Asyad Shipping's First ESG Report

Oman's national shipping company, Asyad Shipping, has partnered with Lloyd's Register (LR) to publish its first Environmental, Social, and Governance (ESG) report.

This report aligns with established global reporting frameworks.

Asyad Shipping operates a fleet of 85 vessels, including gas carriers, large oil tankers, and container ships. They are one of the first shipping companies in the Middle East to release an ESG report.

The report highlights their efforts to become a more environmentally friendly company and how ESG principles are becoming a core part of their overall business strategy.

Their ESG focus includes programmes for reducing carbon emissions, protecting the health of the oceans and land, and promoting ethical practices within their workforce.

According to Khalil Al Balushi, VP of Marine Operations at Asyad Shipping, "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."

The growing focus on environmental issues, regulations, and stakeholder demands within the shipping industry is making ESG reporting increasingly important. Companies are now expected to disclose their performance in areas like reducing emissions, social responsibility, and ethical governance.

Ambrish Bansal, Senior VP of Business Advisory and Consulting at Lloyd's Register, commented, "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."

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Source: Lloyd's Register