Container shipping is the dominant method of international transportation for a broad range of industrial and consumer goods. As global trade in the foreseeable future will rely on container shipping, there will be an increased need for more energy-efficient and environmentally friendly vessel operations. The International Maritime Organization ("IMO") has set forth a climate change strategy towards year 2050, with the ambition of reducing greenhouse gas emissions per transport work by at least 50% and energy efficiency by 70% compared to 2008 levels.
MPC Container Ships supports the IMO's climate ambitions and recognises the need for concrete measures. The group commenced operations in April 2017 and went on to rapidly expand our capital base, fleet and organisational structure throughout 2017-18. Our first sustainability report on environmental, social and governance ("ESG") performance was published in March 2020 and covered calendar year 2019, the group’s first full year of operations post-growth. Our second ESG report, published in March 2021 and covering calendar year 2020, includes disclosures which meet the Norwegian Shipowners’ Association’s reporting requirements and the Sustainability Accounting Standards Board’s ("SASB") Marine Transportation Standard. Material topics included in the report are selected based on stakeholder feedback and an analysis of the significance of the impacts for each topic. Our approach to determining material topics is aligned with the Global Reporting Initiative ("GRI") Standards’ materiality principle.
As a Oslo Stock Exchange-listed company, we follow the Euronext guidance on ESG reporting of January 2020. The Euronext reporting process is based on the GRI Standards.
Several ESG-related challenges may be addressed more efficiently as a joint effort amongst industry participants. In order to exchange best practices and work towards common goals, MPC Container Ships is partnering with other shipowners, authorities and subject matter experts through collective initiatives such as the Maritime Anti-Corruption Network, The Neptune Declaration on Seafarer Wellbeing and Crew Change, Eyesea and the Clean Shipping Alliance 2020. Likewise, our ship managers are engaged in multi-stakeholder groups for the purpose of ensuring a more sustainable maritime industry such as the Sustainable Shipping Initiative and the Container Ship Safety Forum.