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ESG report: Social

For our 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. In 2023, we have added
the initial European Sustainability Reporting Standards (ESRS) references without making a claim to be complete. The ESG report has three parts: Environment, Social and Governance (incl. SASB Activity metrics).

We also report emissions to the EU MRV, the IMO DCS, the CDP and the Poseidon Principles. We annually present Communication of Progress to the UN Global Compact and also report sustainability data to EcoVadis. Our sustainability strategy and documentation are published on

The Annual report 2023 was published  26.03.2024. This ESG report table is last updated 27.03.2024.


Topics Accounting metric Unit Ref
Safety, Human and Labor Rights
Lost Time Incident Frequency (LTIF)

At Odfjell, we have a goal of zero accidents and incidents. We monitor and track all Lost Time Injuries (LTIs), Restricted Work Cases (RWC), Medical Treatment Cases (MTC) and First Aid Cases (FAC). Management and the organization have incentive KPIs related to LTIF.

LTIF for shipping is calculated as lost time incidents * 1,000,000 / number of Exposure Hours.

LTIF for terminals (including contractors) is calculated as lost time injuries* 200,000 / total hours worked.

LTI is a KPI in the incentive system for shore-based personnel.

For 2023 LTIF for our managed fleet is 0.09 compared to 0.45 in 2022.

LTIF for our terminals, managed and operated by Odfjell, is 0 in 2023, compared to 0.44 in 2022.

SASB TR-MT-320a.1
GRI 403-9


Safety is more than a priority at Odfjell. It is a core value and part of our license to operate. We are relentless about ensuring the safety of our employees, our contractors and surrounding communities by improving the way we operate as a company. We continually review personal protective equipment to find the best for our employees, so that they can safely perform their tasks. We strive to ensure our employees do things the right way, and only the right way. We continuously develop and monitor our safety training, and we do not compromise on safety.

A contractor safety management system is in place at our terminals.

For all operations, we conduct safety hazard identification and safety risk assessment to ensure that all risks are mitigated, and to ensure the safety of our people and the environment.

Odfjell has dedicated emergency preparedness policy procedures and systems, a dedicated contingency/operations room, and we conduct regular training and exercises with the Emergency Response Management Team (ERMT).

Odfjell has implemented safety standards in accordance with the requirements of the flag state of vessels and Odfjell's policies.

To raise awareness and employee involvement, Odfjell has implemented a minimum target of safety observation rounds (SOR) per employee, per month at our terminals.

Total Recordable Case Frequency (TRCF) for ships is calculated as number of total recordable cases * 1,000,000 / number of exposure hours.
Total Recordable Injury Frequency (TRIF) for terminals is calculated as number of total recordable injuries* 200,000 / total hours worked.

TRCF for our managed fleet is 0.69 in 2023 compared to 1.53 in 2022.

TRIF for our terminals is 0 in 2023, compared to 0.66 in 2022.



Training and Development

In addition to attending a variety of external courses, conferences, and continuing education programs, employees at Odfjell have attended industry-specific leadership development programs in 2023, such as the Next Wave Maritime Leadership Program and WISTA’s Maritime Mentorship Program.

Our annual wheel for performance management ensures a one-on-one dialogue between our onshore employees and their direct manager. This is an opportunity to align the employee’s objectives with organizational objectives to best support our overall strategic direction, and to enable employees to set individual development goals for competence development and training.

For sea, our leadership courses and external assessments of senior officers are continuing. In 2023, we scheduled 4 Odfjell Leadership Training courses, 10 Elite Pro assessments and several Bridge Resource Management (BRM) and Engine Resource Management (ERM) training courses.

ESRS S1-13

Diversity, equity and inclusion

Odfjell promotes diversity, equity and inclusion (Social | Odfjell and Diversity & Inclusion at, and equal opportunities for our employees. We believe that recruiting from a wide talent pool, increasing diversity, and creating an inclusive organization strengthens our team and adds business value.

We collaborate with industry networks in driving the diversity agenda, as we believe that this is a missed opportunity in our industry today. We support onshore and offshore career and recruiting initiatives that promote gender balance. We participate in industry mentoring programs and leadership programs. We have a goal to increase the ratio of females in leadership positions as well as graduate positions, and to
improve the gender balance at all levels.

In 2020, we set a diversity target to realize a minimum 30% gender balance by 2030, at all levels of our shipping shore-based organization.

Since 2020, Odfjell participates to the E&Y SHE index for Norway. We have since submitted data annually, and will report diversity status and progression under this framework. Our scores and ranking confirm the need for structured and long-term efforts.

Odfjell follows up the requirements of the Norwegian Equality and Anti-Discrimination Act §26. Odfjell Management AS and Odfjell Maritime Services AS’ analysis and reporting are made available in the annual report and under the ESG reporting framework. As per regulations, Groups <5 are not represented.

Both permanent and temporary employees on Odfjell’s payroll are included in the analysis. However, temporary and part-time employees (voluntary and nonvoluntary) are not represented in the tables below (fewer than 5 for each group).

The workforce is sorted into four (4) levels. Each level comprises several sub-levels and thereby captures a wide scope of positions:
• Executive and Leadership
• Frontline management and senior professional
• Professional
• Business support

The table below shows the average income of women in % of the average income for men broken down by levels and based on full-time position for Odfjell Management AS. Basic salary and benefits (cash and non-cash) are included in the wage gap calculation.

The total gender pay gap for the company is a reflection of the composition of the workforce, with men holding a greater share of senior-level positions.

Board of Directors of Odfjell SE is 50% female.

Executive Management is
100% male.

Total onshore 68% male/ 32% female employees in 2023,
Total onboard 97% male/ 3% female seafarers in 2023,

in Odfjell Management AS (shore-based employees HQ Bergen): 66% male/ 34% female (68/32% in 2022),
in Odfjell Maritime Services AS, Bergen (seafarers): 87% male/ 13% female (87/13% in 2022).

SHE Index ranking Norway 2024: 48 out of 66 participants (65 out of 85 participants in 2023). SHE Index Score 2024: 66 points (4 points up from 2023).

Average income of women
(basic salary): 66% of those for men (all levels, total of 163 shore-based employees).

On average in 2023, women in Odfjell Management AS took 8 weeks parental leave while men took 5 weeks. Less than 5 of the employees of Odfjell Maritime Services AS took parental leave, hence they are not shown.

GRI 405-1
SDG 5, 10

Equality and
Act §26.


Labor Rights

Odfjell is a signatory to the UN Global Compact and supports all the ten principles. Principles 3 to 6 concern labor rights.

Odfjell supports freedom of association and, in line with local norms and regulations, adheres to various collective bargaining agreements for elements of our workforce, onshore and at sea. Odfjell has established work councils and different workers representative committees with employee representatives and local management.'

In 2021 and 2023, we executed employee engagement surveys for all employees working onshore in shipping and terminals. The survey measured drivers of engagement and enablement, such as collaboration, confidence in leaders, and inclusion.

Odfjell complies with the Maritime Labor Convention (MLC), and all our vessels are externally audited and carry a certificate of compliance with the MLC.

Odfjell has no people < 18 years working or living at sites.

The performance management system (one-on-one dialogue) for our shore-based shipping organization ensures that managers and employees check in multiple times a year (at least annually) to discuss performance, and align on training, development, and objectives.

No labor rights incidents or legal actions were recorded in 2023.

Employee turnover rate for 2023 is
for Seafarers 3.4%,
for the Headquarter Bergen 3.6% and for the biggest offices/terminal locations
Manila 15.9%,
Singapore 0%,
São Paulo 18.2%,
Houston 19.2%,
Ulsan 3.2%

MLC 2006
GRI 102-41

Human Rights

Human rights actions are managed by our Human Rights Management System, and policies are reflected in several of Odfjell's policies and reporting, such as our Human Rights policy. Our policies on human rights are in line with The Norwegian Transparency Act.

We also expect the same from our suppliers, who must sign our Suppliers Code of Conduct principles, which also covers human rights. Odfjell expects suppliers to support and respect the protection of internationally proclaimed human rights, and to ensure that they are not complicit in human rights abuses or child labor.

As part of Human Rights Due Diligence process, an annual Human Rights Impact Assessment is carried out and presented to the Board of Directors. Odfjell uses the UN Guiding Principles on Business and Human Rights, chapter II, and the OECD Guidelines for Multinational Enterprises as key frameworks.

Odfjell provides Account of Human Rights Due Diligence pursuant to Section 4 of the Norwegian Transparency Act on our website under Investors/Reports and Presentations/Other reports. No ethical incidents were reported in or outside the reporting system, and no legal actions were taken against Odfjell on human or labor rights in 2023. Odfjell has not been involved in providing or enabling remedy, as no human or labor rights incidents were recorded in 2023.

No ethical or human rights incidents or legal actions were recorded in 2023.

Please see separate report on our website

GRI 412
GRI 408
SDG 4, 8, 16

ILO Maritime Labour Convention (MLC)

IMO Conventions

UN Convention on the Law of the Sea (UNCLOS)

Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal

UNGP and OECD Guidance

Norwegian Transparency Act


Working Hours

Odfjell has a policy on working hours, but due to our global presence, this will differ from country to country depending on local regulations.

The policies are built into our HR systems to ensure overtime and/or extra time is calculated, monitored, compensated and to ensure that it is compliant with local regulation.

Work and rest hours on board are regulated under ILO MLC regulations. Any violations of work/rest are reported and monitored, and records are audited. 

MLC 2006 ML 2.3

STCW Code for seafarers

Port State Control (PSC)

PSC is the inspection of foreign ships in national ports to verify that the condition of the ship and its equipment comply with the requirements of international regulations and that the ship is manned and operated in compliance with these rules.

Management and organization in Odfjell have incentives with KPIs related to Port State Control (PSC) findings.

In 2023, Odfjell had 0.92 findings per PSC inspection by a sum of 104 inspections (0.83 in 2022).

We had no detentions in 2023.

SASB TR-MT-540a.3 SDG 8, 14

Marine casualities

Odfjell defines a marine casualty in accordance with the UN IMO's Code of International Standards and Recommended Practices for a Safety Investigation into a Marine Casualty or Marine Incident, MSC resolution 255(84).

In 2022 our Bow Triumph was involved in an incident that qualifies as Marine Casualty due to material damage. During transit on Cooper River in South Carolina, USA the vessel accidentally made contact with a pier. This caused material damage to the pier and also damaged the ship. No other effects occurred from the incident. The ship has since been repaired and is back in service.

None of our vessels have been involved in such incident in 2023.

SASB TR-MT-540a.1 SDG 8

Process Safety Terminals

Odfjell follows the reporting guidelines and practices of the American Petroleum Institute (API) Recommended Practice (RP) 754, Process Safety Performance Indicators for the Refining and Petrochemical Industries.

Tier 1 and 2 events in 2023 were 0, compared to 1 in 2022.

API RP 754