STEM SHIPPING is committed to fostering sustainable business practices, in line with the UN 2030 Agenda on Sustainable Development and the Paris Agreement on Climate Change. With shipping transporting circa 80 per cent of global trade and comprising the most cost-effective and energy-efficient mode of mass cargo transport, it serves as an engine of economic growth and an enabler for most Sustainable Development Goals (SDGs).

STEM SHIPPING endeavours to contribute to the achievement of the Global Goals by facilitating inclusive trade (Goal 17), creating decent jobs (Goal 8), aligning with the International Maritime Organization's (IMO) de-carbonization targets (Goal 13), safeguarding the marine environment (Goal 14), adopting sound waste management and safe ship recycling practices (Goal 12), and forging productive partnerships with a range of stakeholders along the supply chain (Goal 17).

The shipping sector presently accounts for around 3% of annual global greenhouse gas (GHG) emissions. Under current trends, GHG emissions from the sector are expected to grow by up to 250% above 2018 levels by mid-century. Urgent action is thus needed to meet the IMO’s targets of reducing the shipping industry’s GHG emissions by at least 50% by 2050, and the carbon intensity of emissions (CO2 emissions per ton-miles) by 40% by 2030 and 70% by 2050, compared to 2008 levels. STEM SHIPPING is fully committed and proactively preparing to meet the de-carbonization goals set by the IMO.

The company operates a relatively young fleet of 8 bulk carrier and 2 container vessels with an average age of 7.8 years. Two-thirds of the total fleet comprise modern eco-design vessels, propelled by fuel efficient engines. STEM SHIPPING will continue its fleet renewal strategy by replacing its remaining fleet with younger and environmentally friendlier vessels aimed at enhancing energy efficiency, ensuring cost savings and cutting harmful emissions.

In line with international GHG emission reduction strategies for the shipping sector, STEM SHIPPING collects data on vessel performance and emissions, including through on-board telemetric equipment for high frequency data collection. Information on fuel oil consumption is reported under both the IMO Data Collection System (DCS) and EU Monitoring, Reporting and Verification (MRV) emission reporting schemes. Ahead of mandatory IMO reporting requirements coming into force in 2023, the company has calculated for each of its vessels the Energy Efficiency Existing Ship Index (EEXI) as a measure of technical efficiency, as well as the Carbon Intensity Indicator (CII) and the Energy Efficiency Operational Indicator (EEOI) as measures of operational efficiency. Every ship retains on-board a valid Ship Energy Efficiency Management Plan (SEEMP).

In 2021, the company’s average fleet carbon intensity indicator (CII) (CO2 emissions per ton-miles) was estimated at 4.93 grams of CO2 emissions per ton-mile for the dry bulk fleet and at 14.68 gr CO2/ton–nm for the container fleet. This compares with 4.66 gr CO2/ton–nm and 13.46 gr CO2/ton–nm, respectively, in 2020, reflecting a slight increase in carbon intensity year-on-year.

In support and compliance with the IMO’s forthcoming regulations aimed at tacking climate change, the company has commenced and will continue to implement a range of both operational and technical measures to improve vessels’ energy efficiency.

STEM SHIPPING is paying close attention to developments linked to the design and building of vessels powered by alternative fuels such as ammonia or green hydrogen. The company plans to invest in technologically and commercially viable options that emerge which can drastically improve vessels’ carbon footprint.

Ballast water discharge from vessels can pose a serious threat to biological diversity through the introduction of invasive aquatic species to new marine and coastal environments. Another threat to marine biodiversity is posed through the release of sulphur oxide (SOx) and nitrogen oxide (NOx) emissions from ships, as these contribute to ocean acidification and eutrophication.

STEM SHIPPING has taken action, in line with international regulations, to help protect marine ecosystems and conserve marine biodiversity. To date, 7 out of 10 vessels, or 70% or the company’s fleet, have ballast water treatment plants (BWTPs) installed on board. BWTPs will be installed on two additional vessels in 2022. The company has also switched to using very low-sulphur fuel oil (VLSFO), in accordance with the IMO sulphur cap regulation.

Besides air pollution, ships can pollute the marine and coastal environment through ballast water discharge, oil spills, release of harmful substances carried on board, and waste disposal.

STEM SHIPPING has long developed and implemented a strict quality/safety and environmental management system to prevent pollution, through compliance with the International Convention for the Prevention of Pollution from Ships (MARPOL) and other environmental legislation. The company is also an active member of the Hellenic Marine Environment Protection Association (HELMEPA) which seeks to prevent ship-generated pollution. No oil spills have ever occurred involving the company’s vessels.

STEM SHIPPING supports a global transition towards a circular economy. It has adopted sound waste management practices, including rigorous recycling schemes on board. It further adheres to international guidelines for the safe and environmentally sound recycling of ships. This includes keeping an Inventory of Hazardous Materials (IHM) on board its vessels.

STEM SHIPPING offers employment to close to 40 employees at its Headquarter office in Athens, Greece. It further employs around 600 seafarers deployed on its vessels worldwide.

The company is committed to enhancing diversity and providing equal opportunities. By collaborating with higher education institutions and offering internship programs, it encourages young people to join the industry. It provides both headquarter employees and seafarers with opportunities for professional training and career development.

The company abides by strict health and safety standards both in its headquarters and on board its ships, involving regular drills, staff training sessions and thorough medical check-ups for travelling personnel.

In response to the ongoing COVID-19 pandemic, STEM SHIPPING has adopted preventive and safety measures. Updates on company protocols and regular COVID-19 testing ensure a healthy and safe working environment.

The company also seeks to mitigate the particularly adverse impact of COVID-19-related government restrictions on seafarers that hindered both their repatriation and their fresh deployment on vessels. The company is doing its utmost to improve the process of crew changes, including by calling on governments for seafarers’ international designation as “key workers”. Safeguarding the welfare of its crew remains a top priority, and the company is seeking to designate a Welfare Officer to survey crew on wellbeing and help identify and address potential mental health issues.

STEM SHIPPING is committed to benefiting local communities. For this purpose, it has set up a dedicated committee to review potential initiatives and assigned an annual budget.

In recent years, the company has provided support to numerous non-governmental organizations (NGOs) providing social services in Athens. These include Merimna Moschatou, Kivotos tou Kosmou, Elpida Centre for People with Special Needs, Christodoulio Orphanage, SOS Villages, and PIKPA. The company has also supported the Greek healthcare system by donating an intensive care unit for COVID-19 patients. STEM SHIPPING is a founding member and major supporter of SYN-ENOSIS.

In the Philippines, the company offered financial compensation to seafarers whose property was damaged by the 2021 typhoon Rai.

STEM SHIPPING is preparing on a voluntary basis and in a transparent manner the company’s first Environmental, Social and Corporate Governance (ESG) report for 2021. Disclosing information on a number of sustainability-related key performance indicators (KPIs) such as fleet GHG emission data is helpful for both shipping banks (especially those adopting the Poseidon Principles) and charterers (for instance, those participating in the Sea Cargo Charter scheme).

STEM SHIPPING recognizes that improving its sustainability performance will necessitate collaborating closely with a wide array of stakeholders along the shipping value chain. These range from government agencies/authorities, to non-governmental organizations, industry associations, financial institutions, insurance companies, charterers, suppliers, and labour unions.

The company is committed to dealing in an ethical and responsible manner with all business partners. It abides by the principles of the United Nations Global Compact in the areas of human rights, labour, environment and anti-corruption.

STEM SHIPPING adheres to ISO 26000 standards with regard to social responsibility and corporate governance.