Fact, Figures and Assurance

More information on these standards, the indicators we report on as well as the reporting boundary can be found in this section as well as our accounting policies.

(a) The figure includes energy consumption on owned vessels, other dry cargo vessels operated by NORDEN and other tanker vessels operated by NORDEN in Norient Product Pool. In 2015, the direct energy consumption by primary energy source in joules was 41,153.7 joules.

(b) Transport work is defined as the mass transported times the distance and enables the reader to put the other values into perspective.

(c) CO2 emissions from vessels are calculated from the fuel quantity consumed on a voyage times the duration of the voyage (calculated pro rata) times the CO2 emissions factor for each bunker type (for residual fuel oil the CO2 emissions factor is 3.1144, and for marine diesel oil and marine gas oil the CO2 emissions factor is 3.206 (source: ”Second IMO GHG Study 2009”).

(d) Scope 1 emissions include emissions from owned vessels operated by NORDEN and also emissions from owned company cars. Scope 2 emissions include emissions from land-based activities at NORDEN’s offices worldwide, except from the Annapolis, Santiago and Melbourne offices since electricity is integrated in their rental costs. Scope 3 emissions include emissions from chartered vessels, business travel by air transport and leased company cars.

(e) SOx emissions are weighted as SO2 emissions since this is presumably what the emissions will become in time. SO2 emissions are calculated from the fuel quantity consumed during the year times the average sulphur content in the bunker fuel (in 2015: 2.01%) times 2 since sulphur is about twice as heavy as oxygen. The formula is provided by MAN Diesel & Turbo SE.

(f) NOx emissions are weighted as NO2 emissions since this is presumably what the emissions will become in time. NO2 emissions are calculated from the energy that the main engine produces times the Tier I NOx limit which is 17 gr/kWh, as NORDEN’s owned and operated vessels are Tier I compliant. The energy produced is calculated using the fuel oil consumed in kg divided by the SFOC which in this case is estimated to be 0.173 kg/kWh (source “Project Guide for MAN S50MC-C7 two-stroke engine, 6th Edition, January 2009”). The figure for NOx is a conservative estimate, as approximately half our owned vessels are Tier II compliant as described in the section “Environmental Management.”