GASLOG LTD. GasLog Ltd.
Sustainability
Report 2021
SUSTAINABLE | PERFORMANCE | |
1
CEO'S FOREWORD
GLOG Sustainability Report 2021 2
Paolo Enoizi
CEO GasLog Ltd.
As I stepped into the CEO role this year, GasLog was in its third year of managing the COVID-19 pandemic.
In February 2022, war erupted in Europe.
These seismic shifts forced us to sharpen our view on what is truly important. The human element, whether ashore, onboard or at home, drives the safety, reliability, and performance of our operations. Care for our employees, for the environment, for the communities around us is the foundation on which we build customer focus with no compromise on safety.
This also informs our three ESG priorities: (1) decarbonization; (2) safety and wellbeing; and (3) Diversity, Equity, & Inclusion (DE&I).
As I took over as CEO, my first order of business was to reinforce all these messages and assure the right level of
resources to support our ambitions.
I am immensely proud of how we have consistently progressed these priorities. ESG is embedded in our commitment to deliver cleaner energy to the world, consistently, reliably, and sustainably.
The impact of COVID-19 on seafarers and global trade remained a major issue in 2021, however, decarbonization dominated the industry's concerns.
As the world prepared for the COP26 summit, climate change climbed to the top of the agenda with increasing urgency. The Glasgow Climate Pact (GCP) emphasized the decisive need for short-, medium- and long-term commitments from all industries including shipping.
The outbreak of war in Ukraine brought significant humanitarian and geopolitical impacts; it further stressed the global
supply chain weaknesses and pushed energy supply security higher up the priority list. It highlighted once more LNG as the reliable long-term energy source that provides a stepping-stone for a future of renewable energy.
We believe in 2050 net zero. As a provider of liquified natural gas (LNG) logistics services, we have a key role to play in mitigating climate change. Until now regulators compelled shipping to reduce greenhouse gas (GHG) emissions by switching fuels. We believe shipping needs to find the optimal mix of technical and operational measures and innovative solutions to realize its decarbonization goals. At GasLog, we intend to continue investing in the most technologically advanced ships, industry pilot projects, and partnerships that have the potential to enable further decarbonization of LNG transportation.
Our 2021 sustainability report summarizes our ESG progress and is compiled in general compliance with the Sustainability Accounting Standards Board (SASB) marine transportation standard. We are committed to continuous improvement and in this report present you with our progress. We look forward to hearing from you as we continue our journey.
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7.3 | |||||||||||
TCFD | |||||||||||
CEO's Foreword | About GasLog Ltd. | Sustainability Landscape | Sustainability at GasLog Ltd. | GasLog Ltd.'s Initiatives | SASB KPIs | Appendices | |||||
The human element was always a top priority at GasLog, right alongside the environment. Our Environment, Social and Governance (ESG) agenda proved to be right.
2
ABOUT GASLOG LTD.
GLOG Sustainability Report 2021 3
We are a leading global provider of LNG transportation services with over 20 years of experience. We deliver liquefied natural gas to meet the world's growing energy needs as it transitions to a cleaner energy future. We make LNG shipping safer, cleaner, and more efficient, and our customers' businesses more reliable and sustainable. All aspects of our business, from the design and build of our vessels to the quality of our people, our relentless focus on safety and operational excellence, protect the value of the cargoes entrusted to us. We combine a deep understanding of market dynamics with unparalleled technical and operational know-how to deliver a service that fulfills our customers' needs. As shipping experts and LNG specialists, we are proud of our reputation and deliver consistent performance to our customers. We have one of the largest fleets of LNG carriers with 21 owned and bareboat modern LNG carriers, as well as four latest-technology LNG carriers under construction. We are also offering floating storage and regasification solutions through existing twin purpose assets and have the capability to convert existing assets to offer floating services in record lead time.
2.1 About the commodity we transport: LNG
LNG remains the cleanest commercially available stable energy source for power generation, industrial, residential and transport (including maritime) sectors. In 2021, global LNG trade surpassed 380 million tonnes; an increase of 21 million tonnes (or
6 percent) compared to 2020, as many countries rebounded from the economic impact of the COVID-19 pandemic. LNG has a key role to play in the world's emerging energy security problem and in supporting the transition to carbon-free fuels and the use of renewable energy as a backup due to their intermittent supply nature; Brazil, for example, tripled its demand to support hydropower generation in 2021 while China became the world's top LNG importer. It is also presently the largest alternative fuel for oceangoing vessels and has already been used as fuel for LNG ships for many years.
The combustion of natural gas does not emit soot, dust, fumes, or sulphur oxides (SOX). It generates up to 25 percent less CO21 than fuel oil and
45 percent less CO2 than coal at the point of consumption. Reducing CO2
and GHG emissions are key priorities for many economies and natural gas plays a significant role in developing lower-carbon energy systems that will enable net-zero emissions goals. Global LNG demand is expected to reach 700 million tonnes per year by 20402, a 90 percent increase on 2021 demand. LNG is expected to meet over 75 percent of Asia's incremental gas demand by 2040.
1 IEA, ABS.
2 Shell LNG outlook 2022.
20+
Years of experience
21
Owned and bareboat modern LNG carriers
4
Latest-technology LNG carriers under construction
CEO's Foreword | About GasLog Ltd. | Sustainability Landscape | Sustainability at GasLog Ltd. GasLog Ltd.'s Initiatives | SASB KPIs | |
Appendices
2.2 Our Vision
To be the leading global provider of LNG shipping services through the highest quality operating platform and people, making us first choice as a trusted partner for customers, employees and investors.
2.3 Our Values
Our values encourage us to operate as one company across offices and vessels. They guide our actions and decisions; they appear on every job description and are visible across the offices. Demonstrated commitment to our values is part of employee performance assessment and the annual Chairman's Awards Ceremony recognizes employees who exemplify our values.
GLOG Sustainability Report 2021 4
2.4 Our ESG focus areas
Our focus areas are: | Decarbonization | Safety and wellbeing | Diversity, Equity & Inclusion |
Our ambitions are: | Committed to 2050 net zero | Committed to mental and | Improving DE&I at all levels |
physical safety and resilience | with a focus on gender | ||
2.5 SASB activity metrics for calendar year 2021
The metrics below provide an overview of our scale and operational profile.
Safety
Safety is our license to operate and the number one priority. It ensures our people stay safe and the environment remains intact.
Integrity
We live each day according to our values even when no one is watching.
Customer Focus
We listen to and understand our customers' needs in order to develop long-term relationships built on trust and respect.
Teamwork
We work collaboratively and inclusively, based on mutual trust, respect and shared objectives.
Reliability
We consistently provide high quality of service and deliver on our promises.
Innovation
We constantly look to improve through new ideas and ways of thinking and differentiate ourselves from the competition.
323 | 150 | 90 | 40 | |||||||||||
port | onshore employees as | ports | countries | |||||||||||
operations (ζ) | of 31 December 2021 | global port calls (ε1) | ||||||||||||
Piraeus | ||||||||||||||
London | ||||||||||||||
Singapore | ||||||||||||||
Manila | ||||||||||||||
Geoje | ||||||||||||||
global locations | ||||||||||||||
25,176,640m3 | 4.9 million | |
total cargo loaded (ε2) | ||
6,615 | man-hours without | |
Lost Time Injury (LTI) | ||
operating days (γ)
2,247 | 1,836,708 |
seafarers* | |
1,057 | tonnes |
deadweight tonnage (δ) | |
shipboard employees (α)* | 2,165,003nm |
total distance traveled by vessels (β) |
* Combined GasLog Ltd. and GasLog Partners LP data.
CEO's Foreword | About GasLog Ltd. | Sustainability Landscape | Sustainability at GasLog Ltd. GasLog Ltd.'s Initiatives | SASB KPIs | Appendices |
2.6 Our Fleet
We manage our ships in-house, from the design phase through to construction and operations. The knowledge gained from operations is continuously fed back to the design and construction of our newbuildings to generate continuous improvement and meet our customers' needs and sustainability goals.
Given that LNG is the cleanest commercially available marine fuel, our vessels are primarily powered by the boil- off of the cargo they carry (86 percent in 2021), making us amongst the lowest carbon intensity commodity transporters.
On the right we present the average efficiency ratio (AER) and the annual CO2 emissions for the fleet for the last three years. Whilst total CO2 emissions increased year on year, this was primarily due to fleet growth with the addition of the 2021 newbuildings and a full-year operation of the 2020 newbuildings. Overall, our fleet's AER improved due to improved efficiency of the newer vessels and higher ship utilization.
Average AER
9.09 | |||
/dwt*nm)CO | 7.77 | 7.51 | |
14 | 18 | 21 | |
(gr | |||
vessels | vessels | vessels | |
2019 | 2020 | 2021 |
GasLog Ltd. fleet
Annual CO2 emissions from
GasLog Ltd. fleet
(tonnes) | 1,389,736 | ||
944,682 | 1,075,780 | ||
emissions | 14 | 18 | 21 |
2 | |||
CO | vessels | ||
vessels | vessels | ||
Total | |||
2019 | 2020 | 2021 |
GasLog Ltd. fleet
Cargo | Annual Efficiency Ratio (AER) | ||||||
capacity | Year | ||||||
Vessel name | Propulsion* | (cubic | Ownership | 2019 | 2020 | 2021 | |
meters) | built† | ||||||
Methane Lydon Volney | Steam | 145,000 | 2006 | 100% GasLog Ltd. | 14.76 | 13.60 | 13.53 |
Methane Nile Eagle | Steam | 145,000 | 2007 | 25% GasLog Ltd. | 12.23 | 11.34 | 11.79 |
GasLog Chelsea | TFDE | 153,600 | 2010 | 100% GasLog Ltd. | 11.21 | 9.94 | 9.15 |
GasLog Savannah | TFDE | 155,000 | 2010 | 100% GasLog Ltd. | 11.13 | 9.74 | 10.8 |
GasLog Singapore | TFDE | 155,000 | 2010 | 100% GasLog Ltd. | 12.40 | 9.62 | 9.36 |
Methane Julia Louise | TFDE | 170,000 | 2010 | Bareboat to GasLog Ltd. | 9.30 | 7.62 | 7.5 |
GasLog Skagen | TFDE | 155,000 | 2013 | Bareboat to GasLog Ltd. | 9.52 | 9.79 | 9.28 |
GasLog Saratoga | TFDE | 155,000 | 2014 | 100% GasLog Ltd. | 7.74 | 8.31 | 8 |
GasLog Salem | TFDE | 155,000 | 2015 | Bareboat to GasLog Ltd. | 9.14 | 7.83 | 7.61 |
GasLog Genoa | X-DF | 174,000 | 2018 | 100% GasLog Ltd. | 5.84 | 5.86 | 5.76 |
GasLog Hong Kong | X-DF | 174,000 | 2018 | Bareboat to GasLog Ltd. | 5.93 | 5.82 | 6.18 |
GasLog Houston | X-DF | 174,000 | 2018 | Bareboat to GasLog Ltd. | 6.33 | 6.09 | 5.93 |
GasLog Gladstone | X-DF | 174,000 | 2019 | 100% GasLog Ltd. | 5.78 | 5.67 | 6.27 |
GasLog Warsaw | X-DF | 180,000 | 2019 | 100% GasLog Ltd. | 5.93 | 5.10 | 6.05 |
GasLog Windsor | X-DF | 180,000 | 2020 | 100% GasLog Ltd. | NB 2020 | 5.57 | 5.52 |
GasLog Westminster | X-DF | 180,000 | 2020 | 100% GasLog Ltd. | NB 2020 | 5.90 | 5.24 |
GasLog Wales | X-DF | 180,000 | 2020 | 100% GasLog Ltd. | NB 2020 | 5.64 | 5.84 |
GasLog Georgetown | X-DF | 174,000 | 2020 | 100% GasLog Ltd. | NB 2020 | 6.51 | 5.76 |
GasLog Galveston | X-DF | 174,000 | 2021 | 100% GasLog Ltd. | NB 2021 | NB 2021 | 5.69 |
GasLog Wellington | X-DF | 180,000 | 2021 | 100% GasLog Ltd. | NB 2021 | NB 2021 | 6.03 |
GasLog Winchester | X-DF | 180,000 | 2021 | 100% GasLog Ltd. | NB 2021 | NB 2021 | 6.48 |
HN 2532 | MEGI | 174,000 | Q3 2024 | 100% GasLog Ltd. | NB 2024 | NB 2024 | NB 2024 |
HN 2533 | MEGI | 174,000 | Q3 2024 | 100% GasLog Ltd. | NB 2024 | NB 2024 | NB 2024 |
HN 2534 | MEGI | 174,000 | Q3 2025 | 100% GasLog Ltd. | NB 2025 | NB 2025 | NB 2025 |
HN 2535 | MEGI | 174,000 | Q4 2025 | 100% GasLog Ltd. | NB 2025 | NB 2025 | NB 2025 |
* Refer to Glossary.
† For newbuildings (NB), the year built entry denotes expected delivery.
GLOG Sustainability Report 2021 5
2021
Improved average AER
86%
LNG use as fuel
CEO's Foreword | About GasLog Ltd. | Sustainability Landscape | Sustainability at GasLog Ltd. GasLog Ltd.'s Initiatives | SASB KPIs | Appendices |
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Disclaimer
GasLog Ltd. published this content on 08 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 July 2022 11:53:02 UTC.
