Page 1

Sustainability Report 2016

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


Our Vision | Our Mission | Our 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.

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"

2


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

Training and Development

18

Gearbulk's Graduate Success

22

Safety

24

Give Back

28

Kristian Gerhard Jebsen Foundation

30

Our Responsibility

32

Gearbulk’s Environment Management System (ISO14001)

32

Greenhouse Gas Emissions

33

Reduce, Reuse, Recycle

36

Vessel Features

38

Our History 40 Timeline

40

Our Fleet 42 Appendix

46

Glossary

48

3


4


Message From Our Chairman, Kristian Jebsen

Message from our Chairman, Kristian Jebsen Welcome to the Gearbulk Sustainability Report for 2016. In 2016, the shipping markets continued to be extremely challenging for everyone in the industry. Gearbulk remains proactive in all it does to safeguard a sustainable future for all of our stakeholders. We have undertaken a significant review of our organisation to ensure that we are working as efficiently and safely as possible, whilst at the same time looking after the environment that we operate within.

Economic Stability Many initiatives have taken place to ensure Gearbulk is on a strong footing organisationally and financially, for now and in the future. We have been working with our business partners to ensure that we are best able to continue relationships that provide for economic and operational stability for both parties. In October 2016 Gearbulk announced its intention to enter into a joint venture with Grieg Star to establish a highly versatile and customer oriented, dry bulk shipping company. This company was later named as G2 Ocean; the “G” retained from the two owners, highlighting the cooperation between two well established dry bulk companies. This agreement represents the firm intention of both companies to build an improved range of services for our customers. The combined number of vessels and trades will make it easier for customers to find services to fit their needs and provide for a sustainable future.

Environmental Impact Gearbulk continues to focus on the efficient running of our fleet whilst ensuring that impacts on the environment are minimised. Based on our experience, we advocate for increased global regulation of CO2 emissions in the shipping industry. We are happy to see that the Paris agreement on Climate Change also led to a renewed momentum in the International Maritime Organisation (IMO), resulting in a road map for long term CO2 reductions. We look forward to playing our part in helping to secure the right level of ambition is defined for 2018.

Our People and Society The safety of our people will always be our priority. The efforts undertaken by our dedicated officers and crew to enhance vessel performance have resulted in a reduction in injuries leading to repatriation, a continued increase in near miss reporting and a record low Port State Control deficiency average. Our social responsibility is demonstrated through contributions to various charities across the globe including the continuing work of the Kristian Gerhard Jebsen Foundation. I hope this report conveys to you our vision, our environmental commitment, and our dedication to being a sustainable shipping company and a preferred business partner for now and for many years to come.

Please enjoy. Kristian Jebsen

5


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. Our sustainability direction and development is managed by the Sustainability Steering Group (SSG). The group comprises employees from our worldwide offices worldwide and across all disciplines, all with a common desire to drive our Sustainability vision and agenda forward. Main focus areas are: • The continued development of our social contribution and Sustainability awareness

6

throughout the Gearbulk Family and beyond, including partnering with our customers and suppliers on key projects • Planning for the future by ensuring we have robust and practical plans for staff development and retention with sound succession planning • 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 Average Deficiency

2.0

1.5

1.5

3030 2020 1010 00 2013 2014 2015 2016 2012 2012 2013 2014 2015 2016

Average number of near miss reports received per vessel per year

13 470

Training days Training days completed by our sea and shore staff in 2016

5% 5% reduction in EEOI (Energy Efficiency Operational Indicator)

1.0

1.0

0.5

0.5

0.0

0 2013 2014 2015 2016 2012 2013 2014 2015 2016

2012

PSC Deficiency Ratio 165 inspections with an average of 0.93 deficiencies per vessel per inspection

7


Our Governance

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

Vision, Mission and Values

Audit Commitee

Gearbulk Leadership Team

Board of Directors Gearbulk Holding AG is managed by its Board of Directors, which sets overall strategy and meets regularly. The Board presently includes: Name

Position

Kristian Jebsen

President

Hans Olav Lindal

Director

Hans Petter Aas

Director

Toshiaki Tanaka

Director

Jun Hoshino

Director

Board of Directors 2016

8


Our Governance

Audit Committee

Gearbulk Leadership Team

The Board’s Audit Committee is comprised of nonexecutive directors who meet at least three times a year. It oversees financial reporting, internal controls, risk management, audit processes, compliance monitoring and business conduct.

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

9


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 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 in order to eliminate corrupt practices within the industry. ABC in Gearbulk is managed by the ABC committee who meet regularly to review ABC topics and actions including review of suppliers, audits of expenses and payments, incident reports, training and MACN meeting reports. Outputs of these meetings are presented to the Audit Committee. During 2016, Gearbulk requested it's suppliers to complete a detailed questionnaire, answering questions covering their Anti Bribery policies and initiatives and Corporate Social Responsibility. The response was encouraging and demonstrated the commitment between Gearbulk and its suppliers.

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

10


Our Governance | Responsible Business Practice

Rakiura Maru at Bluff

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/

11


Our Governance | Cargo

Cargo Gearbulk is specialized in carrying unitized cargoes such as wood pulp, forestry products, aluminium, steel, 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 a variety of bulk and liquid cargoes such as soda ash, fertilizers, concentrates, liquid pitch, orange juice and caustic soda, as well as a range of project cargoes.

Gearbulk Cargoes 2016 Bulk (dry and liquid)

45%

Aluminium

8%

Woodpulp

29%

Other unitised products

4%

Steels and pipes

12%

Other forest products

2%

Customers and Contracts Gearbulk is an industrial carrier with a 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 to a multitude of destinations, 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 10 years. In 2016, approximately 70% of our total volume was carried under COAs. Gearbulk also provides service to customers seeking to ship cargo on a spot basis.

12


13


ATI, Port Manatee

Our Governance | Service Network, Terminals and Offices

Service Network, Terminals and Offices

NST Terminais e Logistica Bergen SA, San Santiago

London

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

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.

15


Our Governance | Fleet Development Program

Fleet Development Program 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 2016 Gearbulk received a total of three vessels and a brief summary of these is listed in the table. As part of the fleet renewal programme, there are still two remaining vessels expected for delivery in 2017.

Vessel

Type

Dwt

Yard

Bulk Hero

Conventional

61,000

Shin Kurushima Shipyard, Japan

Bulk Carina

Conventional

58,000

Tsuneishi, Shipyard, Japan

Bulk Aires

Conventional

60,000

Onomichi Shipyard, Japan

Vessels delivered in 2016

Sea trial Bulk Carina

16


Our Governance | Fleet Development Program

Vessel Recycling Gearbulk believes owners have a social and environmental responsibility to ensure the vessel ends its days in the 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 facilities. 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 sold four vessels for recycling in 2016.

17


Our People | Training and Development

Our People Throughout the year, our valued employees continued their dedicated focus on Gearbulk's Vision, Mission and Values. Be it sea or shore, these pillars have produced initiatives for the benefit of the Company.

Our Sea Staff Gearbulk sea staff are our most visible and important workforce with respect to servicing our customers requirements. They load, carry and discharge the cargoes safely all over the world and maintain our vessels around the clock. Being at sea is a profession that requires specific skills and mindset combined with dedication and competence. In order to improve 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. Some of the areas in which the Company invests additional resources include: • Ship Simulator Bridge and Engine team training combined with Maritime Resource Management

• MAN e-engine course

• Ship handling with high lift rudder training

• Specialist training in refrigeration and cargo pumping systems

• ECDIS type specific training (Sperry, Furuno, JRC) • MARPOL training • Basic and Advanced Cargo courses • Crisis Management Seminar (CMS) • Courses in fuel management and emission control

• Electrical training for Gearbulk engineers

• In-house pre-joining briefing through our manning agencies conducted by experienced Gearbulk Masters and Chief Engineers • Familiarization courses in Gearbulk planned maintenance and Safety Management Systems.

The Company is also providing 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 a certain time frame and achieve a specified assessment score. During 2016 the Company hosted a 3-day GB Officers seminar in Goa, India, which was a good opportunity for participants to exchange their operational and technical experiences as well as receiving feedback on work related topics such as safety, regulatory requirement and cargo care. The highlight of this seminar was the combined participation of officers from India, Philippines and China. It was good to observe the active participation and interaction of the three nationalities. In addition to this seminar the Company also hosted three 1 day open forums for Officers in different geographical regions with senior management representatives. The purpose was to continuously maintain a close contact to our Officers and address important Company messages and updates as well as discussing relevant topics, including Safety, Environmental and Operational issues on board GB vessels.

18


19


Our People | Training and Development

In 2016 two 5 day cadet seminars took place: one in Wuhan in February and another one in Manila in June. The Gearbulk cadets have two sailing periods, and the seminar is hosted in between the two periods. The seminar's focus was to review the cadet’s first on-board assignment under revised the cadet training program, then using that experience to prepare an action plan for their second assignment, in addition to teach and practice leadership, communication, simulator training, teamwork and cultural understanding. A total of 55 cadets attended both seminars. The Company also continued to provide a comprehensive training to the Officers employed on Gearbulk long term chartered vessels to ensure they meet the Gearbulk operational expectations. In year 2016 six Time Charter Introductory Training courses took place. The topics were cargo stowage and care, documentation, safety, communication and bunkers.

Year

Crew retention %

2012

94

2013

96

2014

96

2015

97

2016

96

20

In 2016 the Company amassed a total of 12145 training days for our sea staff. Gearbulk continues to achieve a very high rate of retention of its Officers and crew indicating the affinity they develop for the culture of the Company.


21


Our People | Training and Development

Gearbulk’s Graduate Success 2016 witnessed our seven graduates successfully complete the eighteen month Gearbulk Graduate Programme. The aim of the programme, to attract ambitious and self-motivated individuals from the worldwide student population, with a desire to develop a long term shipping career, has been a remarkable success, with all graduates having been trained with the knowledge and skills to secure permanent Trade and Operation Officer roles within the organisation. The programme provided the graduates with on-thejob training through international placements and time aboard Gearbulk vessels, as well as personal development opportunities, participating in team building activities, completing language training and the Institute of Chartered Shipbrokers qualifications. Through collaboration and commitment, the graduates focused on communication and knowledge sharing, by establishing good networks with fellow colleagues and contributing new ideas. This approach led to the graduates achieving excellent results, such as cost savings, time efficiency and improved processes. Now truly an integrated part of the Gearbulk team, we look forward to their continued success.

Experienced Staff Ashore and at Sea Gearbulk has for many years encouraged its sea staff to use their experience of working on Gearbulk vessels in helping them to have long and fruitful careers ashore in Gearbulk offices around the globe. This has helped particularly our technical and operational departments over the years to have in depth knowledge

22

of what happens on board the vessels and is valuable in ensuring the smooth and efficient running of our business. Nothing beats being on board and knowing what it takes to operate a vessel, be it in the engine room, on the bridge or in the cargo hold loading and discharging our customers’ cargoes. When these seafarers then come ashore they bring with them a wealth of experience which can then be passed on to colleagues who have not had such a background. It helps to connect the crew and the shore staff so that we are talking off the same page and in the same language and ensures a sustainable future for the company. One recent example shows this in action and went full circle. Back in 2014 one Gearbulk crew member suffered a disabling injury whilst on board which meant that he was unable to continue to go to sea. This was a major blow as he had always dreamed of being at sea. However, Gearbulk did all they could to support him and he was employed as a Voyage Officer in the Gearbulk Manila office; a crucial role that supports the master throughout the voyage and is the link between the commercial department and the vessel. He spent 3 years in this role, which with his experience of being at sea, helped immensely, not only him personally but also the rest of the team in the Manila office. Due to his determination and the support of Gearbulk he has since been able to return to sea and continue with his journey as a seafarer, a career he always wanted and now has the knowledge of working ashore to help him and his colleagues at sea. This shows how Gearbulk’s people are crucial to its success and how those ashore and at sea support each other and that success.


Our People | Training and Development

Our Shore Staff In 2016, our shore staff participated in a total of 1325 training days, an increase of 41% from 2015. By providing company wide and in-house training sessions, Gearbulk’s efforts to deliver training and development to our most valued asset, our employees, increased positively. In particular, a new training and development module was introduced via the employee self-service Human Resources Information System, My Gearbulk, which enables employees to plan their personal and professional development by selecting or requesting training courses to develop their chosen core skills. In-house training continued to be delivered through the Institute of Chartered Shipbrokers, as well as training sessions such as Coaching and Teambuilding Workshops and Pricing Excellence Seminars. Earlier in the year, Gearbulk launched the comprehensive on boarding induction programme, Welcome Onboard, for new employees. Change management sessions were also delivered to staff globally. Today, shipping is a modern, highly technical and professional discipline that requires a great deal of skill, knowledge and expertise from the maritime workforce. Looking ahead, the human element in shipping will be increasingly important as the industry moves towards ever higher standards of safety, environmental impact and sustainability, and seeks to do its part to implement the new Sustainable Development Goals.

Therefore, the importance of training and education for the maritime personnel of today and tomorrow is greater than ever before. Gearbulk recognises this and is continuously allocating considerable resources to increase the competence of our staff onboard and ashore to enable us to meet our business objectives and also provide opportunities for career development of our dedicated staff.

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

23


Our People | Safety

Safety

Aspect

Target

Result

Status

Lost time injury frequency

Zero

2.4

7

Number of “incident-no loss” reports per vessel

Above 12

26.5

3

Port state control deficiency ratio

Less than 0,95

0,93

3

Average right ship rating

Above 4.5

4.64

3

3 Target achieved

7 Work in progress

Gearbulk has a dedicated focus on improving safety on for our sea staff, our vessels and shore contractors. In 2016, the weekly Safety Area Inspection procedure was fully implemented aboard all vessels. Although not reaching our ambitious target of zero LTIF, Gearbulk continues our efforts to reduce injuries through education on board, seminars, experience transfers and looking into new technologies. The accuracy of injury reporting has improved as well as seeing a drop in injuries leading to repatriation. The most objective measure of the safety on-board our vessels is Lost Time Injury Frequency (LTIF). 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. Total Recordable Frequency (TRCF) remains steady, again attributed to the improved reporting of injuries of all types. Number of injuries recorded increased slightly, however there was a positive drop in repatriated crew. Year

LTIF

TRCF

Fatalities

2012

1.9

6,5

0

2013

1.1

5,1

2

2014

0.9

2,7

0

2015

3,7

5,7

18*

2016

2,4

5,7

0

Lost time injury frequency (LTIF) and Total Recordable frequency (TRCF) 24

*loss of Bulk Jupiter

Explaining the SART(Search and Rescue Transponder) activation method

Life Boat Launching Exercise


Our People | Safety

Proactive Reporting Gearbulk has a policy of reporting all near misses, also called no loss incidents. The number of near miss incident reports has continued its positive trend in 2016. Gearbulk owned vessels have increased the number of near miss reports by 450% since 2012, and today more than 1000 reports are generated annually in the Gearbulk fleet. The management actively promotes these reports as they are considered a leading indicator on detecting areas for improvement and actions. 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, including Port State Control (PSC) performance. Gearbulk also records injuries to stevedores on owned and time chartered vessels. There was one stevedore fatality in 2016 on board a chartered vessel.

30

20

10

0 2012

2013

2014

2015

2016

Year

Minor injuries

Serious injuries

Fatal injuries

2012

17

7

1

2013

16

2

0

2014

12

10

0

2015

19

3

0

2016

18

2

1 Stevedore Injuries

Number of no loss reports per vessel per year 25


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 2016 the Gearbulk managed fleet had a total of 165 inspections with an average of 0.93 deficiencies per vessel per inspection. This result met our target of 0.95 for the year and improved the result for 2015 from 1.09 by almost 15%. This is a very impressive result as there were three Concentrated Inspection Campaigns by the various PSC MOU areas. Gearbulk had three detentions in 2016. None of the detentions caused any delays and were rectified immediately. For all detentions and deficiencies, Gearbulk identifies the causes and will use the lessons learned to avoid similar situations occurring in the future. The sharing of experiences by sea and shore staff is a key contributing factor for Gearbulk to further improve our safety PSC performance.

Year

Average Deficiency

% 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

2016

0.93

1.81%

3

26


Our People | Safety

Rightship Rating 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. An environmental rating has now been included as a separate rating. The data is constantly updated and a combined risk factor ‘score’ is produced to give an overall star rating, five being the highest. All PSC inspection findings must pass a close out approval from Rightship. The average rating is a good indication of a vessel’s safety and quality performance. Late 2016, Rightship announced a new rating regime coming into force from 2017.

In South East Asia, Malacca Straits and Indonesian Waters, the risk of piracy has maintained a status quo, where risks are mostly present at anchorages. Towards the end of the year, Abu Sayyef supported attacks on merchant vessels were seen in the Sulu/Celebes Sea off Philippines. For each voyage scheduled in the various areas with potential threats, Gearbulk will carry out a Risk Assessment based on current situation in the areas, recommendations from DNK(war insurance), MARISK and other security providers. An anti-piracy kit will be issued to the respective vessels undertaking voyages in high risk areas.

In 2016 the average Rightship rating for the Gearbulk managed fleet was 4.64 a slight improvement from 2015.

Managing the Threats at Sea The threat of piracy in the Gulf of Aden / Indian Ocean has remained at a low level in 2016 and only the occasional suspicious craft was reported. Gearbulk made a number of incident free transits, maintaining same alertness and vigilance for each voyage. The civil war in Yemen presented some new challenges that were overcome safely.

Testing of anti-piracy water guns

27


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.

4 3

1 1

Tampa:

The team provided support through donations and volunteer hours to "The Children's Home Network"; "Metropolitan Ministries"; "Habitat for Humanity"; and to organization's providing support to our seafarers such as "Anchor House" and the "Sailor's Society". 2  2

Rio de Janeiro:

The Rio office collected and donated food and toys to various organisations that support the elderly, people with cystic fibrosis and poor children. Also,a Pink October and Blue November campaign was held in the offices where the proceedings were donated to the Rio-Abrace foundation, a foundation that fights cancer.

28


Our People | Give Back

3

London:

4

In order to raise money for Macmillan Cancer Support, staff in the London office baked cakes and treats and sold them to the rest of the office. We also took part in the Save the Children Christmas Jumper Day appeal, where staff members donated money to wear their Christmas jumpers to work for the day.

Bergen:

Voluntary work related to Hjertefred (Piece of Heart), a denominational organisation that helps people that have lost someone close to them. Several employees joined in on the annual “TV Aksjonen”(a nationwide charity), which this year gathered support for the Norwegian Red Cross. Others worked as Neighbourhood Watch and a high percentage of Bergen staff donate blood 4 times a year. Some staff volunteered at “The Church City Mission in Norway”. Donations from office staff were given to the Norwegian Cancer Society.

5

Manila:

Several employees joined the UNICEF Heroes for Children Run and the Supplemental Feeding programme for the Undernourished Children, supporting children and young mothers in need. The office also sponsored School Supplies through Asosacion Damas de Philipinas.

5

6

6

Melbourne:

Sponsorship and attendance at the MacKillop Family Charity Golf Day and participation at the McHappy Day, sponsorship to the ‘Make a wish’ foundation and the Special Children’s Christmas Party.

29


30


Our People | Kristian Gerhard Jebsen Foundation

Kristian Gerhard Jebsen Foundation Kristian Gerhard Jebsen's family wanted to honour his memory and contribution to the Norwegian and international shipping sector, and established the Kristian Gerhard Jebsen Foundation. The foundation aims to enhance the wellbeing of people and promote human and social development, through support of grantees in the areas of health, education, science, culture and environment, in Switzerland and abroad. In the UK it’s focused on research into “Metabolic and Microbial Phenotyping in Autism and Dynamic Responses to Therapy” at the Imperial College. This increases the knowledge on the influence of early life environment on the development of Autism Spectrum Disorder (ASD). Furthermore it supports Sported, one of the leading Sport for Development charities in the UK, supporting over 3,000 community clubs and groups that use the power of sport to transform the lives of disadvantaged young people. The foundation also promotes social wellbeing and education in the Philippines. MovEd is a program that supports childhood care for children 3-5 years 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 two school years. Finally it partners with Zuellig Family Foundation to develop a module dedicated to good nutrition practices to improve nutritional outcomes for infants, under-5 children and their mothers in two project sites in the Philippines. In Switzerland, the foundation supports a programme for Metabolism, Nutrition, and Health at the Ecole polytechnique fédérale de Lausanne.

(Top left) SportEd charity (Lower left) Teach for Philippines 31


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

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

Noise, odour

Waste

Packaging, Paper, Food

• Packaging • Ballast water • Cargo dunnage and lashing material

• Chemicals

OFFICE

• Packaging • Stationery

Gearbulk continues to be certified to ISO14001 and uses the system to focus on key areas of its environmental impact.

32


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

Key Objectives CO2/SOx/NOx Energy conservation and reducing emissions is a key objective for Gearbulk, with a company objective to achieve a 4% reduction in EEOI (Energy Efficiency Operational Indicator) from 2015 levels by the end of 2020. The result for 2016 is good in that there was close to a 5% reduction. Total Category

Ship per month

Unit

2015

2016

2015

2016

Total

tonnes

799 361

762 488

1 319

1 369

EEOI *

gm/t-m

11.39

10.81

Carbon Dioxide

gm/t-m is grammes of CO2 per ton-mile of cargo.

Emissions of SOx and NOx show a marginal reduction from 2015. This appears to be directly related to the decrease in fuel consumed. The emissions per ship are steady. Total

Ship per month

Compound

Unit

2015

2016

2015

2016

Fuel consumed

tonnes

256 871

244 882

424

440

Sulphur

tonnes

6 066

5 507

10.0

9.9

SOx

tonnes

12 120

11 004

20.0

19.8

NOx *

tonnes

30 300

27 509

50.0

49.4

*NOx is estimated based on SOx emissions

Air Pollution from Ozone Depleting Substances (ODS) Records of Ozone Depleting Substances has been in place for the whole fleet since Gearbulk received ISO 14001 certification. A programme has been started to work towards eliminating equipment on board that uses R-12 refrigerants due to the very high Global Warming Potential(GWP) and replacing R-22 refrigerants units with R-407 refrigerant units.

33


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

Garbage The latest version of the MARPOL regulations are for the betterment of our marine environment. Some port areas of the world are not in compliance yet, which results in our vessels facing difficulties in disposing garbage ashore over a period of time. Due to the garbage records kept and monitored, some areas of potential improvement has been identified and listed below:

• P  aper & Plastic – Trials have been completed on five Gearbulk vessels using compactors for this waste and the results have been very encouraging. Gearbulk has a goal that all ships will be fitted with garbage compactors by the end of 2020.

• Fluorescent Lamps – the fleet disposed of 19400 lamps in 2016. The study to evaluate the costbenefit ratio of installation of LED technology on its managed ships is nearing completion and a decision on implementation will be taken based on the findings.

Ballast Water The ballast water convention has been ratified by the required number of countries and comes into force on 08/09/2017. The treaty requires for ballast water to be treated before it is released. All ships in international trade have to manage their ballast water according to an approved ballast water management plan, carry a ballast water record book and an international ballast water management certificate. The standards will be phased in over a period of time. Until then ships should exchange ballast water mid-ocean. Eventually most ships need to install a ballast water treatment system which is approved by national authorities, according to a process developed by the International Maritime Organization (IMO). The US Coast Guard has so far approved only one system. The Company has completed an evaluation of technologies for Ballast Water Treatment Systems using criteria as listed below:

• The capacity of the treatment plant • The number of plants assuming one plant per ballast pump • The type of treatment • The provider of the machinery

34


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

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

Advanced antifouling

35


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

61% withdrawn web slings recycled

7

Disposal of dunnage used in stow

90% of all Gearbulk dunnage is recycled or reused or disposed of within relevant environmental legislation

100% of dunnage either recycled or reused

3

Office energy use

Reduce gross office consumption by 5% per head per annum

5% increase

7

Use of paper

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

10,8% increase from 2015

7

3 Target achieved

7 Work in progress

Recycling of cargo handling and securing equipment and office waste management target and results for 2016

Recycling of Cargo Handling and Securing Material During 2016 Gearbulk continued to reduce, reuse and recycle, as much as 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 2016, close to 4000 polyester web slings were withdrawn from service, which is half the number in 2015. This is due to Gearbulk reaching a saturation point with use of Dunbar. Gearbulk is currently storing used and expired web slings and investigating other ways of recycling these.

Dunnage Whenever possible dunnage is sorted and reused for future cargoes but when this is not possible then it is often recycled. If this is not possible then Gearbulk ensures that it is dosposed correctly, following all environmental legislation.

Rubber Air Bags It has proved a challenge to recycle the materials used in the manufacture 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.

36


Our Responsibility | Reduce, Reuse, Recycle

Office Initiatives 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.

Paper 2016 saw a 10,8% increase in the use of paper for Gearbulk offices, with an average of 5.33 reams per head compared with 4,81 reams in 2015. This is partly due to a decrease in personnel whilst same work is carried out.

Energy Use Electricity usage saw a 5% increase in 2016 on a per head basis. This was partly due to a slight decrease of personnel whilst office spaces remained the same. Each office also looks at how employees can reduce, reuse and recycle office equipment, old computers, batteries and printer cartridges. 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.

37


Our Responsibility | Vessel Features

• 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

38

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


Our Responsibility | Vessel Features

• Voyage and schedule planning – speed optimisation • Weather routing provided for all vessels • Adaptive autopilots • Trim optimisation

• 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 • Very 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

• 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

• Jotun Seaquantum XP200 high performance anti-fouling paint system on several vessels • 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 • Bio-fouling Management Plan for all Gearbulk managed vessels to minimise transport of marine species in water-immersed locations other than the ballast tanks

39


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 Gearbulk 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, Grouse Arrow, from Mitsui

40

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 Gearbulk 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 Delivery of eight ships in total; three Fleximax III (Macaw Arrow, Tanchou Arrow and Siskin 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). Tragic loss of Bulk Jupiter 2016  Delivery of 3 ships in total for the conventional fleet; Bulk Aires, Bulk Carina & Bulk Hero. Gearbulk signs a Memorandum of Understanding with Grieg Star with the intention to form a Joint Venture to run both their fleets commercially and operationally.


41


Our Fleet

Our Fleet Gearbulk Managed fleet by 31 December 2016

Vessel

Type

Year Built

Dwt

Avocet Arrow

Fleximax

2015

62,841

Osprey Arrow

Fleximax

2015

62,841

Misago Arrow

Fleximax

2015

62,841

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

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

42


Our Fleet

Vessel

Type

Year Built

Dwt

Rakiura Maru

Liquid Pitch

1996

22,350

Canelo Arrow

Fleximax

1997

48,077

Emu Arrow

OHGC

1997

55,457

Grebe Arrow

OHGC

1997

55,671

Kite Arrow

OHGC

1997

55,531

Penguin Arrow

OHGC

1997

55,506

Plover Arrow

OHGC

1997

55,459

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

Ibis Arrow

OHGC

1986

42,977

Hawk Arrow

OHGC

1985

40,269

Kumul Arrow

OHGC

1985

42,851

43


Our Fleet

Our Fleet Vessels held under long-term time charter

Vessel

Type

Year Built

Dwt

Bulk Hero

Conventional

2016

61,000

Bulk Carina

Conventional

2016

58,000

Bulk Aires

Conventional

2016

60,000

Cypress Arrow

Semi-open hatch

2015

61,066

Ginkgo Arrow

Semi-open hatch

2015

61,066

Bulk Castor

Conventional

2015

66,000

Bulk Draco

Conventional

2015

66,000

Bulk Electra

Conventional

2015

66,000

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

44


Our Fleet

Vessel

Type

Year Built

Dwt

Toki Arrow

Fleximax

2010

62,942

Kiwi Arrow

Fleximax

2010

62,924

Momi Arrow

Semi-open hatch

2009

54,204

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

Tawa Arrow

Semi-open hatch

2008

54,276

45


Appendix

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

Objective

Target

Status

2016 Result

Air Pollution at Sea

1. To reduce harmful emissions to air including CO2, SOx and NOx

4% reduction in EEOI from 2015 levels by end of 2020

3

5.1 % reduction (Gearbulk owned vessels)

2. To increase the amount of sludge that is evaporated on board and in doing so reduce amount that is landed ashore

Increase the quantity of sludge evaporated on board to 50% by end of 2020

3

42% increase compared to 2015

3. To minimise the amount of garbage being landed ashore

All vessels to be fitted with garbage compactors by end of 2020

3

Trial of compactors on Jacamar, Kuljak, Toucan, Penguin and Aracari Arrow

4. To minimise the amount of waste generated from fluorescent tubes

Complete a review of replacing domestic fluorescent lighting with LED lighting by end of 2016

3

Study nearing completion, decision expected in 2017

To reduce emissions from main engine

46


Appendix

Materials/Garbage Management – cargo handling equipment To reduce the amount of materials and manage the disposal

Vessel Disposal Ensure protection of environment when disposing of vessels

Office Energy and Use of Paper Reducing energy and paper usage

3 Target achieved

5. To reduce the production of slings by reusing and recycling and to manage the disposal

Re-employ by recycling all withdrawn slings by the end of 2020

7

61% web slings recycled

6. Best Manage environmental impact of disposal of Gearbulk controlled dunnage

90% of Gearbulk controlled dunnage to be recycled or reused or disposed of within relevant environmental legislation

3

100% of Gearbulk dunnage either recycled or reused or disposed of within environmental legislation

7. Recycling of Gearbulk owned vessels to only be at a recycling facility that operates at an acceptable standard in respect to Health & Safety of the workers and the protection of the environment

100% compliance with environmental legislation and Gearbulk policies and procedures

3

One vessel recycled – Harefield at acceptable yard audited by Gearbulk

8. Reduce office energy consumption and in so doing the carbon footprint of the company

Reduce gross office electrical consumption by 20% per head by the end of 2020 compared to 2015 baseline

7

5% increase

9. Reduce paper consumption and increase percentage of paper that is recycled

30% reduction in paper consumption per head by the end of 2020 compared to 2015 baseline 100% of paper to be recycled

3

16% decrease

7 Work in progress

47


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.

DWT

 eadweight tonnage is a measure of the sum of the weights a vessel can carry including cargo, D fuel, ballast, fresh water and stores.

EEOI

Energy Efficiency Operational 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.

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.

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.

48


Appendix | Glossary

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. 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. TEFC

Totally Enclosed Forestry Carrier.

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

49


Feeback and Contact Details

We Welcome Your Feedback If you have any comments, questions or suggestions about this report, please contact: Head of HSEQ Gearbulk Norway AS Damsgårdsveien 165 N-5160 Laksevåg, Bergen Norway E-mail: bergen@gearbulk.no

50


www.gearbulk.com

Printed digitally on an FSC® certified paper. FSC® certification assures that its timber bases originate from legal and sustainable sources.

Gearbulk Sustainability Report 2016  
Gearbulk Sustainability Report 2016  

This report conveys to you our vision, our environmental commitment, and our dedication to being a sustainable shipping company for many yea...

Advertisement