CO2 Performance Ladder

To advance our mission towards a greener future, we implemented HVO40 across the fleet in January 2025. When HVO40 was unavailable in foreign ports, we compensated by bunkering HVO100 in Dutch ports, ensuring total emissions remained aligned with our reduction targets.

In the first half of 2025, our vessels consumed and emitted:

• 6.0 million litres HVO40 – 3,531 tonnes CO₂

• 2.0 million litres MGO – 3,836 tonnes CO₂

• 0.2 million litres HVO100 – 60 tonnes CO₂

• 0.1 million litres MGO-CXL – 337 tonnes CO₂

Thanks to the switch to HVO40 and a slight decrease in total fuel consumption compared with the same period last year, our scope 1 and 2 CO₂ emissions are projected to be 31% lower than mid-2022 levels.

In August, Glomar will carry out the necessary roof reinforcements to accommodate solar panels at our office. We expect installation to be completed and operational within a month, enabling us to achieve a 70% reduction in scope 2 emissions through the use of renewable solar energy.

By the end of 2024, the fleet-wide implementation of HVO30 resulted in achieving our revised target of a 19% CO₂ reduction compared to 2022. This target was adjusted down from the original 28% after recognising that the baseline year (2022) already included the use of a ChangeXL blend, which had already reduced emissions by 9% compared to MGO.

Given that 99% of our total emissions fall under Scope 1, this 19% reduction applies nearly in full to our overall emissions footprint.

We have also made progress in Scope 2 emissions, achieving a 35% reduction through the installation of LED lighting in the office and optimisation of the air conditioning system.

Scope 3 emissions have decreased by 8% compared to 2022, primarily due to a reduction in declared kilometres. However, as outlined in our annual report, flight-related emissions for both 2022 and 2023 have been adjusted due to insufficient records. For these years, we have applied the 2024 flight emission figures to ensure consistency and prevent inaccurate conclusions about an apparent increase in 2024.

Our goal was to implement HVO30 fleet-wide by January 2024 and achieve a 28% reduction in scope 1 and 2 CO₂ emissions. Unfortunately, HVO-fuel is not always available in some ports. To compensate, we began occasionally bunkering HVO100, striving to achieve the equivalent of CO₂ reduction from HVO30.

In total, our vessels consumed 2 million liters of HVO fuel and 1.26 million liters of Marine Gasoil, amounting to approximately 3.3 million liters of fuel. These fuels emitted 5.114 tonnes and 4.457 tons of CO₂, respectively. Despite a 7% increase in CO₂ emissions in mid-2023, we managed a 12.5% reduction so far.

CO₂ emissions from company cars have decreased by 32% since 2022. Energy consumption at the office and emissions from business travel have remained relatively stable. From 2024 onwards, flight emissions are being tracked more accurately, supporting a more comprehensive and transparent reporting process. As a result, the 2024 flight emission figures have also been applied retrospectively to 2022 and 2023.