Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environment
• Social
• Governance

Environmental Achievements

• Improved Average Efficiency Ratio (AER) by 5 percent.
• Decreased percentage of energy from HFO (=>0.5%S) from 80 percent in 2020 to 38 percent in 2021.
• Fleet will be compliant with IMO EEXI regulation coming into force 2023 without major CAPEX requirement.

Social Achievements

• Maintained high retention rates (83% for officers and 80% for ratings).
• No serious injuries or work-related fatalities.
• Continued crew welfare initiatives to maintain leading retention rates.

Governance Achievements

• No reported ethics or corruption incidents.
• Regular anti-corruption training provided to relevant employees.
• No reported data privacy or security breaches.

Climate Goals & Targets

Environmental Challenges

• Covid-19 pandemic impacting societies, economies, and seafarers.
• Port congestion leading to increased time in port (2 extra days on average).
• Uncertainty related to low and zero-carbon fuels.
• Piracy, hijacking, and kidnapping risk in certain regions.

Mitigation Strategies

• Prioritizing seafarer safety and well-being, ensuring return home after service.
• Investing in a modern fleet with eco-design vessels.
• Monitoring developments in low and zero-carbon fuels to adopt new technology when feasible.
• Implementing operational measures to reduce emissions (vessel performance monitoring).
• Adopting best management practices to protect crews from piracy (registration with EU Naval Force, internal risk assessments).

Supply Chain Management

Responsible Procurement

• Compliance with all relevant legal requirements, environmental standards, fair employment practices, and prohibition of child, forced, or compulsory labor.

Climate-Related Risks & Opportunities

Transition Risks

• Stricter regulations
• Technological development
• Market demand

Opportunities

• Energy efficiency and low emission fleet means flexibility in terms of speed and potentially lower carbon tax.

Reporting Standards

Frameworks Used: SASB Marine Transportation Standard (2018), Norwegian Shipowners Association’s Guidelines for ESG Reporting

Certifications: ISO 14001, ISO 9001:2000

Third-party Assurance: DNV

Environmental Metrics

ESG Focus Areas

• Environment
• Social
• Governance

Environmental Achievements

• Completely modernized its fleet, phasing out all ‘non-eco’ design vessels.
• Equipped the fleet with new reporting and monitoring systems to enhance vessel and fleet performance, reducing emissions and operating costs.
• Maintained a track record of zero incidents related to untreated ballast water, oil spills or waste disposal.

Social Achievements

• Upholding a track record of no serious injuries or work-related fatalities.
• Achieved retention rates above 90 percent.
• 50% of employees in Belships ASA are women.

Governance Achievements

• No reported ethics or corruption incidents.
• No whistle-blowing reports.
• No reports of data privacy or security breaches.

Climate Goals & Targets

Environmental Challenges

• The Covid-19 pandemic continued to affect societies and economies.
• Russia’s invasion of Ukraine elevated geopolitical risks.
• Uncertainty related to low and zero-carbon fuels.
• Gender diversity amongst shipboard personnel remains an ongoing challenge for the industry.
• Piracy, hijacking and kidnapping continues to represent a significant risk in certain regions of the world.

Mitigation Strategies

• Modernized fleet to improve energy efficiency and reduce emissions.
• Monitoring developments to ensure adoption of cleaner technology as soon as it is ready and economically viable.
• Investing in secure systems and professionals to better protect assets against cyber-crime.
• Implementing best management practices consistent with industry standards and recommendations from governing bodies to mitigate piracy risks.
• Regular anti-corruption training for all required crew and onshore employees.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Encourages suppliers to operate at the same ESG standards, including compliance with relevant legal requirements, environmental standards, fair employment practices and prohibiting any form of child, forced or compulsory labour.

Climate-Related Risks & Opportunities

Physical Risks

• rising sea levels, more frequent and severe storms and changes in temperature and weather patterns

Transition Risks

• stricter regulations, technological development, market demand

Opportunities

• flexibility in terms of speed and potentially lower carbon tax due to energy efficiency and low emission fleet

Reporting Standards

Frameworks Used: SASB Marine Transportation Standard (2018), Norwegian Shipowners Association’s Guidelines for ESG Reporting in the Shipping and Offshore Industries

Certifications: ISO 14001, ISO 9001:2000

Third-party Assurance: DNV

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environment
• Social
• Governance

Environmental Achievements

• Improved Average Efficiency Ratio (AER) by 12 percent
• Modernized fleet with eco-design vessels meeting new emission standards without further investments
• Zero incidents related to untreated ballast water, oil spills, or waste disposal

Social Achievements

• 98% retention rate for officers and ratings
• Decreased Lost Time Injury Frequency (LTIF) from 2.00 to 0.44
• Zero serious injuries or work-related fatalities

Governance Achievements

• No reported corruption incidents
• No whistle-blowing reports
• No data privacy or security breaches

Climate Goals & Targets

Environmental Challenges

• Geo-political risks affecting security and safe passage (Red Sea, Suez Canal)
• Uncertainty related to low and zero-carbon fuels
• Gender diversity amongst shipboard personnel

Mitigation Strategies

• Continued fleet modernization with new, efficient vessels
• Monitoring developments in low/zero-carbon fuels for future adoption
• Ongoing efforts to foster diversity and inclusion in hiring and retention

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Sourcing vessels from reputable shipyards and equipment suppliers, ensuring high quality and safety standards

Climate-Related Risks & Opportunities

Physical Risks

• Rising sea levels, more frequent and severe storms, changes in temperature and weather patterns

Transition Risks

• Stricter regulations, technological development, market demand

Opportunities

• Energy efficiency and low emission fleet providing flexibility and potentially lower carbon tax

Reporting Standards

Frameworks Used: SASB Marine Transportation Standard (2023), Norwegian Shipowners Association’s Guidelines for ESG Reporting

Certifications: ISO 14001, ISO 9001:2000

Third-party Assurance: DNV

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed