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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
Climate risk and climate footprint
Scope 1 GHG emissions

Gross global scope-1 GHG emissions to the atmosphere are reported in line with the GHG Protocol. Scope-1 emissions are direct greenhouse (GHG) emissions that occur from sources that are controlled or owned by an organization (e.g. emissions associated with fuel combustion).

In 2023, Odfjell’s absolute CO2 emissions decreased by 8.6% compared to 2022.

Odfjell reports CO2 emissions to the Carbon Disclosure Project (CDP), the source for metrics used for banks, in accordance with the Poseidon Principles.

Odfjell also reports CO2 emissions via the EU MRV and the IMO DCS protocol according to required scope.

Shipping emissions represent 98.7% of our total scope-1 emissions. Odfjell has set a target to have a zero-emission capable fleet by 2050.

Vessels included in the emission calculations are all vessels operated by Odfjell, including time charter and pool vessels. The absolute number is sensitive to number of ships operated by Odfjell at any time.

1,170,139 metric tonnes CO2 for operated fleet in 2023 compared to 1,279,741 for operated fleet in 2022, which is a reduction of 8.6% of absolute emissions.

SASB TR-MT-110a.1
GRI 305-1
SDG 13
GHG Protocol
Poseidon Principles

IMO strategy on reduction of GHG emissions 2030-2050



Scope 2 GHG emissions

Scope 2 emissions are indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling. Odfjell converts purchased electricity to metric tonnes of CO2 equivalents location-based.These numbers are reported in the Carbon Disclosure Project (CDP).

Scope 2 emissions represent less than 2% of our total GHG emissions.

Terminals represent 98.5% of our total Scope 2 emissions.

12,041 metric tonnes COin 2023, compared to 8,877 in 2022.

GRI 305-2
SDG 13
GHG Protocol

Scope 3 GHG emissions

Scope-3 emissions covers our upstream and downstream value chain emissions. Odfjell has since 2022 in additon to former reporting started to use a spend-based approach to measure scope-3 emissions in category 1 Purchased Goods and Services and category 3 Fuel-and energy-related activities (fuel production). Odfjell’s former scope-3 emissions reporting included mainly category 5 Waste generated in operations, category 6 Business travel and category 7 Employee commuting. For this reason, the scope-3 emissions data from 2022 onwards are not comparable to former years. Our biggest scope-3 emissions source is related to production of fuel, and represent 86% of our scope-3 emissions.

The calculated scope-3 emissions data on category 1 and 3 represent a confidence fraction of 97.4%. The project to calculate scope-3 category 1 and 3 emissions was accomplished by following the GHG Protocol methodology, more specifically in what refers the spend-based approach. We resort to the Simapro 9.5 software for data modulation, supported by Re-Flow, where we have access to Exiobase database to select the necessary emission factors for the spend-based approach.

We have invested in multiple electrical charging stations at the headquarters in Bergen in order to incentivize the use of electrical cars for commuting.

861,498 metric tonnes CO2 in 2023, compared to 890,707 metric tonnes in 2022.

Please see details on scope-3 emissions on our website

GRI 305-4
SDG 13
GHG Protocol

GHG emissions intensity

Odfjell uses the Annual Efficiency Ratio (AER) and the Energy Efficiency Operational Indicator (EEOI) to monitor fleet efficiency performance over time. The indicators enable us to measure the fuel efficiency of the fleet, and to gauge the effect of any improvement initiatives.

AER is used by the IMO for its official Carbon Intensity Indicator (CII). Odfjell reports preliminary AER, for controlled fleet and operated fleet, every quarter. The IMO guidelines are applied to the CII calculation of the attained annual operational CII.

Odfjell has set a climate target to improve carbon intensity (using AER) by 50%, by 2030, compared to 2008 baseline. This represents a GHG scope-1 emission reduction target.

*Operated fleet – vessels commercially operated and/or managed by Odfjell,
controlled fleet – operated vessels excl. TC/Pool vessels and incl. owned vessels operated by others.

In 2023, Odfjell improved its AER for the operated fleet* by 4.6% to 7.55, compared to 2022 (7.91).

For the controlled fleet* AER improved by 5.8% to 7.15, compared to 2022 (7.59).

In 2023, the EEOI level for the operated fleet was 14.42, compared to 13.80 in 2022.

GRI 305-4
SDG 13

Poseidon Principles


GHG emission management

Odfjell supports the Paris Agreement and the IMO strategy to reduce GHG emissions and global warming. Odfjell will contribute to the achievement of SDG 13 to combat climate change and its impacts by reducing GHG emissions.

Odfjell has set ambitious climate targets that go beyond those set by the IMO. Odfjell’s climate targets are approved by the Board of Directors.

Our climate targets are:
1. We will cut greenhouse gas emission by 50% by 2030, compared to 2008 (intensity target for carbon, measured in Annual Efficiency Ratio of CO2)
2. We are dedicated to pursuing a zero-emission strategy and will only order newbuilds with zero-emission capable technology
3. We will have a zero-emission-capable fleet from 2050
4. We will actively support initiatives to develop technology and infrastructure for decarbonization, zero-emissions, energy efficiency and support international regulation to drive zero emission for our industry and our value chain

By setting ambitious climate targets, Odfjell is committed to reducing GHG emissions. In 2023 we have reduced carbon intensity by 52% compared to IMO baseline for 2008, and we expect to achieve the 50% reduction target in 2023. We are in process to set new intensity targets going forward in 2024.

Scope-2 emissions represent less than 1% of our total GHG emissions, and targets have not yet been set. Still, we are dedicated to the efficient use of energy, and have made several energy improvements at our headquarters.

For 2023, we are ahead of target to achieve our 2030 carbon intensity reduction goals.

Our target is to reduce 50% carbon intensity by 2030.

SASB TR-MT-110a.2
GRI-DMA 305-1
GRI 305-5
SDG 13
GHG Protocol

IMO strategy on reduction of GHG emissions 2030-2050

Odfjell Sustainability Linked Finance Framework

Climate risk reporting

Odfjell conducts climate risk assessments and reporting in line with Task Force on Climate-related Financial Disclosures (TCFDand the Non-financial Reporting Directive. This assessment is updated and available on our website here. Odfjell recognizes the importance of addressing nature-related risks, such as biodiversity loss and ecosystem degradation. The nature risk assessment follows the Taskforce on Nature-related Financial Disclosures (TNFD) framework.

GRI 201-2
SDG 13

Energy mix

In 2020, Odfjell switched from Heavy Fuel Oil (HFO) to Very Low Sulphur Fuel Oil (VLFSO) and Marine Gas Oil (MGO).

Fuel consumption in 2023 was as follows:
• 0% HFO (5.10% in 2022)
• 17.17% MGO (17.53% in 2022)
• 82.83% VLSFO (77.37% in 2022)

Total energy consumption is calculated based on a model from CDP that includes all energy consumed related to purchased electricity for terminals and offices, as well as consumed fossil fuels and gases for vessels, terminal sites, and owned cars.

1) Total energy consumption of 15,596,681 GJ in 2023, compared to 17,020,121 GJ in 2022.

2) 0% Heavy Fuel in 2023.

3) 25.6% Renewable/Low carbon electricity consumption in 2023, compared to 13.5% in 2022.

SASB TR-MT-110a.3
GRI 302-1
SDG 13

Air pollution
Other air emissions

We are not able to monitor SO2 emissions directly, but we can calculate a weighted average based on all bunker delivery notes for purchase.

None of Odfjell’s owned ships are fitted with open- or closed-loop scrubbers. Odfjell’s current policy is that we do not retrofit our fleet with scrubbers to ensure sulphur regulation.

At Odfjell Terminals, our storage tanks are sealed and pressurized. This reduces emissions more than regular atmospheric storage tanks for chemicals.

Vapors generated by product movements are managed through vapor balancing to reduce emissions, and any remaining vapors are flared, along with breathing losses from products requiring vapor treatment.

Total SO2 emissions in 2023 were 2,846 tonnes, down from 3,131 in 2022.

Sulphur emission, based on total fuel consumption, was 1,425 tonnes, down from 1,568 tonnes in 2022.

SASB TR-MT-120a.1
GRI 305-7

Sea and land pollution

The Odfjell fleet is, or will be, fitted with ballast water treatment systems (BWTS) to prevent the spread of harmful aquatic organisms from one region to another, thus complying with the BWM Convention.
As of the end of 2023, Odfjell has 43 ships that fall within the scope of the requirements and of those, 41 have BWTS installed. One ship operate with flag dispensation due to cabotage trade and one is scheduled for installation in February 2024.
All pool and time charter vessels in the Odfjell fleet are in compliance with the BWM Convention.

The fleet is fitted with compliant and class-approved systems to handle effluent water, wastewater, and oily water. The systems are registered, and subject to inspections by authorities.

Marpol Annex V is strictly enforced on our vessels by company procedures and allhave their ship specific Garbage Management Plan (GMP).
The GMP includes familiarization/training of personnel, posters to be displayed and detailed process for garbage disposal with record keeping requirements. All garbage is segregated onboard with dedicated containers for plastics, food wastes, domestic wastes, used cooking oil, incinerator ashes & electronic waste.

Further to these measures we have also implemented garbage compactors on all our vessels to further improve handling and recycling. As for operational wastes and mooring-lines, this is collected and delivered to reception facilities.

At our terminals, we have wastewater treatment systems for effluent management. The remaining waste at our Houston terminal is treated off-site by the Houston terminal Gulf Coast Waste Disposal Authority (GCWDA), to which we are connected by pipeline for wastewater.

Our storage tanks are designed to reduce hazardous waste. The sloped design of the tank bottoms limits residual product in tanks, making cleaning easier and better. We use infrared inspection techniques to detect heat leaks due to damaged insulation. This is then repaired, reducing heat losses and thereby reducing energy consumption.

We also employ acoustic inspection techniques for nitrogen and compressed air systems to eliminate small leaks and reduce energy consumption.

In 2023, 95% of our fleet was fitted with BWTS.

All ships in scope will be fitted by March 2024.

International Convention for the Control and Management of Ships' Ballast Water and Sediments (BWM)


Ship recycling
Responsible ship recycling

Odfjell supports and follows the recommendations of the Norwegian Shipowners’ Association, the EU and the IMO.

Responsible and compliant ship recycling is a significant part of the circular economy, keeping resources in use for as long as possible and minimizing waste.

Ship recycling is an essential industry for sustainable production, and it supports the developing economies of several countries.

No ship was sold for recycling in 2023.

EU Ship Recycling Regulation (EU 1257/2013)

Hong Kong Convention

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

EU Regulation on Shipments of Waste

Responsible Ship Recycling Standard

SDG 8, 12, 14

Ecological Impacts
Shipping duration in marine protected areas and areas of protected conservation status

Our shipping operations follow the main routes between major ports around the world. We follow international and local regulations and guidance to avoid protected areas.

We do not currently track time and operations in areas of protected conservation status in accordance with UN Environment Programme World Conservation Monitoring Centre (UNEP WCMC).

Emission Control Areas (ECAs), or Sulphur Emission Control Areas (SECAs), are sea areas in which stricter controls are established to minimize airborne emissions from ships, as defined by the MARPOL Protocol.

The Odfjell fleet operated 5,376 days in ECA areas (including days in port), representing 21.7% of total days (including days in port).

SASB TR-MT-160a.1 SDG 14
GRI 304-2

Annex VI of the 1997 MARPOL Protocol

UNEP World Conservation Monitoring Centre (UNEP WCMC)


Number and aggregate volume of spills and releases to the environment

For our fleet, all spills of any substance – harmful or not – are registered and handled as a spill. We also register whether the spill has been contained on board or affected the environment beyond.

At our terminals, we strive to further reduce the number of spills through better inspections and additional operational training.

There was no pollution outside the terminals caused by spills in 2023. Terminals are complying with the regulations mentioned in their permits.

35 registered spills (25 in 2022) contained on board and two pollutions of the environment in 2023 on our managed ships.

Terminals’ number of spills > 5 liters was 16 (15 in 2022).

LOPC (Loss of Primary Containment) was 28 (26 in 2022).

SASB TR-MT-160a.3 SDG 14
GRI 306-3

Sustainable Procurement

Sustainable procurement is important to Odfjell, our suppliers are assessed through a combination of prequalification, annual performance meetings, supplier visits, audits, checklists, questionnaires, and our Suppliers Conduct Principles (CSCP). The extent of the assessment is depending on the supply risk, criticality, and profit impact.

Odfjell is also a member of a procurement collaboration that screens suppliers on ethics, the environment, and human rights, accounting for 25% of total procurement volume at ship management.

Odfjell reports into the EcoVadis platform and has a silver rating for 2023. Every year, we reports our status on green and sustainable procurement to EcoVadis, including information on our interactions with our suppliers and the suppliers’ performance in ESG audits, ESG clauses in contracts, training etc.

Since 2022 we report more categories of scope-3 emissions using a spend-based methodology, and going forward we are aiming to challenge our suppliers on an activity-based approach (please see Scope 3 GHG emissions above).

We conducted ESG screening & risk assessment and classified our suppliers concerning further investigation required.

Following the new Transparency Act, Odfjell will increase follow up, audits and cooperation with suppliers on Human Rights in the value chain and improve our supplier monitoring with new ESG questionnaire and dashboards.

100% of targeted suppliers have signed the CSCP.

80% of targeted suppliers with contracts have included clauses on environmental, labor, and human rights requirements.

75% of targeted suppliers have gone through a ESG assessment (e.g. questionnaire).

32% of targeted suppliers have gone through a CSR (ESG) on-site audit.

100% of buyers across all locations have received training on sustainable procurement.