Environmental stewardship

Focus Areas of
Our Responsibility Framework

Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

Take urgent action to combat climate change and its impacts*

Conserve and sustainably use the oceans, seas and marine resources for sustainable development

As an environmentally responsible company, we are committed to supporting the International Convention for the Prevention of Pollution from Ships (MARPOL) and other environmental requirements, complying with applicable marine environmental protection requirements, improving energy efficiency, and reducing greenhouse gas (GHG) emissions from managed vessels. Material topics for our Environmental Stewardship focus area include:

Emissions

In the bigger picture of decarbonization, we are taking steps to ensure that our owned and managed vessels are on track to meet two key targets set by IMO :

a reduction in carbon intensity of international shipping by reducing CO₂ emissions per transport work, as an average across international shipping, by at least 40% by 2030 and pursuing efforts towards 70% by 2050, compared to 2008; and

a reduction of total annual GHG emissions from international shipping by at least 50% by 2050 compared to 2008.

Waste management

We are committed to measuring and reducing our waste and encouraging our employees to join the waste reduction journey. Our waste footprint includes the generation of waste from bilge water, sludge, ship operations and packaging. We implement waste reduction measures to limit our impact on the environment in each of these areas.

Energy efficiency for office areas

We continuously monitor and review energy use within our office spaces and make necessary adjustments to further enhance the efficiency of our offices. We use energy-efficient appliances and adopt environmentally conscious office design that maximizes the use of natural light.

Biodiversity

We seek to prevent negative impacts on biodiversity from shipboard operations that arise from the transfer of unwanted aquatic organisms that may be present in ballast water or mud taken on board along with ballast. To prevent this, we have established guidelines and requirements for crew to follow that help minimize the transfer of unwanted aquatic organisms.

Climate change

We understand the potential impact of climate change, especially for the shipping industry, and we are committed to developing our approach to identifying climate risks impacting our operations. We have implemented measures for our shipping operations and offices to reduce our GHG emissions and, as a ship owner, we will be ready to comply and align with the IMO's initial GHG strategy. Part of our solution is to collaborate with other major maritime players to seek new technology to achieve decarbonization for shipping.

Developing our expertise in alternative fuels for greener shipping

Liquefied natural gas (LNG), methanol (low-flash point fuel), liquefied petroleum gas (LPG), ethane and ammonia (under development) are some of the alternative fuel options the industry is exploring.

In line with the targets set by IMO’s initial GHG strategy, our ship management business Fleet Management Limited (FLEET) is taking a proactive and systematic approach to adopting cleaner fuel solutions.

We have been exploring the use of methanol as a fuel since 2016, and currently manage two MR tankers fuelled by methanol in addition to four tankers carrying methanol as cargo.

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