ESG — Change that matters

At Golden Ocean, we are committed to change that matters. For our business, for our customers, and for the world in which we operate. Both in the long-term and right now.

Roughly 90% of the world’s goods are transported by ship. That makes the shipping industry essential to world trade. But it also makes us a centerpiece in solving the environmental impact of globalization. We are actively involved in exploring the technologies and digital opportunities that will drive the future of shipping.

The following targets will assist us in reaching net zero by 2050:

15% by 2026
30% by 2030
NET-ZERO by 2050
Golden Ocean’s decarbonization toolbox

Golden Ocean and its sister companies under the Seatankers Group, embarked on an energy efficiency project supported by DNV.
The purpose of the project was to create a toolbox we can use to optimize our fleet towards more sustainable operations.

Technical efficiency

We have extensive experience implementing energy-saving technologies fleet-wide, such as:

  • Modern hull designs
  • Pre-swirl ducts
  • Propeller optimization
  • PBCF

In 2022, we invested in energy saving devices for 65% of our fleet.
Future propulsion

We work actively to identify the most suitable and long-term solutions, such as:

  • Wind assisted propulsion
  • Alternative fuels
  • Onboard carbon capture

In 2022, we invested in 10 new vessels ready for dual fuel, and we tested biofuel on three of our ships.
Operational efficiency

We continuously implement measures fleetwide to reduce our emissions, such as:

  • Hull maintenance
  • Propeller polishing
  • Digitalization: Real-time data sharing
  • Weather, route, and speed optimization

In 2022, we carried out over 250 underwater inspections and cleanings. We saved 35 days of sailing with weather routing and digitizing 34% of our fleet.
Business strategy

We are actively working on measures to reach our ambitious targets, including:

  • Setting decarbonizing and
    digitalization at the core of our
    management strategy.
  • Cultural awareness campaigns.

In 2022, we took up a sustainability-linked loan, further cementing our commitment to our environmental targets.

Digitizing our fleet

At Golden Ocean, digitization is at the very core of our business strategy and a driving force for both quantitative and qualitative benefits. We have one of the largest and most modern fleets in the industry and are actively exploring technologies and digital opportunities that will drive the future of shipping.

Shipowners have traditionally relied on manual data collection in the form of a single noon report. This practice is outdated, prone to human error and losing valuable data.

To address this, in 2022 we retrofit our entire fleet with key sensors. This upgrade moved us away from a single noon report, to minute-by-minute data
collection. Providing the following benefits:

  • Accelerate our GHG emissions reduction, by detecting hull fouling four to
    five times faster than with traditional noon reports.
  • Maximize GHG reductions and profitability through optimal weather routing
    and speed instructions for each voyage.
  • Seek out partners that will strengthen our digital framework and further
    propel us towards our goals.
  • By making energy improvements more visible to the crew, we close the
    communication gap between ship and shore.
As 2022 came to an end, we measured a 9.1% drop in CO2 emissions since 2019. That’s a big step towards our goals of reaching 15% by 2026 and 30% by 2030!

Retrofitting and digitilizing the Golden Myrtalia

The Golden Myrtalia was digitalized and retrofitted in 2021 with Mewis duct and ultra-premium low friction paint.

The project was carried out in collaboration with one of our charterers, Anglo American, in a joint effort to reach common goals and test new technology to reduce emissions. A calibrated performance model based on original sea trials and records from sister post dry dock show significant improvements in CII of 22 percent.

ESG performance report 2023

Download here

Sustainability reports

Documents available for download