Climate Change Data

DAMPSKIBSSELSKABET NORDEN A/S

Climate Impact & Sustainability Data (2015)

Reporting Period: 2015

Environmental Metrics

ESG Focus Areas

  • Reliability and flexibility of service
  • Value chain optimization
  • Anti-corruption

Environmental Achievements

  • Developed and implemented an Anti-Corruption Compliance Programme – including 12 anti-corruption e-learning courses and system for registration of facilitation payments.
  • Awarded a place in the CDP Leadership Index for the Company’s reporting on environmental and climate change issues to CDP all 3 years.

Social Achievements

  • Developed an industry standard within Responsible Supply Chain Management called IMPA ACT (in cooperation with J. Lauritzen).
  • Completed an assessment of NORDEN’s impact on 48 human rights within 2 areas: one for NORDEN’s seafarers and one for land-based employees.
  • High retention rate among employees at sea (94%).

Governance Achievements

  • Established a new unit, Business Application and Process Excellence, responsible for optimizing business procedures and processes.
  • Implemented a cost-saving programme reducing vessel costs by USD 8.7 million annually.
  • Reduced the Executive Management from 5 to 3 members.

Climate Goals & Targets

Environmental Challenges

  • Historically miserable dry cargo market with decreasing ship values and weak market prospects.
  • Structural changes in the dry cargo sector with no growth in demand for seaborne transportation due to China's economic transformation.
  • Considerable excess tonnage capacity in the dry cargo market.
Mitigation Strategies
  • Adjusted the core fleet by selling 9 vessels (15% of the owned fleet).
  • Reduced charter-in costs through attractive agreements with shipowners.
  • Reduced total net commitments by 21% compared to the previous year.
  • Implemented a new strategy with increased customer focus, simplified business procedures, and annual savings of USD 9 million.

Supply Chain Management

Responsible Procurement
  • IMPA ACT

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN Global Compact

Awards & Recognition

  • CDP Leadership Index