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Performance & Reporting

Sustainability is about having a long-term perspective on people, the planet, and profitability, taking steps every day to create positive change. We are continuously evaluating and monitoring our ESG initatives to ensure positive progress from year to year.

Acting today for a better tomorrow


Odfjell has today one of the world’s most energy-efficient chemical tanker fleets. We know that we are exposed to the risk climate change poses, and continuously work to understand, assess and mitigate that risk:

  • We annually conduct a climate risk assessment in accordance with TCFD recommended disclosure. The asssessment is published in our Annual Reports.
     
  • To prioritize and better understand what is material for Odfjell and our stakeholders from an ESG perspective, we conduct a materiality assessment. This assessment is published in our Annual Reports and has been fundamental for the ESG reporting.
     
  • To ensure consistency in our reporting, we also refer to a set of reporting guidelines and standards such as the SASB, the Global Reporting Initiative, and the Euronext Guidelines.
     
  • The screening criteria for marine transport under the EU Taxonomy does not allow traditional deep-sea shipping to be taxonomy aligned for the time being. Odfjell meets all taxonomy screening criteria, except the criteria for climate mitigation. We publish our EU Taxonomy criteria evaluation in the Annual Report. As there are no criteria for terminals yet, Odfjell’s activity cannot be classified as green under the EU Taxonomy criteria per today.
     

We measure our carbon intensity by the Annual Efficiency Ratio (AER). This is the same calculation used by the IMO for their Carbon Intensity Indicator (CII).

In 2021, we reduced our AER by 5%, to 8.24 for our operated fleet. This is a new record for Odfjell, and we are ahead of our stated target to reduce carbon intensity by more than 50% by 2030.

For the ESG reporting, we follow the guidance of the Norwegian Shipowners' Association and the SASB framework. The climate risk assessment follows the TCFD framework, and the reporting is in line with the Euronext ESG reporting guidelines. We also report emissions to the EU MRV, the IMO DCS, the CDP, and the Poseidon Principles.

We annually present Communication on Progress (CoP) to the UN Global Compact and report sustainability data and documentation to EcoVadis.

Odfjell joined the UN Global Compact CoP Early Adopter Program in 2022 as part of our commitment to transparently disclose our implementation of the Ten Principles and contribution to the Sustainable Development Goals.

Achievements

Over the past years, Odfjell has been shortlisted and awarded several premium ratings
and awards for our ESG work, among others:

Odfjell shortlisted for SAFETY4SEA’s 2022 Sustainability Award

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'Sustainability shares the spotlight with credit': Odfjell awarded Marine Money’s Norwegian Bond Deal of the Year

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Odfjell awarded top ratings for sustainable business practices

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Chemours Supplier Award to Odfjell Terminals Houston

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Odfjell wins the GREEN4SEA Tanker Operator Award

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'Sustainable shipowner award' to Odfjell

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