Western Bulk Chartering AS
Climate Impact & Sustainability Data (2022)
Reporting Period: 2022
Environmental Metrics
ESG Focus Areas
- Responsible Business Conduct
- Environmental impact (emissions)
- Human Rights
- Labor Rights
- Competition
- Taxation
- Anti-Corruption
Environmental Achievements
- Reduced carbon intensity through voyage optimization and speed adjustments; preparations for EEXI, CII, and EU ETS.
Social Achievements
- Implemented initiatives to maintain a healthy work environment (annual health checks, social events, training reimbursement); no serious accidents or injuries reported; 36% women employees.
Governance Achievements
- Implemented a review of suppliers and a supplier code of conduct (Transparency Act compliance); participation in the Maritime Anti-Corruption Network (MACN); TRACE certification for Western Bulk Carriers AS and Western Bulk Pte Ltd.
Climate Goals & Targets
Long-term Goals:
- Supports the maritime industry’s commitment to net zero emissions by 2050, and to a 50% reduction in emissions by 2030.
Environmental Challenges
- Market decline in the second half of 2022 due to negative sentiment for the world economy and uncertainty related to Chinese demand; inability to profitably increase vessel volume in 2022; geopolitical risks and instability.
Mitigation Strategies
- Good spot arbitrage trading, covering cargo commitments with vessels at lower rates; data-driven decision making; diversification to mitigate exposure to geopolitical risks; development of new trading patterns and holistic approach to fleet positioning.
Supply Chain Management
Supplier Audits: A review of suppliers was implemented in 2022.
Responsible Procurement
- Supplier code of conduct