EXMAR report 2025

3.1 Sustainability at EXMAR 80 Material IROs related to own workforce (S1) Related to our own workforce, we have identified five positive impacts and two negative impacts as material, all of which can be connected to our overarching ESG strategy and the SDGs. Positive impacts 1. Promote safety of seafarers & employees: At EXMAR, we are committed to applying the highest standards and striving to exceed industry standards through innovative processes and with respect for our personnel and the environment in which we operate. The HSEQ department is continuously looking into ways to optimize processes and improve our performance. This concerns, in first instance, the establishment of policies and procedures to ensure that employees and seafarers may work in a safe and healthy environment. Secondly, our ‘Taking the Safety Lead’ (TTSL) program is aiming for a higher level of safety maturity with the ultimate objective of achieving a culture of proactive leadership. TTSL is an effective instrument to develop leadership skills of the officers and unleash the potential of juniors, widening their practical skills anchored within the right mindset. TTSL cultivates and enhances employees’ perception of the EXMAR way of working. More information on TTSL is provided in Chapter 3.3 – Social. 2. Multicultural environment: We promote diversity and pay careful attention to diversified teams, leading to a lot of different nationalities, cultures, ages and genders on board and in our offices. 3. All contracts according to the applicable collective bargaining agreements (CBA) + Freedom of association for our workers: These positive impacts are described together as they are connected. CBA’s offer advantages for seafarers and office employees, concerning improved wages and benefits, job security, safer working conditions and a stronger voice in the workplace. The CBAs for office personnel are according to the Paritair Committee, as appropriate. In addition, EXMAR promotes active participation of employees, and all our personnel are free to join recognized unions. 4. Highly skilled and trained crew and office personnel: We highly value the development of people according to industry applicable regulation while going beyond regulation, cultivating the in-house talent. The maritime gas industry sector requires specifically educated people and, hence, relevant training programs exist to support personnel competence. Negative impacts 1. Lost time injuries: As our employees often work in hazardous environments, personal injuries of high severity are possible, with permanent partial/total disabilities or fatality as a result. In addition, our employees may also potentially face burnouts. 2. Adequate housing for crew (onboard) and for office people relocating: We are continuously investing in adequate housing for our seafarers and our office personnel that is relocating abroad. Risks In addition to the above, there are two risks connected to our own workforce. These are not connected specifically to our strategy or any SDGs. However, as we apply an integrated approach, for both risks, mitigating measures and/or preparations towards resilience are (partially) covered by other actions related to impacts. These risks concern: Safety accidents due to the breakdown of safety critical equipment or an accident: A safety accident could occur due to an accident or a breakdown of safety critical equipment, leading to off-hire, high repair costs, delays and total loss of a vessel or a project, as well as personal injuries and potential burnouts. Increased labor costs and reduced flexibility: CBAs may limit management’s flexibility in scheduling, work assignments, or layoffs during economic downturns. Negotiated wage increases, improved benefits and shorter working hours can directly increase our labor costs. Furthermore, we have performed a structured risk assessment of the workforce via direct engagement. Through surveys and data analysis from incident reports and safety audits, we could identify the workforce at greater risk of harm. Factors such as hazardous working environments, individual demographic vulnerabilities, and the nature of activities are systematically evaluated. For example, employees working on vessels handling hazardous materials, are identified as having elevated risk profiles. Even though the entire workforce (seafarers & office personnel) was considered in the DMA, it is obvious how most of the identified IROs are more relevant to the seafarers, as vessels present a more hazardous environment compared to office spaces. Consequently, safety measures and related training are significantly more comprehensive for seafarers or office personnel who frequently visit the fleet. In addition, we must recognize that transition plans aimed at reducing environmental impacts and achieving greener, climate-neutral operations, also affect our personnel. Transitioning to alternative fuels like LPG or ammonia imposes stricter training and qualification requirements. While EXMAR has extensive experience in managing LPG and ammonia as cargo, using them as fuel necessitates additional safety measures and specialized technical expertise. Lastly, whilst EXMAR is active in multiple locations worldwide with different risk profiles, applicable