GRI Indicator

This report has been compiled in line with the Global Reporting Initiative (GRI) Level C Guidelines. Below is the index.

Reporting scope The reporting period is from 1st January 2019 to 31st Decemeber 2019 and includes information on activities for which Gearbulk has financial control. Emission data in this report does not include the time chartered vessels employed by Gearbulk. Sustainability reports are published annually (aside from 2017 due to organisation changes), the previous one being 2018.

Strategy and Analysis 1.1 Statement from the most senior decision maker....2 Organisational profile 2.1 Name of organisation....4 2.2 Primary brands, products and/or services....7 2.3 Operational structure of the organisation....7 2.4 Locations of organisation’s headquarters....4 2.5 Countries where the organisation operates...7,10 2.6 Nature of ownership and legal form....NA 2.7 Markets served....7 2.8 Scale of the reporting organisation....NA 2.9 Significant changes in structure, size or ownership....2,5 2.10 Awards received in the reporting period....NA

Report Parameters 3.1 Reporting period....17 3.2 Date of most previous report (if any)....17 3.3 Reporting cycle (annual, bi-annual etc)....17 3.4 Contact point for questions regarding the report or its content....18 3.5 Process for defining report content....17 3.6 Boundary of the report....17 3.7 Limitations on the scope of boundary of the report....NA 3.8 Basis for reporting on joint ventures, subsidiaries etc.....17 3.10 Effect of any re-instatements of information....NA 3.11 Changes in the scope, boundary, or measurement methods....NA 3.12 GRI Index table....17 3.13 External assurance for the report....NA

Governance, Commitments and Engagement 4.1 Governance structure of the organisation....4 4.2 Whether the Chair or the highest governing body is also an executive officer....4 4.3 For unitary board structure, state the number of members of the highest governance body that are independent and/or non executive members....4 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....NA

Environmental Performance Indicators Management Approach EN1 Materials used by weight or volume....Both EN2 Percentage of materials used that are recycled input materials....NA 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....NA EN8 Total water withdrawal by source....NA EN11 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....11 EN17 Other relevant indirect greenhouse gas emissions by weight....11 EN18 Initiatives to reduce greenhouse gas emissions and reductions achieved....11 EN19 Emissions of ozone-depleting substances by weight....11 EN20 NOx, SOx and other significant air emissions by type and weight....11 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....NA 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 LA2 Employee turnover by age group, gender and region....10 LA4 Percentage of employees covered by collective bargaining agreements....NA LA5 Minimum notice period(s) regarding operational changes ....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

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....None

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

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....NA HR2 Screening of suppliers....** 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

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


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

ECA Emission Control Area, areas with more stringent regulation of emissions such as SOx and NOx for environmental and/or human health issues.

ECDIS Electronic Chart Display and Information System

EEDI Energy Efficiency Design Index.

EEOI Energi 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.

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.

OCIMF Oil Companies International Marine Forum

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.

STCW Standards of Training, Certification and Watchkeeping. The IMO Convention for STCW prescribes minimum standards relating to training, certification and watchkeeping for seafarers.

Supramax Bulk carrier in 50,000 to 60,000 dwt range.

TEFC Totally Enclosed Forestry Carrier.

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