Solvang delivers GRI sustainability report

Solvang's GRI content index with disclosures for 2025

Universal standards
- General disclosures: GRI 2
Material topics standards 2025
List of omitted topics
List of omitted sections from GRI template 11 Oil & Gas

1. Universal standards

Mandatory for all, these define the principles of reporting, general disclosures (governance, strategy), and the process for determining material topics. These are the mandatory universal standards accounted for in Solvang's ESG report 2025. For omitted topics, see below.

General disclosures: GRI 2

1. Organization and its reporting practices

2-1 Organizational details

2-2 Entities included in the organization’s sustainability reporting

2-3 Reporting period, frequency and contact point

2-4 Restatements of information

2-5 External assurance

2. Activities & workers

2-6 Activities, value chain and other business relationships

Activities

Solvang operates within marine transportation, including shipping, ship management, and ownership of vessels. We divide our operation into six semi-refrigerated/ethylene carriers, seven LGC vessels, and six VLGC vessels, plus seven newbuild VLGCs under construction for delivery during 2026–2027.

In 2025, Solvang transported a total of 4.03 million tonnes of cargo over 1.58 million nautical miles. The value of the cargo transported in 2025 has an estimated value of 2.2 billion USD.

Value chain

Solvang maintains an integrated shipping organization headquartered in Stavanger, supported by suppliers and customers. Overview of value chain links.

Suppliers	In-house, Stavanger:	Customers
Shipyards	Headquarters	Charterers
Fuel providers	Technical operations	Cargo owners
Equipment and system service providers	Crewing	Port authorities and terminal operators
Manning agencies	Ship management, technical and safety management	Industrial users of liquefied gas
Classification	Oslo, Norway:	Petrochemical manufacturers, fertilizer producers
Port services	Commercial	LPG distributors
Insurance	Commercial operations
Legal and finance	Manila, Philippines:
Auditing	Crewing
Consulting	Riga, Latvia:
	Crewing

Other relationships

Solvang maintains business relationships beyond its direct value chain.

Joint ventures

Vessel management and ownership structure

Banks and financial institutions

Vessel financing, refinancing, loan facilities, guarantees in newbuilding and fleet operations

Insurance

(War Risk Club, P&I Clubs and Hull & Machinery insurers)
Risk underwriting, claims handling, compliance support, and loss-prevention services

Flag and Classification societies

Technical surveys, safety inspections, environmental compliance audits, and certification

Maritime associations

Safety-related, environmental and technological development, ethical conduct and anti-corruption networks

OCIMF and SIRE

Vetting

Technical consultants, engineering partners, research institutions

A.o. feasibility studies, alternative fuel assessments, ship design innovation, decarbonization strategies

2-7 Employees

3. Governance

2-9 Governance structure and composition

2-10 Nomination and selection of the highest governance body

2-11 Chair of the highest governance body

2-12 Role of the highest governance body in overseeing the management of impacts

2-13 Delegation of responsibility for managing impacts

2-14 Role of the highest governance body in sustainability reporting

2-15 Conflicts of interest

2-16 Communication of critical concerns

2-17 Collective knowledge of the highest governance body

2-18/19 Board of Directors’ Report

2-20/21 Financial statement

4. Strategies, policies and practises

2-22 Statement on sustainable development strategy

2-23 Policy commitments for responsible business conduct

2-24 Embedding policy commitments

2-25 Process to remediate negative impact

2-26 Mechanisms for seeking advice and raising concerns

The company ensures safe reporting channels for employees, contractors, and external stakeholders. Mechanisms include Whistleblowing and confidential reporting, with anonymity protected through anonymous reporting tools. Concerns are initially handled via established routines, and can be escalated via reporting lines, the DPA role, whistleblowing tools, or Onboard Complaint procedures. Employees are informed through ISM/MLC standards, company procedures, NIS flag CBAs, and employment briefings.

2-27 Compliance with laws and regulations; reporting incidents of non- compliance

2-28 Membership associations

5. Stakeholder engagement

2-29 Approach to stakeholder engagement

In line with GRI, the Norwegian Transparency Act, the UN social development goals and EU sustainability regulations, Solvang surveys our
stakeholder relations. The purpose is to apply feedback to improve as a company, to keep key stakeholders happy, and to gather support for our strategic dispositions.

Key stakeholders are defined as owners, own employees and terminal personnel (external). In addition, Solvang identifies contractors and subcontractors, financial institutions and customers as value chain stakeholders. Other related entities include government and regulators,
municipalities, interest organizations, national and international unions, and research institutions, which all play an important role in Solvang’s results.

2-30 Collective bargaining agreements

Material topics standards 2025

This section contains detailed, thematic disclosures used to report on material topics identified through our materiality assessments and taxonomy processes. All topic standard includes GRI "3-3 Management of material topics" - which is not listed in each topic.

The marked topics (grey boxes) are included in GRI template 11 Oil & Gas.

GRI 101: Biodiversity

11.4 Biodiversity

101-1 Policies to halt and reverse biodiversity loss

101-2 Management of biodiversity impacts

101-4 Identification of biodiversity impacts

101-6 Direct drivers of biodiversity loss

GRI 102: Climate change 2025

11.2 Climate adaptation, resilience, and transition

102-1 Transition plan for climate change mitigation

Solvang’s climate transition plan is addressed through a transition plan called Clipper Future. On a short-, medium and long-term horizon, the plan deploys energy efficiency, operational optimization, and scalable technology to ensure full compliance with IMO energy-efficiency regulations. This includes the Carbon Intensity Indicator (CII), but it does not rely on a single future fuel solution.

Read more about Clipper Future on pages 46-47 in Solvang's ESG report for 2025.

102-2 Climate change adaptation plan

Solvang considers climate adaptation an integrated part of vessel design and operational planning. The fleet is built and operated for global service under demanding environmental conditions, including severe weather, changing sea conditions, and evolving port infrastructure requirements.

The company’s vessels are capable of maintaining loading, transport, and discharge operations across a wide range of climate scenarios. Through weather routing, operational optimization, robust technical standards, and continuous crew competence development, Solvang maintains resilient and reliable operations worldwide.

Solvang’s newbuilding programme further strengthens long-term climate resilience through flexible ECO vessel designs, future-fuel adaptability, and readiness for onboard carbon capture and expanded emissions-control systems.

102-4 GHG emissions reduction targets and progress

Solvang's mid-term target for 2030: Full AER/CII compliance for all vessels

Ethylene fleet: With 2% AER reduction per year for E-class and modified H-class, the vessels will keep their B rates in 2026 and continue on a C rate up to 2030.
LGC fleet: With 2% AER reduction from 2026-2030, based on existing LGC modifications and continued pattern of operational improvement, the LGC fleet will be in IMO compliance in 2030.
VLGC fleet: Assuming continuous AER reduction from 2026-2030, the fleet average required in 2030 should be within requirment levels. Due to CII requirements, not the EEXI certification, speed for some of the vessels in 2030 will be limited to achieve compliance.
GFI target level (CO2 fuel intensity): Depends on availability of CCS and biofuel

Progress: GHG reduction 2009 - 2025

Average emission per vessel decrease: 20.3 %
Cargo capacity increase: 25.1 %
DWT increase: 12.8 %

Progress: EEOI reduction 2009 - 2025

Solvang fleet: - 49%
Ethylene fleet: - 46%
LGC fleet: - 23%
VLGC fleet: - 20%

102-5 Scope 1 GHG emissions

102-8 GHG emissions intensity

102-9 GHG removals in the value chain

102-10 Carbon credits

GRI 103: Energy

11.1 GHG emissions

103-1 Energy policies and commitments

Energy policies and commitments

Solvang commits to integrating energy efficiency and emissions reduction into vessel design, operations, procurement decisions, maintenance programmes, and long-term fleet development.

Solvang’s energy policy is based on continuous improvement of energy efficiency, reduction of GHG emissions, and responsible management of fuel consumption across the fleet. The company applies a well-to-wake perspective when evaluating fuels and energy solutions.

Since 2009, Solvang has systematically monitored vessel performance, fuel consumption, emissions, and operational efficiency across the fleet. Energy efficiency measures include optimized hull and propulsion design, operational performance monitoring, weather routing, trim optimization, engine tuning, heat recovery systems, exhaust gas cleaning systems, and continuous crew training through the SEEMP and “Living the Vision” programmes.

Solvang is committed to complying with applicable IMO and EU energy-efficiency and emissions regulations, including EEXI, CII and FuelEU Maritime requirements. The company’s climate transition programme, “Clipper Future”, targets continued reductions in Annual Efficiency Ratio (AER) and Energy Efficiency Operational Indicator (EEOI), while maintaining operational flexibility for future fuel pathways and onboard carbon capture solutions.

Solvang’s long-term commitment is to combine operational efficiency, total emission control, and scalable technological solutions to support the transition toward lower-emission shipping while maintaining safe and reliable global operations.

103-2 Energy consumption and self-generation within the organization

103-4 Energy intensity

Solvang monitors energy intensity across the fleet through operational efficiency indicators linked to cargo transport performance and fuel consumption. The primary indicators applied are the Energy Efficiency Operational Indicator (EEOI) and the Annual Efficiency Ratio (AER).

In 2025, Solvang continued the long-term improvement trend established since 2009:

Fleet EEOI reduced by 49% since 2009
Fleet AER reduced by 37% since 2009

103-5 Reduction in energy consumption

Solvang’s energy-efficiency strategy is integrated into daily vessel operations and long-term fleet development. Energy performance is monitored continuously through internal KPIs, SEEMP procedures, AER and EEOI indicators, and dedicated crew incentive programmes such as Solvang’s annual Energy Efficiency Award.

In 2025, Solvang continued to improve fleet-wide energy efficiency through measures including:

optimized hull and propulsion design,
Mewis ducts and propulsion upgrades,
engine tuning and turbocharger optimization,
trim and voyage optimization,
weather routing,
high-performance antifouling coatings,
cargo handling optimization,
shaft power limitation upgrades,
heat recovery systems,
continuous monitoring through SEEMP and vessel performance systems.

GRI 201: Economic performance

201-1 Direct economic value generated and distributed

201-3 Defined benefit plan obligations and other retirement plans

201-4 Financial assistance received from government

GRI 202: Market presence

11.11 Non-discrimination and equal opportunity

202-2 Proportion of senior management hired from the local community

GRI 203: Indirect economic impacts

11.14 Economic impacts

203-1 Infrastructure investments and services supported

203-2 Significant indirect economic impacts

GRI 205: Anti-corruption

11.20 Anti-corruption

205-1 Operations assessed for risks related to corruption

205-2 Communication and training about anti-corruption policies and procedures

205-3 Confirmed incidents of corruption and actions taken

GRI 206: Anti-competitive behaviour

11.19 Anti-competitive behavior

206-1 Legal actions for anti-competitive behavior, anti- trust, and monopoly practices

GRI 303: Water and effluents

11.6 Water and effluents

303-2 Management of water discharge-related impacts

GRI 305: Emissions

11.3 Air emissions

305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions

Nitrogen oxides (NOx), sulfur oxides (SOx), particular matter and CO₂

Solvang continuously monitors and reduces air emissions from vessel operations through a combination of operational optimization, fuel management, exhaust gas cleaning systems, engine technologies, and onboard emissions-control technologies.

In 2025, reported emissions from fleet operations included:

NOx emissions: 10,447 tonnes
SOx emissions: 762 tonnes
CO₂ emissions: 511,184 tonnes Scope 1 emissions

Solvang has reduced SOx emissions by approximately 90% since 2009 through the implementation of exhaust gas cleaning systems (scrubbers), low-sulfur fuels, and operational efficiency improvements.

The company applies a combination of emission-control technologies across the fleet, including:

hybrid and open-loop exhaust gas cleaning systems (EGCS),
low-pressure exhaust gas recirculation (LP-EGR),
selective catalytic reduction (SCR),
Wet Electrostatic Precipitators (WESP),
onboard carbon capture and storage (OCCS).

Solvang’s WESP systems are designed to remove fine particulate matter, soot, acid mist, heavy metals, hydrocarbons and other exhaust particles from the emission stream. Laboratory testing indicates approximately 95% particle removal efficiency.

The fleet’s environmental management systems further monitor emissions related to:

particulate matter (PM),
total hydrocarbons (THC),
carbon monoxide (CO),
visible smoke,
acidifying emissions and ground-level ozone precursors.

All vessels operate in compliance with applicable IMO MARPOL Annex VI requirements and relevant EU emissions regulations. Several vessels are certified to IMO NOx Tier III standards through LP-EGR or SCR systems. Continuous emissions monitoring and performance optimization are integrated into Solvang’s operational and maintenance procedures.

GRI 306: Waste

11.5 Waste

306-1 Waste generation and significant waste-related impacts

306-2 Management of significant waste-related impacts

306-3 Waste generated

306-4 Waste diverted from disposal

306-5 Waste directed to disposal

GRI 308: Supplier environmental assessment

308-1 New suppliers that were screened using environmental criteria

308-2 Negative environmental impacts in the supply chain and actions taken

GRI 401: Employment

11.10 Employment practices

401-1 New employee hires and employee turnover

New employee hires and employee turnover

Solvang’s workforce in 2025 consisted of approximately 761 employees, including 700 seafarers and 61 shore-based employees located in Norway, the Philippines and Latvia.

Recruitment and workforce planning activities in 2025 included cadet development programmes, internal promotion pathways, and additional retention measures for sea-based personnel.

In 2025, Solvang reported:

Sea retention rate: 97.0%
Office turnover rate: 6.3%
Crew turnover rate: 3.0%.

Solvang’s employee retention strategy emphasizes long-term competence development, internal career progression, stable employment relationships, and individual follow-up during periods of operational transition. During the fleet renewal period, the company implemented individual employment arrangements, including adjusted rotations, extended leave solutions and internal development opportunities, in order to minimize redundancies and retain core competence within the organization.

Recruitment and promotion activities are conducted according to principles of equal opportunity, diversity and competence-based selection, independent of gender or nationality. The company continues to promote increased diversity in maritime recruitment, including targeted female cadet recruitment initiatives.

401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees

401-3 Parental leave

GRI 402: Labor/Management Relations

402-1 Minimum notice periods regarding operational changes

GRI 403: Occupational Health and Safety

11.9 Occupational health and safety

403-1 Occupational health and safety management system

403-2 Hazard identification, risk assessment, and incident investigation

403-3 Occupational health services

403-4 Worker participation, consultation, and communication on occupational health and safety

403-5 Worker training on occupational health and safety

403-6 Promotion of worker health

403-7 Prevention and mitigation of OHS impacts in business relationships

403-8 Workers covered by an occupational health and safety management system

403-9 Work-related injuries

403-10 Work-related ill health

GRI 404: Training and education

404-1 Average hours of training per year per employee

404-2 Programs for upgrading employee skills and transition assistance programs

Programs for upgrading employee skills and transition assistance programs

Solvang maintains a structured competence-development framework for both sea-based and shore-based employees through operational training, leadership development, technical education, and career progression programmes. A central element of this work is the company’s “Living the Vision” (LTV) programme, an ongoing onboard and onshore training platform combining HSEQ awareness, operational excellence, leadership development, teamwork, and personal development.

The LTV programme includes recurring training modules and workshops covering topics such as familiarization, leadership and teamwork, responsibility, continuous improvement, competency development, communication, human performance, safety culture, handover procedures, and personal development. The programme is supported by onboard meetings, digital learning resources, newsletters, films, workshops, and practical operational follow-up integrated into daily vessel operations.

Solvang further supports employee development through cadet programmes, internal promotion pathways, mentoring by senior officers and management, conference-based training, and structured competence enhancement aligned with operational and regulatory requirements.

During the fleet transition period leading up to the delivery of new VLGC vessels, Solvang also implemented transition-support measures aimed at retaining competence and supporting employees through organizational changes. Measures included adjusted rotations, extended leave arrangements, individual development planning, internal career opportunities, and tailored employment solutions designed to minimize redundancies and maintain workforce stability.

Solvang considers continuous learning and long-term competence development essential to safe vessel operations, operational quality, employee well-being, and future organizational growth.

404-3 Percentage of employees receiving regular performance and career development reviews

GRI 405: Diversity and equal opportunity

405-1 Diversity of governance bodies and employees

Diversity of governance bodies and employees

Solvang promotes diversity, equal opportunity and non-discrimination across governance, recruitment, career development and daily operations. The company’s workforce consists of employees from different nationalities, cultures, educational backgrounds and professional disciplines, reflecting the international nature of maritime operations.

Solvang’s Board of Directors in 2025 consisted of three members, including two men and one woman. Two of the three board members were independent directors.

Workforce gender distribution in 2025 was:

Shore-based employees Norway: 56% male / 44% female
Shore-based employees Philippines: 31% male / 69% female
Sailing crew: 97% male / 3% female.

Solvang applies competence-based recruitment principles and states that employees are recruited, promoted and compensated according to qualifications, skills and performance independent of gender or nationality. The company continues targeted initiatives to improve diversity within maritime operations, including female cadet recruitment and increased focus on diversity in recruitment processes for both shore-based and sea-based positions.

Solvang recognizes that international shipping remains a traditionally male-dominated industry, particularly within seafaring professions. The company therefore maintains a long-term focus on creating inclusive working environments, equal career opportunities, and improved gender balance across operational and leadership positions.

405-2 Ratio of basic salary and remuneration of women to men.

GRI 413: Local Communities

11.15 Local communities

413-1 Operations with local community engagement, impact assessments, and development programs

As a global shipping operator Solvang does not run fixed industrial production sites directly affecting local residential communities in the same manner as land-based industry. However, the company seeks to maintain positive long-term relationships with local communities representing significant numbers of employees, supporting them through various measures, such as the Streetlight community project in the Philippines.

In 2025, Solvang continued support for local CSR and community initiatives, including engagement projects in the Philippines and support for selected local organizations in Norway. The company further strengthened its local engagement through cadet follow-up activities, employee-family events, and initiatives aimed at promoting social responsibility and long-term workforce stability.

413-2 Operations with significant actual and potential negative impacts on local communities

GRI 414: Supplier social assessment

11.12 Forced labor and modern slavery

414-1a New suppliers that were screened using social criteria

414-2a Number of suppliers assessed for social impacts

414-2b Number of suppliers with social impacts

414-2c Social impacts identified in the suply chain

414-2d Percentage of suppliers with social impacts with which improvements were agreed

414-2e Percentage of suppliers with social impacts with which relationship was terminated, and why

List of omitted GRI topics

GRI topic	Description	Reason for omittance
2-8	Workers who are not employees	n/a, no relevant role
2-18	Evaluation of the performance of the highest governance body	Confidentiality constraints
2-19	Remuneration policies	Confidentiality constraints
2-20	Process to determine remuneration	Confidentiality constraints
2-21	Annual total compensation ratio	Confidentiality constraints
2-25	Processes to remediate negative impacts	Information unavailable/incomplete
2-27	Compliance with laws and regulations	Information unavailable/incomplete, compliance handled in separate channels, constraints on information sharing
101-3	Access and benefit-sharing	n/a, no locations
101-5	Locations with biodiversity impacts	n/a, no locations
101-7	Changes to the state of biodiversity	n/a, no locations
101-8	Ecosystem services	n/a, no locations
102-3	Just transition	n/a, no users
102-6	Scope 2 GHG emissions	n/a, insignificant volume
102-7	Scope 3 GHG emissions	n/a, no available data*
103-3	Upstream and downstream energy consumption	n/a, no available data
201-2	Financial implications and other risks and opportunities due to climate change	Information unavailable/incomplete
202-1	Ratios of standard entry level wage by gender compared to local minimum wage	n/a
204-1	Proportion of spending on local suppliers	Information unavailable/incomplete
207-1	Approach to tax	Disclosed in annual financial statement
207-2	Tax governance, control, and risk management	Disclosed in annual financial statement
207-3	Stakeholder engagement and management of concerns related to tax	Disclosed in annual financial statement
207-4	Country-by-country reporting	Disclosed in annual financial statement
301-1	Materials used by weight or volume	Information unavailable/incomplete
301-2	Recycled input materials used	Information unavailable/incomplete
301-3	Reclaimed products and their packaging materials	Information unavailable/incomplete
303-1	Interactions with water as a shared resource	n/a, insignificant volume
303-3	Water withdrawal	n/a, insignificant volume
303-4	Water discharge	n/a, insignificant volume
303-5	Water consumption	n/a, insignificant volume
305-6	Emissions of ozone-depleting substances (ODS)	n/a, insignificant volume
306-4	Waste diverted from disposal	n/a
401-1	New employee hires and employee turnover	Information unavailable/incomplete
406-1	Incidents of discrimination and corrective actions taken	n/a, no incidents
407-1	Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk	Information unavailable/incomplete, no perceived risk
408-1	Operations and suppliers at significant risk for incidents of child labor	n/a, no significant risk
409-1	Operations and suppliers at significant risk for incidents of forced or compulsory labor	n/a, no significant risk
410-1	Security personnel trained in human rights policies or procedures	n/a, not relevant
411-1	Incidents of violations involving rights of indigenous peoples	n/a, no relevant locations or operations
415-1	Political contributions	n/a, no monetary transfers
416-1	Assessment of the health and safety impacts of product and service categories	Information unavailable/incomplete
416-2	Incidents of non-compliance concerning the health and safety impacts of products and services	n/a, no incidents
417-1	Requirements for product and service information and labeling	n/a, no private end-users
417-2	Incidents of non-compliance concerning product and service information and labeling	n/a, no private end-users
417-3	Incidents of non-compliance concerning marketing communications	n/a, no private end-users
418-1	Substantiated complaints concerning breaches of customer privacy and losses of customer data	n/a, no private end-users

*Scope 3 assessment under development: Categories, data sources and limitations to be disclosed in future reporting.