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Sustainability Report 2015

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


Our Vision | Our Mission

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.

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

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

Our Values • 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

• Clear and consistent leadership whilst engaging our employees • Transparency and improving our economic, environmental and social contribution • 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

Our Governance

8

Responsible Business Practice

10

Cargo

12

Service network, terminals and offices

14

Fleet development program

16

Our People

18

Full (S)Team Ahead

18

Training and development

19

Safety

24

Give back

28

Kristian Gerhard Jebsen Foundation

30

Our Responsibility

32

Greenhouse gas emissions

32

Update on Gearbulk’s Environment Management System (ISO14001)

38

Reduce, Reuse, Recycle

42

Our History 44 Timeline

44

Appendix

46

Register of Environmental Aspects

46

GRI Indicator

50

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Message From Our Chairman, Kristian Jebsen

Message From Our Chairman, Kristian Jebsen Dear Reader, We are pleased to present our Sustainability report for 2015. On 2 January 2015 Gearbulk suffered the worst disaster in the company’s history when Bulk Jupiter capsized and sank off the coast of Vietnam with the loss of 18 of our 19 colleagues on board. It has been an emotionally distressing time and our thoughts and prayers are with the families and friends of the Bulk Jupiter crew. Following this tragic event, Gearbulk has been working on reducing the operational hazards associated with carrying certain types of cargo and will continue to do so. Given that the current global market in which we operate is extremely challenging, business proved to be ever more demanding in 2015. In spite of this, there is no doubt that our commitment to sustainability is unchanged. It is a continued priority for Gearbulk to take a role in finding solutions to reduce our environmental impact while growing our business. In recent years, we have invested heavily in a renewal program to modernise our fleet. This is supplemented by regularly evaluating how existing vessels can be further technologically optimised as well as promoting awareness of environmental protection, energy conservation and waste reduction. Our combined efforts resulted in an 18.2 % reduction in carbon emissions in 2015 in comparison to our levels in 2010. Geabulk’s most precious asset is its employees and we are always striving to embed a strong safety culture and we view safety as a core element of our operations. The safety campaigns launched in 2013 and in 2014 were a success and in 2015 we took this a step further by introducing a weekly Safety Area inspection procedure. Since its initiation, the weekly tour of the vessels has improved safety onboard, near miss reporting and Port State Control performance results. We are determined to ensure that no operation on board our vessels compromises safety in any way. Giving back to society and the communities is part of our sustainability strategy and we encourage all Gearbulk employees to do so. During the year company staff participated in a number of fundraising activities for many worthwhile charities which includes cancer charities, Red Cross and hospices. After the Bulk Jupiter disaster and together with the Kristian Gerhard Jebsen Foundation, we established a scholarship fund to provide the education for the children who lost their fathers in this tragic event. I hope that this report will give you an insight into what Gearbulk is doing to contribute to a more sustainable future. Enjoy your read. Kristian Jebsen

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Our Vision | Leading from within - Our people drive our sustainability vision

Leading from within – Our people drive our sustainability vision Gearbulk is committed to maintaining its position as a leader in sustainability; we understand its importance to our people and our business partners, in particular through the challenging times currently faced by global shipping.

• The continued development of our social contribution and Sustainability awareness throughout the Gearbulk Family and beyond, including partnering with our customers and suppliers on key projects

Our sustainability direction and development is managed by the Sustainability Steering Group (SSG). The group comprises employees from our offices worldwide and across all disciplines, all with a common desire to drive our Sustainability vision and agenda forward.

• Planning for the future by ensuring we have robust and practical plans for staff development and retention with sound succession planning

The SSG has recently concluded a review and update of our Sustainability Strategic Action Plan which sets out our key focus areas, these are summarised as follows;

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• Promoting and supporting Health and Wellbeing programs for all our people • Improving our resource awareness at all levels, ensuring a unified approach to resource management and the understanding of its impacts • To responsibly manage all types of emissions, through awareness campaigns and improved targets and measurements


Our Vision | Performance highlights

Performance Highlights

3030 2020

20 085

1010 3030 2013 2012 2012 2013

Female 37%

Training days 2014 2014

Male 63%

2015 2015

No loss reports per vessel per year

Training days completed by our sea and shore staff in 2015

18.2% 18.2% reduction in CO2 emissions compared to 2010 level

Gender split ashore

7 2 oil spills (Including the Bulk Jupiter accident)

Safety campaigns carried through in 2015

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Our Governance

Our Governance Strong and consistent corporate governance is required to realise our Vision, Mission and Values.

Board of Directors

Vision, Mission and Values

Audit Commitee

Gearbulk Leadership Team

Board of Directors The Gearbulk Group (of which Gearbulk Holding AG 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 Board presently includes: Name

Position

Kristian Jebsen

President

Hans Olav Lindal

Director

Hans Petter Aas

Director

Kenichi Nagata

Director

Yoshiro Kubo

Director

Board of Directors 2015

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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 Gearbulk Leadership Team guides implementation of strategies developed and approved by the Board and coordinates group activities.

integral to all organisational processes, including strategic planning, project and change management. Risk reviews are performed as and when 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.

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

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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 to all stakeholders, including employees and suppliers, on how we uphold responsible business practices. These include:

Anti-Bribery and Corruption (ABC) As a member of the Maritime Anti-corruption Network (MACN), Gearbulk collaborates with those who share its vision to promote ethics and compliance with anti-corruption laws to eliminate corrupt practices within the industry. The Anti-Bribery and Corruption and Gearbulk Code of Business Ethics and Supplier Code of Conduct mandatory training modules adhere closely to the Gearbulk values of integrity and responsibility. In 2015 the vessels have been equipped with an Anti‑Corruption poster, assisting the Master in resisting demands from port officials, surveyors or others for payments, goods or any other thing of value which can be construed as a bribe under the applicable legislations.

Global Anti-Trust Policy

"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. Anti-trust laws are designed to: • Guarantee free and open competition in a free market economy; and • Prohibit anti-competitive behaviour from either individuals acting alone or multiple players acting together.

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Our Governance | Responsible Business Practice

Osprey Arrow passing through Suez canal

Code of Business Ethics

Supplier Code of Conduct

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.

The Gearbulk group of companies has strong values and is committed to working ethically, with integrity and always lawfully wherever we operate and with everyone we do business with. 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 further information and links to policies go to: http://www.gearbulk.com/sustainability/sustainability-governance/responsible-business-practice/

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Our Governance | Cargo

Cargo Gearbulk primarily transports unitised cargoes, including forest products such as woodpulp, lumber, plywood, paper and board as well as aluminium, steel and pipes, and bagged products. These are semi-finished products, often of high value and delicate to handle and transport. We have specialised vessels and equipment as well as experienced staff at sea and ashore to provide a high level of cargo care during handling and transportation. Gearbulk also carries bulk cargoes such as soda ash, fertilisers and alumina, various project cargoes plus liquid cargoes which require temperature control - either under high heat or specific conditions.

Gearbulk Cargoes 2015 Bulk (dry and liquid)

43%

Aluminium

8%

Woodpulp

33%

Other unitised products

4%

Steels and Pipes

10%

Other forest products

2%

Customers and Contracts Gearbulk is an industrial carrier with focus on providing ocean transportation services to the primary industries, connecting them with their end markets. Many of our customers require regular and secure transportation services, often under Contract of Affreightments (COAs). Gearbulk has succeeded in building long‑term relationships with many of its customers and several of them have been relying on our services for over 20 years. In 2015, approximately 69% of our total volume was carried under COAs. Gearbulk also provides service to customers seeking to ship on a spot basis.

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ATI, Port Manatee

Our Governance | Service Network, Terminals and Offices

Service Network, Terminals and Offices

NST Terminais e Ber Logistica SA, San Santiago

London

P Bermuda ATI, Lake Charles

ATI, Pascagoula Tampa

Talcahuano

ATI, Port Manatee

NST Terminais e Logistica SA, Santos Santiago

Talcahuano

Gearbulk Offices Gearbulk Terminals

14

Buenos Aires

Rio de Janeiro

Buenos Air


Our Governance | Service Network, Terminals and Offices

rgen

Metal Terminals International (MTI), Antwerp

Pfäffikon, Switzerland

Tokyo Shanghai Dubai

Manila Singapore

Melbourne

Gearbulk has a wide-reaching service network, in particular in the North/South trade-lanes. Interchangeability across the entire fleet enables us to adapt cargoes and to service frequencies and timings to suit the needs of our customers.

The size of our fleet and the knowledge and experience of our people at sea and in our global network of offices gives us a competitive edge. Gearbulk owns, or has interests in, certain terminal operations which handle, store and distribute cargoes to final destinations.

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Our Governance | Fleet Development Program

Fleet Development Program During the year we continued our extensive fleet renewal programme, introducing highly capacity and high efficiency vessels from long established and reputable ship yards. In 2015 Gearbulk received a total of eight vessels and a brief summary of these is listed in the table. As part of the fleet renewal programme, there are still three remaining vessels expected for delivery in 2016-2017.

Vessel

Type

Dwt

Yard

Bulk Castor

Conventional

66,000

Mitsui Engineering and Shipbuilding Company Limited

Osprey Arrow

Fleximax II ECO

62,841

Oshima Shipbuilding Company Limited

Cypress Arrow

Semi-open Hatch

61,066

Nantong Cosco KHI Ship Engineering Company Limited

Ginkgo Arrow

Semi-open Hatch

61,066

Nantong Cosco KHI Ship Engineering Company Limited

Misago Arrow

Fleximax II ECO

62,841

Oshima Shipbuilding Company Limited

Bulk Draco

Conventional

66,000

Mitsui Engineering and Shipbuilding Company Limited

Avocet Arrow

Fleximax II ECO

62,841

Oshima Shipbuilding Company Limited

Bulk Electra

Conventional

66,000

Mitsui Engineering and Shipbuilding Company Limited

Vessels delivered in 2015

The Estimated Index Value (EIV) described in MEPC 65/22 Annex 14 is used to evaluate the energy efficiency of new vessels. By calculating EIV for all vessel series’ in our fleet, we observe that the latest series of vessels are much more fuel efficient than vessels delivered in the 1980s and 1990s. In fact, we have seen a reduction of 25% [in EIV] since the vessels delivered back in the 80s; or 40% compared with the vessels from the 90s. Therefore, our current vessels are more fuel efficient and environmentally friendly than ever before.

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120 110 100 90 80 70 60 1985

1999

2015

Historical development of the EIV index in Gearbulk Fleet


Our Governance | Fleet Development Program

Vessel Recycling Gearbulk believes owners have a social and environmental responsibility to ensure the vessel ends its days in a recycling facility which has high standards of health, safety and environmental management. To this end, the sale contract stipulates the facility to be used and requires that facility to have in place comprehensive management processes to minimise the risk to workers and the environment. Any facility used will have been 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 on-board 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 facility. 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 2015.

Sea trial Misago Arrow

For further information regarding our fleet, please visit: http://www.gearbulk.com/ships-equipment/ships/

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Our People | Full (S)Team Ahead

Our People Our employees are our most valued asset at Gearbulk. Throughout a year of continued organisational restructuring we maintained a focus on upholding our collaborative working culture.

Full (S)Team Ahead Gearbulk’s commitment to fostering an inclusive working environment inspired the launch of a new collaborative internal venture, Full (S)Team Ahead, in late 2015. The focus here is Gearbulk as a sustainable business in the widest sense; seeking proactively to enhance our strengths and to recognise and seek improvement in areas considered to be ‘weaker’, in order to help navigate Gearbulk’s long term future. Our Chairman, Kristian Jebsen, called on the collective wisdom and shipping passion of the dedicated Gearbulk family to answer the fundamental questions as to the ways in which Gearbulk should adapt to the changing climate around us. The co-created result is a set of actions that focuses on adding value along the lines of increased efficiency, productivity and customer experience.

Female 37% Male

63%

Gender split ashore

Less than 10 years 25% More than 10 years 75% Length of service ashore. Average tenure is 10 years

3-day workshop in the Swiss mountains

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Our People | Training and Development

Training and Development Continuous learning is key to the development of any organisation and the individual. Gearbulk recognises this and allocates considerable resources to improve the working skills and knowledge of our staff, to enable us to meet our business objectives and provide opportunities for career development.

Our Shore Staff In 2015, our shore staff participated in a total of 938 training days and it is clear that by collaborating across our Global network, our training and development efforts continue to add value to the careers of our people. In particular, our graduates successfully completed their international placements, gaining valuable insight into all areas of the organisation. Team building sessions were also introduced in our offices in Rio and Manila. Training on our new Business Management Processes and Voyage Management System platforms, Bizagi and Dataloy, was launched and provided to staff globally. Employee development continued in 2015 with the continuation of our international partnership with in‑house trainers Institute of Chartered Shipbrokers, provision of foreign language tuition and in‑house induction sessions. During the year Gearbulk recruited two trainees to the technical Superintendent trainee program. The program lasts for 18 months and is designed to prepare the trainee to form a part of the Gearbulk's Technical Management team. One of the trainees was assigned the technical management responsibility for a vessel just 4 months into his training period, under the supervision of a senior superintendent.

Our sea staff We strive to train beyond the requirements of the Standards of Training, Certification and Watch keeping (STCW) and Flag state requirements, with the intention to improve the individual competence and prepare our staff for promotion to the next rank. Some of the areas in which we invest additional resources include: • Bridge and engine team management.

• Cargo pre-planning.

• Specialist training.

• Navigation.

• Maritime resource management.

• Fuel management and emission control.

• Gearbulk planned maintenance and information systems.

• Ship handling.

• MAN e-engine course.

Crew retention % 2012

94

2013

96

2014

96

2015

95

All sea staff must complete and re‑take their relevant modules within a certain time frame and achieve a specified assessment score. In 2015 Gearbulk amassed a total of 19,147 training days for sea staff alone.

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Our People | Training and Development

Our cadet training programme At the end of 2014, a revised cadet training program was launched and a total of 59 new cadets started their training in 2015. The main objective of the revised training programme is to provide the cadet with a well organised and structured on-board training programme so that the cadet gains the practical training and experience required to become a qualified and skilled Gearbulk Deck Officers or Engineers. There are several vessels across the Gearbulk fleet that are currently manned with multinational crews. Based on the positive feedback from the vessels involved, Gearbulk is encouraged to consider even more vessels to be manned by multinational crews in the future.

Cadets ready to join Gearbulk vessels

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Our People | Training and Development

The newly recruited cadets have been allocated to selected vessels based on previous records of the senior officers on-board, cadets and ratings. In preparing the allocation scheme for the revised program, the following criteria were followed:

• In order to facilitate English communication training and multicultural understanding, cadets with different nationalities are to join the same vessel. • Keeping a team of either two or three deck or engineer cadets on-board the same vessel to enable them to support and challenge each other in their training process.

• Ensure a considerable amount of valuable cargo operations and maintenance experience. • The more extensive cadet training is based on the Deck/ Engine/Electrical Cadet Record books. Design of training plan, familiarisation, checking progress and signing is described in the National Training Record Book (TRB).

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Our People | Training and Development

In addition to the National TRB, the Gearbulk training department has developed company specific TRBs for each cadet rank. These give an enhanced focus on projects which are more Gearbulk specific and that require an understanding of company procedures. On-board management is fully involved in the training process and keeps the Gearbulk training department updated by sending regular reports on the progress accomplished by the cadet. The reports include the following:

• Sections / areas according to National TRB which the cadet has completed within the time frame and has been considered as "Competent". • Additional projects completed according to the Gearbulk specific TRBs. • Master and chief engineer comments on the training progress. • The on-board training is split into two periods of about six months each.

In 2016, the cadets will complete a five day seminar focusing on their first on-board period and using that experience to prepare the second period covering leadership, communication, simulator training, teamwork and cultural understanding. The efforts made from all parties involved - both on‑board and ashore - is to achieve Gearbulk's main goal to develop competent Gearbulk Officers and Engineers for the future.

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Our People | Safety

Safety

Aspect

Target

Result

Status

Lost time injury frequency

Zero

3.7

7

Number of no “incident-no loss” reports per vessel

Above 12

24.5

3

Port state control deficiency ratio

Less than 1.25

1.09

3

Average right ship rating

Above 4.5

4.6

3

3 Target achieved

7 Work in progress

Gearbulk has a dedicated focus on improving safety on our vessels, for our sea staff and shore contractors. The safety campaign carried out in 2013/2014 was a huge success for our sea staff. In 2015, Gearbulk took this a step further by converting one of the campaigns into a weekly Safety Area Inspection procedure. Since its introduction in April, this weekly tour of the vessels has improved safety on-board, near miss reporting and Port State Control performance results.

Lost Time Injury Frequency The most objective measure of the safety on-board our vessels is Lost Time Injury frequency (LTIF), see table. 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.

Year

Minor injuries

Serious injuries

Fatal injuries

Year

Minor injuries

Serious injuries

Fatal injuries

2012

1.9

6,5

0

2012

17

7

1

2013

1.1

5,1

2

2013

16

2

0

2014

0.9

2,7

0

2014

12

10

0

2015

3,7

5,7

18

2015

19

3

0

Lost time injury frequency (LTIF) and Total Recordable frequency ( TRCF)

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Stevedore injuries


Our People | Safety

In 2015 the amount of injuries increased compared to 2014; this is mainly due to the tragic loss of Bulk Jupiter but it also attributed to improved accuracy of reporting from the vessels after implementation of a new reporting system. Apart from the 18 fatalities of the  Bulk Jupiter the severity of the injuries are quite low and no disabilities were recorded.

Proactive Reporting Gearbulk has a policy of reporting near misses, also called no loss incidents. The number of No loss incident reports has continued its positive trend in 2015. The management actively promotes these reports as they are considered a leading indicator on detecting areas for improvement and actions. The weekly Safety Area Inspection and our staff becoming more familiar with the procedures and more skilled in identifying near miss incidents are contributing factors to this positive trend. These reports provide valued data for Gearbulk, enabling us to identify possible safety focus areas on board, avoiding injuries, property damages and increased performance during internal and external audits. Gearbulk also records 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 2015.

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20

10

30 2012

2013

2014

2015

Stevedores

Number of no loss reports per vessel per year

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Our People | Safety

Port State Control (PSC) PSC is the inspection of vessels while in port to verify that 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 2015 the Gearbulk managed Fleet had a total of 189 inspections with an average of 1.09 deficiencies per vessel per inspection. This result significantly superseded our target of 1.25 for the year and improved the result for 2014 from 1.30 by almost 20%.

the vessel. Class was called and the vessel was allowed to sail to the next port where spares were waiting. For all detentions, Gearbulk identifies the causes and will use the lessons learned to avoid similar situations occurring in the future.

Gearbulk had 1 detention in 2015. This was due to the unfortunate malfunction of the Oily Water Separator display during a PSC inspection, only a day after it was tested by on board staff, led to a detention of

To avoid detentions in the future, the Safety Area Inspection is particularly effective. Sea and shore staff sharing experiences is a key factor for Gearbulk to further improve our performance.

Year

Deficiency Average

% Inspections with Detentions

Number of detentions

2012

1,59

1,50%

3

2013

1,41

0,70%

1

2014

1,30

1,91%

4

2015

1,09

0,57%

1

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Our People | Safety

Rightship ratings Rightship is an independent vetting company which was 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, five 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. All 5th Generation vessels (9) were audited by Rightship in 2015 on a request from the charterers. The findings and observations were rectified and closed out with Rightship. In 2015 the average Rightship rating for the Gearbulk managed fleet was 4.60 slightly up from 2014.

Managing the threats at sea The threat of Piracy in the Gulf of Aden / Indian Ocean has remained at a low level in 2015. However, the underlying causes for piracy have not been eliminated. Gearbulk still maintained a high state of alert and security teams were employed on selected vessels on the basis of Risk Assessments of the threat level. At the end of 2015 the Indian Ocean High risk area was reduced in size but the Gearbulk vessels transiting maintain Best Management Practices (BMP4) for Anti‑Piracy. 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). This includes the following actions:

Testing of anti-piracy water guns

• Conduct a thorough risk assessment prior to each voyage through areas that are potentially exposed to piracy.

• Gearbulk Continuously liaises with relevant authorities to monitor the threat levels to provide the latest intelligence to our vessels.

• Subject to the Risk assessment for each voyage Private Armed guard companies are being provided to the vessels on some occasions, these security companies are carefully selected and comply with ISO 28000: 2015 standards.

• Gearbulk is constantly reviewing its security measures and exploring new techniques and equipment to safeguard the crew. One of these measures was the introductions of Water guns from Scanjet on our vessels that have a permanent route through the High Risk area.

• Chartered vessels were also provided with Equipment and security teams on the same conditions as owned vessels.

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Our People | Give back

Give back 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.

6 9 7

5

1

Melbourne:

Sponsorship and attendance at the MacKillop Family Charity Golf Day, contributions made to the Ronald McDonald Charity.

2

2

Rio de Janeiro:

Donated food, toys and books to various organisations that support poor children, HIV carriers and institutions working against poverty.

3

Manila:

Several employees joined various walks and runs to support charities, such as the ANCOP Global Walk and AVON Breast Cancer Run. The office also sponsored various organisations where the proceeds will go to educational sponsorships.

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8


Our People | Give back

8

Antwerp:

7

In order to expand and protect the habitat of the Fen Orchid, several employees volunteered to help Natuurpunt.

9

Vancouver:

Staff volunteered to help out at a local homeless shelter.

London:

The Gearbulk London office held a cake sale with all proceeds going towards the Bulk Jupiter appeal.

3 4

1 6

Bergen:

Several employees joined in on the annual “TV Aksjonen”, which this year gathered support for the Rainforest. Others worked as Neighbourhood Watch, donated blood and volunteered at “The Church City Mission in Norway”. 4

Singapore:

The team visited “Sunshine Welfare Action Mission” where they volunteered to take care of the elderly dementia patients for one afternoon. The charity was started in 1979 and since then, they have been providing holistic quality care for the elderly.

5

Tampa:

Tampa focused on addressing humanitarian issues such as hunger, homelessness and health. The office supported various organisations such as “The Children’s Home in Tampa”, “Jimmy Rane Foundation” and “Habitat for Humanity”.

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Photo from Right to Play 30


Our People | Kristian Gerhard Jebsen Foundation

Kristian Gerhard Jebsen Foundation The Foundation was established in 2009 in memory of Kristian Gerhard Jebsen's contribution to Norwegian and international shipping.

The foundation focuses primarily on supporting projects within the field of medical, maritime research, sustainability, health and social issues all around the globe. Its aim is to contribute to realising projects on an international top level. In the UK it focuses on research into “Metabolic and Microbial Phenotyping in Autism and Dynamic Responses to Therapy”. This increases the knowledge on the influence of early life environment on the development of autism spectrum disorder (ASD). The foundation also promotes social welfare charities such as Right to Play in Thailand. The Life Skills Education Programme of Right to Play (ongoing in 2015) is a programme which helps the holistic development of children and youth in selected schools, youth centres and surrounding communities by using sport and play-based learning activities, in collaboration with the Ministry of Education and the Ministry of Justice.

16,700 children participated in play-based activities facilitated by 720 teachers – it expects to reach 19,500 children and youth by 2017. The schools where life skills education was applied showed a positive development amongst children in term of self-expression and confidence. MovEd in the Phillipines is a program that supports childhood care for children 3-5 year old in underserved communities through a Montessori-like holistic approach which includes a health and feeding programme and family support. The foundation also supports “Teach for Philippines”, which is a 24‑month fellowship programme. Teacher fellows undergo 2-months training in progressive pedagogy and curricular requirements. Upon graduation they are deployed as fully-paid teachers in an elementary public school for 2 school years.

Scholarship Fund for Bulk Jupiter Dependants After the Bulk Jupiter disaster, it was decided to establish a scholarship fund for the dependants of those lost in the Bulk Jupiter incident. The scholarships will help to secure a college education for the children that lost their father in the tragic accident and will help to secure their and their family’s future. The families have already received their first contributions. The scholarship is financed by the Kristian Gerhard Jebsen Foundation and the funds raised by Gearbulk sea and shore staff.

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Our Responsibility | Greenhouse Gas Emissions

Our responsibility Greenhouse gas emissions Being an important part of global trade and logistics, the shipping industry is recognised as the most energy efficient means of moving goods. However, the shipping industry remains a contributor to overall global Green House Gas (GHG) emissions. As a consequence to this, tighter regional and global regulations linked to emissions have been initiated and ratified during the last decades. Gearbulk acknowledges the adverse effects of our operations and welcomes the strengthening of international legal frameworks. These regulations are essential in order to reduce our ecological footprint so that we can develop into a sustainable industry while continuing serving the world economy. By enhancing energy efficiency in our own operations through innovation and operational improvements, we continue our commitment to contribute to a sustainable shipping industry. In 2015 an ambitious data collection project was initiated. Different aspects of waste handling and emission sources were collected to better understand where we are and where we need to put more effort for a more sustainable environmental impact. Another key area in 2015 has been to improve the energy efficiency of the fleet. Gearbulk has in recent years invested heavily in modern fuel efficient vessels. This is supplemented by continuously evaluating how existing vessels can be further optimised. Sensor technology to monitor fuel performance, application of advanced hull coating and retrofit of propeller boss cap fins together with condition based hull and propeller cleaning schedules contributes to a more fuel efficient utilisation of the fleet.

Carbon dioxide (CO2) emissions Aspect

Target

Result

Status

Emissions to Air

20% reduction from 2010 levels by end of 2015

CO2 index – 18.2% reduction in 2015 compared to 2010

7

3 Target achieved

7 Work in progress

Since 2010 Gearbulk has closely monitored the fleet’s carbon dioxide emissions. The index utilised in this period is 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 trades, excluding fuel used under pilotage and in port including ballast voyages. The target was to achieve a 20% reduction from 2010 levels by the end of 2015 and Gearbulk managed to reach an 18.2% reduction at time of going to press. Even though Gearbulk didn’t manage to reach the 20% goal, the end result is a good achievement.

32


Our Responsibility | Greenhouse Gas Emissions

This shows the impact of the fleet renewal program, the overall increased energy efficiency focus and slow steaming have had on our existing emissions level.

100 95

However, the fleet renewal program for this time is coming to an end. Therefore, any further reduction in emissions will be a combination of a fuel efficient operational profile and technical improvements in our existing fleet.

90

Gearbulk will review the results and the future goals closely in 2016.

75

85 80

70 65 60 2010

For a more detailed listing of our fuel efficiency initiatives, see page 36.

2011

2012

2013

2014

2015

Percentage development of CO2 index in the period 2010-2015

2010

2011

2012

2013

2014

2015

Total CO2 (mt)

1,421,826

1,352,637

1,410,125

1,331,848

1,224,515

1,299,389

CO2 Index

9.62

8.81

8.28

8.3

8.08

7.87

Percentage reduction

0

8.4%

13.9%

13.7%

16.0%

18.2%

CO2 index 18.2% reduction in 2015 compared to 2010

?

Did you know

If Gearbulk had continued at 2010 levels of CO2 then they would have emitted 490,616 mt more CO2 compared to current levels which would equate to:

103,288 Passenger vehicles driven for one year

Figure as per United States Environmental Protection Agency Greenhouse Gas Equivalencies Calculator

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Our Responsibility | Greenhouse Gas Emissions

Sulphur emissions In 2015, tighter regulations with respect to emissions came into force. Emission controlled zones in American and European coastal waters now allow a maximum level of 0.1% sulphur in the fuel utilised. Low sulphur compliant fuel is used by Gearbulk to fulfil the requirements in emission control areas.

Nitrogen Oxide emissions The Nitrogen oxides (NOx) are formed during high temperature during the combustion process. NOx causes acid rain, affects human health and contributes to global warming. All vessels delivered since January 2011 are compliant to the MARPOL Annex VI regulations. Gearbulk has during 2015 started to monitor the NOx emissions.

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

2015

Compliance rates

90%

100%

97,5%

100%

93,55%

95.45%

100%

Oil Pollution Aspect

Target

Result

Status

Pollution Prevention

No Oil or cargo spills to water

Two incidents: one minor and one major

7

3 Target achieved

7 Work in progress

In 2015 there were two incidents from Gearbulk owned vessels. One minor incident that resulted in spill of 10 litres of hydraulic oil lost overboard at Pascagoula due to ruptured flexible hose. The major incident is the tragic sinking of Bulk Jupiter with fuel and other polluting materials.

34


Reducing fuel consumption; propeller boss cap fin installation on Petrel Arrow 35


Our Responsibility

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

• Inventory of Hazardous Material (IHM) to facilitate responsible ship recycling • Responsible recycling of phased out vessels • Better hull design optimising cargo capacity and energy efficiency • Seaworthy bow (Oshima Shipyard) reduces 5% energy for same speed in heavy weather

36

• Dedicated hold washing tanks fitted to improve disposal options and reduce pollution risk


• Voyage and schedule planning – speed optimisation • New weather routing provider for all vessels

• Propeller boss cap fins, flipper fins, rudder bulbs and pre‑swirl stator fins to reduce energy losses • 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

• Adaptive autopilots • Trim optimisation • Advanced fuel consumption and engine performance monitoring systems

• Broadband satellite system for performance data transfer

• 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

• 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

37


Our Responsibility | Update on Gearbulk’s Environment Management System (ISO14001)

Update on Gearbulk’s Environment Management System (ISO14001) As detailed in the last Sustainability report Gearbulk’s fleet management offices and the Gearbulk fleet of vessels were certified to ISO14001 during 2014 meaning that the whole organisation is now certified. Therefore in 2015 Gearbulk was able to use this international standard as a basis to plan, measure and manage its activities to minimise the impact on the environment. With the Gearbulk Fleet having the largest impact on the environment the first step in managing this has been to complete a review of that impact in 2015. Areas that were looked at were based on the following model:

• Fuel oils

Atmosphere

CO2, SOx, NOx, PM, GHG

• Lubricants • Chemicals • Paints

SHIPS

Marine

Bilge water, ballast water, sewage and grey water, garbage, leaching from paint

Shore

Garbage, bilge water, sludge

Other

Garbage, bilge water, sludge

Shore

Garbage, bilge water, sludge

• Lubricants • Packaging • Ballast water • Cargo dunnage and lashing material

• Chemicals

OFFICE

• Packaging • Stationary

The parameters chosen for monitoring the environmental impact were as follows: • Air pollution from Carbon Fuel - Carbon Dioxide - Sulphur and Nitrous Oxides

• Sludge and Oily Water • Air Pollution from Ozone Depleting Substances • Garbage • Marine micro-organisms in Ballast Water

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Our Responsibility | Update on Gearbulk’s Environment Management System (ISO14001)

Key Findings As the saying goes “What gets measured gets done” Gearbulk has found that by having detailed measurements in these areas has highlighted areas that can be improved on.

CO2/Sox/NOx Gearbulk continues to monitor our emissions as a priority to ensure it is compliant and doing all it can to improve in these critical areas.

Sludge This is the oily waste created from burning fuel on board vessels. There are strict rules on how this is discharged from vessels and Gearbulk needs to ensure that it does not pollute the oceans with this. A total of 5,168 metric tonnes of sludge was discharged ashore compared to 2,459 metric tonnes of evaporated water from within the sludge on board. This has highlighted an area that can be improved upon, utilising the evaporation systems fitted on-board to a greater extent will improve the impact on the environment and also have a positive economic impact.

Air Pollution from Ozone Depleting Substances Detailed measurements have been kept for the whole fleet which has highlighted vessels with older equipment on‑board that will need replacing to ensure that Gearbulk is not emitting ozone depleting substances.

Garbage Due to recent changes in legislation pratically no garbage is allowed to be dumped at sea. This has caused some challenges for the fleet in being able to store garbage and also being able to dispose of the garbage whilst in port. Detailed garbage records have been kept and monitored which have in turn highlighted potential areas of improvement that can be made, these include: • F  ood Waste – in 2015 442.4 m3 of food waste was generated by the Gearbulk Fleet. This has highlighted the need to reduce food waste by better management and also using compactors to grind and reduce the food waste and reduce the space required and cost of disposal. Trials have been completed on five Gearbulk vessels using compactors for this waste and the results have been very encouraging. Gearbulk is considering placing compactors on board all ships in the fleet. • Fluorescent Lamps – the fleet disposed of 20437 lamps in 2015, this equates to more than one lamp per ship per day. This has highlighted to Gearbulk both the cost economically and also environmentally with regards to efficient disposal of these lamps. Gearbulk intends to complete a study in 2016 to look at evolving LED technology and the cost benefit of changing the fleet to using such technology.

39


Our Responsibility | Update on Gearbulk’s Environment Management System (ISO14001)

Marine micro-organisms in Ballast Water All vessels are reporting on how Ballast water is treated. Under the D2 Standard of Ballast water Management convention, ships are required to treat ballast instead of exchanging it. Gearbulk has completed an evaluation of technologies for BWTS and awaiting further clarification from United States Coastguard. The timetable for implementation is as follows:

Ballast Capacity

Before 2009

2009+

1500 – 5000 m3

Ballast water exchange or treatment until 2014. Ballast water treatment only from 2014

Ballast water treatment only

5000 m3

Ballast water exchange or treatment until 2016. Ballast water treatment only from 2016

2009-2011

2012+

Ballast water exchange or treatment until 2016. Ballast water treatment only from 2016

Ballast water treatment only

4 Future Objectives and Targets With detailed management and reporting in place Gearbulk are now finalizing objectives and targets for 2016 and beyond and will continue to utilize the ISO14001 system to manage it's environmental efforts.

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41


Our Responsibility | Reduce, Reuse, Recycle

Reduce, Reuse, Recycle

Aspect

Target

Result

Status

Re-usable slings

Re-employ by recycling 100% of all withdrawn web slings

99% of web slings re‑cycled

7

Disposal of dunnage used in stow

90% of all Gearbulk dunnage is recycled or reused

95% of dunnage either recycled or reused

3

Office Energy Use

Reduce gross office consumption by 5% per head per annum

3.15% reduction

7

Use of Paper

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

40% reduction

3

3 Target achieved

7 Work in progress

Recycling of cargo handling & securing equipment and office waste management target and results for 2015

Recycling of cargo handling and securing material During 2015 Gearbulk continued to reduce, reuse and recycle where possible all cargo handling and securing material to minimise delivery to land fill and in so doing damaging the environment. This also makes sense economically especially in today’s very tough market. Focusing on what happens to all such materials helps to minimise waste and whenever possible Gearbulk will reuse such materials.

Web Slings During 2015 close to 8000 polyester web slings were withdrawn from service and all have or will be recycled, either for “Dunbar” which is used as a substitute for wooden dunnage or it is shredded back to base fibres and used for insulating material or carpet backing.

Dunnage Whenever possible dunnage is sorted and reused for future cargoes but when this is not possible then it is often recycled, with a large percentage being used for heating.

Rubber Air Bags It has proved a challenge to recycle the materials used in the manufacturing of rubber air bags and therefore whenever possible it is used to repair our current stock. Also the material can be used for matting but whenever these options are not available it is disposed of as per local environmental legislation.

42


Our Responsibility | Reduce, Reuse, Recycle

Office waste management Gearbulk concentrates on two main areas for its shore based personnel, general office waste and use of electricity. Offices are fitted with motion sensitive lighting and automatic power down equipment. All personnel are encouraged to segregate office waste, to monitor paper usage and look for ways of reducing their impact on the environment in all areas of business and personal life.

2015 saw a 40% decrease in the use of paper for Gearbulk offices, with an average of 4.76 reams per head compared with 8.04 reams in 2014. These results show that the introduction of centralised printing with smart printer software, better electronic document management systems and changes in operational procedures have been successful. This also included the addition of monitoring two additional offices (Bergen and Singapore). Electricity usage also saw a 3.15% reduction in 2015 on a per head basis. Small changes have resulted in big results in this area. When Gearbulk first looked into this initiative it was thought that there would be a limit to what could be achieved over the years but the total usage continues to decrease. Employees are encouraged to turn lights off, turn computers off and use more energy efficient equipment.

Other areas that each office looks at are how employees can reduce, reuse and recycle office equipment. All offices are encouraged to recycle as much as they can; this is not always easy in every country that Gearbulk operates due to lack of recycling facilities but everyone tries to recycle as much as they can. Highlights in 2015 include donations of used office furniture to local schools, recycling of batteries (both personal and work) and recycling of electronic equipment.

43


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. 1968 G  earbulk established. 1969 Delivery of first two of Gearbulk’s 1st Generation new buildings, 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. Lines takes a 25% share of the restructured Gearbulk, and then increases its share to 40%.

1991 Delivery of first of three TEFC, 44

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).

2015  Tragic loss of Bulk Jupiter. New corporate office in Pfäffikon. Delivery of eight 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).


45


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.

Beyond compliance

Aspect

Target 2015

Actual 2015

Status

Emissions to air

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

CO2 index – 18.2 % reduction in 2015 compared to 2010

7

Pollution Prevention

No Oil or cargo spills to water

Two incidents: one minor and one major

7

1. To ensure that no withdrawn web slings are sent to landfill, causing pollution to the land

1. 9  9% of web slings re‑cycled

7

Vessel Management

Equipment Disposal of re-usable slings

2. Included wire slings and 100% re-cycled

2. To widen scope to include all sling types and by products Beyond compliance

46

Cargo Handling Dunnage use in stow - disposal of

Ensure that where practical, all Gearbulk dunnage is recycled or reused and therefore minimise impact on natural resources

92% of dunnage either recycled or reused

3


Appendix | Register of Environmental Aspects

General Office Use Office Energy Use

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

3.15 % reduction

7

Use of Paper

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

40% reduction

3

3 Target achieved

7 Work in progress

47


Appendix | Register of Environmental Aspects

Compliance

Aspect

Target 2015

Actual 2015

Status

100% compliance with environmental legislation and Gearbulk policies and procedures

Compliant

3

Garbage Disposal

100% compliance with environmental legislation

Compliant

3

Dunnage use in stow – disposal of

100% compliance with environmental legislation

Compliant

3

Plastic Use in Stow – disposal of

100% compliance with environmental legislation

Compliant

3

Deck Cargo Loss

No deck loss

No loss of cargo overboard

3

Disposal of Polypropylene Airbags

Ensure disposal as per environmental legislation

Compliant

3

Vessel Management Disposal of Vessels

Cargo Handling

General Office Use Equipment Disposal

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

Minimum scrapped

3

Waste Disposal

Ensure contractors compliant with all local legislation

Compliant

3

3 Target achieved

48

7 Work in progress


Appendix | Register of Environmental Aspects

Compliance

Aspect

Target 2015

Actual 2015

Status

Bunker Type Policy

100% compliance with environmental legislation

Compliant

3

Management of Bunker Suppliers

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

All suppliers compliant

3

Analysis of Bunkers for Time Charter Vessels

100% compliance with environmental legislation

Compliant

3

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

Baseline completed Offset options reviewed

3

Purchasing

Travel 6.2 Business Travel

Promote use of alternative

3 Target achieved

7 Work in progress

49


Appendix | GRI Indicators

GRI Indicator Reporting scope The reporting period is from 1 January 2015 to 31 December 2015 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 2014. 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........................................................................... 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........................................................................................... 44

2.7

Markets served.............................................................................................................. 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.................................................................................................................... 50

3.2

Date of most previous report (if any).......................................................................................... 50

3.3

Reporting cycle (annual, bi-annual etc)....................................................................................... 50

3.4

Contact point for questions regarding the report or its content. . ...................................................... 54

3.5

Process for defining report content............................................................................................ 50

3.6

Boundary of the report (e.g., countries, divisions, subsidiaries etc)................................................... 50

3.7

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

3.8

Basis for reporting on joint ventures, subsidiaries etc..................................................................... 50

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

50


Appendix | GRI Indicators

3.11

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

3.12

GRI Index table................................................................................................................. 50-53

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..................................... NA

4.3 For unitary board structure, state the number of members of the highest governance body that are independent and/or non executive members............................................ NA 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............................................. 42, 46-47 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..................................................... 32-33 EN8 Total water withdrawal by source............................................................................................... NA

51


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.............................. 32-33, 36-37 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............................................................................ 7, 34 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........................................ 18-22

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................................. 24 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

52


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................................................. 26 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............................................................................................................... 11 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................... NA 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

53


Feeback and Contact Details

We Welcome Your Feedback If you have any comments, questions or suggestions about this report, please contact: Gearbulk Pool Ltd DamsgĂĽrdsveien 165 N-5160 LaksevĂĽg, Bergen Norway E-mail: bergen@gearbulk.com

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www.gearbulk.com

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Gearbulk Sustainability Report 2015  
Gearbulk Sustainability Report 2015  

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