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Environmental management

The principal international body governing shipping, the International Maritime Organization (‘IMO’), has set targets for reducing carbon intensity of shipping by 70% by 2050 (compared to a 2008 baseline).

Whilst the global fleet’s carbon intensity has reduced by over 20% during the last decade, we believe more urgent pace of change is required to respond to the climate crisis, which is why we have joined 150 other Getting to Zero Coalition members in signing the Call to Action for Shipping Decarbonisation, calling for a more ambitious long-term target of zero carbon emissions by 2050.

We aim by 2050 to operate a zero-carbon fleet. We will achieve this primarily by adopting alternate fuels as they become technically viable, safe, and available.

Our ambition is to be able to begin using net-zero carbon fuels by 2030, and as an interim step we will commence using biofuels by the end of 2021. In the medium term, we aim to reduce our fleet GHG emissions in line with or exceeding the current IMO targets.

We collaborate with our customers and industry bodies in our efforts to decarbonise and are committed to a high level of transparency and accountability when reporting our progress to shareholders.

Please refer to the Environmental section of our ESG Statement for detail on the Company’s initiatives.