Spring Marine manages on behalf of two independent fleets. This disclosure is for the management company including both tanker and bulk carrier fleets.
|Unit of Measure
|Gross global Scope 1 emissions
|Metric tons (t) CO2-e
|Total energy consumed
|Average fleet EEOI
|Average fleet AER
|Number and aggregate volume of spills and
releases to the environment
Cubic meters (m3)
|Loss time incident rate (LTIR)
|Number of marine casualties
– Percentage classified as very serious
|Board makeup (M / F)
|50 / 50
|Shoreside staff makeup (M / F)
|73 / 27
Understanding and disclosing our environmental impact is paramount for us.
In today’s global business landscape, environmental concerns have moved to the forefront of public and regulatory agendas. Compliance with stringent environmental regulations is not only becoming a legal requirement but also an ethical responsibility. Failing to adhere to emission standards and sustainable practices can lead to fines and damage to our reputation.
The shipping industry plays a significant role in global carbon emissions, making it crucial for companies to invest in eco-friendly technologies and practices to mitigate the environmental impact. Environmental awareness is not just a necessity for regulatory compliance, but we view it as a strategic advantage in today’s market, ensuring long-term sustainability and resilience.
Decarbonisation and Net Zero
In July 2023, the International Maritime Organization (IMO) revised it’s 2040 and 2050 targets stating an enhanced common ambition to reach net-zero greenhouse gas emissions from international shipping close to 2050 and to cut emissions by at least 70% by 2040.
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.
Biodiversity and Ecological Impacts
Spring Marine is committed to ensuring zero spills or releases resulting in significant harm to the environment. We are pleased to announce that we achieved this target in 2022 as a result of our diligent and comprehensive approach to environmental stewardship.
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.
Upcoming Regulations and Standards
We recognise upcoming regulations regarding ESG may not directly impact our organisation, however, we are committed to adhering to the highest industry standards. Over the following year we will explore how we can enhance our disclosure incorporating these standards into our own disclosure.
The European Union Corporate Sustainability Reporting Directive (EU CSRD) is a legislative initiative proposed by the European Commission to significantly expand and standardise corporate sustainability reporting requirements within the EU. Under the EU CSRD, large public-interest entities will be obliged to disclose a broader set of non-financial information, including environmental, social, and governance (ESG) factors, with a focus on climate-related matters. This directive aims to enhance transparency, comparability, and reliability of sustainability reporting across the EU, facilitating informed decision-making by investors, stakeholders, and consumers while promoting sustainability and the transition to a more sustainable economy. The EU CSRD represents a pivotal step toward aligning business practices with the EU’s sustainability goals, underpinning the continent’s commitment to a greener and more socially responsible future.
The International Financial Reporting Standards (IFRS) International Sustainability Standards Board (ISSB) is a crucial development in the global financial reporting. Established by the International Financial Reporting Standards Foundation (IFRS Foundation), the ISSB is dedicated to setting sustainability reporting standards that will enable organizations worldwide to transparently and consistently disclose their environmental, social, and governance (ESG) performance. These standards aim to provide investors, stakeholders, and the public with reliable and comparable information on sustainability matters, fostering greater accountability and trust in the corporate sector.
We believe that everything rests on good governance. It is the root of all risk management & accountability. We see ESG as an extension of this: something we have been doing for years, but now disclosed in a formal manner.
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.