Numbers

What do the numbers say

Gunvor’s commitment to measurable environmental progress is reflected in its ongoing reduction of greenhouse gas emissions across all business segments. In 2024, the Company achieved a 42.8% reduction in Scope 1 and 2 emissions compared to 2019. This reduction was reached following major maintenance work at the Ingolstadt refinery, underscoring the effectiveness of planned operational enhancements.

Shipping plays a central role in Gunvor’s business model, and optimizing the environmental footprint of this activity is a strategic priority. In 2024, Gunvor aligned its CO2 emissions calculation methodology with the new standards of the International Maritime Organization (IMO), by transitioning from a “tankto wake” to a “well-to-wake” emissions calculation. It also re-baselined its targets accordingly (2023 baseline). In 2024, the carbon intensity of the TC fleet improved by 13.75% compared to the 2023 baseline. Gunvor is working on improving the measure of its VC fleet.

Progress has also been made in upgrading the efficiency of Gunvor’s shipping fleet. As of the end of 2024, 78% of its Time Chartering fleet consists of ecoefficient vessels, and all co-owned ships were 100% eco-rated. Additionally, Gunvor continued to measure the Scope 3 carbon intensity related to traded products with emissions metrics disclosed further in this report.