GlobalData offers a comprehensive analysis of Overseas Shipholding Group, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Overseas Shipholding Group‘s ESG performance. GlobalData’s company profile on Overseas Shipholding Group offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Overseas Shipholding Group (OSG) is committed to reduce its greenhouse gas (GHG) emissions. In 2022, global scope-1 emissions reported was 477,261.54 Metric tons (t) CO₂-e. The company is taking steps to reduce its emissions. OSG has implemented measures to enhance efficiency, safety, and reduce risks. The company is advocating for the inclusion of maritime assets in the revised tax code and for carbon capture thresholds to encompass its fleet's carbon dioxide levels. OSG is also encouraging cooperation between owners and charterers to reduce CO2 emissions through weather routing, vessel speed optimization, and minimizing time at anchor and in-port emissions.
To achieve its emission reduction targets, OSG is investing in sustainable energy and exploring opportunities for carbon capture, utilization, and storage (CCS) technology. The company is evaluating the use of biofuels and advocating for revisions in calculation methods to account for their carbon footprint. OSG is also optimizing engine performance, reducing fuel consumption, and implementing robotic hull grooming to reduce emissions.
While OSG is actively working towards reducing its carbon emissions, it acknowledges that commercial and operating decisions largely lie with charterers. The company is advocating for the development of effective measures to incentivize carbon emissions reduction in the maritime industry.
In conclusion, OSG is dedicated and is taking steps to reduce its carbon emissions. The company is investing in sustainable energy, exploring CCS technology, and optimizing its operations to achieve emission reduction goals. OSG is also advocating for industry-wide measures to incentivize carbon emissions reduction.