The Great Eastern Shipping Company Limited
Climate Impact & Sustainability Data (2020-04 to 2021-03, 2021-04 to 2022-03)
Reporting Period: 2020-04 to 2021-03
Environmental Metrics
Total Carbon Emissions:1,000,662.46 tCO2e
Scope 1 Emissions:1,000,662.46 tCO2e
Scope 2 Emissions:365.784 tCO2e
ESG Focus Areas
- Climate Change
Environmental Achievements
- Reduced Scope 1 and 2 emissions to 1,000,662.46 tCO2e and 365.784 tCO2e respectively
Climate Goals & Targets
Environmental Challenges
- Data inaccuracies due to transcription, interpretation and aggregation errors
Mitigation Strategies
- Errors were corrected
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: ISO 14064-1:2006, Greenhouse Gas Protocol
Third-party Assurance: DNV GL Business Assurance India Private Limited
Reporting Period: 2021-04 to 2022-03
Environmental Metrics
Total Carbon Emissions:997655.78 tCO2e/year
Scope 1 Emissions:979106.496 tCO2e/year
Scope 2 Emissions:569.39 tCO2e/year
Total Energy Consumption:11244191.97 GJ/year
Water Consumption:166734.1 m3/year
Carbon Intensity:284.48 MT/Cr
ESG Focus Areas
- Safety standards
- Environmental protection
- Energy optimization
- Quality of operations
- Social Responsibility
- Education
- Health
- Livelihood Development
Environmental Achievements
- Biofuel blend bunkering and trials completed on one of the MR tankers
- Continued installation of ESDs like Mewis duct on selected vessels for improvement in energy efficiency and reduction in carbon emissions
- Installation of BWTS on selected vessels for prevention of spread of invasive species in marine environment
- Successful first drone delivery operation trials at Singapore anchorage
Social Achievements
- Rescue operation at sea done by one of our vessels
- To enhance engagement of seafarers with the Company, a dedicated person recruited as a crew relationship officer
- COVID vaccination programs were conducted proactively for ship and shore staff and their families
- Medical and Security Assistance during international travel of seafarers and office staff by an external service provider International SOS
Governance Achievements
- Implementation of DANAOS software for Planned Maintenance System (PMS) and Integrated Management System (IMS)
- Formal adoption of the National Guidelines on Responsible Business Conduct
Climate Goals & Targets
Long-term Goals:
- Align with IMO 2050 strategy (reduce CO2 emissions by at least 50% by 2050)
Medium-term Goals:
- Align with IMO 2030 strategy (reduce CO2 emissions by at least 40% by 2030)
Environmental Challenges
- Earnings volatility in the shipping industry
- Geo-political risks impacting crude oil supply and trade
- Trade barriers and disruptions
- Dependence on the Chinese economy
- Liquidity risk in the sale and purchase and time charter markets
- Finance risk due to USD denominated business and liabilities
- Difficulty in sourcing Indian officers for ships due to unfavorable taxes
- Cyber risk
Mitigation Strategies
- Time charter contracts, freight derivatives, adjusting asset mix, low fleet break-evens
- Operating ships in different asset classes and markets
- Currency and interest rate hedging
- Implementing cybersecurity measures and employee training
Supply Chain Management
Responsible Procurement
- Sourcing from reputable suppliers
- Compliance with national and international legislations
- Maintaining management systems under ISO 9001 and 14001
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: SASB
Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
Awards & Recognition
- Maritime Training Institute of the Year
- Best Training Institute Award