Norsul Launches Its First Sustainability Report

Norsul has just launched its first sustainability report. Based on the guidelines proposed by the GRI (Global Reporting Initiative), with quantitative and qualitative indicators, the material presents the company’s initiatives related to expansion and operational results, advancement of sustainability strategies, and financial results. The document also shows the company’s investment in environmental, social, economic, and governance areas, reflecting an important transparency tool for customers, investors, employees, and society in general.

Amid the strategies for business growth and diversification, being aligned with good ESG practices is fundamental to leverage relationships with all stakeholders.

With the support of the specialized ESG consultancy Em Roda, which diagnosed the current ESG practices to identify the materiality topics impacted by the business, Norsul formed a position regarding sustainability guidelines, as well as the topics the company will focus on and develop actions. The first of these is the publication of its sustainability report, with the aim of organizing, consolidating, and legitimizing current initiatives and the next steps of this strategy. With the document, the company will give even more visibility and transparency to its history, practices, competitive differentials, and sustainability results.

“Norsul has always had sustainability as a value, but its initiatives were isolated from a business strategy. The report is a very important step that translates the evolution of our ESG agenda at this moment of diversification and growth, putting us on the same level as other companies and clients who adopt the same practice,” says Rodrigo Cuesta, commercial director.

Norsul’s first Sustainability Report can be accessed here.

Check out the highlights of Norsul’s first Sustainability

Report Operational, economic, and financial performance

Norsul’s first sustainability report addresses the company’s operational, economic, and financial performance, which celebrated its 60th anniversary in 2023. With 19 owned vessels and operating 67 chartered ones, approximately 600 trips were made in 2023 — 152 of them on chartered vessels. The company ended the year with a net revenue of R$ 1.3 billion and a transported volume of 16.2 million tons, including 13.3 million tons of bulk cargo and 2.9 million tons of liquid cargo.

With this result, it ensured the capacity to finance growth projects, both in the core business and for portfolio diversification. In this regard, a significant milestone in 2023 was the launch of Norcoast, a joint venture between Norsul and the German company Hapag-Lloyd, one of the world’s leading shipping companies. The new business marked the entry into the container transport market via cabotage.

Report considered current trends of so-called double materiality

In 2023, Norsul conducted its first materiality study, which considered the most current trends of so-called double materiality. The concept emphasizes the need for organizations to consider not only the environmental and social activities that impact the business and its surroundings but also external factors that affect its financial performance.

The process took into account a context study, which included the maturity stage of corporate practices and analysis of internal documents, according to the criteria established by GRI3. The material topics were presented, discussed, and approved, and Norsul commits to updating them whenever necessary or at least every three years.

In this regard, the company has a Sustainability Committee and, in 2023, created the sustainability strategy based on the materiality study, in addition to establishing goals for the coming years and action plans, which are being monitored by the Committee, formed by representatives and managers from various areas. Another significant milestone was the publication of the Sustainability Policy, which reiterates the commitment to responsible business conduct.

Achievements and actions for the environment

In the environmental pillar, Norsul achieved the Silver Seal GHG Protocol Cycle 2023 – the main global reference for greenhouse gas (GHG) emissions management, and the Silver Seal Ecovadis 2023 — which evaluates the quality of the company’s socio-environmental responsibility management system. Another milestone was the publication of the first version of the internal sustainability policy.

Since 2020, Norsul has been a signatory of the Getting to Zero Coalition program, an initiative of the Global Maritime Forum, which aims for the total decarbonization of the sector by 2050. To help achieve this goal, the company will continue investing in energy efficiency actions and systems on vessels, among other initiatives.

Effluent management on ships is a critical aspect of maritime operations, as it can include a variety of substances, such as wastewater (from toilets, showers, kitchens), ballast water, deck washing water, among others. Proper management of these wastes is crucial to comply with international regulations, requiring a combination of onboard treatment technologies, appropriate operational practices, and compliance with environmental regulations. In 2023, Norsul implemented ballast water treatment devices on all vessels.

Commitment and careful attention to society and governance

Given global environmental issues, the market is aware of the weight of business actions on the ESG agenda. Norsul reinforces its commitment to the theme, initiatives, and goals to achieve the success of this collective agenda.

Committed to protecting, promoting development, well-being, and encouraging health and safety care for its 548 employees, Norsul also strives to create an increasingly inclusive and respectful work environment. Whether at sea or on land, management processes involve everything from attracting and retaining talent to developing human capital through training, professional development programs, among others – in 2023, more than 15,000 hours of training were conducted, considering the average training hours per employee.

The company also conducted its first Diversity Census in 2023, with respective awareness and literacy actions. Among the company’s goals for the coming years is the expansion of hiring and developing female and black leadership, as well as increasing the participation of women in the maritime workforce.

Norsul believes that supporting social projects is crucial to help promote development, social inclusion, and the construction of a fairer, healthier, and more sustainable society. With this, it seeks to provide better opportunities for education, health, culture, and citizenship, contributing to reducing inequalities and improving people’s quality of life. In this line, more than R$ 2.2 million were invested through sponsorships and tax incentive laws for over 25 initiatives in the regions where it operates.

Other notable advances include the creation of the Mobiliza Volunteer Program, which offers different forms of support to all employees, and work on health, safety, and well-being fronts for everyone at sea and on land. In this regard, initiatives and development programs, training, and working groups are promoted for organizational culture, diversity, and innovation, among others.

The company also further strengthened its corporate governance with the consolidation of its Integrity Program, an initiative that fosters a culture of responsibility, honesty, transparency, and ethics in business. The program includes the Integrity Policy, the revision of the company’s Code of Ethics, integrity and ethics training, the strengthening of the Whistleblower Channel, and the Consequences Policy.

Two other fronts also integrate Norsul’s corporate governance, such as human rights actions, with diagnosis and training on harassment and support for victims, and integrity in the supply chain, which seeks transparency and ethics in collaboration with other actors, such as business partners and other organizations. In 2023, the company implemented a Risk Management and Control System, which aims to ensure the identification of improvement opportunities, reduction of financial losses, and the provision of excellent services.

“Sustainable investment is essential for long-term growth. With the publication of the report, we intend to advance on the sustainability path, further developing processes, products, and services aligned with good environmental, social practices, and transparent governance that generates value for society as a whole,” concludes Rodrigo Cuesta.

The report follows the Sustainability Accounting Standards Board (SASB) standards for the maritime transport industry, a non-profit organization that defines and develops sector-specific standards to disclose sustainability risks and opportunities. The financial statements were audited by Deloitte Touche Tohmatsu (DTT), and the socio-environmental indicators were collected and analyzed by the specialized consultancy Em Roda Estratégia e Sustentabilidade.