Wagenborg publishes its Sustainability Report 2023 (2024)

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Our sustainability report delves into three core areas:

• Environmental: Focused on reducing CO2 emissions, protecting ocean health and environmental compliance.
• Social: Highlighting our efforts in promoting safety and well-being, employee engagement and diversity.
• Governance: Showcasing our adherence to ethical business practices, transparency, and accountability.

These pillars form the foundation of our sustainability strategy, guiding us in our mission to make our business more sustainable every day.

In 2022 and 2023, Wagenborg has acquired more than 50 ships from affiliated owners. These vessels mainly consist of smaller sized vessels, which are on average less fuel efficient compared to our larger tonnage vessels. The increase in vessels combined with an increase in 'ballast legs', caused by a market which has cooled down compared to 2022, resulted in a minor increase of our relative CO2 emissions with 0,52% compared to 2022 (2022: -3,2%). When compared to base year 2008, a relative CO2 reduction of 25,2% is achieved. Additional and more far-reaching measures and actions will be required for a next step in achieving our 2030 CO2 reduction target.

Despite a growing fleet, we are proud to report that 100% of our general cargo fleet remained compliant with the EEXI regulations and the majority of our vessels are A or B-rated according to CII regulations. This is further proof that our fuel efficiency program and new build philosophy yields results. In 2023, we continued to invest in sustainable vessels, including the order for a fourth and a fifth EasyMax vessel to be delivered in 2024 and 2025.

Our primary responsibility is to keep our people safe. Unfortunately, we did see an increase in recorded incidents. No doubt this increase relates to the growth of our fleet and the reduced availability of seafarers due to the war in Ukraine is evident. We have extended our search to recruit qualified crew to other countries. We are working to reinstate fixed crews on fixed vessels again. Something that was disturbed due to travel restrictions during the Covid pandemic. These are important measures to develop a safety culture and mindset that will lead to less incidents.

Our employees play a vital role in achieving our organizational goals. Our employee satisfaction survey shows year-on-year improvement on all themes. However, we always see room for further improvement. In 2024 we will continue to work on several of these improvement areas.