Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Health and Safety
• Human Capital
• Governance
• Community Engagement
• Supply Chain

Environmental Achievements

• Reduced Scope 1 GHG emissions by 9% year-over-year (YOY) to 961,565 metric tons CO2e.
• Achieved an Annual Energy Ratio (AER) of 3.56 and an Energy Efficiency Operating Index (EEOI) of 6.63.
• Installed ballast water treatment systems on 80% of the fleet (35 vessels).
• Recorded zero spills or discharges in 2021.
• Implemented initiatives to reduce single-use plastics onboard vessels.
• Invested $150 million in six high-specification, fuel-efficient Ultramax vessels.
• Initiated an IMO 2023 plan to install energy-saving devices across select vessels.

Social Achievements

• Achieved a Lost Time Incident Rate (LTIR) of 0.51.
• 100% of onshore employees vaccinated against COVID-19.
• Signed the Neptune Declaration on Seafarer Wellbeing and Crew Change.
• Improved seafarer living conditions onboard vessels.
• Conducted loss prevention seminars in China and India.
• Completed five container fixtures to help alleviate supply chain constraints.

Governance Achievements

• Established an ESG Committee of the Board of Directors.
• Maintained zero violations of the Code of Ethics.
• Provided annual anti-corruption training to all employees.
• Implemented robust cybersecurity protocols.
• Achieved top ranking in the Webber Research 2022 ESG Scorecard.

Climate Goals & Targets

Environmental Challenges

• Russia's war in Ukraine impacting cargo flows, energy markets, commodity prices, and sanctions.
• COVID-19 pandemic impacting crew changes and health protocols.
• Climate change and the need to reduce GHG emissions.

Mitigation Strategies

• Actively monitoring the situation in Ukraine and adapting operations.
• Implementing COVID-19 safety protocols and supporting the Neptune Declaration.
• Investing in fuel-efficient vessels and energy-saving technologies.
• Developing an IMO 2023 compliance plan.
• Participating in a joint study on ammonia as an alternative marine fuel.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Expectation that suppliers operate to the same ESG standards, including compliance with legal requirements, environmental standards, and fair employment practices.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather and knock-on effects; disruption to operations; infrastructure adaptations required.

Transition Risks

• Carbon costs and increasing regulation; impacts of regulatory shift on business planning and cost structures.

Opportunities

• Becoming the recognized low/no carbon supplier; low carbon access to green debt; repositioning for provision of green energy services.

Reporting Standards

Frameworks Used: SASB Marine Transportation Standard (2018)

Certifications: TRACE

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Goal 8 (Decent Work and Economic Growth)
• Goal 9 (Industry, Innovation, and Infrastructure)
• Goal 13 (Climate Action)
• Goal 14 (Life Below Water)

Genco's operations contribute to these goals through job creation, transportation of goods essential for renewable energy development, emission reduction initiatives, and ballast water management.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Top ranking in the Webber Research 2022 ESG Scorecard.

Environmental Metrics

ESG Focus Areas

• GHG Emissions
• Ecological Impact
• Partnerships and Innovation
• Health, Safety, and Security
• Human Rights
• Community
• ESG Governance
• Data Privacy and Cybersecurity
• Conduct and Ethics

Environmental Achievements

• Reduced CO2 emissions by 6% in 2022 versus prior year levels and 15% when compared to 2020 on a fleet-wide basis.
• Completed installation of ballast water treatment systems on all vessels in the fleet in 2023.
• Installed energy-saving devices (ESDs) across multiple vessels during scheduled drydockings in 2022.
• Applied high-performance paint systems to reduce resistance and save fuel consumption.
• Installed performance-monitoring systems on vessels to optimize voyage efficiency.
• Implemented LED lighting on ships to save energy.
• Installed water purifiers on many vessels to minimize plastic waste.
• Installed homogenizers on ships to reduce sludge formation and enhance engine combustion.

Social Achievements

• Completed the transition of its fleet to GS Shipmanagement Pte. Ltd (GSSM), enhancing service and focus on crew wellness.
• Maintained a Lost Time Incident Rate (LTIR) of 0.96 in 2022.
• Adopted the Seafarer Code of Conduct, improving living conditions and labor rights for seafarers.
• Improved vessel facilities with mattresses, curtains, chairs, and exercise equipment.
• Conducted loss prevention seminars twice a year in India for crew members.
• Actively engaged in campus recruitment of cadets.
• Revamped crew recruiting process to promote efficiency and effectiveness.
• Opened recruiting centers in identified areas to broaden recruitment efforts.
• Conducted roadshows to promote Genco and GSSM.

Governance Achievements

• Established an ESG Committee in 2022 to oversee and advise the Board on ESG matters.
• Redesigned Short-Term Incentive (STI) and Long-Term Incentive (LTI) programs in 2023 to align with shareholder interests.
• Maintained memberships and certifications from MACN and TRACE for anti-corruption.
• Provided annual anti-corruption training to employees.
• Implemented robust cybersecurity protocols and internal controls to protect data.

Climate Goals & Targets

Environmental Challenges

• Extreme weather events disrupting vessel operations.
• International and regional regulations on emissions reductions (IMO 2023, 2030, 2040, 2050 targets, EU ETS).
• Need for technological advancements in vessel designs and alternative fuels.
• Piracy and other security threats.

Mitigation Strategies

• Fleet renewal by selling older, less fuel-efficient vessels and acquiring modern, fuel-efficient ones.
• Joint study on ammonia as an alternative marine fuel.
• Installation of ESDs, high-performance paint systems, and performance-monitoring systems.
• Implementation of IMO 2023 compliance plan.
• Risk assessments and preventive measures for voyages in high-risk areas.
• Collaboration with industry participants to assess alternative fuels and improve fuel efficiency.

Supply Chain Management

Responsible Procurement

• Supplier Code of Conduct requiring compliance with legal requirements, environmental standards, and fair employment practices.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather disrupting operations

Transition Risks

• Increasing regulations on emissions
• Changes in drybulk commodity demand
• Technological risks related to alternative fuels and vessel designs

Opportunities

• Becoming a low/no carbon supplier
• Access to green debt and lower cost of capital
• New green activity markets
• Increased operational performance through adaptation

Reporting Standards

Frameworks Used: SASB Marine Transportation Standard (2018)

UN Sustainable Development Goals

• Goal 8 (Decent Work and Economic Growth)
• Goal 9 (Industry, Innovation, and Infrastructure)
• Goal 13 (Climate Action)
• Goal 14 (Life Below Water)

Genco's initiatives contribute to these goals through fleet modernization, emissions reduction, crew welfare improvements, and environmental protection.

Awards & Recognition

• #1 ranking in Webber Research 2023 ESG Scorecard for three consecutive years.

Environmental Metrics

ESG Focus Areas

• GHG Emissions
• Ecological Impact
• Partnerships and Innovation
• Health, Safety, and Security
• Human Rights
• Community
• ESG Governance
• Data Privacy and Cybersecurity
• Conduct and Ethics

Environmental Achievements

• 12% reduction in Scope 1 emissions between 2020 and 2023 (despite a 3% increase from 2022 to 2023 due to fleet expansion). Improved AER and EEOI demonstrate efficiency gains.
• Completed installation of ballast water treatment systems on all vessels.
• Zero spills and releases to the environment since 2020.
• 490-day decrease in time spent in Marine Protected Areas from 2022 to 2023.

Social Achievements

• Zero incidents and zero very serious marine casualties in 2023.
• Formalized Safety and Occupational Health Policy in April 2023.
• Implemented crew wellness initiatives including improved vessel facilities and confidential support services.
• Initiated program to recruit female cadets to increase diversity.

Governance Achievements

• Increased ethnic and gender diversity on the board of directors.
• Redesigned Short-Term Incentive (STI) and Long-Term Incentive (LTI) programs to align management compensation with shareholder interests.
• Implemented a clawback policy and share ownership guidelines.
• Strengthened compliance program by hiring an in-house Vice President, Legal & Claims.

Climate Goals & Targets

Environmental Challenges

• Geopolitical uncertainties and attacks on commercial vessels in the Red Sea (leading to rerouting around the Cape of Good Hope).
• Stricter environmental regulations (IMO targets, EU ETS, FuelEU).

Mitigation Strategies

• Rerouted vessels around the Cape of Good Hope to avoid the Red Sea.
• Fleet renewal program focusing on fuel-efficient vessels (invested $520 million since 2018).
• Implementation of Energy Savings Devices (ESDs) and performance-monitoring systems.
• Secured a $500 million revolving credit facility with sustainability-linked features.

Supply Chain Management

Responsible Procurement

• Supplier Code of Conduct requiring compliance with legal and environmental standards, fair employment practices, and prohibition of child, forced, or compulsory labor.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather and disruption to vessel operations

Transition Risks

• International Maritime Organization emissions reduction targets
• EU ETS and other regional regulations
• Technological advancements needed for alternative fuels

Opportunities

• Fleet renewal with fuel-efficient vessels
• Becoming a low/no carbon supplier
• Access to green debt and lower cost of capital

Reporting Standards

Frameworks Used: SASB Marine Transportation Standard (2018)

UN Sustainable Development Goals

• Goal 8 (Decent work and economic growth)
• Goal 9 (Industry, innovation, and infrastructure)
• Goal 13 (Climate action)
• Goal 14 (Life below water)

Supporting SDGs through fleet renewal, crew wellness initiatives, community engagement, and environmental protection.

Awards & Recognition

• Marine Money Deal of the Year Award for $500 million revolving credit facility