The Company has published its 2023 ESG report which can be found below along with the prior year reports. The Company invites you to read the 2023 ESG report and welcomes any comments or questions you may have on the information presented. For report questions or feedback, please email us at ir@frontmgt.no.
The Company believes its sustainability strategy is the key to balancing the interests and expectations of all its stakeholders, including investors, analysts, employees, customers, suppliers, and communities, and ultimately creating long-term value.
Expanding and modernising our fleet remains a key part of our strategy as demonstrated by the completion of our latest newbuilding program and recent fleet renewal. In January 2023, we took delivery of two state-of-the-art ammonia ready VLCC newbuildings following the four delivered in 2022. In 2023 and the first half of 2024, we sold ten non-eco vessels with an average age of 13.5 years, while acquiring 24 state-of-the-art modern vessels with an average age of 5.3 years. These initiatives result in significant energy efficiency improvements. For example, the recent renewal results in an annual reduction of over 100,000 tonnes in CO2 emissions across our VLCC fleet. Following the renewal, the Company’s fleet consists of 99% ECO vessels and has an average age of 5.7 years making it one of the youngest and most energy efficient fleets in the industry. In 2023, we outperformed the IMO and Poseidon Principles emission trajectories by 20% and 10%, respectively, continuing our journey as a segment leader and meeting our 2023 target of obtaining a weighted average CII rating of “A”.
The disclosures in this report aim to provide analysts and other key stakeholders with material ESG information. Frontline’s report has been prepared on a consolidated basis in accordance with the SASB Marine Transportation Standard (2023) and with reference to the Global Reporting Initiative (GRI) Standards. The report presents our material ESG performance in our operations and value chain, along with how we manage material sustainability matters, for the financial year ending December 31, 2023.
