Environmental,
Social and
Governance

We are fully aligned with this and are committed to meeting this. We understand that as well as exploring the use of alternative fuels for future use, we must reduce the impact of our current fleet operations.

Our CO2 emissions in 2022 were 325,458 – a figure we will aim to reduce in 2023 and beyond.

We take a multi-faceted approach to decarbonization: one which utilizes innovative technologies to optimize route planning resulting in better vessel efficiency. The most environmentally friendly vessels are the vessels that are already on the water: we are continually understanding how to improve the efficiency of current tonnage by incorporating energy-efficient devices into our operations.

This coupled with applying antifouling paints which reduce drag and retrofitting our engines with fuel-efficient solutions are meaningful steps to minimize vessel emissions.

This accomplishment demonstrates our dedication to safeguarding the environment and underscores our commitment to sustainable business practices for the benefit of future generations.

To protect marine environments and biodiversity the Ballast Water Management (BWM) Convention was adopted by the IMO in 2004. The Convention states that ballast water must be treated before being released as to avoid the introduction of alien species, aquatic microbes, algae, and animals into non-native areas, and provides clear and robust standards for the management of ballast water on ships. There are two different standards for this management: D-1 and D-2. D-1 has been mandatory since 2018 and covers ballast water exchange whilst D-2 became a requirement for vessels in 2019 and covers ballast water treatment. 100% of Spring Marine’s ships use ballast water treatment.

Our commitment to safety is reflected in the comprehensive policies we have established to safeguard our employees, including our Shipboard Occupational Health and Safety Program (SOHSP) which is designed to collect and analyse injury, illness, and “near miss” incident data. Our training programs are designed to align with the stringent requirements set forth by ISO9001, the ISM Code, and the Maritime Labour Convention (MLC).

We recognize the impacts that life at sea can have on individuals, including extended periods away from family, mental health challenges, and safety concerns. As such, we are continuously looking for new ways to enhance the livelihoods of our seafarers and have set measurable targets to monitor this progress. In addition to this, we document any injury and illness data in order to properly analyse and evaluate the effectiveness of our health and safety management system (SMS) and to enable the identification of trends and patterns.

We are proud to disclose that we achieved zero marine casualties in 2022. We aim to meet this figure in 2023 and beyond.

In line with the company’s responsibility towards maintaining high health and safety standards we conduct Management Review Meetings to review our SMS objectives and targets. We have also appointed dedicated personnel with the responsibility to maintain an overview of Health and Safety matters. These personnel continuously monitor all safety and occupational health aspects of the vessels and makes every effort to ensure a safe and healthy workplace, such as providing prompt access to medical care on board and ashore when needed.

We welcome upcoming legislations that enhance governance structures and will be carefully looking at how we can incorporate them into our disclosure over coming years. We will also look at how we can incorporate the Task Force on Climate-related Financial Disclosure (TCFD) recommendations in our annual reports.

Our overarching objective at Spring Marine is to uphold strong governance structures that reflect our ethos and values. We are constantly focused on ensuring transparency and accountability across all our operations and we strive to operate with integrity. We adopt several company-wide policies and expect all our employees and colleagues to follow these high standards. These policies are reviewed on a regular basis to ensure that our company goals and objectives are being met.

At Spring Marine, we aim to foster an inclusive workplace where every individual is afforded equal treatment and opportunities. Our commitment to fairness is reflected in our impartial hiring process, which upholds a zero-tolerance policy against discrimination based on age, sexual orientation, ethnicity, socioeconomic status, or any social or cultural identity.

We recognize our responsibility to promote diversity within the industry and will continue in our efforts to foster an inclusive environment. In our pursuit of gender equality within our company, we are wholly dedicated to drawing lessons from past experiences and aspire to establish a work environment that fully recognizes the significance of unleashing the full potential of our female colleagues.

Our Code of Corporate Conduct & Ethics serve as guiding principles for ethical and professional behaviour. The Code, approved by our Board of Directors, is applicable to all employees and outlines essential expectations. It emphasizes compliance with relevant laws, the avoidance of conflicts of interest, the prohibition of improper payments and gifts to government officials, the promotion of fair dealing, the prevention of insider trading, and the proper retention of documents.

We are committed to enhancing environmental stewardship, social responsibility, and corporate governance. This disclosure marks a further step towards progress: we hope stakeholders find the information provided beneficial, and as a mark of transparency.

By leveraging our existing strategies and cultivating new ones with our clients, partners, and other stakeholders, we are committed to driving positive change and achieving our ESG goals. As we continue this journey, we remain dedicated to transparency, accountability, and continuous improvement, and we look forward to sharing our progress over the coming years.