Exceeding High Safety Standards
and Environmental Regulations
Genco runs a safe and responsible business built for the long-term. By purchasing modern, fuel-efficient vessels and selling older, less fuel-efficient tonnage, our Annual Efficiency Ratio and Energy Efficiency Operational Indicator have improved.*
This has led to a reduction in our carbon emissions.
Alongside our continued fleet modernization initiatives through the purchase of newer, fuel-efficient vessels, we have also invested in a range of energy efficiency and emission-reducing systems on our existing vessels including the following:
- Upgrading vessels with energy saving devices to reduce fuel consumption
- Conducting real-time fuel consumption analysis to optimize voyages
- Installing Ballast Water Treatment Systems to prevent invasive species transfer
*Annual Efficiency Ratio (AER) is an approximation of cargo carried by utilizing the vessel’s designed deadweight capacity in place of the actual cargo carried and assumes the vessel is continuously carrying cargo. Energy Efficiency Operational Indicator (EEOI) is a carbon intensity metric developed by the IMO in order to allow shipowners to measure the fuel efficiency of a ship in operation. It is a carbon intensity indicator “CII” and represents the demand for transport work.
Meeting Industry-Wide Emissions Reduction Targets
The International Maritime Organization (IMO) implemented new global emissions standards to meaningfully limit pollution from ships on January 1, 2020. Known as IMO 2020, the rule limits the sulfur content in fuel consumed by vessels to 0.50%—significantly reduced from 3.5%. IMO 2020 was a key step in improving air quality and reducing emissions across the global maritime fleet.
Our fleet is 100% compliant with the IMO 2020 sulfur cap regulation.
Upcoming Regulations: The IMO has adopted targets aimed at meaningful reductions in CO₂ and other greenhouse gas (GHG) emissions. In 2023, the Energy Efficiency Design Index for existing ships (EEXI) requirements are set to enter into force. By 2030, the IMO is targeting carbon intensity of international shipping to decline by at least 40% compared to 2008 levels. By 2050, GHG emissions from the global maritime fleet are projected to be at least 50% lower.
Short-terms goals include the continuance of:
- Targeting modern, fuel-efficient vessels when evaluating asset acquisitions
- Divesting older, less fuel-efficient tonnage
- Complying fully with IMO 2020
- Completing the implementation of our comprehensive IMO 2023 plan including the installation of energy saving devices, propeller modifications and application of high performance paints
- Optimizing vessel operations through real-time data collection and analysis
Long-term goals include:
- Reducing GHG emissions in line with the framework established by the IMO’s 2030 and 2050 international shipping targets
- Partnering with key customers, financial institutions, other large shipowners, and stakeholders (including the ones below) to help drive an industry-wide solution towards emissions reduction