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Sustainability Report 2014

To take responsibility for the future through the choices we make today


Vision, Mission, Values

Vision, Mission, Values Our Vision, Mission and Values guide every aspect of Gearbulk's day-to-day work, both ashore and at sea. Our Sustainability Vision applies these same principles as we fulfil our commitment to plan for tomorrow – today.

Our Vision

Our Sustainability Vision

Leading global supplier of innovative, sustainable and industrial shipping solutions.

Our Mission

Becoming an industry leader in creating enduring value by taking responsibility for the future through the choices we make today. This means:

To create value for our customers and other stakeholders by being a sustainable shipping company.

• Clear and consistent leadership whilst engaging our employees

Our Values

• Transparency and improving our economic, environmental and social contribution

• Responsibility – In Gearbulk stakeholders are committed to improving themselves personally and pursuing the best balance between competitiveness, economic, social and environmental requirements • Innovation – In Gearbulk we inspire each other to drive creativity in the pursuit of new business and in search of the optimal solutions - going beyond the obvious

• Developing human potential and collaborating with those who share our vision locally and globally Sustainability at Gearbulk is all about "creating enduring value" taking care of the planet, contributing to society, and conducting business in a responsible manner.

• Integrity – In Gearbulk we act ethically, keeping our word and treating others both inside and outside the Company with fairness and respect • Respect – In Gearbulk we recognise our limitations and listen to the views of others. We seek to learn from others' culture, opinions and skills in order to create value for all stakeholders

"Think tomorrow, today"

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Contents

Contents Message From Our Chairman, Kristian Jebsen

5

Our Vision

6

A Leader in Sustainability

6

Performance Highlights

6

Our Governance

8

Responsible Business Practice

10

Business Strategy

11

Our People

18

Training and Development

19

Safety

22

Communication

26

Our Social Responsibility

28

Kristian Gerhard Jebsen Foundations

31

Our Responsibility

32

The Environment

32

Fleet Gain ISO14001 Certification

39

Monitoring Fuel Performance

42

Gearbulk and the Sustainable Shipping Initiative 47 Our History 50 Timeline

50

Our Fleet

51

Appendix

54

Register of Environmental Aspects

54

GRI Indicator

58

Glossary

62

3


4


Message From Our Chairman, Kristian Jebsen

Message From Our Chairman, Kristian Jebsen Welcome, we are pleased to present our Sustainability Report for 2014. Sustainability continues to be an important priority for us and it is embedded into our vision and long term strategic plans. We believe that our enduring commitment to sustainability is becoming a key differentiator in the supplier selection process and it is our aim to be the supplier of choice in our markets. 2014 proved to be a challenging year for the industry in general and we have increased our efforts to compete in fluctuating markets and to comply with forthcoming environmental legislation in a cost efficient manner. To that end, investing in new design and technology is fundamental to further enhance the efficiency of our fleet. We strive to create a safe, healthy and productive working environment for all our employees, visitors and contractors. Thanks to enhanced focus on safety during the year, we saw a significant drop in personnel injuries in 2014. The training of our people is also crucial to our vision as a sustainable business. We maintained sharp focus on the importance of delivering our services with integrity; all of our staff have completed training on global anti-bribery regulations and we have introduced further modules on ethical behaviour. Gearbulk entered the world of big data this year; better measurement and performance analysis leads to better decision maki ng. Consequently, we optimised our operations further in 2014. By having more detailed tracking of our operations we were able to assess trends such as speed loss and take appropriate measures in each case. Furthermore, thanks to investment in new technology, operational changes and fleet renewal, we have reduced our carbon emissions by 16% compared to 2010 levels. I hope that this report will give you an understanding of Gearbulk's commitment to making a positive social contribution wherever we operate, to minimise our environmental impact and in so doing demonstrate our determination to contribute to a more sustainable shipping industry. Enjoy your read. Kristian Jebsen

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Our Vision | A Leader in Sustainability

A Leader in Sustainability Gearbulk is committed to being a sustainability leader, which we strongly believe will improve our business performance and create enduring value for all stakeholders.

The SSG has developed a Strategic Action Plan for Sustainability which frames our focus areas, which are:

Strategic direction for the company’s sustainability development is managed by a Sustainability Steering Group (SSG). The SSG comprises employees from all our offices worldwide. They bring with them differing levels of experience from across the broad spectrum of Gearbulk’s activities but they all have a common enthusiasm and a desire to positively contribute to our vision.

• Improve the uptake of the charity days which the company allows employees to take to participate in charity work or fundraising

• Every office to be involved in a local community project

• Increase awareness on sustainability issues for all staff through training sessions, induction training for new employees, intranet features and the company magazine • Continue the drive towards waste elimination, reducing energy usage and harmful emissions • Develop our potential to positively influence suppliers’ activities to be more sustainable, where appropriate • Continue our involvement and contribution to the Sustainable Shipping Initiative’s various projects

Performance Highlights 2 1 0

1.76

1.9 1.1

0.9

2011 2012 2013 2014

Lost time injury frequency: 0.9.

26 473

Training days completed by our sea and shore staff in 2014

16% 16% reduction in CO2 emissions compared to 2010 level

6

Female 39%

Training days

Male

Gender split ashore

7 0 oilspills

Safety campaigns launch in 2014

61%


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Our Governance

Our Governance Strong and consistent corporate governance makes it possible for Gearbulk to begin to realise its Vision, Mission and Values.

Board of Directors

Gearbulk Leadership Team

Audit Commitee

Board of Directors The Gearbulk Group (of which Gearbulk Holding Limited is the parent company) is managed by its Board of Directors, which meets regularly and whose members are appointed each year at the annual shareholders meeting. The Board1 presently includes: Name

Position

Kristian Jebsen

Director and Chairman

Hans Petter Aas

Director

Jannik Lindbaek

Director

Arthur E.M. Jones*

Director and President

Makoto Yamaguchi

Director

Yoshiro Kubo

Director

David J. Doyle, J.P*

Director and Vice President

Shelley R. Durrant*

Secretary

*Executive officers Table 1 Board of Directors 2014

1There were several changes in Board membership in 2015: Jannik Lindbaek, Arthur E.M. Jones, Makoto Yamaguchi, David J. Doyle, J.P and Shelley R. Durrant have been replaced by Hans Olav Lindal, Kenichi Nagata, Patricia Guerra and Urs Behnisch. 8


Our Governance

Audit Committee The Audit Committee comprises non-executive directors who meet at least three times a year. It oversees financial reporting, internal controls, risk management, audit processes, compliance monitoring and business conduct.

Gearbulk Leadership Team Under Board mandate, the Chairman presides over the Gearbulk Leadership Team (GLT) which meets weekly, guides implementation of strategies and plans developed and approved by the Board and coordinates activities across the Group.

Risk Management We have adopted a risk management process to create and protect long term value. Embedded in our Business

Management System, this process is integral to all organisational processes, including strategic planning, project and change management. It is led by the Chief Risk Officer who reports to the Audit Committee. Risk reviews are performed whenever required at all levels of the Group. Results are reported to the GLT and the Audit Committee.

Business Continuity and Emergency Response For all critical business functions, including our fleet, Gearbulk maintains Business Continuity Plans which are regularly reviewed and updated. Drills are carried out regularly, to test preparedness and ensure our plans remain fit for purpose in the event of any conceivable emergency.

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Our Governance | Responsible Business Practice

Responsible Business Practice Gearbulk has implemented several policies and codes to support our sustainable approach to business. These policies give guidance for all stakeholders, including employees and suppliers on how we should be doing business. They include:

Anti-Bribery and Corruption

Anti-trust laws are designed to:

As a member of the Maritime Anti-corruption Network (MACN), we cooperate with like-minded industry companies to promote compliance with antcorruption laws and to eliminate corrupt practices. Our Anti-Corruption and Anti-Bribery policy requires all employees to be trained in relevant legislation and company procedures. To ensure their awareness and knowledge remains current, a training module has been developed on the intranet for all employees to undertake annually.

• Guarantee open competition in a free market economy; and • Prohibit anti-competitive behaviour from either individuals acting alone or multiple players acting together

Code of Business Ethics

• Strict policies for all employees not to enter into any unauthorized agreements

Gearbulk's reputation for delivering long term value to our customers is anchored in our ability to consistently deliver reliable services through our expertise, teamwork and professionalism, both in the work we do and the way we do it. To achieve this we must all understand how the company expects us to conduct our work and business relationships. This Code provides guidance on the fundamental values and standards of behaviour which all employees must adhere to at all times.

Global Anti-Trust Policy

Supplier Code of Conduct

Procedures to monitor compliance include: • Monitoring of all Disbursement Accounts from vessel agents • Investigation of non-receipted items

"We at Gearbulk are dedicated to conducting all of our business activities with the highest level of ethical standards, therefore compliance with all laws is a fundamental part of our corporate values." Kristian Jebsen, Chairman The purpose of Gearbulk’s Anti-Trust Policy is to promote compliance with all Anti-Trust laws.

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This Code provides guidance on Gearbulk's fundamental values and standards of ethics, labour, health, safety, and environmental management which we request our suppliers to respect and support as applicable. For futher information and links to policies go to: http://www.gearbulk.com/sustainability/sustainabilitygovernance/responsible-business-practice/


Our Governance | Business Strategy

Business Strategy Our vision is to become a leading supplier of innovative, sustainable and industrial shipping solutions. This will be achieved through: • Pulp as a key commodity, while growing other compatible and complementary commodities • Integration and growth of conventional bulk in core trades • Developing the Gearbulk organisation • Developing the Gearbulk fleet

Cargo Gearbulk primarily transports unitised cargoes, which comprised approximately 61 % of our total cargo volumes shipped in 2014. Unitised cargoes include forest products such as wood-pulp, lumber,

plywood, paper and board as well as aluminium, steels and pipes, and bagged products. These cargoes are usually of higher value than most dry bulk cargoes and often require frequent and regular transportation services in order to reduce inventory costs. Several of the unitised commodities are vulnerable to physical damage in the supply chain and require a high level of care during handling and transportation. Gearbulk has specialised vessels and equipment, as well as experienced staff ashore and on-board to achieve this. The remainder of cargoes carried consist of dry bulk cargoes such as soda ash, fertilisers, alumina and coal, various project cargoes plus liquid cargoes – some of which require temperature control, either high heat or reefer conditions.

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Our Governance | Business Strategy

Customers and Contracts Many unitised commodities are generally shipped under Contracts of Affreightment (COAs) because our customers require to have regular and secure transportation services to their markets. Gearbulk has succeeded in building long-term relationships with many of its customers. A large number of our customers have been relying on our services for over 10 years. COAs are not typically linked to specific vessels in the fleet, allowing Gearbulk to manage our transportation undertakings on a fleet basis to optimise utilisation and minimise ballast voyages. In 2014 approximately 73% of our total volume – representing 75% of our total Revenue – was carried under COAs. Whenever a vessel is not utilised to full capacity with Contract of Affreightment (COA) cargoes, Gearbulk carries suitable spot market cargoes to fill any remaining capacity. We also carry spot market cargoes on return voyages back to the main loading areas.

Gearbulk Cargoes 2014

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Bulk (dry and liquid) 39%

Steels and Pipes 11%

Woodpulp 34%

Aluminium 9%


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Our Governance | Business Strategy

Trades, Terminals and Offices Trades, Terminals and Offices To provide our customers with a more complete package of services, Gearbulk owns, or has interests in, certain terminal operations which are used to handle, store and distribute cargoes to final destinations.

Interchangeability across the entire fleet enables us to adapt cargoes, routes and timing to suit the customer. Our competitive advantage lies in the size of our fleet and the expertise and experience of our people at sea Bergen and in our global network of offices. Weybridge

Vancouver

Metal Terminals International (MTI), Antwerp Luxembourg

Bermuda HQ ATI, Lake Charles

Baar, Switzerland

ATI, Pascagoula Tampa

Be

ATI, Port Manatee

Weybridge

Vancouver

Luxembourg

Bermuda HQ ATI, Lake Charles

ATI, Pascagoula Tampa

ATI, Port Manatee NST Terminais e Logistica SA, Santos

Rio de Janeiro

Santiago

Talcahuano

Durban

Buenos Aires

NST Terminais e Logistica SA, Santos Santiago

Talcahuano

Gearbulk Offices Gearbulk Terminals

14

Buenos Aires

Rio de Janeiro

B


Our Governance | Business Strategy

This platform enables us to offer a service precisely tailored to each customer’s exacting requirements. Gearbulk continues to invest in its people and in new technology to ensure our service remains at the vanguard of the ever changing world of transportation and logistics.

ergen

Metal Terminals International (MTI), Antwerp

Baar, Switzerland

Tokyo Shanghai Dubai

Kaohsiung

Manila Singapore

Durban Melbourne

15


Our Governance | Business Strategy

Fleet Development Program Newbuilding During the year we continued our extensive fleet renewal programme, introducing high capacity and high efficiency vessels from long established and reputable ship yards. In 2014, Gearbulk received a total of ten vessels. This includes the first of four Flex II Eco vessels, Lawin Arrow. The Flex II Eco series is based on the Flex II series, with the same overall dimensions, but due to investment in new technology the propulsion efficiency is improved, resulting in a 13 % reduction in fuel consumption. At 31 December 2014 we had eleven vessels on order for delivery from 2015 – 2017. These include the final three Flex II Eco, two Nacks60 semi-open and six conventional bulk carriers.

Vessel

Type

Dwt

Yard

Macaw Arrow

Fleximax III

73,296

Oshima Shipbuilding Company Limited

Tanchou Arrow

Fleximax III

73,296

Oshima Shipbuilding Company Limited

Sisken Arrow

Fleximax III

72,871

Mitsui Engineering and Shipbuilding Company Limited

Lawin Arrow

Flex II Eco

62,841

Oshima Shipbuilding Company Limited

Matsu Arrow

Semi-open hatch

55,975

Oshima Shipbuilding Company Limited

Buna Arrow

Semi-open hatch

55,976

Oshima Shipbuilding Company Limited

Biwa Arrow

Semi-open hatch

55,978

Oshima Shipbuilding Company Limited

Acer Arrow

Semi-open hatch

61,066

Nantong Cosco KHI Ship Engineering Company Limited

Betula Arrow

Semi-open hatch

61,007

Nantong Cosco KHI Ship Engineering Company Limited

Bulk Aquila

Conventional

66,613

Mitsui Engineering and Shipbuilding Company Limited

Table 2 Vessels delivered in 2014

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Our Governance | Business Strategy

Vessel Recycling – Beyond Compliance Gearbulk believes that in order to fulfil our social and environmental responsibilities, its owned vessels should end their days in a recycling yard which has high standards of health, safety and environmental management. To this end, the sale contract stipulates the yard to be used and requires that yard to have in place comprehensive management processes to minimise the risk to workers and the environment. All yards used are subject to a detailed audit and approval process by Gearbulk technical management, valid for two years. An Inventory of Hazardous Materials which identifies the presence, location and quantity of hazardous materials onboard is prepared and approved

by a classification society to reduce any risk to personnel or the environment and facilitate responsible disposal of the materials. The International Maritime Organisation (IMO) has adopted the Hong Kong International Convention for the Sound Recycling of Ships, 2009 which is designed to address the very valid concerns about working and environmental conditions at many vessel recycling yards. The Convention is some years from entry into force but Gearbulk still strives to comply with the spirit of the Convention and follows IMO’s current guidelines on vessel recycling. Gearbulk did not sell any vessels for recycling in 2014.

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Our People

Our People Our people often refer to being members of the global Gearbulk Family and throughout 2014 we welcomed 57 new employees to our shore staff. However, it was a year in which we announced and started to implement our plans to restructure our organisational framework to position Gearbulk for a sustainable future. At the end of 2014 we numbered 481 shore staff and 1905 sea staff. Nevertheless, in an environment of change, we achieved a great deal throughout the year with our people continuing to demonstrate their focus on quality, their commitment to developing their own and others’ careers and their fundamental passion for shipping.

Integrity and Commitment We pride ourselves on our integrity and in early 2014 we launched a new Business Ethics Policy. In this policy we commit to comply with or exceed the requirements of all relevant legislation and we aim to demonstrate sound ethical practices at all times. We hope our renewed focus on ethics will have a positive impact with customers and employees alike, although there are certain employees that have seen our approach in action. One of our officers suffered a serious injury in 2013 and was unable to continue his seafaring career. The Gearbulk Family came to his aid, and we were able to offer him a permanent role within our Manila office as a Vessel Operator. As a result, the officer was able to continue his career in Shipping.

Gender split ashore

18

Female 39%

Less than 10 years 30%

Male

More than 10 years 70%

61%

Length of service ashore. Average tenure is 8 years


Our People | Training and Development

Training and Development There is a huge demand for high quality and well trained personnel to manage and operate the technologically sophisticated vessels of today. The importance of education and training can not be overstated. At the same time modern technology can never replace good seamanship, but it can always improve it. Therefore, training is one of the most important factors for safe, efficient, economical and environmentally friendly vessel operation. Gearbulk recognises this and is continuously investing time and money in increasing the competence of our staff on board and ashore to enable us to meet our business objectives and provide opportunities for career development.

Our Shore Staff In 2014, we amassed a total of 1412 training days for shore staff alone. Using in-house trainers and working in partnership with organisations such as the Institute of Chartered Shipbrokers on an international basis, IMD University in Switzerland and Fundação Dom Cabral in Brazil, these events comprise the full spectrum of learning experiences, from structured inductions for new starters and ‘Lunchtime University’ sessions, to foreign language tuition and courses on a range of personal and leadership skills. We also sponsored staff seeking professional and shipping industry qualifications. Of particular note, however, was the launch of our international Graduate Programme and our Trade Officer/Manager Knowledge Sharing Initiative2.

Our Graduate Programme We launched the Programme in 2014 and we now have 7 graduates who joined the teams in our offices in Tampa (1), Rio de Janeiro (4), London (Weybridge at that time, 2) and Shanghai (1) in September.

The overall objective of the Graduate Programme is to recruit and develop high performing graduates from a worldwide pool to help meet Gearbulk’s future business requirements and to contribute to its sustainable growth. The Programme is designed to prepare graduates for specialist shipping roles in either commercial or operations disciplines, with the potential for management and leadership roles later on; it is intended  to create a pipeline of talent for these roles and to set a foundation of skills excellence. As well as providing the Graduates with the technical knowledge, management and leadership skills to be successful, the Programme also aims to develop the Graduates’ global awareness and capability. It is an international Programme; graduates will have at least one long international placement in one of the Gearbulk offices globally and two short placements, one in Bergen (Technical Management department) and one in Manila (Shared Services department). The international placements are an excellent opportunity for the Graduates (and for the offices) to learn directly about their countries and work cultures and therefore enable understanding and integration of our worldwide staff.

2You can read more about our Knowledge sharing program in the Communication section. Page 26. 19


Our People | Training and Development

The development of the Graduates is being completed through a variety of means including on the job training and through many knowledge sharing sessions with their experienced peers. They are also set with a goal of completing their ICS studies and gain the status of Chartered Shipbroker within their first three years.

Despite joining only recently, the graduates are already an integral part of their teams and perform daily tasks with full responsibility.

We want our graduates to understand not only the importance and impact of their day to day work in the office, but also and most importantly, to get to know the core/base of Gearbulk, its fleet. For this reason they will all experience a voyage onboard one of our vessels.

Our Sea Staff

Current graduates will complete the Programme in March 2016.

To improve the individual competence and prepare our staff for promotion to the next rank, Gearbulk provides additional training beyond the Standards of Training, Certification and Watchkeeping (STCW) and Flag state requirements.

(Left to right) Sara Hay-Jahans (Graduate Programme Manager), Josias Moretto (Rio), Lucas Louzada (Rio), Shawna-Leigh Morton (Tampa), Fernanda Araripe (Rio), Orestis Bakas (UK), Karine Serrado (Rio), Liu Nian (Shanghai), Alex Stuart-Grumbar (UK).

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Our People | Training and Development

Some of the areas are: • Combined management courses in: Bridge, maritime resources, engine team .and vessel handling • Basic and advanced Cargo courses • Courses in fuel management and emission control • MAN e-engine course • Specialist training in refrigeration and cargo pumping systems • In-house pre-joining briefing through our manning agencies conducted by experienced Gearbulk Masters and CEs • Familiarisation courses in Gearbulk planned maintenance and information systems We also have a very comprehensive Computer Based Training (CBT) system which covers a wide range of topics. All sea staff must complete and re-take their relevant modules within certain time frames and achieve a specified assessment score. During 2014 we held three Gearbulk Officers seminars in China, India and the Philippines. These seminars have been recognised as good opportunities for participants to exchange their operational and technical experiences as well as receiving feedback on work related topics such as safety, regulatory requirements and cargo care. In addition to these seminars we held two introductory seminars in February 2014. To introduce new seafarers to Gearbulk policies, procedures, trades, cargoes and our specialised vessels. We continued to provide a comprehensive training to the Officers employed on our long term chartered vessels to ensure they meet Gearbulk’s high expectations. These courses cover cargo stowage

Crew retention % 2012

94

2013

96

2014

96

Table 3 Crew retention

and care, documentation, safety, communication and bunkers. At the end of 2014 we launched the Cadet training program and welcomed 37 cadets to our family. Our overall goal is to constantly expand our pool of qualified Junior Officers who will be ready to join Gearbulk vessels upon completion of their training period. In 2014 we amassed a total of 25,060 training days for sea staff alone.

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Our People | Safety

Safety Gearbulk strives to maintain focus on improving safety on our vessels, for our sea staff and shore contractors. The safety campaign initiated in 2013 continued in 2014 to further strengthen our drive on personal safety issues and safety for others. The campaign included Drills, Smoking On board, Safety Area Inspections, Fire Fighting Appliances, Life Saving Appliances, Hot Work Permits, Enclosed Space Entries and Work Aloft and Outboard. Gearbulk saw a significant drop in personnel injuries in 2014 and also improved our average score, largely as a result of the enhanced focus on safety and the compliance of our seafarers during the campaigns. The most objective measure of the safety on-board our vessels is Lost Time Injury frequency (LTIF), see Table 4. This is a measure of the number of hours a seafarer is unable to work following an accident and is calculated per million working hours. In 2014 the amount of injuries decreased to a record low and no injuries resulted in disability or fatalities. Our increased focuses on safety through our campaigns as well as strict internal audits have been contributing factors to this success.

Year

%

2009

2.49

2010

1.44

2011

1.76

2012

1.9

2013

1.1

2014

0.9

Table 4 Lost time injury frequency (LTIF)

Gearbulk has a policy of reporting near misses, which are also referred to as "no loss incidents." The number of no loss incident reports has increased quite significantly during 2014. Again, our increased focus on safety throughout the year and our staff being more familiarised with the reporting procedures (that were introduced in 2013) are both contributing factors to this. Year

Number of reports/vessel

2012

5.86

2013

6.44

2014

15.2

Table 5 No loss reports

We also record injuries to stevedores on owned and time chartered vessels. As we generally do not have access to any statistical data on time off work as a result of stevedore accidents, reporting is limited to frequency and severity of injuries. There were no stevedore fatalities in 2014. Year

Minor injuries

Serious injuries

Fatal injuries

2012

17

7

1

2013

16

2

0

2014

12

10

0

Table 6 Stevedore injuries

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Our People | Safety

Port State Control PSC is the inspection of vessels while in port to verify the condition of the vessel and its equipment is in compliance with international regulations and that it is manned and operated in compliance with these regulations. In 2014 the Gearbulk managed Fleet had a total of 168 inspections with an average of 1.30 deficiencies per vessel per inspection. This met our target for the year and improved the result for 2013 from 1.40. We had 4 detentions in 2014. Prompt actions were taken to rectify the deficiencies in each case. For each detention, we have identified the causes and will use the lessons learned to avoid similar situations occurring in the future. To avoid detentions in the future, the Safety Area Inspection Campaign is particularly effective. Sea and shore staff sharing experiences is a key factor for Gearbulk to further improve our performance.

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Our People | Safety

Aspect

Target

Result

Detention

Zero detentions

Four detentions

Port state control

Port state control deficiency rate below or equal to 1.3

PSC deficiency rate 1.3

Right ship rating

Average right ship rating over 4.5

Average rating 4.57

Target achieved

Work in progress

Rightship Ratings Rightship is an independent vetting company formed to improve safety and quality in the dry bulk fleet sector. It assesses the risk of all vessels over 500mt using multiple information sources and historical data. This data is constantly updated and a combined risk factor ‘score’ is produced to give an overall star rating, with five stars being the highest. These risk ratings can change if, for instance, an adverse PSC inspection report is received, so they are effectively only valid on a specific date. However, the average ratings do give a good indication of a vessel’s safety and quality performance. In 2014 the average Rightship rating for the Gearbulk managed fleet was 4.57.

Managing Threats at Sea The threat of Piracy in the Gulf of Aden / Indian Ocean has remained at a low level in 2014. However, the underlying causes for piracy have not been eliminated. We maintained a high state of alert and security teams were employed on many occasions. In other areas such as the Malacca straits and Indonesian waters, the risk of Piracy has increased and all Gearbulk vessels maintain a high level of preparedness when transiting these areas in line with BMP4 (Best Management Practices to Deter Piracy off the Coast of Somalia and Arabian Sea Area version 4).

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Status

This includes the following actions: • Conduct a thorough risk assessment prior to each voyage through areas that are potentially exposed to piracy • Provide additional safety equipment such as razor wire and material for hardening the vessels and crew • Subject to the risk assessment for each voyage private armed guard companies are being provided both to the vessels on some occasions, these security companies are carefully selected and comply with ISO 28000:2007 • Chartered vessels are also provided with equipment and security teams on the same conditions as owned vessels • Gearbulk continuously liaises with relevant authorities to monitor the threat levels to provide the latest intelligence to our vessels

Global Health Issues Gearbulk had no traffic in ports that were affected by the West African Ebola outbreak in 2014. We continue to monitor the situation and inform the crews about which actions to take in case of a suspected case of Ebola virus disease.


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Our People | Communication

Communication Good communications are ever more important in our fast changing world. Gearbulk recognises this and invests considerable resources to continually update our systems to ensure the information flows freely up, down and across the organisation, as well as to and from external stakeholders.

Gearbulk Voyager

Knowledge Sharing Initiative

Our global online portal system Voyager continues to be our main internal information exchange system. It provides a single web space for sharing information between offices and departments and access to a wealth of external business links. It also features daily internal news, both business related and social.

2014 saw the commencement of a knowledge sharing initiative for all Trade Officers and Trade Managers working in Gearbulk commercial offices. The objective of this programme has been to work together in sharing skills, knowledge and experiences in the following areas:

Gearbulk Improvement and Safety System (GISS)

• Time Charter Vessel Operations

GISS is our reporting and document management system for safety, quality and environmental matters. The system also contains the company's safety and operational procedures for shore and sea staff.

• The Commercial Cycle

• Daily Vessel Operations

• Voyage Accounting • Gearbulk Voyage Process and Administration • Coaching

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Our People | Communication

Small groups across our offices work together and meet periodically to share their learning and to give examples from their trades of what has been learned. “Go To” people have been nominated to help as experts, to answer questions and to support the groups. This has proved to be a useful experience for all those involved, building up knowledge and relationships.

Video Conference and Skype Meetings Gearbulk continues to invest in high quality video conferencing equipment in its offices worldwide. This investment allows employees to participate in meetings from all over the world without having to travel. The increase usage of video conferencing helps us not only to reduce travel costs and our CO2 footprint, but it also helps employees to avoid unnecessary travel time. We also encourage the use of Skype for the same reason.

New Waves In-house Magazine The various activities undertaken by members of the Gearbulk Family are recorded and indeed celebrated 3-4 times a year on the pages of our in-house magazine New Waves. Many of the items in the ‘Give Back to Society’ section of this Report are first brought to the attention of our colleagues via New Waves, together with updates on environmental matters, group social activities and opportunities to participate in, for example, photography competitions. We hope that you will visit www.gearbulk.com to see this wealth of information and keep up to date with Gearbulk's sustainability journey.

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Our People | Our Social Responsibility

Our Social Responsibility As part of our sustainability strategy, Gearbulk encourages employees to “Give Back� to society by spending one day every year working for a registered charity. We try to make a positive impact on the communities where we work and do business by contributing to society with involvement in charitable events and a strong environmental focus within the organisation.

9 5

7

8

1

Melbourne:

Sponsorship and attendance at the MacKillop Family Charity Golf Day, contributions made to the Ronald McDonald Charity and the staff also arranged a Charity Bike Ride. 2

3

Antwerp:

Collected over a hundred children`s toys for the charity organisation Werk Woorop Halderberg. Team members also collected funds for various charity projects through numerous sponsoring events. 3

Rio de Janeiro:

Donated food, clothes and toys for an orphanage, contributed to a re-forestation project in partnership with Rio Zoo where they donated 150 units and tools for the institution. The office also arranged donation of books to a project that distributes the books in poorer areas.

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4

Manila:

Helped the victims of typhoon Yolanda by packing relief goods in collaboration with the Department of Social Welfare and Development. Our employees also engaged in tree planting, helping to offset the negative impacts of climate change, as well as increasing biodiversity in the area.

2


Our People | Our Social Responsibility

5

Weybridge:

7

Two of the staff members ran marathons for charity, supporting Starlight Children`s foundation and Juvenile Diabetes Research Foundation.

Vancouver:

Staff volunteered to help out the Mission to Seafarers in Vancouver, and handed out over 600 gift bags for crewmembers onboard vessels calling at the port.

4 6

1

8

Tampa:

Involved in the non-profit program Paint Your Heart Out that lends a hand to low-income elderly citizens. Donations made to ALS Association, Red Cross and Feeding America Tampa Bay. 6

Singapore:

Volunteered at two hospitals (They Hua Kwan Hospital Care & Counselling and Khoo Teck Puat Hospital) where they helped harvesting the plantation, assisted in wheeling of patients and motivated them to engage and enjoy the programme.

9

Bergen:

Staff members joined a fundraising event to provide clean water for people in Asia and Africa. Employees also joined the movement Movember, to raise awareness for prostate cancer. Neighbourhood Watch Programs.

29


Photo by SportEd 30


Our People | Kristian Gerhard Jebsen Foundations

Kristian Gerhard Jebsen Foundations The foundations, Stiftelsen Kristian Gerhard Jebsen in Norway and Kristian Gerhard Jebsen Foundation in Switzerland, were established in 2009 to honour Kristian Gerhard Jebsen. Stiftelsen Kristian Gerhard Jebsen in Norway is active in funding a number of medical research projects in Norway; supporting the Kristian Gerhard Jebsen Centre for the Law of the Sea which assesses how the various international laws governing the sea are ensuring sustainable development and peaceful utilisation of our seas and oceans. Stiftelsen Kristian Gerhard Jebsen also promotes cultural projects. The Kristian Gerhard Jebsen foundation in Switzerland promotes social welfare charities such as Right to play in Thailand and SportEd in the UK. Right to play is a life skills education programme that supports the holistic development of children and youth by using sport and play based learning activities. SportEd is a free membership organisation that supports community sport clubs and groups across the UK that deliver Sport for Development. These groups are using the power of sport to tackle the root causes of some of society’s biggest problems – crime, anti-social behaviour and obesity, to name a few. More than that, they are giving disadvantaged young people the opportunities, confidence and support to overcome their personal hurdles and succeed in life. During 2014, the Foundation, in conjunction with Gearbulk Manila, identified and is now supporting 2 organisations working with children and orphans in the poorest areas of the city. The John D Salvador Foundation, located in Tondo is being supported via its child nourishment program and its clinic for the ultra-poor community. The orphanage and hospice, Asilo de San Vincente de Paul located near the office is being supported by the provision of a live in nurse.

31


Our Responsibility | The Environment

The Environment As global trade and production continued to expand during the last two decades, the Green House Gas (GHG) emissions from the shipping industry rose substantially. Since vessels are by far the most energy-efficient means of moving goods, shipping-industry emissions are expected to continue to grow. The IMO predicts that tonne-miles of goods moved globally will increase 2% to 4% annually between now and 2050. This substantial industry growth translates to a near tripling of GHG emissions by 2050. IMO is addressing this with regulations. The shipping industry is therefore facing an unprecedented raft of forthcoming legislation which will radically change its operating context. For new vessels, IMO has set progressively more stringent minimum levels of energy efficiency in the Energy Efficiency Design Index (EEDI), see table Table 7. It has also introduced a mandatory Ship Energy Efficiency Management Plan (SEEMP) for all ships, designed to incorporate best practice for reducing fuel consumption and consequently CO2 emissions. IMO is now considering a third approach to further reduce CO2 emissions – introduction of a market based mechanism such as carbon trading, a bunker levy or a combination of both. Gearbulk welcomes the tightening of legislation which is essential in order to stabilise our ecological footprint

so that we can develop into a thriving sustainable industry while continuing to serve the world economy. Tackling our GHG emissions by improving energy efficiency is not only good for the environment but makes good business sense. A proactive approach to environmental management coupled with greater operational efficiency creates opportunities by attracting customers who value environmentally responsible suppliers as well as it reduces our operating costs. In 2014 we focused on further improving the energy efficiency of our fleet. We installed state-of-the-art fuel flow meters and propeller shaft torque meters on all our vessels and a dedicated Fuel Performance Department analysed performance data – better measurement and performance analysis leads to better decision making. We also installed energy saving Propeller Boss Cap Fins (PBCF) across the owned fleet. For more information about the Fuel Performance department and their work see page 42.

EEDI reduction phases and cut of limits Ship type

Bulk carrier

Size (mt) DWT

>20,000

Phase 0

Phase 1

Phase 2

Phase 3

01. 01.13

01. 01.15

01. 01.20

01. 01.25

31.12.14

31.12.19

31.12.24

onwards

0

10%

20%

30%

Other ship types have similar reductions and all must achieve 30% reduction from 2025. Baseline is average EEDI for ship type, built between 1999 and 2009. Table 7 EEDI reduction phases and cut-off limits

32


Our Responsibility | The Environment

CO2 Index One way we measure our overall fleet efficiency is using a CO2 Index. This may be defined as the mass of CO2 emitted (in grams) when moving one metric tonne of cargo one nautical mile. It is calculated using IMO guidelines, for all our trades, excluding fuel used under pilotage and in port but including ballast voyages. Due to our fleet renewal program and overall increased energy efficiency focus on our existing fleet, we were able to reduce our CO2 index even more in 2014. Our target is to achieve a 20% reduction from 2010 levels by the end of 2015. Figure 1 shows the percentage development of the CO2 index, illustrating that by the end of 2014 we accomplished a 16 % percent reduction compared to 2010. This means that, we are on track to achieve our target.

100 95 90 85 80 75 2010

2011

2012

2013

2014

Figure 1 Percentage development CO2 index

2010

2011

2012

2013

2014

Total CO2 (mt)

1 421 826

1 352 637

1 410 125

1 311 848

1 224 515

CO2 index

9.62

8.81

8.28

8.30

8.08

Table 8 CO2 Index, 16% reduction in 2014 compared to 2010

Aspect

Target

Result

Emissions to air

Progress towards 2015 target

CO2 index - 16.22% reduction in 2014 compared to 2010

Target achieved

Status

Work in progress

33


Our Responsibility | The Environment

Sulphur Oxide (SOx) Sulphur oxides in engine or boiler emissions are directly related to the amount of sulphur in a fuel. The consequences of sulphur emissions are more regional than greenhouse gas emissions; resulting in acid rain and regional health issues for the population. From January 2015, the permitted sulphur content in fuel will be reduced from 1.0% to 0.1 % in Emission Control Areas (ECA). A challenge that comes with this new regulation is whether there will be enough low sulphur oil in 2015 for all vessels sailing in the ECAs. Gearbulk aims to reduce our SOx emission mainly through using a 0.1% compliant fuel on our existing fleet. Due to the trading pattern of the Gearbulk core fleet; the most cost effective option is compliant fuel. Scrubbers are recognised as a option if the vessel is operated in the ECA only. Studies shows that by using alternative fuel sources like Liquid Natural Gas (LNG), a sulphur emission reduction of 90% can be expected. Gearbulk would consider this as an option in newbuilding.

Nitrogen Oxides (NOx) Nitrogen oxides are formed at high temperature during the combustion process. They cause acid rain, contribute to global warming and aggravate or even cause respiratory diseases.

MARPOL Annex VI also imposes progressively more stringent limits on NOx emissions from engines. Engines built today must operate at 80% of 2010 levels when in an ECA. This can be achieved by optimising the combustion process. From 2016, new engines will be required to emit no more than 20% of 2010 levels. This will require expensive and dedicated NOx emission control technologies such as exhaust gas recirculation or selective catalytic reduction. All vessels delivered to Gearbulk since January 2011 are fulfilling the NOx requirements.

Biodiversity Protection Ballast Water Ships require ballast water for stability and to achieve optimum trim and draft for minimum fuel consumption. Sea water or fresh water pumped on board for ballast will contain aquatic organisms which may still be alive when discharged overboard in another part of the world. These non-indigenous organisms can have a devastating effect on the local ecosystem with massive social and economic consequences. IMO has introduced an International Convention for the Control and Management of Ship’s Ballast Water and Sediments which is edging towards ratification. In parallel with IMO’s Convention, US Environmental authorities have developed a regulation regarding discharge of ballast in US waters. This will require

Gearbulk participates in the port of Long Beach voluntary speed reduction programme which encourages vessels to reduce emissions by keeping below 12 knots in a zone which extends 40 nautical miles seaward. Our compliance rates have been: Year

2009

2010

2011

2012

2013

2014

Compliance rates

90%

100%

97,5%

100%

93,55%

95.45%

34


Our Responsibility | The Environment

the treatment of ballast water to ensure the number and size of living organisms in the ballast water when discharged are within prescribed limits. The US regulations have entered into force and as a result Ballast Water Treatment Systems will be installed onboard all vessels during first scheduled dry-dock after 01.01.2016. Gearbulk has been installing ballast water treatment systems on all its new buildings since 2012. Early use of this new equipment has given us valuable operational experience well in advance of compliance deadlines.

Biofouling Non-indigenous species can migrate not only in ballast water but by attachment to various underwater areas of a vessel's hull or internal pipework. This is recognised as a threat to biodiversity security but as yet there is no global legislation controlling this important aspect of environmental management.

All Gearbulk owned vessels have a Biofouling and Sediment Management Plan which sets out clear instructions for minimising this threat, both during maintenance periods in dry dock and in service. Regular activities such as propeller cleaning and underwater hull inspections are scheduled in the planned maintenance system and all actions, reports and relevant certification are recorded.

Oil Pollution In 2014 there were no oil spills from Gearbulk owned vessels.

Recycling of Cargo Handling and Securing Material We continue to exploit a number of innovative ways to re-use withdrawn polyester web slings. For several years, we have stitched layers of withdrawn slings together to produce, "Dunbar" which can be used as 35


Our Responsibility | The Environment

a substitute for wooden dunnage in the stowage of our cargoes. We have also re-used slings which have been shredded back to the base fibres, which are then rewoven to create a light, insulating matting. During 2014, we entered into an arrangement with a leading sling manufacturer, to recycle withdrawn slings into backing material for carpets and rugs.

Dunnage Several years ago, plastic boards were introduced to replace the use of plywood sheets in our cargo stowage. These boards, made from a manufacturing by-product, are more durable than traditional plywood sheets, and at the end of their life, they can be ground up and re-used to manufacture new boards.

Office Waste Management3 All employees are encouraged to play their part in minimising our impact on the environment. Motion sensitive lighting, automatic power down equipment and energy considerate practices have also helped us to continue exceeding our annual office energy usage target, which is set out in the table below. Although we did not reach our target, the introduction of more centralised printing with smart printer software and better electronic document management systems have contributed to another significant reduction in paper usage per head. We will continue to monitor the usage of paper and use the lessons learned from this year to help us achieve the targets set for 2015.

Gearbulk are currently assessing a number of recycled materials which could be used to replace traditional timber dunnage in our cargo stows.

Aspect

Target

Result

Re-usable slings

 e-employ by recycling 100% of all R withdrawn web slings by end of 2014

 9% withdrawn web slings 9 recycled

Disposal of dunnage used in stow

90% of all Gearbulk dunnage is recycled or reused by end of 2014

92% of dunnage either recycled or reused

Target achieved

Work in progress

Aspect

Target

Result

Office Energy Use

Reduce gross office electrical consumption by 5% per head per annum

4.99% reduction

Use of Paper

5% reduction in paper consumption per head and increase percentage of paper recycled

0.84% reduction

Target achieved

Work in progress

3All offices excluding Fleet Management. Fleet Management was audited in November 2014 as per the requirements for ISO14001 and the certificate was awarded in January 2015 36

Status

Status


37


38


The Environment | Fleet Gain ISO14001 Certification

Fleet Gain ISO14001 Certification During 2014 Gearbulk’s fleet management offices and the Gearbulk fleet of vessels completed a project to implement ISO14001, the Environmental Management System. This further shows Gearbulk’s commitment to protect the environment. ISO14001 is a standard that gives companies an internationally approved guideline for managing its environmental impact and being assessed by an outside accreditation body, in this case DNV-GL, gives further assurance that our systems and practices are meeting and going beyond the required standard. The management team reviewed all the aspects of the business and then assessed the impact on the environment. After this, a further assessment was completed to detail what are the key areas that Gearbulk can focus on to minimise the impact, looking at what is achievable both in the short and longer term. A set of objectives and targets were agreed and programmes put in place to achieve these. In many cases Gearbulk was already undertaking some of these initiatives and this project enabled management to have a more focused and coordinated approach in minimising the environmental impact. Another key area that had to be reviewed was environmental legislation; Gearbulk works in a global shipping market that continues to be under the spotlight with increasing amounts of legislation that must be adhered to, both at sea and ashore. It is essential that we are compliant with such legislation and fully aware of any upcoming legislation that may impact our operations. Therefore having a system in place to monitor all legislation is very important and being certified to ISO14001 gives Gearbulk that structure.

Why did Gearbulk Complete This Project? • Good for the environment • Supports the Sustainable Vision of Gearbulk • Enhances staff understanding of the protection of the environment • Initiates waste reduction and lower costs • Focuses on continuous improvement of our environmental procedures • Foresight on upcoming environmental issues

39


The Environment | Fleet Gain ISO14001 Certification

Gearbulk Objectives and Targets for Fleet and Fleet Management Offices After a detailed review of our environmental impacts, three main areas were selected to concentrate on, energy usage and waste management on board our vessels and office waste management. These were areas that we felt we could make a positive impact on and also our vessels have by far the biggest impact on the environment and therefore it was imperative to concentrate on that side of our business.

Energy Usage On-board Gearbulk Vessels Objective: to reduce harmful emissions to air and to increase our fuel efficiency in 2015.

Waste Management Objective: To reduce pollution to land and sea caused by waste garbage from Gearbulk vessels. Aspect

Target 2015

CO2 emission

20% reduction from 2010 levels by the end of 2015

EEOI

Reduce EEOI to below IMO reference line by end of 2015

Aspect

Target 2015

Waste handling

Complete a review of all waste by end of 2014 to detail. Including amount, type, recycling program on vessels, final disposal of waste

Future goals

Once review complete, agree further practical objectives and targets for 2015–2020

40


The Environment | Fleet Gain ISO14001 Certification

How Will Gearbulk Attain This? Gearbulk has a major programme to reduce emissions and fuel used, many of which are detailed in other areas of this report. They include:

• Improved Performance Measurement and Monitoring • Improved anti-fouling • Propella Polishing

• Monitoring and reporting of fuel consumption

• Fitting of Propeller Boss Cap Fins

• Voyage Planning & Optimisation

• Hull blasting

Office Waste Management4 Objective: • Adherence to all local environment legislation; minimise waste and maximise recycling • Reduce paper consumption and increase percentage of paper that is recycled Targets: Communication and training was completed to ensure all staff were aware of what was happening, this included both shore and sea staff.

Assessment DNV-GL visited Bergen office for a documentation review and gap analysis and this was followed by assessing three vessels from the Gearbulk fleet, Tenca Arrow, Swan Arrow and Jacamar Arrow who all passed with no non-compliances. Final assessments were then completed in Singapore and Bergen offices.

Congratulations Congratulations go to all involved in gaining certification. This however is just the start as Gearbulk will continue to minimise the impact on our environment. Aspect

Target 2015

Legislation

Compliance with legislation

Recycling/Segregation

Segregation of waste, plastic as well as recycling in office. 100% of waste paper to be recycled

Paper consumption

5% reduction in paper consumption per annum per head

4All offices including Fleet Management 41


Our Responsibility | Monitoring Fuel Performance

Monitoring Fuel Performance As a part of our sustainability strategy the fuel performance department was established in late 2013. The Fuel Performance Department monitors the speed, fuel consumption and emissions for each vessel to ensure that the vessels operate at their optimum. In addition to monitoring data, the analytical team has in 2014 been working on finding both technical and operational solutions to further optimise the hull and propulsion efficiency in order to reduce the energy usage. Thanks to data gathering and number crunching, the department has provided the organisation fact based decision support in order achieve the targets. The following actions were realised in 2014: • Propeller boss cap fins installed for more efficient propulsion • Vessels painted with high-end anti-fouling during regular dry-dock • Optimised bow thruster opening on several vessels initiated • Full usage of weather routing • Performance monitoring equipment installed • Advanced dockings to improve hull performance • Optimised propeller polishing frequency All actions have increased the focus on fuel efficiency throughout the organisation. As a result of these implemented actions; we have increased our fuel efficiency by 16% compared to 2010 levels.

Monitoring and Big Data The fuel performance department has developed an in-house dashboard that allows the user to monitor several aspects of a vessels performance. The system assesses both operational performance and technical improvements carried out and to ensure transparency within fuel efficiency performance, the dashboard is internally available for all Gearbulk employees. The Gearbulk fleet has approximately 1800 sensors installed across on all of our vessels. Each sensor registers a motion measurement every 15 seconds. The daily collected data, approximately 10 000 000 measurements throughout the Gearbulk fleet, is then transferred to shore.

42


Our Responsibility | Monitoring Fuel Performance

Examples of Tend Analysis Available in the Fuel Performance Dashboard

43


Our Responsibility | Monitoring Fuel Performance

Case Study – Retrofit for Better Fuel Efficiency By looking at performance data throughout the fleet, Gearbulk decided to conduct several case studies. Implementing technical improvements and monitoring the effect caused by these in light of a cost/benefit analysis for a better fuel efficiency. One case study was Ibis Arrow, during dry-dock in May 2014 the following were carried out: • A propeller boss cap fin was fitted • the propeller super-polished • A high-end anti-fouling applied on the hull The speed improved by 3% compared with the best performance recorded the last 7 years.

Case Study – Lawin Arrow – A New Eco Design Lawin Arrow was delivered to Gearbulk from Oshima Shipbuilding Co. Ltd in Japan October 2014. She was the first out of a planned Fleximax II Eco series consisting of 4 sister vessels. Compared with the Lawin Arrow and her sister vessels will consume 13% less fuel at full speed.

The reduction in CO2 emissions for one vessel is estimated to be similar with taking 7500 cars off the road for one year. The design improvement focuses on three areas – • the anti-fouling • the stern area • and the main engine The anti-fouling is a low friction type which reduces the energy needed to propel the vessel through the water. In front of the propeller flipper and pre-swirl stator fins are fitted; improving the flow of water into the propeller. The rudder design is improved and the bow thruster is eliminated. The main engine is a de-rated electronically controlled engine which further reduces the overall consumption. The vessel has achieved highest grade A in the Rightship GHG Emissions A-G rating system. This shows Gearbulk continued commitment to providing its customers with a sustainable means of transporting their cargoes whilst ensuring that our impact on the environment is minimised.

44


45


46


Our Responsibility | Gearbulk and the Sustainable Shipping Initiative

Gearbulk and the Sustainable Shipping Initiative Gearbulk is a founding member of the Sustainable Shipping Initiative (SSI) which brings together some of the biggest companies in the maritime sector with the aim of creating a sustainable and successful shipping industry by 2040. It was founded in 2010. During 2014 the SSI work groups continued to work on initiatives to ensure a sustainable future. These included: • The Horizon-Scanning Futures group, Blue Skies, analysing new and emerging trend across shipping and sustainability • The Customer Engagement group explored how transformational change can be driven through the value chain and how customers are raising the bar for the entire shipping industry • The Sustainable Ship Recycling group focussed on the social aspect of ship recycling The Step Change in Technology group looked at various solutions and case studies to drive the uptake of green technology in line with the 2040 Vision. Gearbulk has seen through the various initiatives of the SSI the importance of being an integral member of the sustainable shipping industry. We recognise that this is also important to our customers. SSI has commented “Charterers will play an increasingly significant role in defining how the shipping industry integrates sustainability into strategy and operations. Demonstrating how shipping can strengthen, not compromise, their customers supply chains is a powerful commercial tool and drives home the business imperative for carriers to embrace sustainable practices. By doing so, the industry as a whole can raise the game.” Gearbulk signed up to the SSI “Shared Commitments” initiative, these shared commitments aim to create greater clarity and momentum needed across the industry if we are to achieve its vision of a truly sustainable industry by 2040. By signing up to the commitments, Gearbulk has agreed to: • Publicly report on sustainability • Have a sustainability strategy that links to its core business • Set clear targets for environmental issues that are most material to their activities (as per their impacts and an agreed list) • Deliver a positive impact on people and society These joint pledges set a baseline for sustainable practices throughout the SSI and will galvanise the individual efforts of participating companies.

47


Our Responsibility | The Environment

• Voyage and schedule planning – speed optimisation

• Broadband satellite system for performance data transfer

• New weather routing provider for all vessels • Adaptive autopilots • Trim optimisation • Advanced fuel consumption and engine performance monitoring systems

• Propeller boss cap fins, flipper fins, rudder bulbs and preswirl stator fins to reduce energy losses • Regular propeller polishing to maintain optimum efficiency, also for our long term chartered fleet • Additional air seal fitted to propeller shaft to minimise oil pollution risk

• De-rated main engines allowing improved propeller optimisation • Electronically controlled engines for better combustion control and smokeless exhaust • Engine retrofit equipment for older vessels to optimise slow speed steaming

• Inventory of Hazardous Material (IHM) to facilitate responsible ship recycling • Responsible recycling of phased out vessels • Dedicated hold washing tanks fitted to improve disposal options and reduce pollution risk

48


• Fuel performance department for vessel performance analysis • Comprehensive fleet replacement programme • Larger vessels giving economies of scale

• Better hull design optimising cargo capacity and energy efficiency • Seaworthy bow (Oshima Shipyard) reduces 5% energy for same speed in heavy weather

• World first trial of Jotun Seaquantum XP200 high performance anti-fouling paint system on Penguin Arrow • Comprehensive maintenance regime in dry dock to restore hull's smooth surface profile • Ballast Water Treatment system to prevent transport of marine species to other locations • Voluntary Bio-fouling Management Plan for all Gearbulk managed vessels to minimise transport of marine species in water-immersed locations other than the ballast tanks

49


Our History

Our History In 1968, Norway's Kristian Gerhard Jebsen established Gearbulk with three partners: S.A. Louis Dreyfus & Cie of France, its British subsidiary, Buries Markes Ltd and A/S J. Mowinckels Rederi, also of Norway. It has now evolved into the world’s largest fleet of open hatch gantry crane and semi-open jib crane vessels and still works to the same high standards, setting the benchmark for worldwide ocean transportation services, especially for unitised cargoes, that are competitive, innovative and add value for the customer.

Timeline 1968 G  earbulk established. 1969 Delivery of first two of Gearbulk’s 1st Generation newbuildings, Alain LD and Robert LD from Chantiers de l'Atlantique shipyard.

1974 Delivery of first of 12 2nd Generation OHGC, Kiwi Arrow from Mitsui Shipbuilding & Engineering Co. Ltd, Osaka.

1977 The first of nine floating cement processing terminals comes into operation. By 1982 they were handling 8.5 million tonnes per year, mainly in the Middle East.

1977 Delivery of first of 16 3rd Generation OHGC, Falcon Arrow from Mitsui Shipbuilding & Engineering Co. Ltd, Chiba.

1984 Delivery of first 4th Generation OHGC, Heina, from Sanoyasu, Mizushima.

1987  After 10 years in operation and having processed 45 million tonnes, declining demand for cement prompts Gearbulk to diversify its floating terminal operations to fertiliser, grain, rice and metal concentrates.

1991 The company is incorporated in Bermuda as Gearbulk Holding Ltd. The Kristian Gerhard Jebsen family acquires its partners' vessels and shares. Mitsui O.S.K.

50

Lines takes a 25% share of the restructured Gearbulk, and then increases its share to 40%.

1991 Delivery of first of three TEFC, Grouse Arrow, from Mitsui Shipbuilding & Engineering Co. Ltd, Tamano.

1992 Gearbulk diversifies into shore terminals. The first of several terminals is established in a joint venture in Sinor Terminal, Port of Tianjin.

1994 Gearbulk enters the liquid pitch business with Alouette Arrow on the North West Europe to St. Lawrence trade.

1995 Gearbulk receives its first certification to the IS0 9002 quality standard.

1996 Delivery of first of five Fleximax, Pine Arrow, from Stocznia Gdansk Shipyard.

1997  Delivery of first of nine 5th Generation OHGC, Toucan Arrow from Dalian New Shipyard.

1998 Rhone is the first Gearbulk vessel to have retrofit hold tanks fitted to carry frozen concentrated orange juice.

2009 Mitsui O.S.K. Lines increases its shareholding from 40% to 49%.

2009 Delivery of first of four 6th Generation OHGC, Corella Arrow from Oshima Shipbuilding Co. Ltd.

2010 Delivery of first of eight Fleximax II, Kiwi Arrow from Oshima Shipbuilding Co. Ltd.

2010  The Jebsen family restructures ownership of its business interests and Kristian Jebsen takes control of the family shares in Gearbulk.

2011 Gearbulk Norway AS established to assume technical management of the Gearbulk owned fleet. Gearbulk receives its first certification to the ISO 14001 environmental standard.

2012 G  earbulk office established in Manila. Delivery of the first of four Fleximax III, Raven Arrow from Mitsui Shipbuilding & Engineering Co. Ltd, Chiba.

2013  Delivery of the first of four Fleximax III, Japin Arrow from Oshima Shipbuilding Co. Ltd.

2014  Fleet gain ISO14001 environmental certification.Delivery of ten ships in total; three Fleximax III (Macaw Arrow, Tanchou Arrow and Sisken Arrow), one Flex II ECO (Lawin Arrow), three OSY56 (Matsu Arrow, Buna Arrow and Biwa Arrow), two NACKS60 (Acer Arrow and Betula Arrow) and one conventional bulk carrier (Bulk Aquila).


Our Fleet

Our Fleet Gearbulk Managed Fleet at December 2014 Vessel

Type

Year Built

Dwt

Macaw Arrow

Fleximax

2014

73,296

Tanchou Arrow

Fleximax

2014

73,296

Lawin Arrow

Fleximax

2014

62,841

Kingbird Arrow

Liquid pitch

2013

19,308

Maitaca Arrow

Fleximax

2013

73,296

Petrel Arrow

Fleximax

2013

72,924

Japin Arrow

Fleximax

2013

73,296

Bluebird Arrow

Liquid pitch

2013

19,379

Tuju Arrow

OHGC

2010

72,863

Macuru Arrow

OHGC

2010

71,460

Tenca Arrow

OHGC

2009

72,863

Corella Arrow

OHGC

2009

72,863

Sunbird Arrow

Liquid Pitch

2006

15,002

Bulk Jupiter

Conventional

2006

56,009

Poplar Arrow

Fleximax

2005

47,852

Kuljak Arrow

Conventional

2003

52,408

Spruce Arrow

Fleximax

2002

47,792

Cedar Arrow

Fleximax

2001

47,818

Jaeger Arrow

TEFC

2001

23,529

Merlin Arrow

OHGC

1999

55,497

Teal Arrow

OHGC

1999

36,466

Weaver Arrow

OHGC

1998

55,402

Rakiura Maru

Liquid Pitch

1996

22,350

Canelo Arrow

Fleximax

1997

48,077

Emu Arrow

OHGC

1997

55,457

51


Our Fleet

Gearbulk Managed Fleet at December 2014 Vessel

Type

Year Built

Dwt

Grebe Arrow

OHGC

1997

55,671

Kite Arrow

OHGC

1997

55,531

Penguin Arrow

OHGC

1997

55,506

Plover Arrow

OHGC

1997

55,459

Rathboyne

Liquid Pitch

1997

6,649

Mandarin Arrow

OHGC

1996

55,770

Pine Arrow

Fleximax

1996

48,041

Toucan Arrow

OHGC

1992

55,918

Mozu Arrow

TEFC

1992

42,276

Swift Arrow

TEFC

1992

42,276

Aracari Arrow

OHGC

1992

46,956

Quetzal Arrow

OHGC

1992

46,908

Jacamar Arrow

OHGC

1992

46,998

Grouse Arrow

TEFC

1991

42,267

Swan Arrow

OHGC

1987

45,206

Tsuru Arrow

OHGC

1987

45,206

Tinamou Arrow

OHGC

1987

45,252

Cotinga Arrow

OHGC

1987

45,295

Ibis Arrow

OHGC

1986

42,977

Falcon Arrow

OHGC

1986

45,295

Harefield

OHGC

1985

41,651

Hawk Arrow

OHGC

1985

40,269

Kumul Arrow

OHGC

1985

42,851

52


Our Fleet

Vessels Held Under Long-term Time Charter Vessel

Type

Year Built

Dwt

Acer Arrow

Semi-open hatch

2014

61,066

Betula Arrow

Semi-open hatch

2014

61,007

Siskin Arrow

Fleximax

2014

72,871

Bulk Aquila

Conventional

2014

66,613

Matsu Arrow

Semi-open hatch

2014

55,975

Buna Arrow

Semi-open hatch

2014

55,976

Biwa Arrow

Semi-open hatch

2014

55,978

Finch Arrow

Fleximax

2013

72,871

Raven Arrow

Fleximax

2012

72,871

Pipit Arrow

Fleximax

2012

62,980

Condor Arrow

Fleximax

2012

62,980

Bulk Orion

Conventional

2011

56,155

Puffin Arrow

Fleximax

2011

62,967

Eagle Arrow

Fleximax

2011

61,860

Nandu Arrow

Fleximax

2011

61,860

Pelican Arrow

Fleximax

2011

62,942

Toki Arrow

Fleximax

2010

62,942

Kiwi Arrow

Fleximax

2010

62,924

Momi Arrow

Semi-open hatch

2009

54,204

Megah Delapan

Tweendecker

2009

12,160

Megah Enam

Tweendecker

2009

12,171

Bulk Titan

Conventional

2009

58,090

Bulk Pegasus

Conventional

2009

58,736

Bulk Neptune

Conventional

2009

55,657

Kashi Arrow

Semi-open hatch

2009

54,204

Bulk Leo

Conventional

2008

55,679

Tawa Arrow

Semi-open hatch

2008

54,276

53


Appendix | Register of Environmental Aspects

Appendix Register of Environmental Aspects All aspects of the business are considered in the process and these environmental aspects are continually reviewed to ensure they are still relevant. The Aspect Register lists compliance and beyond compliance aspects separately to concentrate our focus on reducing the environmental impact in these critical areas. Aspect

Target 2014

Actual 2014

Status

Target 2015

Vessel Management Emissions to air

Progress towards 2015 target

CO2 index - 16.22% reduction in 2014 compared to 2010

Achieve 20% reduction in our CO2 index against 2010 base figure by end of 2015

Pollution Prevention

No oil or cargo spills to water

No oil spills

Zero spills

Progress towards 2014 target

99% re-employment of web slings

1. Re-employ by recycling 100% of all withdrawn web slings by end of 2014

Equipment Disposal of re-usable slings

2.Complete review of all other recycling options of other types of slings. Investigate ultimate environmental disposal of withdrawn dunbar* Cargo Handling Dunnage use in stow disposal of

Progress towards 2014 target

Target achieved

54

Work in progress

92% of dunnage either recycled or reused

90% of all Gearbulk Dunnage is recycled or reused by end of 2014. Investigate ultimate environmental disposal of recycled dunnage


Appendix | Register of Environmental Aspects

Aspect

Target 2014

Actual 2014

Status

Target 2015

General Office Use Office Energy Use

Reduce gross office electrical consumption by 5% per head per annum

4.99% reduction

Reduce gross office electrical consumption by 5% per annum per head

Use of Paper

5% reduction in paper consumption per head and increase percentage of paper recycled

0.84% reduction

Reduce paper consumption 5% reduction per head per annum

Publication of Supplier Code of Conduct and distribution to all suppliers

Supplier Code of Conduct completed and approved

1. Publication of Supplier Code of Conduct and distribution to all suppliers

Purchasing Contract Management of Core Suppliers

Target achieved

2. Engage with stakeholders to investigate synergies and areas of joint cooperation with target of reducing environmental impact

Work in progress

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Appendix | Register of Environmental Aspects

Compliance

Aspect

Target 2014

Actual 2014

Status

Target 2015

Vessel Management Disposal of Vessels

100% compliance with environmental legislation and Gearbulk policies and procedures

Compliant

100% compliance with environmental legislation and Gearbulk policies and procedures

Garbage Disposal

100% compliance with environmental legislation

Compliant

100% compliance with environmental legislation

Dunnage use in stow – disposal of

100% compliance with environmental legislation

Compliant

100% compliance with environmental legislation

Plastic Use in Stow – disposal of

100% compliance with environmental legislation

Compliant

100% compliance with environmental legislation

Deck Cargo Loss

No deck loss

No loss of cargo overboard

No deck loss

Disposal of Polypropylene Airbags

Ensure disposal as per environmental legislation

Compliant

Ensure disposal as per environmental legislation

Cargo Handling

General Office Use Equipment Disposal

Minimise scrapping of serviceable equipment – year on year, to re-use or recycle wherever possible

Minimum scrapped

Minimise scrapping of serviceable equipment – year on year, to re-use or recycle wherever possible

Waste Disposal

Ensure contractors compliant with all local legislation

Compliant

Ensure contractors compliant with all local legislation

Target achieved

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Work in progress


Appendix | Register of Environmental Aspects

Compliance

Aspect

Target 2014

Actual 2014

Status

Target 2015

Bunker Type Policy

100% compliance with environmental legislation

Compliant

100% compliance with environmental legislation

Management of Bunker Suppliers

Ensure all Bunker Suppliers remain compliant with Gearbulk's Environmental policies

All suppliers compliant

Use environmental management of supplier as part of procurement process

Analysis of Bunkers for Time Charter Vessels

100% compliance with environmental legislation

Compliant

100% compliance with environmental legislation

Complete review of potential offset programmes by end of 1st quarter 2012 Establish bennchmark

Baseline completed Offset options reviewed

Continual monitoring

Purchasing

Travel 6.2 Business Travel

Promote use of alternative Target achieved

Work in progress

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Appendix | GRI Indicators

GRI Indicator Reporting scope The reporting period is from 1 January 2014 to 31 December 2014 and includes information on activities for which Gearbulk has financial control. As all time chartered vessels are subject to daily reporting formats similar to our owned vessels, emissions data contained in this report also includes these vessels when employed on Gearbulk trades, unless specifically stated otherwise. Sustainability reports are published annually, the previous one being 2013. Strategy and analysis 1.1

Statement from the most senior decision maker............................................................................. 5

Organisational profile 2.1

Name of organisation................................................................................................................ 8

2.2

Primary brands, products and/or services....................................................................... 11-12, 14-15

2.3

Operational structure of the organisation...................................................................................... 8

2.4

Locations of organisation’s headquarters..................................................................................... 14

2.5

Countries where the organisation operates.............................................................................. 14-15

2.6

Nature of ownership and legal form........................................................................................... 50

2.7

Markets served.......................................................................................................... 11-12, 14-15

2.8

Scale of the reporting organisation........................................................................................ 16, 18

2.9

Significant changes in structure, size or ownership........................................................................ NA

2.10 Awards received in the reporting period...................................................................................... NA Report parameters 3.1

Reporting period.................................................................................................................... 58

3.2

Date of most previous report (if any).......................................................................................... 58

3.3

Reporting cycle (annual, bi-annual etc)....................................................................................... 58

3.4

Contact point for questions regarding the report or its content. . ...................................................... 64

3.5

Process for defining report content............................................................................................ 58

3.6

Boundary of the report (e.g., countries, divisions, subsidiaries etc)................................................... 58

3.7

Limitations on the scope of boundary of the report....................................................................... NA

3.8

Basis for reporting on joint ventures, subsidiaries etc..................................................................... 58

3.10 Effect of any re-instatements of information................................................................................ NA

58


Appendix | GRI Indicators

3.11

Changes in the scope, boundary, or measurement methods............................................................ NA

3.12

GRI Index table.................................................................................................................. 58-61

3.13

External assurance for the report............................................................................................... NA

Governance, commitments and engagement 4.1

Governance structure of the organisation................................................................................... 8-9

4.2

Whether the Chair or the highest governing body is also an executive officer....................................... 8

4.3 For unitary board structure, state the number of members of the highest governance body that are independent and/or non executive members.............................................. 8 4.4 Mechanisms for shareholders and employees to provide recommendations or direction to the highest governance body................................................................................ NA 4.14 List of stakeholder groups engaged by the organisation................................................................. NA 4.15 Basis for identification and selection of stakeholders with whom to engage....................................... NA Economic Performance indicators Management approach EC1

Direct economics value generated and distributed........................................................................ NA

EC2 Financial implications and other risks and opportunities due to climate change.................................. NA EC3 Coverage of the organisation’s defined benefit plan obligations....................................................... NA EC4 Significant financial assistance received from government.............................................................. NA EC6 Spending on locally based suppliers at significant locations of operation........................................... NA EC7 Procedures for local hiring proportion of senior management.......................................................... NA EC8 Infrastructure investments and services provided primarily for public benefit................................ 28-29 Environmental Performance indicators Management approach EN1

Materials used by weight or volume........................................................................................... NA

EN2 Percentage of materials used that are recycled input materials............................................. 36, 54-55 EN3 Direct energy consumption by primary energy source.. .................................................................. NA EN4 Indirect energy consumption by primary source........................................................................... NA EN5 Energy saved due to conservation and energy improvements..................................................... 48-49 EN8 Total water withdrawal by source............................................................................................... NA

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Appendix | GRI Indicators

GRI Indicators, continued N11

Location and size of land in area of high biodiversity value outside protected areas............................. NA

EN12 Impacts on biodiversity in protected areas and areas of high biodiversity.......................................... NA EN16 Total direct and indirect gas emissions by weight........................................................................... 33 EN17 Other relevant indirect greenhouse gas emissions by weight........................................................... NA EN18 Initiatives to reduce greenhouse gas emissions and reductions achieved....................................... 48-49 EN19 Emissions of ozone-depleting substances by weight. . .................................................................... NA EN20 NOx, SOx and other significant air emissions by type and weight..................................................... NA EN21 Total water discharged by quality and destination......................................................................... NA EN22 Total weight of waste by type and disposal method....................................................................... NA EN23 Total number and volume of significant spills............................................................................ 6, 35 EN26 Environmental impacts of products and services and extent of impact mitigation................................ NA EN27 Percentage of products sold and their packaging materials that are reclaimed by category................... NA EN28 Significant fines and sanctions for non-compliance with environmental laws and regulations.............. None Social Performance indicators Labour practices and decent work Management approach LA1

Total workforce by employment type, employment contract and region......................................... 18-21

LA2 Employee turnover by age group, gender and region. . ................................................................... NA LA4 Percentage of employees covered by collective bargaining agreements............................................ NA LA5 Minimum notice period(s) regarding operational changed.............................................................. NA LA6 Formal joint management-worker health and safety committees...................................................... NA LA7 Injuries, occupational diseases, lost days, absenteeism and work related fatalities................................. 22 LA8 Education, training, prevention and risk controlled programmes in place regarding serious diseases....... NA LA9 Health and safety topics covered in formal agreements with trade unions.......................................... NA LA10 Average hours of training each year per employee by employee category.......................................... NA LA13 Diversity within governance bodies and employee categories.......................................................... NA LA14 Ratio of basic salary of men to women by employee category......................................................... NA

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Appendix | GRI Indicators

Mobile worker working pattern LT9 Description of policies and programmes to determine working house and rest hours, rest facilities and leave for seafarers............................................................................ NA LT10 Approaches to provision of facilities to enable mobile workers to maintain personal communications while working..................................................................................... NA Ship safety inspections LT13 List the accidents when ships have been detained by port inspectors................................................. 22 Use of labour providers Describe how these criteria relate to existing international standards such as conventions to the ILO...................* * See Gearbulk Supplier Code of Conduct at www.gearbulk.com Continuity of employment LT17 Describe measures in place to provide income security and employment continuity from workers employed/contracted repeatedly but not continuously................................................ NA Human rights Management approach HR1 Human rights clauses or screening related to investment agreements.................................................10 HR2 Screening of suppliers...............................................................................................................10 HR4 Total number of discrimination and actions taken........................................................................ None HR5 Freedom of association and collective bargainin............................................................................. ** HR6 Child labour and measures taken to contribute to the elimination of child labour................................... ** HR7 Forced or compulsory labour...................................................................................................... ** ** See Gearbulk Supplier Code of Conduct at www.gearbulk.com Society Management approach SO1 Impacts of operation on communities, including entering, operating and exiting................................. NA SO2 Percentage and total number of business unit analysed for risks related to corruption.......................... NA SO3 Percentage of employees trained in organisation’s anti-corruption policies and procedures.....................10 SO4 Actions taken in response to incidents of corruption.................................................................... None SO5 Public policy positions and participation in public policy development and lobbying............................ NA SO7 Legal action for anti-competitive behaviour, anti-trust and monopoly practices.................................. NA SO8 Fines and non monetary sanctions for non-compliance with laws and regulations............................. None

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Appendix | Glossary

Glossary Biofouling

The accumulation of plant and animal organisms on wetted surfaces.

CBT

Computer based training.

COA Contract of Affreightment, a contract requiring the carriage of a determined quantity of a specified cargo over a given period of time. CO2 Carbon Dioxide – major Greenhouse gas. An atmospheric increase of 35% since pre-industrial levels has been attributed to burning of fossil fuels and deforestation, causing global warming. This increased level is also responsible for increased acidification of the oceans. Dunnage

Material used to support and secure cargo during transportation.

COA Contract of Affreightment, a contract requiring the carriage of a determined quantity of a specified cargo over a given period of time. CO2 Carbon Dioxide – major Greenhouse gas. An atmospheric increase of 35% since pre-industrial levels has been attributed to burning of fossil fuels and deforestation, causing global warming. This increased level is also responsible for increased acidification of the oceans. Dunnage

Material used to support and secure cargo during transportation.

DWT Deadweight tonnage is a measure of the sum of the weights a vessel can carry including cargo, fuel, ballast, fresh water and stores. ECA Emission Control Area, areas with more stringent regulation of emissions such as SOx and NOx for environmental and/or human health issues. EEDI

Energy Efficiency Design Index.

Fleximax Vessels with open hatch, box shaped holds but having fixed jib cranes rather than travelling gantry cranes. This gives rise to small overhangs on four hold bulkheads incorporating the crane support structure. GHG Greenhouse Gases, generic name for a range of gases which absorb and reflect thermal radiation back to the earth’s surface which would otherwise have escaped into space, thus leading to global warming. GLT

Gearbulk Leadership Team.

GRI Global Reporting Initiative is a non-profit organisation promoting sustainability and which produces one of the world’s most widely used standards for sustainability reporting. IHM

Inventory of Hazardous Materials.

IMO International Maritime Organisation, United Nations agency responsible for the safety and security of shipping and the prevention of pollution from ships. ISO

International Organisation for Standardisation.

LNG

Liquid natural gas.

LRQA Lloyd’s Register Quality Assurance, a provider of management system certification, verification and training.

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Appendix | Glossary

LTIF Lost Time Injury Frequency, the number of Lost Time Injuries per million man-hours worked during the reporting period. MACN Maritime Anti-Corruption Network, a global network promoting good practice in the maritime industry by tackling bribes, facilitation payments and other forms of corruption. MARPOL Abbreviation for marine pollution and refers to IMO’s International Convention for the Prevention of Pollution from Ships which covers pollution caused by oil, noxious liquids in bulk, pollutants carried in packaged form, sewage, garbage and air pollution. Mt

Metric tonnes.

NOx Generic term for nitric oxides and nitrogen dioxide formed during the combustion process. Forms acid rain and destroys the earth’s protective ozone layer. Inhalation can cause or worsen respiratory diseases such as bronchitis, emphysema and aggravate heart disease. NGOs Non-Government Organisation, an organisation which operates independently from any form of government and is not a conventional for-profit business. OHGC

Open Hatch Gantry Crane.

OHJC

Open Hatch Jib Crane.

PSC Port State Control, the inspection of foreign ships in national ports to verify 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. SEEMP Ship Energy Efficiency Management Plan, a tool which incorporates best practices and continual improvement for the energy efficient operation of a vessel. Introduced by IMO. Semi-open Vessels with hatch openings slightly smaller than the cargo hold, causing minor overhangs. SOx Sulphur oxides, broad term referring to a range of sulphur and oxygen containing compounds which can be generated naturally (volcanoes) and from man made sources such as burning of fossil fuels. SSI Sustainable Shipping Initiative, a four stage initiative comprising leading industry companies and NGOs designed to help the industry change to a more sustainable, successful long term future. SSG Sustainability Steering Group, a group wide initiative within Gearbulk developing and implementing the company’s sustainability strategy. STCW Standards of Training, Certification and Watchkeeping. The IMO Convention for STCW prescribes minimum standards relating to training, certification and watchkeeping for seafarers. Supramax

Bulk carrier in 50,000 to 60,000 dwt range.

TEFC

Totally Enclosed Forestry Carrier.

Tweendecker Vessel which has its holds divided by a ‘tween’ deck which creates upper and lower holds.

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Feeback and Contact Details

We Welcome Your Feedback If you have any comments, questions or suggestions about this report, please contact: Lydia Helle Fleet Performance Analyst Gearbulk Pool Ltd Damsg책rdsveien 165 N-5160 Laksev책g, Bergen Norway E-mail: lhe@gearbulk.com

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Notes

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Notes

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www.gearbulk.com

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Gearbulk Sustainability Report 2014 Online  
Gearbulk Sustainability Report 2014 Online  
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