EXMAR report 2025

3.1 Sustainability at EXMAR 63 3.1.2 Setting the scene 3.1.2.1 THE REGULATORY LANDSCAPE EXMAR is a worldwide shipping company, providing floating solutions for the operation, transportation and transformation of gas. We operate in a strongly regulated sector and are subject to strict frameworks aiming to ensure safety, quality and compliance while considering and respecting climate and environment. These regulations/frameworks include:  European regulations as part of the EU Green Deal and the ‘Fit for 55 Package’: a roadmap to achieve climate neutrality by 2050, whilst aiming for a 55% reduction in EU emissions already by 2030.  Statutory regulations defined by the International Maritime Organization (IMO), and the International Labor Organization (ILO), as integrated by Flag States in their respective national legislation.  Classification rules defined by the Classification Society of a vessel or floating infrastructure.  Industry and client-specific requirements that may apply to projects and/or vessel operations. EXMAR complies with all applicable international and local regulations and has obtained specific ISO certifications. Thereby, we maintain high standards and are able to compete effectively, build customer trust and comply with stringent regulations. An overview of the main regulations, frameworks and certifications is provided below. 3.1.2.1.1 International Maritime Organization (IMO) The International Maritime Organization (IMO) is an UN specialized agency with responsibility for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships. The IMO has set the ambition of net-zero Greenhouse Gas (GHG) emissions from the international shipping industry by 2050, aiming for a GHG reduction through a step-by-step approach by at least 20% (but striving for 30%) by 2030 and 70% (striving for 80%) by 2040. To achieve these goals, zero, or near-zero, GHG emission technologies, fuels and/or energy sources must represent at least 5% of the energy used by international shipping by 2030 – compared to the 2008 baseline. As part of the IMO’s commitment, ships are presently required to calculate two ratings:  their attained Energy Efficiency Existing Ship Index (EEXI) to determine their energy efficiency  their annual operational carbon intensity and associated Carbon Intensity Indicator (CII) Emissions data is captured through the IMO Data Collection System (DCS): a reporting tool for ships above 5,000 gros tonnages. Since 2023, aggregated DCS data is used to calculate a ship’s CII and is reported to the Flag State at the end of each calendar year. Data such as fuel consumption, distance traveled and hours underway are aggregated and form the basis for the CII rating. The emission data of EXMAR vessels are verified by a classification society according to IMO DCS. Further ambitions in the IMO Net-Zero Framework (NZF) include the adoption of Greenhouse Gas Fuel Intensity (GFI) rating, measuring emissions across the entire lifecycle of a fuel from production to combustion and possible establishment of an IMO Net-Zero Fund, constituting a pricing-mechanism designed to act as a global carbon levy. Whilst already expected in 2025, its adoption did not materialize yet, with Member States having not reached consensus on the pricing mechanism and technical details. 3.1.2.1.2 EU Emissions Trading System (EU ETS) One of the centerpieces of the ‘Fit for 55 Package’ is the EU Emission Trading System (EU ETS) which provides a key tool for reducing GHG emissions. As of 2024, maritime transport emissions were included in its scope. The EU ETS puts a price on carbon and uses a ‘cap-and-trade’ principle. Every year, entities covered by the ETS must buy EU emission allowances (EUA), corresponding to their GHG emissions. One EUA equals the right to emit one ton of CO 2 . A cap (limit) is set on the total amount of GHG emissions that can be emitted per industry and, hence, how many allowances are put on the market per year. Each year, the cap is reduced in line with EU’s climate target, resulting in a gradual reduction of total emissions. By setting the absolute limit for emissions and connecting this to EUAs, a limited offer is created with economic value. The intention of EU ETS is that the carbon price promotes and rewards investments in decarbonization technology. In first instance, the EU ETS covered CO 2 emissions for vessels above 5,000 gross tonnages, regardless of the Flag State. It includes all emissions from ships calling at an EU port for voyages within the EU (intra-EU) and 50% of the emissions from voyages starting or ending outside of the EU (extra-EU). To ensure smooth transition, a phase-in period applies. Shipping companies have paid for 40% of their emissions reported for 2024 and will pay for 70% and 100% of emissions reported for, respectively, 2025 and 2026. The financial impact on EXMAR’s net result is expected to be minimal. Within the time- charter contracts, standard industry agreements incorporate specific provisions addressing EU ETS-related costs, ensuring that the financial liability for such compliance is clearly defined between contracting parties. For voyage contracts, EU ETS compliance costs are integrated into the freight rate, thereby ensuring that the economic implications of compliance are appropriately reflected in commercial terms.