Asyad Shipping teams up with LR on ESG reporting

Collaboration

March 15, 2024, by Naida Hakirevic Prevljak

Asyad Shipping, part of Asyad Group, and classification society Lloyd’s Register (LR) have partnered to deliver the Omani national shipping company’s first Environmental, Social and Governance (ESG) report, in line with the established Global Reporting frameworks.

Asyad Shipping, which operates a fleet of 85 vessels including gas carriers, very large crude carriers (VLCCs), product tankers and containerships, is one of the first maritime organizations in the Middle East to publish an ESG report.

The report focuses on the impact Asyad Shipping has made – in its approach to become a green shipping company – to make ESG the cornerstone of its wider business strategy operations.

Asyad Shipping’s ESG impact includes a variety of programs focused on decarbonization, ocean/land health restoration as well as integrating business operations to promote integrity among the workforce.

“ESG reporting can benefit businesses by enhancing their reputation, providing access to capital, mitigating risks, improving market competitiveness, strengthening stakeholder relations, ensuring regulatory compliance, enhancing social presence and driving innovation and efficiency. These benefits can help align organisations with sustainability goals in an increasingly ESG-conscious environment,” Khalil Al Balushi, VP- Marine, Asyad Shipping, said.

ESG reporting has become a growing necessity in the shipping sector as environmental concerns, regulatory pressures, and stakeholder demands prompt companies to disclose their performance in areas such as emissions reduction, social responsibility, and corporate governance.

“With the growing requirement for organisations to have comprehensive ESG strategies, LR has showcased how it can support its clients as a trusted adviser throughout their sustainability journey, as evidenced through our work with Asyad Shipping,” Ambrish Bansal, Senior VP – Business Advisory and consulting, Lloyd’s Register, commented.

Last month, a new ESG Shipping Network was launched in Denmark to address the pressing need for collaboration and knowledge sharing within the shipping industry regarding sustainability reporting.

With increased attention towards ESG and decarbonization from multiple stakeholders in the shipping industry, there is a clear demand for a fact-based scientific disclosure of companies’ sustainability stories.