Sustainable growth report 2023

Sustainable growth report 2023


This section reports on funnel emissions and various ways of calculating useful indicators regarding these emissions. The operational data of our vessels for 2023 have been uploaded, validated and approved by class to the requirements of IMO DCS and EU MRV.

The emissions shown in this report are calculated in line with EU MRV regulations as being effective from 2024 onwards, to include CO2, N2O and CH4 based on tank-to-wake, and Fuel EU directive, based on well-to-wake. For reporting purposes, we use the ‘control by contracts’ approach. From this approach the AER and NZR scores have been calculated. For further reference find more information in the Definitions section.

As per the directives the amount of methane slip is calculated as a percentage of the fuel used and varies for the specific engine type (Otto DF medium speed, Otto DF slow speed, Diesel DF slow speed, LBSI).

It is under discussion within the EU if this can be changed to using the actual performance of an engine, herewith taking into account the development of improved engine performance over time. Also, any positive effect of methane slip abatement technologies is not part of current regulations.

When following the results as provided in the report sLife Cycle GHG Emission Study on the Use of LNG as a Marine Fuel, we would have about two thirds of CO2 equivalents (GHG) due to methane slip over 2023 compared to EU regulated reporting principles.

Results from emission figures
The total CO2 and CH4 emissions were less than 2022, due to fewer LNG vessels in the fleet, sailing fewer miles resulting in less LNG and MGO burnt and resulting in fewer CO2 emissions and less methane slip:

  • Ineos Independence/Insight left the fleet
  • Coral Encanto performed as FSRU in San Juan instead of sailing
  • Being part of DRG terminal, Coral Favia, Coral Fraseri and Coral Furcata sailed less miles.

By using the funnel emissions, we can derive the Annual Efficiency Ratio (AER), based on tank-to-wake emissions.
When using the well-to-wake emissions we can derive the Net Zero Ratio (NZR); an indicator we introduced in 2022.

The AER and NZR depends a lot on the specific vessel trade and the utilization of the vessel. Any moment that the vessel is not sailing and burning fuel, this will have a negative impact on the AER and NZR.

To improve the score, it is key to have certain control of our vessels operational profile. If improvements are required, we must have discussions with our customers for optimizing the AER.

We differentiated for the various trade specifics we are active in:

  • Petchem vessels < 4,500cbm
  • Petchem vessels 4,500 – 7,000 cbm
  • Petchem vessels 7,000 – 10,000 cbm
  • LNG vessels

The scores of 2023 are comparable with 2022. Any changes compared to 2022 can be explained by lower or higher utilization in certain segments.

No specific energy saving measures have been applied or low carbon fuel used of which the impact is of sufficient significance to witness an improvement in these scores.

CII Scores
The AER is translated into a Carbon Intensity Indicator. First, the AER is modified by certain reduction factors for reliquefying our cargo, sailing through the ice and ice capacity. Subsequently, the reduced AER is used to look up the corresponding CII, which is subject to the type of vessel (gas carrier or LNG carrier) and her summer deadweight.

2023 was the first year that CII was mandatory. For 2022 the scores were calculated without taking reduction factors into account and are therefore more conservative than the 2023 scores.
As indicator to reduce emissions the CII has its flaws and is under review by IMO. In 2025 the CII regulation will be updated.

Exempted from CII are three vessels below 5,000 GT. Also exempted were Coral Favia, Coral Fraseri and Coral Furcata serving in port shuttling for the DRG project. Coral Encanto was exempted due to SIMOPS operations as FSU in San Juan. Not exempted was the Coral Methane scoring an E while performing many LNG bunkering operations and as a result thereof idling a lot in port. This is an ongoing discussion with the IMO to have this type of vessels exempted.

Other vessels with E scores were Coral Star and Coral Sticho due to very low utilization under the charter with SABIC, Coral Rubrum which had a lot of idle days, and Coral Pearl and Coral Patula transporting LEG on many short haul voyages on high service speeds in combination with a lot port time and demurrage.

Meanwhile the ShaPoli (shaft power limitation) as a result of EEXI regulations has been implemented on Coral Pearl and Coral Patula, reducing the speed of the vessels; the effect hereof on the speed-consumption needs to be validated.

Three LNG carriers running on the BOG had an A score, as well as Coral Ivory, whilst sailing on MGO.

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