2022 Combined Annual Report: Another successful year for G2 Ocean
Despite global logistics challenges, G2 Ocean achieved significant growth in revenue, voyage days and cargo volumes in 2022.
G2 Ocean publishes its 2022 Combined Annual Report today, providing a comprehensive overview of the company’s financial performance and progress towards its sustainability targets.
G2 Ocean’s performance in 2022
G2 Ocean looks back on a successful year of improvements in many important areas.
- Revenue growth: The company achieved record revenues of USD 2,129 million. This represents a 43% increase from 2021.
- Increased shipping activity: The company increased its total voyage days to 44,737 and cargo volumes to 28,489,548 tons, increases of 11.7% and 4.9%, respectively, compared to the previous reporting period.
G2 Ocean made notable progress during the year on sustainability-related initiatives.
- Safety: To strengthen the company’s safety performance, G2 Ocean launched a new internal safety program in 2022. As part of the program, the company introduced a set of shared safety behaviours across the organisation, implemented 10 Life-Saving Rules for working safely, and through the introduction of the Intervention Authority Initiative, empowered employees to step in and stop ongoing activities that are considered unsafe. The G2 Ocean Safety Bulletin was introduced in June 2022 and is distributed every month to stevedore companies around the world to increase safety awareness and prevent injuries. The company is pleased to report zero work-related injuries in 2022 involving G2 Ocean employees.
- Recycled equipment: As part of G2 Ocean’s environmental efforts, 209,805 web slings have been recycled through the company’s equipment recycling program – up 152% from 2021.
- Women in shipping: Gender equality is a priority for G2 Ocean. In 2022, the company delivered on its ambition to attract more women to the shipping industry and increase the representation of women at the Director level. In 2022, 42% of new hires were female, compared to 32% in 2021. On the Director level, 18% are female – up 5 percentage points from 2021.
- Emissions: G2 Ocean’s (scope 1 & 2) greenhouse gas emissions (GHG) totalled 2.7 million tonnes of carbon dioxide equivalent (CO₂e) in 2022. The company’s vessel emissions (scope 1), measured by the Environmental Efficiency Operational Index (EEOI), rose by 6%. The increase is mainly due to vessels being forced to idle for long periods in ports as a result of congestion. Vessel speeds and thereby fuel consumption increased. The company is dedicated to working closely with its vessel owners to accelerate the decarbonisation of the G2 Ocean fleet in order to reach its ambition of becoming a net-zero emissions company by 2050.
I am very pleased that G2 Ocean completed a year of growth in both financial and strategic terms. This is due to the dedication throughout the whole organisation to deliver superior value to our customers, shareholders, suppliers, and other stakeholders.