Our Company has taken the initiative to support our efforts towards the 2023 IMO Greenhouse Gas Strategy (the “Strategy”), which was adopted at the Marine Environment Protection Committee (MEPC 80) in early July. The Strategy sets ambitious targets for the shipping industry to reduce the total annual greenhouse gas (“GHG”) emissions from international shipping by at least 20% and 70%, with a goal of achieving 30% and 80% by 2030 and 2040 respectively, compared to 2008 levels. In line with our direction focusing on ESG, we are committed to promote Biofuel, an ESG related product, in an effort to reduce GHG emissions.

Biofuels are being promoted as one of the low-carbon alternatives to the existing fossil oils as they could help to reduce GHG emissions and the related climate change impact from the shipping industry.