By the numbers

Environment

Social

Governance

Environment

Social

Governance

40%

Reduction of Scope 1 & 2
in 2025 vs 2019

Control and reduction of direct emissions from our assets are key to the commitment of Gunvor to reduce its carbon footprint.

The company is committed to get to net zero assets by 2050. In 2023, following the planned maintenance event in our Ingolstadt refinery, the company has reached a reduction of -47.3% compared to 2019. This is expected to rise again in 2024 as all assets will be operated in full.

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10%

Reduction of Carbon Intensity (EEOI) of our Time and Voyage Chartering Fleet in 2025 compared to 2021

Shipping is core to Gunvor’s operating model and the backbone of the industry. In its endeavour to focus on what is within its direct sphere of influence, Gunvor is working on reducing the carbon intensity of shipping operations.

2023 has seen the carbon intensity of our fleet improve around 4% year on year, but we fell short of getting our fleet back on our reduction trajectory following 2022 disruptions, as explained in corresponding report. In 2024 onwards, we will revise our methodology for calculation as per the IMO (International Maritime Organization), re-baseline our trajectory and identify the appropriate levers to be aligned with our internal and the IMO striving targets.

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52%

Reduction of Carbon Intensity (EEOI) of our Time and Voyage Chartering Fleet in 2025 Eco Ships in our Time Chartering Fleet

The composition of our fleet provides visibility on the intrinsic efficiency of our shipping activities, to which we add operational optimization. Our Time Chartering Fleet composition has improved, and we still need to progress to reach our 75% target.

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100%

Eco Ships in our Co-owned Fleet

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Spills of > 1 Barrel

In the oil industry, monitoring spills larger than a barrel into the environment, specifically into unprotected soil or water, is a crucial environmental indicator. Gunvor has historically implemented a series of proactive measures aimed at minimizing these incidents. The effectiveness of these measures was evident in 2023, as Gunvor’s facilities successfully maintained the count of such spills at zero.

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3.34

Tons CO2 per Ton of LNG Traded

In the company’s Fuel Oil Borrowing Base, Gunvor commits to publish the CO2 intensity of our fuel oil trading activities as well as the related overall emissions.

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Exceedances

Exceedances reflect our ability to strictly operate within our license. All occurrence in 2023 were punctual but nevertheless investigated as incidents, consolidating our trend of improvement on the matter.

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ZERO

Fatalities

100%

Staff (White Collar) trained on Compliance

The same objective as last year applied in 2023 with 100% white collar staff trained. To enhance adherence and diversify the format of the delivery of the Compliance annual training, Gunvor decided to provide the 2023 Compliance Training online in English and Spanish.

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0.6

Lost Workday Injury Frequency Rate

The Lost Workday Injury Frequency rate allows us to ensure all workers involved on Gunvor’s premises are safe. Our operational sites reported two cases whereby someone was injured to such extent that the person could not return to work the next day (Lost Workday Injury or LWI).

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0.9

Process Safety Frequency Rate

Managing the risks associated with loss of containment with consequences for People, Environment, Assets and Reputation, is extremely important for Gunvor’s processing and storage sites, and this forms a major element of Gunvor’s HSEC governance and procedures. Assets have been focusing on improving this performance with good achievement in 2023, which will need to be sustained.

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2:3

Gender Ratio

Continue to promote a significant level of employee diversity in all our offices and improve our gender ratio with a focus on women representation in leadership roles.

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Different Nationalities

We aim to ensure our employees reflect the diversity of the global communities in which we operate.

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100%

Operated Assets and Joint Ventures Assessed on Human Rights Impacts

As part of its commitment to implementing the United Nations Guiding Principles on Business and Human Rights, Gunvor is constantly expanding and improving its processes to identify and assess adverse impact on human rights along its value chain. These assessments are the basis of our program which will widen in scope in the future, covering strategic suppliers.

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Main Risks Identified through Mapping for Human Rights

The Human Rights risk mapping in our activities and value chain allows us to formalize where our due diligence and assessments need to focus as we widen the scope of our Human Rights program. Results and methodology are available in the dedicated section.

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Ethics & Sustainability Department

To respond to the evolving needs of our commercial activities and an everchanging regulatory environment, our ABC team was integrated to a new department called “Ethics & Sustainability” led by a Global Head of Ethics and Sustainability, reporting to the Chief Legal Officer.

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3,572

Vessels screened in 2023

Vessel screening is complementary to the KYC process on counterparties and vessel owners, and allows the protection of Gunvor Group from any sanctions, regulatory and repetitional risks and ensures that Gunvor Group does not nominate or charter any vessels, which may give rise to such concerns.

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100%

Compliance Staff specifically trained on Human Rights

In the context of wider expectations related to due diligence for the industry, Gunvor is leveraging existing teams to better integrate the reviewing of human right impacts with compliance issues.

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People in the Compliance Department

In 2023, Gunvor focused investment in human capital to reinforce the global Compliance team, in line with the continuous efforts over the years, resulting in the Compliance Department almost doubling in size since 2020, from 17 to 32 employees.

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997

New Business Counterparties

The number has increased from 873 in 2022 showing the development of the company and still following the same high standards.

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28,611

Business Counterparties screened on a Typical Day

Screening of our counterparties is the backbone of our Compliance program. Gunvor continues to push forwards with more automated and sophisticated controls, with improved ongoing screening tools via an API connected with our Compliance Management System.

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