoring procedures related to laws and regulations
• Investments in high-end digital technologies and advanced systems
• Implementation of programs for the retention of seafarers and onshore employees
• Implementation of an action plan following the results of the employee satisfaction survey

Supply Chain Management

Supplier Audits: 1,179 suppliers evaluated in 2022, 89% above 70% score

Responsible Procurement

• Supplier evaluation process
• Requirement for IHM form completion

Climate-Related Risks & Opportunities

Physical Risks

• Weather related events
• Climate related risks

Transition Risks

• Changes in governmental rules and regulations
• Changes in demand in the dry bulk shipping industry
• Increase in energy prices
• Rising prices of commodities
• Higher demand for renewables and low-carbon products

Opportunities

• Development of energy-efficient products
• Development of new green technologies

Reporting Standards

Frameworks Used: GRI Standards, SASB for Marine Transportation, UNGC Principles, NASDAQ ESG Reporting Guidelines 2.0

Certifications: ISO 9001:2015, ISO 14001, ISO 45001, ISO 50001, ISO/IEC 27001:213

Third-party Assurance: Ernst & Young (Hellas)

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• ESG Leader Silver Award
• Climate Change Gold Award
• Governance Silver Award (Greek ESG Shipping Awards 2023)

Environmental Metrics

ESG Focus Areas

• Climate change and energy efficiency
• Marine environmental protection
• Green technologies and alternative fuels
• Employment practices
• Talent attraction and retention
• Social empowerment and community support
• Corporate governance, ethics and transparency
• Regulatory compliance
• Partnerships
• Occupational health, safety
• Security of operations

Environmental Achievements

• Reduced fleet’s carbon intensity by approximately 5.8% compared to the previous year
• 4% reduction in Scope 1 emissions
• 9.5% reduction in Scope 3 emissions
• 80% decrease in plastic mineral bottle purchase (for 50 vessels with water filtration systems)
• 95% of fleet equipped with EGCSs
• 100% of fleet equipped with BWTS

Social Achievements

• 41% women across our workforce
• 14% increase of total amount spent for well-being initiatives onboard
• 90.64% retention rate of office employees
• 3.53% reduction in Lost Time Injury Frequency (LTIF) rate
• Zero serious marine accidents
• Implemented a new online whistleblowing platform

Governance Achievements

• Zero cyber security incidents & 51% increase in Cyber Security investment
• Zero whistleblowing incidents & enhanced whistleblowing reporting system
• Zero incidents of corruption and bribery
• Zero fraud incidents
• Maintained a low number of port state control deficiencies and detentions

Climate Goals & Targets

Environmental Challenges

• Geopolitical tensions posing risks to the safety of crews and disrupting key shipping routes
• Climate risks and technological disruptions
• Increased use of fresh water due to the lack of efficient water management
• Pollution of the marine environment due to the release of oil and chemical spills and leakages
• Failure to reduce fleet's carbon intensity due to technical or operational factors
• Inadequate protection of physical, mental health and well-being due to work-related accidents
• Human rights violations due to insufficient monitoring of labor standards
• Limited monitoring of Code of Ethics violations
• Penalties and fines due to noncompliance with regulatory requirements
• Increase of security threats and cyberattacks due to insufficient internal management systems and measures

Mitigation Strategies

• Continuously upgrading health, security, safety, and environmental standards
• Investing in energy-saving devices to improve the efficiency of existing fleet
• Implementing various technical and operational measures to reduce carbon intensity
• Investing in R&D for new green technologies and alternative fuels
• Implementing an action plan following the results of the employee satisfaction survey
• Adopting high ethical standards and implementing a robust whistleblowing mechanism
• Establishing monitoring procedures related to laws and regulations
• Investing in high-end digital technologies and advanced systems
• Implementing and adopting measures to decarbonize the fleet and improve the Carbon Intensity Indicator (CII)
• Including a clause in charter party agreements requiring charterers to cover CO2 emission costs

Supply Chain Management

Supplier Audits: 232 suppliers evaluated, 93% scoring above 70%

Responsible Procurement

• Supplier assessment procedure
• Requirement for suppliers to complete IHM form

Climate-Related Risks & Opportunities

Physical Risks

• Weather related events
• Climate related risks

Transition Risks

• Changes in governmental rules and regulations
• Changes in demand in the dry bulk shipping industry
• Increased energy prices
• Rising commodity prices
• Higher demand for renewables and low-carbon products
• Heat waves
• Sea level rise

Opportunities

• Development of energy-efficient products
• Search of alternative fuels and concomitant new build designs

Reporting Standards

Frameworks Used: GRI Standards, SASB for Marine Transportation, UNGC Principles, NASDAQ ESG Reporting Guidelines 2.0

Certifications: ISO 50001, ISO 14001, ISO 45001, ISO/IEC 27001:213

Third-party Assurance: Ernst & Young (Hellas)

UN Sustainable Development Goals

• 7, 13

Initiatives contribute to SDGs 7 (Affordable and Clean Energy) and 13 (Climate Action)

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Sustainability Award at the 2023 Lloyd’s List Greek Shipping Awards
• Motivation Award at the 2024 global ESG Shipping Awards
• Sustainable Development Award at the 2024 Efkrantis Awards
• AMVER Awards

Environmental Metrics

ESG Focus Areas

• Decarbonization
• Safety
• Employee Wellbeing
• Governance

Environmental Achievements

• Ensuring timely and efficient compliance with environmental regulations
• Tracking and disclosing the company’s GHG emissions throughout the entire value chain
• Establishing Science-Based Targets to outline the pathway toward the reduction of carbon footprint
• Collaborating with our partners on initiatives such as the Poseidon Principles and the Sea Cargo Charter

Social Achievements

• Strong retention rates for both onboard and shore-based employees
• Top rankings in the RightShip Safety Score among dry bulk operators globally
• Commitment to the wellbeing and professional development of our employees
• Investments in community initiatives, including charity, education, and sports
• Inclusion of female cadets in our vessel crews

Governance Achievements

• A robust, independent Board of Directors consisting of seasoned shipping experts
• Comprehensive risk management practices, including strong cybersecurity measures
• Performance management directly tied to compensation and benefits
• An ESG Committee established at the Board of Directors level
• Annual ESG reporting, participation in the Carbon Disclosure Project

Climate Goals & Targets

Environmental Challenges

• New environmental regulations and restrictions
• Potential cyber-attacks which may disrupt our business operations
• General domestic and international political conditions or events
• Potential physical disruption of shipping routes due to accidents, climate-related reasons, political events, public health threats, international hostilities and instability, piracy or acts by terrorists

Mitigation Strategies

• Renewing the Star Bulk fleet
• Monitoring and transparent reporting of emissions
• Improving the energy efficiency of our fleet
• Participating in R&D for new technologies and alternative fuels
• Developing partnerships and participating in alliances

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN Global Compact

Environmental Metrics

ESG Focus Areas

• Climate change
• Decarbonization
• Safety
• Well-being programs
• Community contributions

Environmental Achievements

• Scope 1 GHG emissions reduced by 4% compared to the previous year
• Fleet-wide CII reduced by 5.8%
• Scope 3 emissions reduced by 9.5%

Social Achievements

• Strengthened well-being programs for employees
• Sponsorship of athletes for the Paris 2024 Olympic Games

Governance Achievements

• Successfully submitted the 2023 Carbon Disclosure Project questionnaire for the fourth consecutive year
• 6th annual Star Bulk ESG Report published in accordance with GRI requirements, with limited assurance provided by EY

Climate Goals & Targets

Environmental Challenges

• New environmental regulations and restrictions (e.g., FuelEU Maritime)
• Potential cyber-attacks
• General domestic and international political conditions or events (e.g., Russia-Ukraine conflict, Israel-Hamas conflict, Houthi attacks)
• Potential physical disruption of shipping routes due to accidents, climate-related reasons, political events, public health threats, international hostilities and instability, piracy or acts by terrorists

Mitigation Strategies

• Preparations underway for FuelEU Maritime regulation compliance through biofuels and leveraging pooling and banking mechanisms
• Engagement with BIMCO and charterers on charter party clause drafting
• Active engagement with regulators and industry organizations on GHG reduction measures
• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI

Certifications: Null

Third-party Assurance: EY (limited assurance)

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed