Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2022-12-31	2755400000	vUSD
ifrs-full:Assets	2021-12-31	2453500000	vUSD

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2022-01-01	2022-12-31	5312400000	vUSD
ifrs-full:Revenue	2021-01-01	2021-12-31	3551800000	vUSD

XML

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   <mrv:CorporateGovernanceReport contextRef="ctx2" id="fact1058" xml:lang="en">CORPORATE GOVERNANCE Ensuring responsible, long-term governance of the Company aligned with shareholder interests NORDEN’s governance principles and structure are set out to ensure alignment with long-term shareholder interests to enable prudent management of the Company in accordance with rele- vant national and international regulations, applicable corporate governance recommendations as well as to align with the risk framework specified by the Board of Directors. Furthermore, the ongoing management of NORDEN is based on the underlying Company values of flexibility, reliability, empathy and ambition as well as the Company’s guiding purpose of enabling smarter global trade. Governance structure NORDEN has a two-tier governance structure consisting of a Board of Directors and an Executive Management. No individuals are part of both management bodies. The shareholders have the ultimate authority over the Company and can exercise their rights by passing resolutions at general meetings. Resolutions are adopted by simple majority of votes, unless otherwise provided by legislation or by NORDEN’s articles of association. The Board of Directors is made up of nine members. Six are elected for a term of one year by the shareholders, while three members are elected for a term of three years by the employees. The Board of Directors determines and approves strategies, policies, overall goals and budgets for the Company. In addition, it sets out the risk management framework and supervises the work, procedures, etc. carried out by the day-to-day manage- ment. The Board of Directors appoints the Executive Manage- ment and sets out its responsibilities and remuneration. To avoid conflicts of interest, there are no transactions between related parties within the Board, and the Board does not operate with any form of incentive-based remuneration. The Executive Management comprises the CEO and CFO, who are responsible for the day-to-day management, organisation and development of NORDEN, for managing assets, liabilities and equity, for accounting and reporting, and for preparing and implementing the strategy. The day-to-day contact between the Board of Directors and the Executive Management is primarily handled by the Chair and the CEO. The Executive Management participates in board meetings and is supplemented by other managers in strategic meetings as and when relevant. The Articles of Association can be found on the Company’s website. Generally, resolutions to amend the Articles of Associ- ation require a quorum of at least two-thirds of the voting share capital represented at a general meeting and a majority of at least two-thirds of the votes cast, as well as of the voting share capital represented at the general meeting. In addition, certain resolutions on changes of the shareholders’ dividend or voting rights or the transferability of shares, as set out in the Danish Companies Act, require a special supermajority of at least 9/10 of the votes and of the capital represented. Board work The Board of Directors sets out an annual work schedule to ensure that all relevant issues are discussed during the year. As part of the annual schedule, regular board meetings and strategy seminars are held to ensure focus on both short and long-term targets for the Company. In line with this focus on short and long-term activities, the Board of Directors is engaged in upholding NORDEN's purpose of enabling smarter global trade. This is, among other areas, reflected in the strategic discussions and priorities set between the Board of Directors and the Executive Management, in the regular updates provided by the Executive Management to the Board, as well as in the remuneration targets set forth for Executive Management by the Board. In 2022, the Board of Directors held 12 board meetings. The attendance rate was 98%. Board committees As part of the Board of Directors’ work and structure, four subcom- mittees have been established to ensure dedicated focus on recur- ring topics deemed of high importance for the governance of the Company. See overview of committees on page 38. Board qualifications and evaluation For the Board of Directors to be able to perform its managerial and strategic tasks and at the same time act as a sounding board to the Executive Management, the following skills are deemed particularly relevant: Insight into shipping and tradingCommodity tradeGeneral managementStrategic developmentRisk managementInvestment, finance and accountingInternational experienceIn 2022, the Board of Directors and the Executive Management conducted a self-assessment of the composition, qualifica- tions and dynamics of the Board of Directors. The assessment concluded that the Board of Directors possesses relevant skills and has good working relationships and dynamics. A similar assessment is planned for 2023. Board composition and remuneration At the annual general meeting in March 2022, Klaus Nyborg, Johanne Riegels Østergård, Karsten Knudsen, Helle Østergaard Kristiansen and Stephen John Kunzer were re-elected Board members. Robert Hvide Macleod was elected for the vacant seat after Thomas Intrator, who did not run for re-election. During 2022, the employee representative Benedicte Hedegran Wegener ended her employment with NORDEN and therefore also resigned from the Board of Directors. Instead, Stine Maria Gøttrup took over as employee representative, joining the two remaining employee representatives Christina Lerchedahl Chris- tensen and Henrik Røjel. The Board of Directors has set a target of 40% female sharehold- er-elected board members by 2025. Currently, the percentage of female shareholder-elected board members is 33%. Further details on the diversity levels in NORDEN can be found in the ESG section within this report, while NORDEN’s Diversity, Equity &amp; Inclusion policy can be found at https://norden.com/about/ governance/policies-and-charters. Board remuneration remained unchanged at USD 0.7 million in 2022. Specific board remuneration can be found in the Remune- ration Report 2022 available for ten years at https://norden. com/about/governance/remuneration. The Board of Directors proposes unchanged board fee remuneration in 2023. Executive Management remuneration The remuneration of the Executive Management follows the principles set out in the Company’s Remuneration policy, and the specific remuneration components granted for each of the two members of the Executive Management are set out in the sepa- rate Remuneration Report 2022. Adherence to Danish corporate governance recommendations The Board of Directors has discussed the general recommen- dations for companies in Denmark as provided by the Danish Committee on Corporate Governance and has reviewed its adherence to each recommendation following a ‘comply or explain’ approach. NORDEN follows all recommendations, and a systematic review of NORDEN’s adherence to each of the Danish Corporate Governance recommendations can be found in the Company’s Statutory Statement for Corporate Governance at https://norden. com/about/governance/governance (in accordance with section 107b of the Danish Financial Statements Act). Planned Board activity for 2023 The Board of Directors has planned 12 board meetings for 2023. The annual general meeting will be held on 9 March 2023.</mrv:CorporateGovernanceReport>
   <mrv:StatementOfCorporateSocialResponsibility contextRef="ctx2" id="fact1193" xml:lang="en">ESG IN NORDEN Operating at the heart of global trade, NORDEN is committed to helping customers decarbonise their supply chains, setting high standards within diversity, equity and inclusion, as well as health &amp; safety. All while also ensuring strong governance and taking a firm stance against any form of corruption. Environmental, social and governance (ESG)-related activities are incorporated into NORDEN's overall business strategy, as they support our purpose of enabling smarter global trade. As a whole, the ESG efforts and ambitions outlined in this report enable NORDEN to take a leading role in moving the ESG agenda forward within the shipping industry. While we direct our efforts across all aspects of ESG, NORDEN's main focus is on environ- mental matters. We emphasise this focus area, as the world faces an urgent carbon problem. With 3% of global carbon emissions originating from shipping, our industry has a responsibility for taking action on reducing our climate impact. In the short term, NORDEN can contribute to reducing the environmental impact through gradual improvements in our shipping solutions, providing our customers more options and transparency on their emissions output. In the long term, we have put forward a series of climate commitments that will require investments in new vessels in order to harness climate mitigation technology and reach our net zero emissions target in 2050. Reporting standards For this report, NORDEN has adopted the Sustainability Account Standards Board (SASB) Marine Transportation reporting standard, recommendations from the Task Force on Climate- Related Financial Disclosures (TCFD) and to a limited extent principles and metrics from the Global Reporting Initiative (GRI) standard. These have been applied in the evaluation of NORDEN’s sustainability risks, impacts and opportunities, which form the basis of the ESG section. NORDEN regards this expansion in reporting as a natural step towards the future European Sustain- ability Reporting Standard (ESRS) requirement, with effect from the reporting year 2025. Even though NORDEN is not required to report on the EU Taxonomy, we have decided to do so, as we consider the trans- parency in activities valuable for NORDEN’s stakeholders. The expansion of the ESG reporting framework has been followed by an expansion in assurance scope from auditors, as reliable and transparent ESG figures are regarded material to external stake- holders. Double materiality assessment During the reporting year, NORDEN has performed a double materiality assessment adhering to recommendations outlined in GRI and SASB reporting standards. The double materiality assessment allows NORDEN to identify topics, which are consid- ered material from an ESG and financial perspective. Inspired by the issues listed in the SASB, NORDEN has identified 14 issues, which are considered relevant. Our ranking of these issues, based on the double materiality assessment, indicates four issues that are considered material: SASB material issues: Green House Gas EmissionsEmployee Health &amp; SafetyEmployee Engagement, Diversity &amp; InclusionBusiness EthicsOther relevant issues: Ecological Impact, Air Quality, Waste &amp; Hazardous Materials Management, Data Security, Water &amp; Waste Management, Product Design &amp; Lifecycle Management, Business Model Resil- ience, Supply Chain Management, Physical Impacts of Climate Change and Critical Incident Risk Management. Based on the selected generic material topics outlined in the SASB, NORDEN has articulated six material topics, which form our main focus areas and which enable us to deliver on our overall ESG priorities. The six topics outlined in the table on the following page present material impacts, risks and opportunities for NORDEN. By articulating clear targets, providing transparency on our achievements and highlighting alignment to our business strategy, we intend for our stakeholders to have a strong basis for monitoring and evaluating NORDEN’s ESG performance. NORDEN’s ESG materiality matrix Performance ESG priorities Material topics Metric 202212021 Ambitions ENVIRONMENTAL Efficient operation of our vessels TTW EEOI on all assets 9.9 9.71;22% decrease in 2023, relative to 2022 baseline and net zero by 2050 Enabling our customers to decarbonise their supply chains Total CO2e emissions from scopes 1 &amp; 2 (‘000 tonnes) 4,579 4,8191;2Reduce scope 1 &amp; 2 emissions to net zero by 2050 Decreasing value chain emissions Total CO2e emissions from scope 3 (‘000 tonnes) 4,402 4,3602Reduce scope 3 emissions to net zero by 2050 SOCIAL Health &amp; safety Lost time incident rate (LTIR) 0.8 0.81&lt;0.8 in 2023 Offering an inclusive, engaging, equal and safe working environment Overall engagement score 83 85 &gt; Index 80 Culture Diversity (share of underrepresented gender) 40% 39% 1 Minimum 40% share of underrepresented gender Retention / turnover rate 94% / 9% 89% / 15% &gt;90% retention rate GOVERNMENTAL Sustainable procurement Suppliers screened for ESG N/A N/A 30% strategic suppliers by 2023 Galvanising sustainable business conduct Staff-passed e-learning courses 99% N/A 100% e-learning passed Anti-corruption Confirmed bribery cases - - 0 all time EU TAXONOMY NORDEN has decided to report on the EU Taxonomy, which is intended to provide transparency on what is considered eligible and aligned environmentally sustainable activities. Taxonomy eligibility and alignment are expressed through three KPIs: turnover, capital expenditures (CapEx) and operating expenditure (OpEx). NORDEN has taxonomy-eligible activities within the 'Sea and Coastal Freight Water Transport, Vessels For Port Operations, and Auxiliary Activities' category, based on the Company’s turnover, CapEx and OpEx. NORDEN has aligned activities within turnover, but not in the remaining KPIs in the EU Taxonomy. The EU Taxonomy tables for all KPIs are located on page 61. Please refer to the ESG Accounting policies on the EU Taxonomy for the methodology behind our alignment assessment. Turnover NORDEN’s revenue-generating activities are generally considered eligible. Revenue from time chartered-out vessels (TCO) and subleases as well as income earned from the administration of pool arrangements are not considered eligible. The latter is reported as part of 'Other oper- ating income' in the Consolidated Financial Statements. Taxonomy-eli- gible revenue is estimated to be 81% for 2022, while Taxonomy-aligned revenue is estimated to be 1% for 2022 Capital expenditures CapEx as defined in the Taxonomy are considered equivalent to the 'additions to vessels' and 'prepayment on vessels and newbuildings', as set out in note 3.1 in the Consolidated Financial Statements, and additions to 'Right-of-use assets' as set out in note 4.7 in the Consol- idated Financial Statements. CapEx incurred is generally considered eligible, except if CapEx is incurred directly relating to chartering out vessels. Taxonomy-eligible CapEx is estimated to be 99% for 2022, while Taxonomy-aligned CapEx is estimated to be 0% for 2022. NORDEN does not have any technically aligned CapEx plan, but this is to be considered within the coming years. Operating expenditures OpEx as defined in the Taxonomy covers expenditures directly related to chartering, maintaining and operating vessels, and is equivalent to 'Vessel operating costs' as presented in the "Income statement" in the Consolidated Financial Statements less operating costs for owned vessels and daily running costs for leased vessels (note 4.7). OpEx incurred is generally considered to be eligible under the Taxonomy, except if relating to owned vessel OpEx or vessels chartered out. Taxonomy-eligible OpEx is estimated to be 75% for 2022, while Taxonomy-aligned OpEx is estimated to be 0% for 2022. UN GLOBAL COMPACT NORDEN remains committed to upholding the principles of the UN Global Compact, and reports annually to the UN Global Compact (UNGC). This Annual Report functions as a way to communicate our progress on implementing the UNGP’s ten principles for the financial year 2022. Furthermore, the UN Sustainable Development Goals (SDGs) are mapped to each of the E, S and G-related activities that we consider relevant to our core business and are outlined below. NORDEN’s CEO, Jan Rindbo, comments: "NORDEN remains committed to the UN Global Compact and its ten principles, and this report serves as the basis for our 2022 Communication on Progress to the UN Global Compact, which in line with new requirements will be submitted in March 2023.” NORDEN adheres to the following UN SDGs: Environment • 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries. • 17.16: Enhance the global partnership for sustainable develop- ment, complemented by multi-stakeholder partnerships that mobilise and share knowledge, expertise, technology and financial resources, to support the achievement of the sustainable develop- ment goals in all countries, in particular developing countries. Social • 5.5: Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic and public life. • 5.C: Adopt and strengthen sound policies and enforceable legisla- tion for the promotion of gender equality and the empowerment of all women and girls at all levels. • 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value. • 8.7: Take immediate and effective measures to eradicate forced labour, end modern slavery and human trafficking and secure the prohibition and elimination of the worst forms of child labour, including recruitment and use of child soldiers, and by 2025 end child labour in all its forms. • 8.8: Protect labour rights and promote safe and secure working environments for all workers. • 10.2: By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status. 10.3: Ensure equal opportunity and reduce inequalities of outcome,including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regard. Governance • 16.5: Substantially reduce corruption and bribery in all their forms. SELECTED ESG COLLABORATIONS AND CERTIFICATIONS Collaborations are vital in the shipping industry and especially in the dry bulk and product tanker markets, which are highly fragmented. These markets involve a multitude of smaller market participants, as compared to other more consolidated markets. In addition, collab- orations are important for ensuring regulatory compliance, trans- parency and ongoing stakeholder inclusion. Furthermore, NORDEN seeks to obtain relevant certificates and improve our ESG reporting framework to enhance transparency and comparison. New ESG collaborations and certifications: Plan A: The partnership with Plan A ensures increased reliability and credibility of our scope 2 and 3 figures. Plan A estimates emissions from suppliers and port costs, waste from our offices, business travel and employee commuting. NORDEN and Plan A intend to investigate emissions related to the two GHG categories 'end-of-life treatment of vessels' and 'capital goods', with the aim of providing a more comprehensive insight into our value chain emissions. Existing ESG collaborations and certifications: Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping: Being part of the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping is considered a vital part of our climate commitment. As a strategic partner, NORDEN is directly involved in projects related to the development and implementation of future fuels and zero-carbon technologies, such as biofuels and methanol, thereby accelerating the transition towards a net-zero future for the maritime industry. By nature of its work, the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping helps raise awareness and promote the need for ambitious targets. United Nations Global Compact: NORDEN actively works to support the UN SDGs and shares the view that business has a key role to play in contributing to the goals. EcoVadis: The platform ensures NORDEN is measured against the latest sustainability criteria. In 2022, we scored above the industry average in all four pillars (Environment, Labour &amp; Human Rights, Ethics, and Sustainable Procurement) with an overall score that places us in the 80th percentile of all companies rated, awarding NORDEN with a silver recognition level. Sea Cargo Charter: Provides a framework for assessing and disclosing the climate alignment of ship chartering activities around the globe with the aim to promote decarbonisation in the shipping industry. NORDEN is a founding signatory and active member of the Sea Cargo Charter and commits to disclosing the climate impact of our activities to increase focus on greenhouse gas emissions in the industry. Carbon Disclosure Project: NORDEN shares detailed information on our carbon emissions management and performance through our disclosures. In 2022, NORDEN achieved a C-rating for transparency and action on climate. Ship Recycling Transparency Initiative: NORDEN’s business model involves operating a modern fleet of vessels, selling and redelivering vessels long before vessel end-of-life. Should NORDEN face situa- tions where recycling of a vessel is relevant, NORDEN has a Respon- sible Ship Recycling Policy. MACN: NORDEN was among the founding members of the Maritime Anti-Corruption Network (MACN) when it formed in 2011. MACN’s members represent more than 50% of total global tonnage. MACN and its members work towards the elimination of all forms of mari- time corruption and creating a culture of integrity within the maritime community. TRACE: Each year, NORDEN undergoes a TRACE certification. To achieve a TRACE certification, companies must undergo a heavily benchmarked and comprehensive due diligence review, analysis and approval process. This certification ensures that a company has been thoroughly vetted and trained. Supporting customers with decarbonisation To assist customers with decarbonising their supply chains, NORDEN’s Advanced Analytics and Digital Solutions team has developed an emissions reporting data solution. The solution, which makes it fast and easy for customers to automatically see emissions data after every voyage, has successfully been tested with Rio Tinto, one of the world’s largest mining companies. Jenna Rennick, General Manager for Rio Tinto’s Marine Operations, said “The transparent, efficient and accurate reporting of emissions data from our value chain partners is important, as we accelerate the delivery of our climate commitments on shipping towards net zero emissions by 2050. We appreciate NORDEN’s innovative approach in supporting our goal.” Helping customers decarbonise their supply chains and providing accurate transparency on carbon emissions are an integral part of NORDEN’s strategy. Transparency on emissions allows customers to make decisions on freight transport based not solely on price and date, but also on environmental impact. ENVIRONMENTAL The transition to greener shipping will be among the biggest transformations in NORDEN’s history. 3% of global carbon emissions come from shipping, which requires an industry-wide commitment to improving and harnessing efficiencies among current freight tech- nologies, while spurring on technologies for the future. As an integrated part of the global supply chain, we are committed to helping our customers decarbonise their supply chains and contributing to innovative solutions through industry-wide partnerships. To focus our environmental efforts while ensuring transparency and progress, we have put forward the following two material topics: Efficient operation of our vessels, and decreasing value chain emissions. The measures and targets applied within these two material topics are closely linked to NORDEN’s six climate commitments, which outline our short-term activities and long- term ambitions: Carbon Emissions Transparency: NORDEN provides a carbonemission estimate prior to every journey, and a post-voyage emissions report. Transparency on emissions allows our customers to make decisions on freight transport, considering environmental impact in addition to price and date. Greener Shipping Solutions: NORDEN is developing greenershipping solutions for our customers. These range from using advanced analytics for increased vessel efficiency, to enabling carbon-neutral biofuel voyages. Reduction in CO2-equivalents: NORDEN is committed toreducing carbon emissions per vessel type by reductions in the Energy Efficiency Operational Indicator (EEOI), meeting net zero carbon emission in 2050. Net zero office operations by 2027: Based on an internalambition defined by employees in 2022, three internal focus areas have been put forward: Green buildings, procurement and transportation. This includes a focus on food waste, corpo- rate travel and employee commute options, among others. Zero-emission vessels from 2030: NORDEN commits to onlyordering new vessels with zero-emission technology from 2030 at the latest. Net zero emissions by 2050: Achieving net zero by 2050requires a shift to new zero-carbon fuels and technologies in shipping. We are engaging in industry-wide partnerships to identify and develop new innovative solutions. TCFD In connection with the double materiality assessment outlined on page 40, NORDEN has performed an assessment of material risks, impacts and opportunities related to climate change as part of the global framework developed by TCFD. These climate-re- lated risks are grouped into two categories: 1) Risks related to the transition to a low-carbon economy, and 2) risks related to the physical impacts of climate change. Climate governance NORDEN’s risk and opportunity identification process starts at the level of the Board of Directors. The Board considers climate change and climate impacts in relation to future opportunities as well as the ongoing risk oversight and management of environ- mental, strategic, commercial and reputational risks of NORDEN. NORDEN's Board of Directors has mandated the Sustainability Executive Body with the responsibility for NORDEN's direction and level of ambition on environmental sustainability (including climate change). The CEO regularly reports to the Board of Direc- tors on ESG-related performance. ESG initiatives are anchored in the business and integrated into NORDEN's commercial activities. Business unit heads are accountable for driving initiatives within ESG and making deci- sions on questions, issues and risks escalated by the ESG lead to ensure momentum and progress in the initiative portfolio. The business unit heads actively advocate ESG initiatives for their respective areas across the business units. NORDEN's ESG governance structure is outlined on page 58. Strategy and risk management NORDEN’s environmental strategy is based on the aforemen- tioned six commitments as part of enabling our customers to decarbonise their supply chains, while bringing down NORDEN’s own emissions. In NORDEN, we believe that climate risks are also associated with opportunities, which we act on and incorporate as part of our customer value proposition. NORDEN applies both a short, medium and long-term perspective when assessing climate-related risks and opportunities. In the short term, NORDEN will focus on efficient operations of vessels, providing transparent emissions reporting for our customers as well as offering greener competitive shipping to make informed choices about their transportation options. In addition, NORDEN provides integrated freight solutions, whereby we combine freight and port logistics services to help customers make their supply chain more efficient and thereby bring down emissions. By providing greener freight solutions, we can empower our customers to reduce their CO2-equivalent emissions. Our environmental efforts and targets will also enable NORDEN to stay ahead of environmental regulations, attract and retain employees, and remain attractive to financial institutions. In the medium to long-term, NORDEN is researching new forms of propulsion, green fuels and eFuels through our strategic part- nership with the Mærsk McKinney Møller Center for Zero Carbon Shipping, investing in vessels with zero-emission technology and developing tailored green freight solutions to customers. Management is responsible for upholding NORDEN’s risk management policy and for overseeing and discussing strategic risks and opportunities. NORDEN’s risk profile and exposure are reported to the Board of Directors regularly. Internally, our Risk Committee assists the Board of Directors in its oversight of the Group’s overall risk-taking tolerance and management of market, credit and liquidity risks as well as climate-related risks. Our Decarbonisation team makes proposals as to how these opportu- nities and risks can be anchored in the commercial business. Our Audit Committee identifies and manages risks related to financial reporting and auditing, among others. In the TCFD table overview, we list key transitional and physical risks for NORDEN alongside mitigation actions and opportunities arising from these risks. Transitional risks Mitigation actions Opportunities Policy &amp; Legal Implementation of new regulation, which Decreasing residual value risk by shifting Asset-light operator model and ability toimpacts NORDEN disproportionately nega- exposure to operator activities and being lessquickly shift market exposure and navigatetive compared to competitors. dependent on the owned fleet.new legislation.Failure to comply with reporting and compli-Offering regulatory and carbon tax services ance regulations (ESRS, EU Taxonomy &amp; CII). sustainability landscapes. to third parties in the NORDEN Tanker Pool. Technology Accelerated decline in value of existing Operating an asset-light fleet, which protectsUsing data to improve operational efficiency.assets due to technological innovation, e.g. against declining asset prices due to techno- Offering innovative and sustainable freight fuel sources and vessel efficiency. logical advances. solutions to our customers. Actively testing and operating zero-emission ships, investing in research and development of low-carbon fuels, and from 2030 only ordering ships with zero-emission technology. Developing market-leading operational systems. Market Declining demand for seaborne transpor- Diversification of business activities. Increasing market share through stronger tation services driven by lower demand for Providing green freight options by working branding and superior offering. fossil fuel products and higher marginal with our partners to co-create greener Empowering our customers to reduce their costs (fuel costs, carbon tax, capital costs). shipping solutions. CO2 emissions by offering greener alterna- Premature investments in green freight Securing long-term alternative fuel supply tives competitive with the price of carbon. products not aligned with market demands. contracts. Providing logistic solutions supporting a Increasing funding cost and/or potential lack circular economy. of funding availability for activities not aligned with green investment demands (e.g. EU Taxonomy, Poseidon principles, SBTi). Insufficient supply of alternative fuel sources. Reputation External stakeholder perception of Support industry-wide research within new Delivering net-zero emissions from our oper- NORDEN's climate footprint and initiatives. forms of propulsion, green fuels, and eFuels ations by 2050. Unable to attract and retain talented with Mærsk Mc-Kinney Moller Centre for ZeroBecoming an industry leader in helpingemployees with high decarbonisation Carbon Shipping. customers decarbonise their supply chains. ambitions. New climate strategy. Improving transparency in emissions reporting. Physical risks Acute Margin erosion due to more frequent Extensive use of weather routing systems Leveraging our use of data to improve predic- extreme weather events (e.g. drought or when pricing and assessing the risk of freight tions and decision-making. storm). contracts. Chronic Scarcity of water, impacting trade patterns Including impact of chronic risks when evalu-Expansion of logistics offerings to non-coreand volumes. ating business opportunities.activities via Assets &amp; Logistics business unit.Rising sea levels, impacting port operations and trade patterns. Ecological impacts While not considered material based on the double materiality assessment, NORDEN is monitoring and assessing the impact of our operations on marine life. As part of our adaption of the SASB Marine Transportation reporting standard, we report on the share of owned vessels having implemented a ballast water treatment system, voyage duration in marine-protected areas and oil spills. These are all considered relevant issues to NORDEN. In 2022, NORDEN reported zero spills in regard to the SASB Marine Transportation standard. We are collaborating with our technical managers on an ongoing basis to mitigate the risk of harmful spills, and continuously monitor developments through recurring reporting. NORDEN is compliant with international regulations intended to manage the ecological impact of opera- tions. MATERIAL TOPIC 1: EFFICIENT OPERATION OF OUR VESSELS Efficient operation of vessels is an integral part of NORDEN’s operator business model. We monitor the vessel’s fuel efficiency using the EEOI measure. On NORDEN’s owned and operated vessels, we continuously monitor fuel efficiency, determining optimal speeds and route planning. By distinguishing between operated and chartered-out voyages, we can identify the impact of our efforts, while still taking responsibility for all tonnage that we deliver to our customers by providing EEOI based on all assets. Performance disclosure and evaluation During 2022, the tank-to-wake (TTW) EEOI on all assets increased from 9.7 grams CO2/tonne-mile to 9.9, corresponding to an increase of 2.7%. Adjusting EEOI for changes in fleet composition has a significant impact on tankers, with a like-for-like change of Change of accounting policies for emissions Emissions from voyages changed from including all emissions based on voyage completion date to being allocated based on the allocative share of emissions using contract service performance share for each reporting period. This ensures that emissions are reported following the financial reporting accrual principles, thereby mitigating the risk of fluctuations in emissions related to longer TCO contracts. For NORDEN’s pool operations, NORDEN will account for our proportional share of emissions generated by aligning with the distribution allocation model of our pools. The residual carbon emissions from pool operations will be accounted for as scope 3 emissions. Additional changes and elabora- tions to accounting policies can be found in the ESG accounting policies. Introduction to NORDEN's EEOI framework NORDEN monitors the vessel's fuel efficiency using EEOI, which meas- ures the relative relationship between CO2 emissions from bunker fuel consumption and transport work (tonne-nautical miles). This is represented as gCO2/tonne-nautical miles. NORDEN reports three different versions of the EEOI: 1) TTW all assets: For the entire fleet including TCO vessels and based on TTW emissions only. 2) TTW operating assets: For the operated fleet excluding TCO vessels and based on TTW emissions only. 3) WTW operating assets: For the operated fleet excluding TCO vessels and on a well-to-wake (WTW) basis, i.e. including upstream emissions related to the extraction, processing and transportation of bunker fuel for our vessels. This measure is presented on a CO2-equivalent basis. NORDEN's primary measure is the TTW EEOI all assets presented on a fleet-adjusted basis. As supplementary measures, NORDEN reports the TTW EEOI operating assets and WTW EEOI operating assets. NORDEN has divided EEOI into the main drivers that affect the performance, as this allows NORDEN to follow developments in the indicator on a more granular level. CO2 emission drivers are split into speed and bunker type, while transport work drivers are determined by allocative utilisation, payload utilisation, and fleet composition. The relationship between EEOI and the drivers listed is described as: Speed Vessel speed is highly affected by market conditions. In attractive markets, vessel speeds are expected to increase and thereby raise CO2 emissions emitted from bunker consumption. This implies that an increase in speed would increase EEOI. Bunker fuel supply Bunker fuel consumption is converted into emissions using emission factors provided by the International Council on Clean Transportation (ICCT). A larger share of green fuels and eFuels is expected to be the main driver for a decreasing EEOI in the future. Additionally, the WTW EEOI is impacted by well-to-tank emissions from third-party bunker suppliers Allocative utilisation Allocative utilisation measures the relationship between laden and total miles. Laden miles are miles, where the vessel carries cargo. Transport work is calculated as the product of nautical miles and cargo carried. Holding everything else constant, higher allocative utilisation would increase trans- port work and decrease EEOI. Payload utilisation Payload utilisation measures the utilisation of cargo capacity during a voyage. Payload utilisation is a number between zero and one. Higher payload utilisation would increase transport work and fuel consumption as more energy is required for propulsion at a given speed with more cargo. The effect of increasing payload utilisation is a decreasing EEOI. Fleet composition EEOI is highly affected by fleet composition, as EEOI varies across vessel segments and types. In addition, the same composition varies over the reporting period. EEOI is negatively correlated to vessel size and share of dry cargo vessels. As NORDEN’s portfolio of vessel types changes continu- ously in line with the Company’s agile business model and market demand, it can render the gradual developments in the overall EEOI less informative. In order to make EEOI more comparable, NORDEN reports performance across vessel types and outlines a fleet-adjusted EEOI, enabling a more transparent explanation of variations in the indicator year-on-year. 10.9% vs. 7.0% unadjusted. This is due to an increasing share of MR vessels in the current reporting year with higher fuel efficiency and lower EEOI compared to Handysize T vessels. The increase in like- for-like EEOI is mainly driven by higher speeds on tanker vessels, but somewhat offset by lower speeds on dry cargo vessels and higher payload utilisation on tanker vessels. Like-for-like figures represent EEOI adjusted for changes in the fleet mix across time, using transport work composition across vessel types from the current reporting year as the baseline. Looking ahead In the short term, we aim to decrease TTW EEOI all assets by 2% annually in line with the United Nations International Maritime Organisation's (IMO) 2050 trajectory, applying 2022 as a base- line. However, NORDEN acknowledges that a new trajectory has to be established to meet our long-term target of net zero emis- sions in 2050. This entails continuously seeking ways to improve the operational efficiency of our vessels in the short term, while investigating new technologies and entering strategic partner- ships for the long term. In 2022, NORDEN improved short-term fuel efficiency by applying anti-fouling paint on several vessels. This is a special coating applied to the hull and propellers of a marine craft to slow the growth and facilitate detachment of subaquatic organisms, which attach to the hull and affect a vessel’s performance and durability. This should have an impact on fuel efficiency on owned and long-term time-chartered vessels for the coming years. In line with the prospects of a weakened dry cargo market and a strong product tanker market in 2023, while actively working with emissions in our business, we expect a decreasing EEOI for the coming year. Vessel segments in dry cargo are expected to improve EEOI, anticipating decreased speeds. Speed effects are expected to be slightly offset by lower payload utilisation, depending on various market movements affecting the EEOI driver subcomponents. Therefore, a combination of market outlook and actively working on emission reductions is expected to drive EEOI decreases. MATERIAL TOPIC 2: DECREASING VALUE CHAIN EMISSIONS As part of our aspiration to decarbonise our customers’ supply chains, NORDEN aims to be carbon neutral by 2050. This is aligned with the climate ambitions outlined by the Danish government’s climate partnership with the Danish maritime sector of achieving carbon neutrality in 2050. NORDEN’s envi- ronmental targets go beyond the IMO carbon reduction strategy and goals of reaching a 50% reduction by 2050 relative to 2008 emissions. As the first step towards decreasing our value chain emissions, we will focus on mapping the full extent of our greenhouse gas emissions (GHG). This will allow NORDEN to define targeted future initiatives that can contribute to reducing our emissions going forward. Such initiatives will be included in future reports. Boundaries of scopes Our activities and emissions are divided into the GHG Protocol’s scopes 1, 2 and 3: EEOI performance 2022* 2021* YoY (%) TTW WTW TTW all TTW WTW TTW all TTW all Avg. DWT* operating operating assets operating operating assets assets / YoY (%) Handysize 10.7 13.9 11.2 10.9 14.2 11.1 0.6% 36,043 / 0.3% Supramax 7.8 10.1 8.3 8.3 10.8 8.4 -1.6% 59,836 / 0.3% Panamax 8.0 10.3 8.2 8.4 10.9 8.2 0.1% 81,272 / 0.5% Dry cargo 8.5 11.1 8.9 8.9 11.6 8.9 0.0% 62,294 / -1.5% Like-for-like 8.5 11.1 8.9 9.0 11.6 8.9 -0.5% Handysize T 20.9 26.9 20.8 18.0 23.1 17.9 15.9% 37,907 / 0.3% MR 15.1 19.6 14.8 14.2 18.4 13.4 9.9% 49,891 / -0.2% Tankers 15.9 20.6 15.5 15.1 19.7 14.5 7.0% 48,438 / 2.8% Like-for-like 15.9 20.6 15.5 14.7 19.0 14.0 10.9% Total 9.9 12.9 9.9 10.0 13.0 9.7 2.7% 60,034 / -1.4% Like-for-like 9.9 12.9 9.9 10.0 13.0 9.7 2.2% * KPI in scope of limited assurance. Scope 1: GHG emissions related to the combustion of bunker fuel from owned and operated vessels. This includes time-chartered vessels operated by NORDEN, but not third-party pool manage- ment operated vessels. Scope 2: GHG emissions associated with the purchase of elec- tricity, steam, heat or cooling. Scope 3: GHG emissions related to upstream and downstream activities. For NORDEN, material upstream activities include services and products provided by third-party suppliers, waste generated in offices, and well-to-tank bunker fuel emissions. Downstream activities in NORDEN include bunker consumption from TCO vessels, and third-party pool management operated vessels. Scope 3 emission framework Following the recommendations from the GHG protocol, NORDEN will report all material emissions from our operations, including downstream and upstream activities. NORDEN has used the GHG criteria to identify relevant scope 3 activities. Among the 15 GHG categories outlined for scope 3, NORDEN has identified nine relevant categories, of which seven are included in our framework, as outlined in the table overview. For 2021, NORDEN reported on scope 3 emissions from 'busi- ness travel' and 'leased cars'. Applying the GHG’s emission materiality threshold of 5%, both of these GHG categories are non-material and are therefore no longer a separate part of the reporting framework. NORDEN will account for emissions related to 'purchased goods and services', 'fuel and energy-related activ- ities', and 'downstream leased assets'. As emissions related to the new categories are significantly higher than previously stated in scope 3, we restate the reported figures in the 2021 Annual Report ensuring comparability between reporting years. Conversion factors An important part of enhancing the transparency and relia- bility of value chain emissions is the transition from generic to specific emission conversion factors. In the current reporting year, NORDEN has expanded the scope 3 emission framework to include upstream bunker fuel and supplier emissions, among others. Upstream bunker fuel emissions are based on emission factors from ICCT (2021) and fuel consumption, while supplier emissions are calculated based on the costs and average emis- sion factors across Comprehensive Environmental Data Archive (CEDA) sub-category groups. Performance disclosure and evaluation Our total GHG scope 1, 2, and 3 CO2 -equivalent emissions were 9.0m tonnes – a decrease of 0.2m tonnes compared to 2021. Scope 1 CO2e emissions have decreased by 5% year-on-year, while scope 3 CO2e emissions have increased by 1% year-on-year. This is driven by increasing emissions from TCO vessels and increasing commer- cial management activity in the NORDEN Tanker Pool. At the end of 2021, NORDEN acquired a green certificate covering all electricity usage at our headquarters in Copenhagen until December 2024. Emissions from the headquarters were a result of employee commute, facility supply and waste. In the short term, NORDEN expects absolute emissions to follow vessel day activity levels. Looking ahead Enhancing the data framework of our emissions will provide trans- parency of our actual performance, and allow NORDEN to initiate targeted initiatives to decrease overall value chain emissions. In GHG scope 3 categories GHG number Included in scope 3 framework Purchased goods and services 1 Fuel and energy-related activities 3 Upstream transportation and distribution 4 Waste generated in operations 5 Business travel 6 Employee commuting 7 Downstream leased assets 13 Relevant, but not part of current framework Capital goods 2 End of life treatment of sold products 12 Non-material Upstream leased assets (reported in scope 1) 8 Downstream transportation and distribution 9 Processing of sold products 10 Use of sold products 11 Franchises 14 Investments 15 CO2-equivalent emissions ('000 tonnes) 2022* 2021ChangeScope 1 GHG emissions 4,5794,819*-5% Scope 2 GHG emissions 0.4 0.3* 10% Scope 3 GHG emissions 4,402 4,360 1% GHG 13: Downstream leased assets 2,972 2,908 2% GHG 3: Fuel and energy-related activities 1,163 1,201 -3% GHG 1: Purchased goods and services 266 251 6% Total GHG emissions 8,981 9,179 -2% * KPI in scope of limited assurance. 2023, we will investigate expanding the GHG framework with two new scope 3 categories to achieve an even more comprehen- sive scope 3. The two categories are listed in the scope 3 GHG categories table. The categories 'downstream transportation and distribution', 'processing of sold products' and 'use of sold prod- ucts' are not considered given the stated boundaries of scopes. To further enhance our scope 3 framework, we are working on implementing specific conversion factors for bunker fuel and services/products from third-party suppliers. This will allow NORDEN to gain more insight into our carbon footprint and track the impact of actions taken. Emissions from fossil marine fuels are highly dependent on the feedstock and production pathway, making specific conversion factors material for NORDEN, and will therefore be a key priority for 2023. NORDEN is committed to reducing emissions across our value chain through concrete initiatives that have effect already in the short term. NORDEN’s Decarbonisation team is directly involved in projects to investigate and develop future fuels and new zero-carbon technologies, using our vessels as test laboratories. The team is focusing on the commercialisation of biofuel, enabling NORDEN to deliver green freight solutions for our customers going forward. NORDEN has initiated internal discussions of structure for an internal carbon pricing system, which would increasingly make carbon footprint awareness an integral part of daily operations and decision-making. This is currently work in progress and is expected to be formalised during 2023. NORDEN believes carbon pricing is inevitable for delivering on the net-zero ambi- tion by 2050. Helping customers solve supply chain bottlenecks Comilog, one of the largest manganese mining companies in Africa, struggled with supply chain bottlenecks and high freight costs, as the nearby port was not able to accommodate the size of vessels they needed for operational purposes. In early 2022, Comilog and NORDEN entered a ten-year partnership with the goal of overcoming these bottlenecks. To do so, NORDEN established floating transfer stations 40 miles offshore. By loading barges in the port and towing them to the floating transfer station to load the vessel, NORDEN enabled Comilog to utilise larger vessels, thereby exporting more material, using less resources. By overcoming port infrastructure bottlenecks, Comilog has been able to optimise its supply chain, while keeping export costs down. Furthermore, by utilising larger vessels compared to previously, NORDEN has also assisted Comilog in lowering its overall carbon emissions. SOCIAL NORDEN is a people-driven business. We continu- ously work to strengthen our position as an attractive employer, offering an inclusive, engaging, healthy and safe working environment, in which all employees have equal opportunities to realise their potential. We aspire to build resilience, ensure well-being and enable our employees to operate as a globally connected team. NORDEN’s goal is to have a human-centric culture with global reach, high levels of engagement, diversity, equity &amp; inclusion (DE&amp;I) as well as outstanding employee experiences leading to a high-performing organisation. When it comes to physical safety, NORDEN’s ambition is clear: zero serious incidents. This strategy drives our collective efforts every day to ensure the safety our employees, our external personnel and all others present at our locations and assets. In the wake of the COVID-19 pandemic, focus on employee well- being has further increased in NORDEN. Although some offices continued to be affected by shutdowns in 2022, efforts to build a resilient workforce have been ongoing, enabling employees to operate as a globally connected team. The focus on our employees was highlighted during a week-long employee event in 2022, NORDEN Days, during which we gathered all employees across locations to strengthen and reinforce our purpose, values and culture. NORDEN’s policies articulate the purpose and values of our organisation, ensuring these are embedded in our daily oper- ations and decision-making. NORDEN has a range of different social policies. Some of them are listed here https://norden.com/ about/governance/policies-and-charters. Material topics In order to deliver on our commitment to ensure a sustainable working environment, our material topics for social matters are defined as Health &amp; Safety and Culture. MATERIAL TOPIC 1: HEALTH &amp; SAFETY Managing and maintaining excellent working conditions are important to NORDEN – both when it comes to onshore and offshore activities. As a responsible international company, our ambition is not only to ensure compliance with international legislation, but also to set higher standards. For outsourced activities such as technical management of vessels, we will prior- itise even closer collaboration to ensure that standards are equal to NORDEN’s. Therefore, NORDEN’s focus on health and safety offshore is related to the management of technical managers, requiring services that comply with international and NORDEN’s standards and support a comprehensive reporting framework, in order to ensure trust in the technical manager’s operation. Onshore NORDEN remains committed to fostering a working environ- ment, where health and safety are our top priorities. Creating such a workplace necessitates a level of responsibility among employees to safeguard their own and their colleagues’ safety. This goes hand in hand with adhering to NORDEN’s Health &amp; Safety policy, communicated in the Employee Code of Conduct. If an employee feels that health and safety policies have been breached or not properly addressed, there are several channels in place, including a whistleblower scheme. Every year, NORDEN measures the perception of both the physical and mental working conditions in our offices through an Engagement Survey. Our 2022 survey indicated above average performance in all ques- tions related to working conditions. While the responses on working conditions have a higher average score than our industry benchmarks, NORDEN has prioritised creating a workplace, where we support our employees in terms of their mental health to an even higher extent. Additionally, Health &amp; Safety is an integrated part of our Human Rights Impact Assessment, in which risk and mitigation factors are addressed. Finally, NORDEN has a Working Environment Group, where trained employee and management represent- atives handle inquiries and challenges related to health, safety and general work environment. Any identified adverse health and safety impacts are prioritised by the Working Environment Group, and appropriate actions are taken to prevent and mitigate these going forward. Offshore In 2022, NORDEN conducted ongoing inspections onboard our vessels. In addition, we visited the offices of our technical managers and attended crew seminars with the intention of assessing their approach to safety. During these visits, we empha- sised our focus on safety and the general health of the seafarers and contractors working onboard our vessels. On-site visits enable NORDEN to evaluate our technical managers' approach to safety, as well as the safety culture they are striving to uphold and implement onboard the vessels through training of crew and safety campaigns targeting critical work processes onboard. 2022 achievements and initiatives: Introduced a Flexible Working policy.Developed a common language of well-being and energylevels among employees by introducing the concept of energy management, alongside tools and techniques for achieving and maintaining high levels of energy. Defined ambitious targets regarding working conditions andtracked progress through our Engagement Survey. Conducted inspections onboard our vessels to assesssafety culture. Visited technical management offices and attended crewseminars, assessing safety approaches. awareness campaign was conducted to ensure knowledgeof NORDEN’s whistleblower scheme on all owned vessels, providing the crew multiple ways to report incidents anony- mously. Performance disclosure and targets NORDEN strives to set the same high standards for safety and optimal working conditions onboard vessels as we do onshore. We contin- uously ensure that our technical managers meet these standards. Operating at sea involves safety and security risks that must always be managed carefully to safeguard the crew and external personnel. The number of injuries, by which crew members were unable to work the following day (primarily related to fingers, knees and back injuries), are measured through the Lost time incident rate (LTIR). LTIR is meas- ured as lost time incidents per one million working hours. Overall, LTIR remained at 0.8 in 2022 based on four incidents in 4.8 million exposure hours. In September, two simultaneous injuries occurred on Nord Himalaya, resulting in six and 14 days off duty, respectively. All injuries during the year were related to the back and torso. Tragic incident onboard one of NORDEN's vessels In June 2022, NORDEN’s technical manager reported a tragic incident onboard Nord Magic. Two external, subcontracted service technicians, which were contracted for a routine job, died during an accident. The incident happened while the two technicians were carrying out cargo tank inspections and were exposed to toxic vapours inside the tank. The investigation following the tragic incident revealed that proce- dures for tank entry had not been followed correctly. The investiga- tion also highlighted that inadequate safety equipment was worn, while inconsistency in procedures and work permits also contributed to the incident. This incident deeply affected everyone involved, and NORDEN closely liaised with the technical manager and authorities during the investigation, and subsequently implemented additional preventive measures to avoid future accidents. Crew fatalities at sea related to work safety amounted to zero in 2022 (zero in 2021), while subcontractor fatalities at sea related to work safety amounted to two in 2022 (zero in 2021). Looking ahead During 2023, NORDEN will focus on: Strengthening the health and well-being of our employeesthrough new preventive initiatives. Increasing transparency among employees on the possibilitiesfor receiving support. Strengthening health insurance framework in line with marketbest practice. Developing a technical manager Code of Conduct, outliningcommon principles for how to adhere to the social, ethical and environmental standards in the way NORDEN conducts business. Carrying out inspections of owned vessels, conducting officevisits and attending crew seminars with the goal of supporting technical managers in developing high health and safety stand- ards, and avoiding accidents onboard owned vessels. Investigating whether new preventive measures should be takento decrease LTIR. MATERIAL TOPIC 2: CULTURE NORDEN’s culture is a key driver to achieving success and deliv- ering on our strategic ambitions. A value-driven culture helps foster our purpose of enabling smarter global trade. Having a strong culture that embraces market uncertainty through data- driven decisions and risk monitoring is a key part of how we achieve our results. With an expanding organisation and new offices, it is vital to safe- guard our strong, value-driven culture. To support this, our main objectives are to retain and develop our employees, maintain a high level of well-being and engagement, and to attract a diverse range of new employees. Creating a work environment where employees thrive and are motivated is essential for sustaining long-term success. 2022 achievements and initiatives: To remain a value-driven company which challenges, developsand empowers employees, NORDEN relaunched Soulship, our global culture and development programme, offering training within areas such as feedback, hybrid collaboration, energy management, inclusion and how to have good conversations. Working with inclusion is an integrated part of NORDEN’s ESGstrategy and is measured through the Engagement Survey. The survey showed an increase in the perceived inclusion in NORDEN with focus on respect, trust, ability to raise discrimi- nation concerns and the possibility to be yourself at work. Tracking employee engagement and well-being throughbi-annual Engagement Surveys. After each survey, team sessions are conducted to ensure continuous improvement both on group and team level. During 2022, we increased our focus on employee well-being, introducing new health and well-being initiatives and prioritising physical and mental health as a natural part of working in NORDEN. These initia- tives aim to build resilience, ensure well-being as well as enable all employees to operate as a globally connected team. To mark NORDEN's 150-year birthday, colleagues from allglobal offices gathered in Copenhagen for the purpose of connecting, developing and experiencing NORDEN’s culture. As part of NORDEN’s efforts to engage in and contributeto the local communities, we have introduced a Community Engagement programme called Giving Together. Everyone in NORDEN was invited to propose local charities and causes, on which NORDEN can make a positive impact. Introduce a global e-learning course on harassment anddevelop an anti-harassment policy for the purpose of contributing to a respectful and inclusive working environ- ment. Launch a new global onboarding programme, ensuring thatnew colleagues receive a strong foundation for their careers at NORDEN. Focus on increasing the share of the underrepresentedgender in commercial and managerial roles. As an integrated part of the global supply chain, NORDEN plays an important role in upholding human rights and taking proactive meas- ures to prevent and mitigate violations. Implementing the necessary policies, due diligence processes and grievance mechanisms are part of a continuous process in NORDEN, adhering to the requirements set by the UN Guiding Principles for Business and Human Rights. NORDEN is committed to respecting all internationally recognised human rights in our dealings with employees and workers in our supply chain. Working with human rights NORDEN’s human rights risk profile is evolving in line with our business model having shifted towards an asset-light strategy over the past years, whereby NORDEN to a large extent leases and charters in its vessel portfolio. In 2022, NORDEN conducted a Human Rights Impact Assessment that led to added insight into and understanding of our potential and actual human rights risks across the organisation and value chain. NORDEN follows the best practice recommendations from United Nations Guiding Principles on Business and Human Rights, Danish Shipping and the Danish Institute for Human Rights. NORDEN has a responsibility to consider any human rights violations it may cause, contribute to, or be directly linked to. Every second year, NORDEN conducts an assessment of human rights risks in all our operations. This Human Rights Impact Assessment forms the basis for controlling the policies and procedures of NORDEN's operations, investigating both our own operations and activities as well as those across the value chain. Multiple interviews were conducted with employees and managers to obtain an accurate overview of the salient human rights risks in NORDEN’s activities. The process and findings were presented to, and approved by, NORDEN’s ESG owner. The findings highlighted where our management approach was adequate to address the identified salient risks. However, NORDEN acknowledges that continued improvements in our operations are needed to secure sustained and measurable outcomes. The human rights risks identified as most salient across our value chain are: Use of suppliers and their maturity regardinghuman rights Crew health and safety – especially operatingin high-risk conflict zones Crew and employee working conditionsNORDEN identifies the largest risk present in collaborating with suppliers such as technical managers and tier-two suppliers (sub-sup- pliers of NORDEN's main suppliers). Physical distances create the risk of incidents going unreported to NORDEN and unfair treatment going unnoticed. NORDEN has a responsibility to investigate these salient risks. NORDEN is currently working on a technical manager Code of Conduct, stating our minimum requirements on all ESG-related topics. Furthermore, an awareness campaign was conducted to ensure knowledge of NORDEN’s whistleblower scheme on all owned vessels, leaving the crew multiple ways to report incidents anonymously. In 2023, we will define and prioritise areas for action, including supplier screening to assess policies and respond to issues (see also ESG Governance section). ESG GOVERNANCE Our governance structure ensures alignment with long-term shareholder interests and management of NORDEN in accordance with relevant national and international regulations. NORDEN strives to uphold the highest standards for business ethics in our operations. As a global company, we operate in regions where concepts of integrity and good business conduct vary, which can pose challenges. However, non-compliance can lead to legal and reputational risks, damaging our licence to operate. To prevent any form of corruption, we focus on ensuring a strong governance foundation, setting the direction for what we define as good business conduct, no matter where in the world we do business. Taking a firm stance on preventing any form of corruption is an integral part of our ambition to enable smarter global trade. Clear accountability and integration with the core business NORDEN has a clearly defined governance structure for imple- menting our ESG targets. Governance of the ESG strategy and target setting is anchored with the Board of Directors. Our Sustainability Executive Body is responsible for outlining and formalising the ESG strategy, providing strategic guidance as well as approval of policies and initiatives. This body consists NORDEN’s policies articulate the purpose and values of our organisation, ensuring these are embedded in our daily operations and decision-making. NORDEN has a range of different governance policies. Some of them are listed here. Anti-corruption policy: Ensures compliance with keyanti-corruption legislation, mitigates NORDEN’s repu- tational risks and guides employees in what is expected when working for NORDEN. The policy applies to all employees, Management and the Board of Directors. Gift and entertainment policy: To ensure that no offeringor acceptance of gifts or business entertainment can be confused with bribery, NORDEN has set up a policy guiding all employees. of Senior Management and senior representatives from Logistics &amp; Climate Solutions as well as Fuel Efficiency &amp; Decarbonisation. Ultimate accountability for ESG at NORDEN lies with our Board of Directors. To ensure alignment of ESG with business priorities and a long- term focus, we embed responsibility for the ESG focus areas into core business functions. Designated ESG owners drive imple- mentation and progress of environmental, social and governance initiatives, aligned to short and long-term targets within their respective areas of responsibility. Data ethics policy: The policy states our data ethics princi-ples, describing how we collect, store, process and protect data for the benefit of our employees, customers, business partners and other stakeholders. Employee code of conduct: The code describes the ethical,social and environmental behaviour, which every employee, regardless of position, should adhere to when working at NORDEN. Supplier code of conduct: The code supports us in building asustainable practice by establishing systems and processes to manage our adverse impacts on human and labour rights, envi- ronment and anti-corruption through our purchasing practices. nctions policy: The policy aims to ensure that NORDEN, our affiliated companies and employees do not engage in any transactions in breach with the sanctions policy. Annually defined KPIs are reported on a quarterly basis to our Board of Directors. The Sustainability Executive Body continu- ously monitors and reviews the overall ESG performance and progress, which are benchmarked against targets for each KPI, in addition to overseeing ongoing projects and initiatives under the ESG strategy. Executive Management remuneration is linked to achieving progress on ESG targets such as reducing CO2e emissions and ensuring diversity and inclusion in the organisation. To ensure continuous progress, performance on ESG targets is linked to remuneration for other roles working with the ESG strategy throughout our business, including Senior Management. Whistleblower scheme NORDEN is committed to providing an environment where best practices are encouraged and safeguarded. Since 2011, NORDEN has had an independent whistleblower scheme accessible to all employees and external stakeholders partnering with NORDEN. Employees in NORDEN are able to raise workplace and opera- tional concerns either directly with their manager or with the HR department, or they can use NORDEN’s whistleblower scheme to report concerns anonymously. Whistleblower reports are directed to the Chair and Vice chair of the Board of Directors as well as the Head of Legal. In 2022, two substantiated whistleblower reports were received. The reports, which in both instances concerned working condi- tions for seafarers, were investigated and actions to address the substantiated complaints were carried out when required. NORDEN has a strict non-retaliation policy vital to ensuring that employees feel safe speaking up. Responsible tax As a company with global reach, NORDEN operates in multiple jurisdictions with different tax rules and regulations. NORDEN complies with the current tax legislation in the countries we operate in, and we comply with all applicable transparency rules, including country-by-country reporting. NORDEN does not use so-called tax havens according to the European Union tax haven blacklist. MATERIAL TOPIC 1: SUSTAINABLE PROCUREMENT As a globally operating company, we interact with numerous vendors around the world, and it is a priority for NORDEN to ensure sustainable procurement in collaboration with our external stakeholders. NORDEN seeks to enable sustainable procurement by integrating ESG matters into our procurement processes and decisions. Going forward, NORDEN will be assessing and working with our suppliers to become more sustainable. During 2022, we engaged with EcoVadis, a global provider of sustainability ratings, to assess our suppliers. In the short term, we will be assessing and evalu- ating scorecards for high-risk strategic vendors, according to criti- cality, location and spend. Looking further ahead, all vendors will receive an ESG scorecard, establishing a baseline for improve- ment plans for our vendors. Sustainable procurement will be anchored in the procurement operating model, but NORDEN is still in the implementation stage of this new initiative. NORDEN’s progression towards fully anchoring sustainable procurement consists of five steps displayed in the illustration. As NORDEN is currently working on implementing principles for sustainable procurement, no performance figures are available for disclosure in 2022. Going forward, our KPI on sustainable procurement will measure the share of suppliers screened for ESG criteria. Looking ahead During 2023, NORDEN will: Increase the focus on identifying risks among suppliers, whileimproving due dilligence and auditing. Ensure alignment between the Procurement department andbusiness units on sustainable pocurement. Implement a process for applying the Supplier Code ofConduct. Assess 30% of strategic suppliers through risk assessment forsupply chain due diligence. Carry out 1-3 onsite vendor audits for high-risk suppliers.Prepare for legislation on sustainable procurement followingthe ESRS. By 2025, NORDEN aims for 60% of suppliers to be committed to the NORDEN's Supplier Code of Conduct, and for ESG screening of vendors to become an integrated part of NORDEN’s procure- ment activities. MATERIAL TOPIC 2: ANTI-CORRUPTION NORDEN calls numerous ports all over the world every single day. Occasionally, NORDEN faces challenges, particularly in countries where corruption presents a higher risk. In this business context, making the right choice becomes more complex, yet increasingly important, as non-compliance can lead to legal and reputational risks and damage our licence to operate. Corrup- tion is one of NORDEN’s material topics, as it impedes access to global markets and constitutes economic and social devel- opment barriers. For NORDEN, corruption escalates costs, and endangers the safety and well-being of the vessel crew, while posing legal and reputational risks. Therefore, NORDEN takes firm measures to prevent any form of corruption as part of our ambition to enable smarter global trade. In 2022, NORDEN had 10,139 port calls across 131 countries. Following the implementation of the SASB Marine Transportation standard (outlined in ESG Accounting Policies), NORDEN reports on the number of port calls in the world's 20 most corrupt coun- tries, applying the Corruption Perception Index (CPI). The result indicates a decrease in port calls with a high risk of corruption from 2021 to 2022. NORDEN has zero tolerance towards bribery and our anti-corruption policy clearly outlines the refusal of all types of facilitation payments. To ensure a culture of exemplary conduct with strong proce- dures, NORDEN has an Anti-Corruption Compliance Programme in place. The programme helps ensure that bribery and corrup- tion risks are identified, that concerns are reported and that measures are taken to mitigate any identified risks throughout the organisation. NORDEN’s Compliance Programme outlines the most important elements of NORDEN’s efforts to fight corruption, including bribery, facilitation payments, extortion, fraud and embezzle- ment. Further, this programme covers third-party responsibility, gift and entertainment, commissions, conflicts of interest, spon- sorships and political and charitable contributions as topics within the broader compliance agenda. NORDEN’s Anti-Corruption Policy is incorporated into NORDEN’s Employee Code of Conduct and distributed to all employees. To ensure compliance with the programme, a Compliance Manager is appointed. The role of the Compliance Manager is to ensure that the relevant policies and procedures are followed, and that risk assessment, due diligence and monitoring are conducted regularly. NORDEN’s Compliance Manager reports to the CEO if issues arise, which must be addressed immediately or discussed. Furthermore, the Compliance Manager provides regular updates to the Sustainability Executive Body. On behalf of NORDEN, our external technical managers carry out anti-corruption training for the crew onboard NORDEN’s owned vessels to ensure alignment with legislation and NORDEN’s anti-corruption policy. For chartered vessels, an anti-corruption instruction is sent to captains and agents. 2022 achievements and initiatives: NORDEN successfully renewed our TRACE certification.Actively contributed to the elimination of all forms of maritimecorruption on a more systemic level. Actively engaged with MACN, which serves as a strong collec-tive voice against corruption. Performance and disclosure targets NORDEN tracks performance through two indicators: 1) Eligible employees trained in NORDEN’s anti-corruption course in the current year, as well as 2) number of confirmed bribery cases. NORDEN requires all employees to take two e-learning courses annually on anti-corruption and sanctions &amp; trading restrictions. Almost all eligible employees (excluding employees on leave, long-time sickness, etc.) have passed the courses in 2022. The anti-corruption course focuses on the complexity of corrup- tion, and trains employees to identify and assess situations in which corruption can occur. Additionally, employees are trained in the severity of corruption and potential consequences. The course covers topics such as anti-corruption practices, bribery and facilitation payments, gift and entertainment, conflicts of interest, indirect bribery via commissions, fraud, third-party procedures and NORDEN’s whistleblower scheme. The sanctions &amp; trading course introduces employees to NORDEN’s policy on sanctions and trading restrictions. The course is divided into several cases teaching employees how to react to business dilemmas related to sanctions and trading restrictions. In high-risk areas where MACN has introduced collective actions, the reported corruption incidences have dropped. Generally, NORDEN requires its technical managers to be members of MACN. In 2022, NORDEN had zero bribery cases in line with our ambitions. 2022 Staff passed anti-corruption e-learning course 99% 2021 N/A Total amount of monetary losses as a result of legal proceedings associated with bribery or corruption - - Looking ahead Implement steps to further improve measuring the effective-ness of the Anti-Corruption Compliance Programme. Further engage with MACN on systemic challenges and risks.Reduce the amount of facilitation payments on owned vesselsby working closely with our technical managers through monthly follow-up. Strengthen our focus on and ability to measure as well ascontinue to reduce corruption incidents on our chartered vessels. EU TAXONOMY Objectives Turnover Substantial Category Turn- contri- Do no significant MinimumTaxonomy-(Enabling/overbutions (%) harm (Y/N) social aligned transi- Economic activity (USDm)% of totalturnover1 2 1 2 3 4 5 6 safeguardturnovertional) A. Taxonomy-eligible activities (A.1.+ A.2.) 4,295 81% A.1. Taxonomy-aligned activities 35 1% 100%Y Y Y Y Y Y Y 1% T 6.10: Sea And Coastal Freight Water Transport 35 1%100%0%Y Y Y Y Y Y Y 1% T A.2. Taxonomy-eligible activities 4,260 80% 6.10: Sea And Coastal Freight Water Transport4,26080% B. Taxonomy non-eligible activities 1,015 19% Income from TCO vessels 1,015 19% Total (A + B) 5,310 100% CapEx Objectives OpEx Objectives Substantial Do no Category SubstantialDo noCategory % of contri- significant MinimumTaxonomy-(Enabling/% of contri- significant MinimumTaxonomy-(Enabling/CapEx total butions (%)harm (Y/N)social aligned transi- OpEx total butions (%)harm (Y/N)Accounting metrics from the SASB Marine Transportation standard Topic Metric Unit Code 202212021 GREENHOUSE GAS Scope 1 bunker emissions Metric tonnes (t) CO2e TR-MT-110a.1 4,578,587 4,818,8341;2EMISSIONS Total energy consumed Terajoules (TJ) TR-MT-110a.3 55,809 58,707 Percentage heavy fuel oil Percentage (%) TR-MT-110a.3 7.1% 5.9% Percentage renewable Percentage (%) TR-MT-110a.3 0.1% 0.0% Average EEDI for new vessels CO2 per capacity-nm TR-MT-110a.4 4.1 3.3 AIR QUALITY NOx Metric tonnes (t) TR-MT-120a.1 117,620 123,9651;2SOx Metric tonnes (t) TR-MT-120a.1 10,889 11,2201;2PM10 Metric tonnes (t) TR-MT-120a.1 5,692 5,987 ECOLOGICAL IMPACTS Shipping duration in marine protected areas or areas of protected conservation status Number of travel days TR-MT-160a.1 23,321 23,456 Percentage of fleet implementing ballast water treatment Percentage (%) TR-MT-160a.2 95.2% 80.6% Percentage of fleet implementing ballast water exchange Percentage (%) TR-MT-160a.2 4.8% 19.4% Number of spills and releases to the environment Number TR-MT-160a.3 - - Aggregate volume of spills and releases to the environment Number, cubic meters TR-MT-160a.3 - - HEALTH &amp; SAFETY LTIR Rate TR-MT-320a.1 0.8 0.81BUSINESS ETHICS Number of calls at ports in countries that have the 20 lowest rankings in Transparency International’s Corruption Perception Index Number TR-MT-510a.1 52 83 The total amount of monetary losses as a result of legal proceedings associated with bribery or corruption Reporting currency TR-MT-510a.2 - - ACCIDENT &amp; SAFETY Number of marine casualties Number TR-MT-540a.1 2 - MANAGEMENT Percentage classified as very serious (very serious = the total loss of the ship, death, or severe damage to the environment) Percentage (%) TR-MT-540a.1 33% 0% Number of Conditions of Class or Recommendations Number TR-MT-540a.2 22 N/A Number of port state control deficiencies Number TR-MT-540a.3 61 N/A Number of port state control detentions Number TR-MT-540a.3 1 N/A NUMBER OF SHIPBOARD EMPLOYEES Number TR-MT-000.A 546 636 TOTAL DISTANCE TRAVELLED BY VESSELS Nautical miles (nm) TR-MT-000.B 14,219,344 14,585,771 OPERATING DAYS Days TR-MT-000.C 203,674 198,799 DEADWEIGHT TONNAGE Thousand DWT TR-MT-000.D 1,201 1,738 NUMBER OF VESSELS IN TOTAL SHIPPING FLEET Number TR-MT-000.E 21 31 NUMBER OF VESSEL PORT CALLS Number TR-MT-000.F 10,139 10,377 TWENTY-FOOT EQUIVALENT UNIT (TEU) CAPACITY TEU TR-MT-000.G N/A N/A 1 KPI in scope of limited assurance. 2 Restated from disclosed figures in 2021 Annual Report, due to changed methodology. ESG ACCOUNTING POLICIES THE REPORTING BOUNDARIES The ESG report comprises activities in the parent company and in all subsidiaries. The accounting policies are applicable for the reporting period 1 January – 31 December 2022. ESG metrics follow the below boundaries unless otherwise specified: Owned and leased vessels (excl. TCO and third-partypool-managed vessels). Employees onshore.Crew onboard vessels (regarding health and safety at sea).All NORDEN offices across the world.CHANGES TO ACCOUNTING POLICY NORDEN has revisited its approach to measuring CO2-equivalent emissions aligning to GHG protocol standards. This has resulted in reevaluated methods for emission recognition in reporting periods. Changes compared to 2021 accounting principles are stated below: General emissions recognition period: Environmental measures changed from accounting for all emissions related to a voyage based on its voyage end date (operational emission reporting) to an accrual of emissions corresponding to the earnings accrual principle for voyages (financial emission reporting), which divides voyages crossing reporting periods into their allocative share of emissions using contract service performance share in each reporting period. This ensures that emissions reported better follow the income statement reporting principles, thereby miti- gating the risk of front or back-loading earnings and building up a backlog of emissions not yet reported, thereby creating a direct link between emissions reporting and financial state- ment reporting. Consequently, this ensures fewer fluctuations in reported emissions, especially related to longer TCO contracts. Emissions related to Pool operations: Previously, NORDEN included all bunker fuel used on our own vessels operated in Pools, disregarding the pooling/sharing agreement of earnings/ cost, but also emissions, in the pool setup. Reevaluating this, NORDEN will account for its share of emissions generated based on the Pool’s agreed earnings distribution model. The residual between total emissions from operated vessels in the Pools and NORDEN’s proportional share of these will be accounted for as scope 3 emissions. The same methodology will be applied for TCO vessels in spot pools, but the residual between total emis- sions generated by TCO vessels in Pools and our share of these emissions will not be part of NORDEN’s scope of emissions. The reasoning for this is that NORDEN is not responsible for the leasing or operation of the third-party assets which is also reflected in earnings solely being distributed to the participant’s vessel. Consequently, we do not account for the full emissions from such vessel transactions. Other changes: CO2-equivalent reporting: Absolute emissions previouslyreported as CO2 emissions changed to CO2e 100-year global warming potential (GWP) values. Emission factor: Biofuel energy output changed from 41.7MJ/kg to 37 MJ/kg, using the higher heating values (HHV) in conformity with the SASB standard. Engine power output: General assumption of 90%/10% distri-bution in Main (SSD) vs. Auxiliary (MSD) Engine output. Bunker sulphur % scope: Expanded vessels in scope of bunkersulphur percent to include all bunker purchased on owned or operated vessels. DATA QUALITY AND COLLECTION The reporting principles of balance, clarity, accuracy, relia- bility, timeliness and comparability are applied when collecting information and data that form the basis for NORDEN’s ESG performance. NORDEN has built and implemented models for reporting environmental KPIs based on data from our Integrated Maritime Operations System (IMOS). Besides providing more insights into the development of key indicators for fuel efficiency, the models allow for checking and reporting extreme obser- vations and enable NORDEN to identify potential errors on an ongoing basis. This ensures the accuracy and reliability of data points reported for internal and external stakeholders. Having implemented the SASB Marine Transportation standard in 2022, NORDEN reports values for the previous year allowing for comparability. All accounting policies following the accounting standards from the SASB Marine Transportation reporting standard are indicated by “TR-MT”. The SASB reporting standard can be found at https://www.sasb.org/standards/down- load/?lang=en-us Development in material ESG performance indicators can be found in the ESG Matrix in the introduction section while supporting indi- cators are in the relevant sections of the ESG report. ENVIRONMENTAL PERFORMANCE Energy consumption Total energy consumed: Calculated by adding up tonnes of fuel and electricity usage, applying their higher heating values (HHV) of 40.2 MJ/kg for heavy fuel oil, 42.7 MJ/kg for distillate fuel oil, 41.7 MJ/kg for very low sulfur residuals, 37 MJ/kg for biofuel, and 0.0036 MWh/TJ for electricity. Following the TR-MT-110a.3., but NORDEN reports on total energy consumed in TJ instead of GJ. Heavy Fuel Oil as % of total energy consumed: Following the TR-MT-110a.3. Calculated as the Heavy Fuel Oil consump- tion multiplied by 40.2 MJ/kg and divided by the total energy consumed based on bunker consumption from owned or oper- ated vessel voyages. Renewables as % of total energy consumed: Following the TR-MT-110a.3. Calculated as the biofuel consumption multiplied by 37 MJ/kg and divided by the total energy consumed based on bunker consumption from owned or operated vessel voyages. Energy Efficiency Operational Indicator (gCO2 /cargo-nau- tical-mile): EEOI is a measurement of energy efficiency and is defined as the amount of CO2 emitted per tonne of cargo trans- ported one nautical mile. Transport work expresses the mass of cargo transported over distance, as registered in IMOS. The relative relationship between CO2 emitted and transport work provides an estimate of fleet operational efficiency. NORDEN provides EEOI with different boundaries from 2022: TTW EEOI operating assets: Vessels operated by NORDEN,based on TTW emissions, and only including CO2 emissions using factors from ICCT (2021). WTW EEOI operating assets: Vessels operated by NORDEN,but based on WTW emissions and reported in CO2-equivalent emissions using the 100-year horizon GWP values from ICCT (2021). TTW EEOI all assets: including TCO vessels, based on TTWemissions, and only including CO2 emissions using factors from ICCT (2021). All metrics are reported per vessel type. An explanation of cate- gorisation of vessel types can be found on NORDEN's website. Greenhouse gas emissions CO2-equivalent emissions: Compatible with the GHG Protocol. All emissions are reported as CO2-equivalents calculated by the 100-year time horizon GWP values from ICCT (2021). For emis- sion-liable activity boundaries, please see the definition in the Environment section. Scope 1: Direct emissions from NORDEN’s consumption of fuel from owned and chartered-in vessels. Consumption is accrued across reporting periods based on contract service performance criteria. The pool allocation of emissions is based on the tanker pool’s distribution model. Scope 2: Indirect emissions from purchased electricity and district heating. Actual or estimated usage is converted into emissions using national averages and location-based conversion factors. Scope 3: Indirect upstream and downstream emissions from third-party activities and operational management services. Based on our materiality threshold of 5% following the GHG recommendations, NORDEN includes the following Scope 3 GHG categories in our reporting framework: Purchased goods and services (GHG #1): Overhead, admin-istration and port costs on account level converted into emis- sions based on CEDA Group categorisation of costs. Fuel and energy-related activities (GHG #3): Upstream emis-sions from bunker consumption using CO2-equivalent emission factors from ICCT (2021) based on fuel types on owned or operated vessel voyages using data from IMOS. Upstream transportation &amp; distribution (GHG #4): Upstreamtransportation emissions on our purchased goods and services based on CEDA Group categorisation of costs. As emissions fall below our 5% threshold, emissions from upstream transpor- tation &amp; distribution are reported as part of 'Purchased goods and services' in the reported figures to ensure the complete- ness of emission data. Waste from operations (GHG #5): Emissions from wastegenerated in our offices across the world. For our headquar- ters in Copenhagen, we convert weight reported by our waste management provider into emissions, while emissions from foreign offices are estimated based on national averages using location, office size and employees as the waste driver. As emissions fall below our 5% threshold, emissions from waste from operations are reported as part of Purchased goods and services in the reported figures to ensure the completeness of emission data. Business travel (GHG #6): Based on data from our travelagent. Converted into emissions, for example based on origin, destination and type of ticket. As emissions fall below our 5% threshold, emissions from business travel are reported as part of 'Purchased goods and services' in the reported figures to ensure the completeness of emission data. Employee commute (GHG #7): Based on the annual internalcommute survey, we convert commute input into emissions via national emission conversion factors. Given response rates of less than 25% on office level, NORDEN uses national aver- ages for type of transportation and commute distance. If the response rate is above 25%, the results on an office level are extrapolated to all employees in the respective office. As emis- sions fall below our 5% threshold, emissions from employee commute are reported as part of 'Purchased goods and services' in the reported figures to ensure the completeness of emission data. Downstream leased assets (GHG #13):—Emissions from TCO are included based on contract serviceperformance in the reporting period. NORDEN’s share of TCO emissions in the NORDEN Tanker Pool is allocated basis the distribution model. The residual between total emissions generated by TCO vessels in the NORDEN Tanker Pool and NORDEN’s share of these are not part of NORDEN’s scope of emissions. —Emissions related to operating third-party vessels gener-ating management fees in the NORDEN Tanker Pool. Esti- mated as the difference between the total emissions from operated vessels and NORDEN's share of these based on the distribution model. The residual is accounted for emissions related to the operational management of pool vessels. EEDI (gCO2/capacity-nm): Following the TR-MT-110a.4. The calculations follow methodologies outlined in IMO MEPC 66/21/ Add.1, Annex 5, 2014. The average EEDI is a simple average of the EEDI value of all new ships added to NORDEN’s fleet during the reporting period. Air quality NOx: Following the TR-MT-120a.1. Nitrogen oxide emissions mainly stem from combustion of fuels from owned or operated vessel voyages. NO2 emissions from the energy produced by the main engine are multiplied by the Tier 1 NOx limit (17 g/kWh) or Tier 2 NOx limit (14.4 g/kWh) following the 4th IMO GHG study. Calculated based on bunker consumption from owned or oper- ated vessel voyages utilising data from IMOS. SOx: Following the TR-MT-120a.1 and IMO 4th GHG study. Sulfur oxide emissions mainly stem from burning the sulphur compound in the fuel from owned and operated vessels. SO2 emissions are calculated from the fuel quantity consumed during the year multiplied by the average sulphur content in the bunker fuel purchased by NORDEN’s Bunker Department. Calculated based on bunker consumption from owned or operated vessel voyages utilising data from IMOS. PM10: Following the TR-MT-120a.1. PM10 emissions are influenced by engine type and fuel sulphur content. NORDEN uses the same average sulphur content used in the SOx calculation and assumes 173 g/kwh in engine output based on engine efficiency of the main engine. Calculated based on bunker consumption from owned or operated vessel voyages utilising data from IMOS. Ecological impacts Shipping duration in marine-protected areas or areas of protected conservation status (days): Following the TR-MT- 160a.1, but NORDEN reports only on days in emission control areas (ECA) based on a materiality assessment. Total ECA days are calculated as the sum of sea and port days in ECA zones from owned or operated vessel voyages utilising data from IMOS. Percentage of fleet implementing ballast water treatment (%): Following the TR-MT-160a.2, calculated as the percentage of NORDEN's vessels having implemented a ballast water treat- ment divided by the number of owned vessels. Reported by the internal technical department on NORDEN’s owned vessels. Percentage of fleet implementing ballast water exchange (%): Following the TR-MT-160a.2, reporting only on owned vessels in the reporting period. Calculated as the residual between vessels having implemented a ballast water treatment system and the total number of owned vessels. The number of spills and releases to the environment: Following the TR-MT-160a.3, NORDEN reports on all spills from owned vessels that significantly harm the environment. Reported by vessel technical manager on NORDEN’s owned vessels. The aggregate volume of spills and releases to the environment (m3): Following the TR-MT-160a.3, NORDEN reports on all spills that significantly harm the environment from owned vessels. Reported by vessel technical manager on NORDEN’s owned vessels. Activity measures Number of shipboard employees: Following the TR-MT-000.A. Shipboard employees and contractors are those employees who work onboard the entity’s vessels during the reporting period. NORDEN only utilises contract employees. Reported as the average number of employees. Total distance travelled by vessels: Following the TR-MT-000.B. Reported as the sum of nautical miles travelled on owned or operated vessel voyages during the reporting period. Operating days: Following the TR-MT-000.C. Operating days are calculated as the number of available days in a reporting period minus the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Deadweight tonnage: Following the TR-MT-000.D. Deadweight tonnage is the sum of the difference in displacement in dead- weight tons between the light displacement and the loaded displacement for all owned vessels at the end of the reporting period. Number of vessels in the total shipping fleet: Following the TR-MT-000.E. Reported as the number of owned vessels at the end of the reporting period. Number of vessel port calls: Following the TR-MT-000.F. Reported as the number of vessel port calls in the reporting period from owned or operated vessel voyages. Twenty-foot equivalent unit (TEU) capacity: NORDEN does not report on this metric in the SASB Marine Transportation standard as it is considered out of scope. SOCIAL PERFORMANCE Employees General statement of scope and boundaries: Scope for the full-time workforce, accounted for as full-time equivalent (FTE) onshore, includes permanent and time-limited employees (fixed-term, student job and temporary hires) in NORDEN’s offices, except for the indicators ‘Retention’ and ‘Turn- over’, in which the scope includes average FTE amount onshore relating to permanent employees, excluding fixed-term, student roles and temporary hires. All social KPIs are based on NORDEN’s HR system, Fairsail. Total FTEs: Average FTE's onshore as defined in NORDEN’s HR system. Nationalities represented (of the total workforce): Number of nationalities in the total workforce based on NORDEN’s HR system. Average Age: Calculated as the average age of new hires (see definition of new hires below). New Hires: Calculated as the sum of headcounts being hired during the reporting period. Locations: NORDEN’s office locations are divided into 'Head- quarters' and 'Other Offices'. 'Other Offices' consist of our offices in Limassol, Dubai, Singapore, Melbourne, Shanghai, Tokyo, Owendo, Abidjan, Rio de Janeiro, Santiago, Annapolis and Vancouver. Turnover rate: The number of leavers (all leavers) in the reporting period divided by the number of employees at the beginning of the reporting period based on NORDEN’s HR system, as per the ISO 30414 standard and GRI 401-01 b with age data from HR system. Retention rate: One minus the number of resignations (volun- tary leavers) in the reporting period divided by the number of employees at the beginning of the reporting period based on NORDEN’s HR system based on GRI 401-01 b with age data from HR system. Engagement Score: Provided by third-party supplier of the Engagement and Harassment Survey. The score is standardised to per cent, with index 100 representing maximum engagement. The survey recurs on an annual basis. All NORDEN employees are part of the Engagement Survey. The third-party supplier provides benchmark scores with NORDEN’s knowledge of calculations and weights of benchmark categories. Underrepresented gender share of the total workforce (%): The total average FTEs of the underrepresented gender out of the total average FTEs during the year based on NORDEN's HR system. Underrepresented gender share of Senior Management (%): The total average FTEs of the underrepresented gender in Senior Management out of the total average FTEs at year-end during the year. Senior Management is defined in the Corporate governance section. Underrepresented gender share of Managers (%): The total average FTEs of the underrepresented gender in manager posi- tions out of the total average FTEs in manager positions during the year. A manager position is defined as a role responsible for a team of at least one other headcount as defined in NORDEN's HR system. Underrepresented gender share of the commercial roles (%): The total average FTEs of the least represented gender in commercial positions out of the total average FTEs in commercial positions during the year based on NORDEN’s HR system. Employee health &amp; safety Lost time incident rate (LTIR): Following the TR-MT-320a.1. Calcu- lated based on the number of work-related accidents, which causes a seafarer to be unable to work for more than 24 hours per 1 million working hours due to work-related injury. Numbers are reported by vessel technical managers on NORDEN’s owned vessels. Accident &amp; safety management The number of marine casualties and percentage classified as very serious: Following the TR-MT-540a.1. Reported on owned vessels by vessel technical manager. Includes all accidents involving NORDEN’s owned vessels. The number of Conditions of Class or Recommendations: Following the TR-MT-540a.2. Reported on owned vessels by vessel technical manager. The number of port state control (1) deficiencies and (2) deten- tions: Following the TR-MT-540a.3. Reported on owned vessels by vessel technical manager. GOVERNANCE PERFORMANCE Business ethics The number of calls at ports in countries that have the 20 lowest rankings in Transparency International’s Corruption Perception Index: Following TR-MT-510a.1. Calculated as the number of port calls (see definition of port calls under activity measures) being in the 20 lowest rankings in the Transparency International’s Corrup- tion Perception Index. Based on the index from the year prior to the current reporting period. The total amount of monetary losses because of legal proceed- ings associated with bribery or corruption (USD): Following the TR-MT-510a.2. Reported by Head of Legal, and is validated against spending in the audited Consolidated Financial State- ments. Staff-passed e-learning courses: Share of eligible employees having passed NORDEN Anti-corruption course. Eligible employees are full-time employees on a permanent contract, who have worked with NORDEN during the entire reporting period. Employees on maternity or sickness leave are considered non-eligible. Retrieved from our external provider of anti-corrup- tion courses and NORDEN's HR system. Board Attendance (%): Attendance rate at board meetings attended by shareholder-elected and employee-elected board members throughout the year. Calculated based on the attendance at the board meeting. Underrepresented gender share of Board of Directors (%): Percentage of shareholder-elected gender underrepresented in the Board of Directors out of the total number of sharehold- er-elected board members at year end. EU TAXONOMY To align with the EU Taxonomy, eligible economic activities must a) contribute to one or more of six environmental objectives, b) do no significant harm (DNSH) to the remaining objectives, and c) meet the minimum social safeguards. The six environmental objectives outlined in the EU Taxonomy are climate change mitigation, climate change adaption, sustainable use of water &amp; marine sources, circular economy, pollution prevention, and a healthy ecosystem. Only the two first objectives are part of reporting requirements for 2022. Following the identification of eligible activities, NORDEN has applied the technical screening criteria under the EU Taxonomy to evaluate whether our activities are aligned with one of the EU objectives ('Climate mitigation' or 'Adaption'), aligned objectives do no significant harm to other Taxonomy objectives and are aligned with the minimum social safeguard criteria. Only activity number 6.10: 'Sea And Coastal Freight Water Trans- port, Vessels For Port Operations, and Auxiliary Activities' are considered in scope for NORDEN. Our assessment of alignment is based on the technical criteria from substantial contribution to climate change mitigation. Following the technical criteria, alignment forbids vessels from being dedicated to the transport of fossil fuels. Therefore, tanker vessels are excluded from the alignment criteria, despite the ability of tanker vessels to transport soft oils. This trade is consid- ered immaterial for the consideration of including some share of product tanker activities as eligible and potentially aligned. Dry cargo vessels are only subject to potential taxonomy alignment if the EEDI is 10% below the requirement applicable on 1 April 2022 and if the vessels can run based on zero direct CO2 emis- sion fuels or on fuels from renewable sources. The latter includes vessels eligible for running on biofuel (ref: activity number 4.13). Currently, NORDEN only has EEDI scores on owned vessels, where the building contract was placed on or after 1 January 2013, or the vessel was delivered on or after 1 July 2015. The EEDI scores are collected from our technical managers. As of 2022, the required EEDI for bulk vessels is calculated using the IMO reference line equation and subtracting 20%. Alignment with the screening EEDI criteria requires that a vessel’s EEDI is 10% below the required EEDI, i.e. 10% below the phase 3 IMO EEDI require- ment. During the financial year 2022, NORDEN has operated five vessels aligned with the EEDI criteria. All of these are eligible for running on biofuel as per certification from the Danish Maritime Authorities (Søfartsstyrelsen) to run at a 100% biofuel capacity. Therefore, solely vessels under the Danish International Ship Register (DIS) are subject to alignment, as certi- fication for 100% biofuel consumption has not been obtained by other flag authorities. NORDEN notes that all its vessels can run at 30% biofuel capacity without pre-certification from any flag state. Having secured alignment with the technical criteria under the objective of Climate Mitigation, we assess whether the activity does harm to any of the remaining environmental objectives, i.e., live up to all the DNSH criteria. Below is a review of NORDEN’s alignment with the remaining five objectives: Climate adaption Activity number 6.10 is expected to be affected by changing temperatures, leading to more frequent extreme weather events (e.g. drought or storms) and scarcity of water, impacting trade patterns and volumes. NORDEN does not consider physical climate risks to have a material impact on economic activity. This is due to our agile operator model, allowing us to comply and adapt to changing trade patterns. NORDEN intends to leverage our use of data to improve predic- tions and decision-making, mitigating the impact on our business relative to our peers. In addition, we intend to expand our logis- tics offering beyond tramp shipping via the Assets &amp; Logistics business unit. The IPCC has five major climate scenarios: RCP 1.9, 2.6, 4.5, 6 and 8.5. RCP 1.9 would impose limited climate risks, but heavy tran- sitional risks for NORDEN (following the Paris agreement), while RCP 8.5 would increase the physical climate risks as the frequency and intensity of extreme weather would surge. This could poten- tially lead to margin erosion as the risks of damage to ships and cargo increase. NORDEN intends to mitigate the risks related to climate change by extensive use of weather routing systems when pricing, securing appropriate insurance coverage and assessing the risk of freight contracts and including chronicle risks when evaluating business opportunities. Based on the assessment above, we believe NORDEN is aligned with the generic climate adaption criteria for DNSH. Water NORDEN is monitoring and assessing the impact of our opera- tions on marine life. As part of our adaption of the SASB Marine Transportation reporting standard, we report on the share of owned vessels having implemented ballast water treatment systems (BWTS), voyage duration in marine protected areas and oil spills. These are all considered relevant issues for NORDEN. Having a high percentage of our vessels with BWTS, we avoid the risk of invasive species. Reducing water pollution using best management practices/policies aligned with the Directive 2000/60/EC stating that the Company should take measures to prevent, reduce and control water pollution. NORDEN follows IMO standards for all its operations and considers IMO’s regu- lation on water regulation to be adequate in terms of doing no significant harm to the waters in which we sail. Based on the review above, we believe NORDEN is aligned with the generic water criteria for DNSH. Circular economy Aligned with Regulation (EU) No 1257/2013, NORDEN has implemented waste management plans and uses the best avail- able techniques to reduce the environmental impact of waste management. NORDEN keeps track of the waste generated on board vessels and the disposal of such via the onboard logbooks which are reported to the technical managers. NORDEN’s business model involves operating a modern fleet of vessels, selling and redelivering vessels long before vessel end-of-life. Should NORDEN face situations where recycling of a vessel is relevant, NORDEN has a Responsible Ship Recycling Policy meaning we have measures in place to manage waste at the end-of-life of the vessel. NORDEN complies with Annex V. This requires ships to take measures to prevent accidental loss of garbage and to have equipment on board to collect and store garbage, as well as procedures to ensure that it is disposed of properly. Annex V is enforced by the IMO and thus a standard in the shipping industry. Pollution prevention All technical criteria under the objective are considered IMO standards. Thus, NORDEN is required to comply. Based on the review above, we believe NORDEN is aligned with the generic pollution prevention criteria for DNSH. Biodiversity All technical criteria under the objective are considered IMO standards. Thus, NORDEN is required to comply. Based on the review above, we believe NORDEN is aligned with the generic biodiversity criteria for DNSH. The assessment shows that NORDEN complies with the DNSH criteria of the EU Taxonomy. Before we can account for align- ment with the EU Taxonomy, a review of whether our activities are aligned with the minimum social safeguards criteria is required. Minimum safeguards The OECD Guidelines are considered a standard for responsible business conduct. The guidelines cover a wide range of issues, including labour rights, bribery and corruption, environmental protection, and human rights. NORDEN has human rights poli- cies aligning with the OECD and UN Guidelines and is deeply involved in securing an anti-corruption foundation for shipping with its activities involving MACN and focusing on educating its employees in anti-bribery via e-learning courses. Based on such argumentation, we believe NORDEN is aligned with the minimum safeguards criteria that enable EU taxonom- aligned activities reporting.</mrv:StatementOfCorporateSocialResponsibility>
   <mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx2" id="fact3549" xml:lang="en">Diversity in management Managerial levels range from the Board of Directors to Senior Management to managers. The members of NORDEN’s Board of Directors cover a wide range of competencies and experiences within international shipping, finance, investment, strategy, digitalisation and risk management, from both Danish and international business. This combination is considered desir- able as it ensures a broad approach to tasks and contributes to ensuring qualified governance of NORDEN’s strategic direction. Likewise, gender balance on a managerial level is desirable and pursued on an ongoing basis in NORDEN, as part of ensuring a diverse range of management skillsets and composition, while promoting equal opportunity across NORDEN’s organisation. NORDEN’s recruitment process enables managers to focus on promoting equality and broadening opportunities for new and existing talents. This includes looking for managerial candidates with backgrounds other than shipping, and in addition actively mitigating any potential biases that might influence the deci- sion-making process when hiring. This is to ensure that NORDEN recruits on the basis of qualifications, potential to develop and ability to deliver on our strategy. The gender balance in Executive Management and the Board of Directors remained unchanged in 2022. On the Board of Direc- tors, shareholder-elected women represented 33% (two out of six) of the board members in 2022. The gender balance is there- fore not yet meeting NORDEN's target of having a minimum of 40% shareholder-elected female board members in 2025. For the Board of Directors to meet the objective on gender diversity, the Board intends to propose female candidates at the Annual Gender representation The share of the underrepresented gender among employees was 39% in 2022, up from 38% in 2021. Among management and Senior Management, the share of the underrepresented gender was 37% and 20% respectively in 2022, compared to 36% and 20% in 2021. We have introduced a new indicator showing the development in the share of the underrepresented gender among employees in commercial roles. Commercial roles represent an employee group to which we have, historically, had the most difficulty attracting and retaining women. New hires are categorised according to location, average age and female ratio. In 2022, NORDEN hired 67 employees with an average age of 36 years and 43% female. As females represented 38% of leavers in 2022, the net effect of new hires and leavers is contributing to our ambition of having a minimum of 40% of the underrepresented gender among all employees. The average age of leavers was approximately 35 years. Retention and turnover rates The overall retention rate was 94% in 2022, up from 89% in 2021. The performance is above our ambition of 90% in reten- tion among full-time employees. Retention rates are measured across locations, age groups and gender. Although differences are considered non-material, NORDEN is monitoring the devel- opment in retention across categories, in order to capture and address any signs of imbalances due to, for example, lacking inclusivity. The turnover rate among full-time employees was 9% in 2022, down from 15% in 2021. The overall turnover rate is consistent across headquarters and other offices, with highest turnover among the 15-34 age group. For other offices, there is a higher turnover rate for males compared to females. Looking ahead In 2022, NORDEN performed above our ambitions on almost all indicators. The share of the underrepresented gender is still just below our ambition of 40%, but is considered within reach next year. In 2023, NORDEN will: Develop and launch our Next Level Leadership programme,which focuses on building leadership consistency and robust- ness across NORDEN. Further develop our internal culture and developmentprogramme, Soulship, to focus on change leadership and the high-performing organisation, among other topics. Improve the feedback culture as a strategic priority. Our aim isto ensure that all employees receive frequent and timely feed- back. Specific initiatives will be developed to support aware- ness on what constructive feedback looks like, as well as how to use any received feedback as a development opportunity and translate new perspectives into actions. Diversity across employee groups 2022 2021 2020 Share of underrepresented gender in shareholder-elected members of the Board of Directors 33%* 33%* 33% Share of underrepresented gender in Senior Management 20% 20% 20% Share of underrepresented gender among managers 37%* 36%* 28% Share of underrepresented gender among employees 39%* 38%* 35% Share of underrepresented gender among employees in commercial roles 29% 24% 22% * KPI in scope of limited assurance New hire distribution across age and gender in 2022 Locations New hires Average age Female-ratio Headquarters 18 39 33% Other offices 45 34 47% Total 63 36 43% Retention rate across age groups in 2022 Locations 15 to 34 35 to 54 Total Headquarters 91% 96% 100% 94% Male 91% 97% 100% 95% Female 90% 94% 100% 92% Other offices 91% 97% 100% 94% Male 86% 94% 100% 91% Female 97% 100% 100% 99% Total 91% 97% 100% 94%* Turnover rate across age groups in 2022 Locations 15 to 34 35 to 54 Total Headquarters 13% 9% 0% 10% Male 13% 7% 0% 8% Female 14% 14% 0% 14% Other offices 9% 5% 0% 7% Male 14% 9% 0% 11% Female 3% 0% 0% 1% Total 11% 8% 0% 9%*</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx2" id="fact3457" xml:lang="en">Diversity, equity and inclusion As a people-based business, NORDEN considers diversity as a strength in the world of shipping and actively works to ensure DE&amp;I in our organisation. We aim for an organisation, where DE&amp;I accelerates our purpose of enabling smarter global trade through a diversity of gender, nationality, age, work experi- ence, educational background and other attributes. We want to achieve this by harnessing all employees’ unique contributions into our operational foundation, while opening up for different viewpoints and ways of thinking. At NORDEN, we base all recruitment, promotion and rewarding on qualifications, performance, potential and behaviour only and we do not accept discrimination. NORDEN aims for a gender balance of a minimum of 40% of the underrepresented gender, which leaves up to 20% flexibility for women, men and non-binary genders, recognising that some employees may not wish to be categorised. In total, NORDEN employees represented 48 different national- ities in 2022, and the percentage of non-Danish employees has risen to 54% from 50% in 2021. General Meeting in 2025, bringing the ratio of females on the Board of Directors in line with our 2025 objective. The share of women in managerial positions in NORDEN was 37% in 2022, up from 36% in 2021. NORDEN aims to increase this share to at least 40% by 2025. During 2022, NORDEN has increased awareness of including female candidates as part of the recruiting process for managerial roles. In addition, our process for assessing promotion opportunities has received increased focus on creating equal opportunities for all genders. 2022 achievements and initiatives: Developed an inclusive recruitment process, aiming forunbiased and comprehensive targeting and assessment. Embedded DE&amp;I into our processes and working instruc-tions for recruiting, promoting and rewarding with the aim of strengthening equal gender distribution in general and in managerial positions. Screened for DE&amp;I imbalances in our organisation through ourEngagement Survey. Looking into the perception of inclusion across age groups, gender and locations, no notable differ- ence was found based on the results. Real-time reporting on DE&amp;I measures was developed. Theaim is to increase transparency and strengthen accountability among managers by empowering them to integrate actions into daily business operations. Launched an industry-leading global parental leaveprogramme to ensure more equal career opportunities for new parents. Employees were also granted full employer-paid pension and paid vacation during unpaid parental leave. Benchmarked gender remuneration: NORDEN aims to achievefinancial inclusion and empowerment of all employee groups. The annual equal pay benchmarking exercise across levels did not find any structural inequalities in the way we pay our male and female employees. Conducted unconscious bias and psychological safety trainingfor all employees. The annual discrimination and harassment survey gaveinsights into areas of prioritisation and how we can educate and support our employees. The survey showed a decrease in harassment experiences, as well as a higher maturity when it comes to clear procedures and methods for resolving disa- greements, conflicts and harassment cases. Rolled out harassment awareness training for the US office.Participated in the UN Global Compact Target Gender EqualityProgramme and became a signatory of the seven Women’s Empowerment Principles, which serve as a guide for actions that advance and empower women. Implemented the Women’s Empowerment Principles’ GenderGap Analysis Tool to outline opportunities for improving performance on gender-related topics. Performance disclosure and targets NORDEN tracks performance in culture as a material topic through four indicators: Engagement score, diversity, turnover rate and retention rate. Additionally, we measure supporting indicators such as new hires and job level diversity. Engagement score NORDEN’s overall employee engagement score was 83 in 2022 – the same level as in 2021. The score is above our ambition of 80, while exceeding the global benchmark provided by Ennova, which benchmarks against all industries for each of the four indicators. NORDEN performs well within the sub-categories 'engagement' and 'development'. The response rate of our latest survey was 96%, corresponding to 401 of 418 employees (as of September 2022). Our survey indicated lowest performance in questions related to giving and receiving feedback among colleagues. While the responses on feedback have a higher average score than our benchmarks, NORDEN has prioritised creating a workplace with more constructive feedback. For the same reason, we embedded NORDEN Conversations and NORDEN Feedback as part of the internal Soulship programme. This ensures our employees are equipped with the necessary tools for receiving and providing constructive feedback.</mrv:StatementOfTheDiversityPolicies>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx2" id="fact3748" xml:lang="en">Data ethics NORDEN’s business model increasingly relies on advanced analytics capabilities and use of digital solutions using vast amounts of data. Our commitment to handling data in an ethical manner is described in our Data Ethics policy, which outlines six principles for data ethics. This describes how we collect, store, process and protect data for the benefit of our employees, customers, business partners and other stakeholders. Material topics Enabling NORDEN to deliver on our commitment to ensure sustainable business conduct, we have defined two material topics: sustainable procurement and anti-corruption.</mrv:StatementOfPolicyForDataEthics>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx2" id="fact3760" xml:lang="en">STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT The Board of Directors and the Executive Management have today considered and adopted the Annual Report of Damp- skibsselskabet NORDEN A/S for the financial year 1 January–31 December 2022. The Consolidated Financial Statements are prepared in accord- ance with International Financial Reporting Standards as adopted by the EU and additional requirements stated in the Danish Finan- cial Statements Act. The Parent Company Financial Statements are prepared in accordance with the Danish Financial Statements Act. The Management’s Review is also prepared in accordance with the Danish Financial Statements Act. In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Group and the Parent Company and of the results of the Group’s and the Parent Company’s operations and the Group’s consolidated cash flows for the financial year 2022. In our opinion, the Management’s Review provides a fair review of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty, which the Group and the Parent Company are facing. In our opinion, the ESG performance data on pages 40-62 is presented in accordance with the stated accounting policies on pages 63–69 and provides a fair and balanced view of the Group’s sustainability performance and social responsibility for the financial year 2022. In our opinion, the Annual Report of Dampskibsselskabet NORDEN A/S for the financial year 1 January–31 December 2022 with the file name "norden-2022-12-31-en.zip" is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the Annual Report be adopted at the annual general meeting on 9 March 2023.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx2" id="fact3796" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx2" id="fact3797">2023-02-10</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" id="fact4110" xml:lang="en">Jan Rindbo</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx4" id="fact4112" xml:lang="en">Martin Badsted</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx3" id="fact4111" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx4" id="fact4113" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" id="fact4114" xml:lang="en">Klaus Nyborg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx8" id="fact4118" xml:lang="en">Johanne Riegels Østergård</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx11" id="fact4122" xml:lang="en">Karsten Knudsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx13" id="fact4125" xml:lang="en">Helle Østergaard Kristiansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx14" id="fact4126" xml:lang="en">Robert Hvide Macleod</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" id="fact4115" xml:lang="en">Chair</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx9" id="fact4119" xml:lang="en">Vice chair</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" id="fact4116" xml:lang="en">Henrik Røjel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx10" id="fact4120" xml:lang="en">Christina Lerchedahl Christensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx12" id="fact4123" xml:lang="en">Stine Maria Gøttrup</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx7" id="fact4117" xml:lang="en">(employee-elected)</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx10" id="fact4121" xml:lang="en">(employee-elected)</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx12" id="fact4124" xml:lang="en">(employee-elected)</cmn:TitleOfMemberOfSupervisoryBoard>
   <arr:IndependentAuditorsReportsAudit contextRef="ctx2" id="fact3798" xml:lang="en">INDEPENDENT AUDITOR'S REPORT</arr:IndependentAuditorsReportsAudit>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact3799" xml:lang="en">To the shareholders of Dampskibsselskabet NORDEN A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:AuditorsReportOnFinancialStatements contextRef="ctx2" id="fact3800" xml:lang="en">Report on the audit of the Financial Statements</arr:AuditorsReportOnFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx2" id="fact3801" xml:lang="en">Our opinion In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial position at 31 December 2022 and of the results of the Group’s operations and cash flows for the financial year 1 January to 31 December 2022 in accord- ance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial State- ments Act. Moreover, in our opinion, the Parent Company Financial State- ments give a true and fair view of the Parent Company’s financial position at 31 December 2022 and of the results of the Parent Company’s operations for the financial year 1 January to 31 December 2022 in accordance with the Danish Financial State- ments Act. Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors. What we have audited The Consolidated Financial Statements of Dampskibsselskabet NORDEN A/S for the financial year 1 January to 31 December 2022 comprise the income statement and statement of compre- hensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the notes, including summary of significant accounting policies. The Parent Company Financial Statements of Dampskibssel- skabet NORDEN A/S for the financial year 1 January to 31 December 2022 comprise the income statement, the balance sheet, the statement of changes in equity and the notes, including summary of significant accounting policies. Collectively referred to as the "Financial Statements" on pages 78-132.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx2" id="fact3831" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Stand- ards on Auditing (ISAs) and the additional requirements appli- cable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s respon- sibilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the Interna- tional Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. Appointment We were first appointed auditors of Dampskibsselskabet NORDEN A/S for the financial year 1998. We have been reap- pointed annually by shareholder resolution for a total period of uninterrupted engagement of 25 years including the financial year 2022.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx2" id="fact3856" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Finan- cial Statements for 2022. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter Valuation of vessels, right-of-use assets and prepayments on vessels and new-buildings The carrying amount of the vessels, right-of-use assets and prepayments on vessels and newbuildings is significant. Management monitors continuously the carrying amount of the above-mentioned assets, managed on a portfolio basis. The assessment is based on the cash-generating units (CGUs); Dry Cargo and Tankers. Management performs an impairment test if any indication of impairment or reversal of previous impairments exists. The indications assessed by Management comprise, among others, vessel values, newbuilding prices and future development in freight and time charter rates. If indications exist, the carrying amount of the mentioned assets may be subject to material impairment or reversal of previous recognised impairments. As of 31 December 2022, Management concluded that for the CGU Tankers such indications exist and consequently, an impair- ment test was performed, resulting in a reversal of previously recognised impairments amounting to USD 5 million. We focused on this area because Management is required to exercise considerable judgement and because of the inherent complexity and subjectivity in estimating the recoverable amount. Refer to Note 3.1 and Note 4.7 in the Consolidated Financial Statements and Note 3.1 and Note 4.6 in the Parent Company Financial Statements. How our audit addressed the key audit matter We discussed with Management and evaluated the methodology by which indications of impairment of vessels, right-of-use assets and prepayments on vessels and new-buildings are monitored, including the identification of CGUs. For the indications assessment of the CGU Dry Cargo, we: •Obtained and assessed the appropriateness of Management’sassessment of whether any indications of impairment or reversal of previous impairment losses exists. •Evaluated the sources of information used by Management intheir assessment. •Challenged Management’s assessment by comparing assump-tions when determining future freight and time charter rates to external markets rates. For the CGU Tankers, we obtained Management’s assessment of the recoverable amount of these assets. Regarding Management’s assessment of value-in-use, we: •Assessed the methodology used by Management to calculatethe future cash flows from the assets assigned to the CGU. •Evaluated relevant controls and Management’s review ofcontrols. •Tested the mathematical accuracy and reliability of data used inthe value-in-use model prepared by Management. •Assessed and challenged Management’s underlying significantassumptions including expected short- and long-term rates applied and WACC. •Assessed the sensitivity calculations performed by Manage-ment. We assessed the appropriateness of disclosures of these matters in the Financial Statements.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact3929" xml:lang="en">Statement on Management’s Review Management is responsible for Management’s Review, pages 3-69. Our opinion on the Financial Statements does not cover Manage- ment’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether Management’s Review includes the disclosures required by the Danish Financial State- ments Act. Based on the work we have performed, in our view, Manage- ment’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx2" id="fact3949" xml:lang="en">Management’s responsibilities for the Financial Statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial State- ments Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is respon- sible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx2" id="fact3967" xml:lang="en">Auditor’s responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assur- ance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a mate- rial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: •Identify and assess the risks of material misstatement of theFinancial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. •Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control. •Evaluate the appropriateness of accounting policies used andthe reasonableness of accounting estimates and related disclo- sures made by Management. •Conclude on the appropriateness of Management’s use ofthe going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclu- sions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern. •Evaluate the overall presentation, structure and content of theFinancial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. •Obtain sufficient appropriate audit evidence regarding thefinancial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely respon- sible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficien- cies in internal control that we identify during our audit. We also provide those charged with governance with a state- ment that we have complied with relevant ethical requirements regarding independence, and to communicate with them all rela- tionships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with govern- ance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx2" id="fact4047" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of Dampskibsselskabet NORDEN A/S for the financial year 1 January to 31 December 2022 with the filename "norden-2022- 12-31-en.zip" is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: •The preparing of the annual report in XHTML format;•The selection and application of appropriate iXBRL tags,including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial informa- tion required to be tagged using judgement where necessary; •Ensuring consistency between iXBRL tagged data and theConsolidated Financial Statements presented in human-read- able format; and •For such internal control as Management determines necessaryto enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compli- ance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: •Testing whether the annual report is prepared in XHTMLformat; •Obtaining an understanding of the company’s iXBRL taggingprocess and of internal control over the tagging process; •Evaluating the completeness of the iXBRL tagging of theConsolidated Financial Statements including notes; •Evaluating the appropriateness of the company’s use of iXBRLelements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; •Evaluating the use of anchoring of extension elements toelements in the ESEF taxonomy; and •Reconciling the iXBRL tagged data with the audited Consoli-dated Financial Statements. In our opinion, the annual report of Dampskibsselskabet NORDEN A/S for the financial year 1 January to 31 December 2022 with the file name "norden-2022-12-31-en.zip" is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx2" id="fact4108" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx2" id="fact4109">2023-02-10</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx44" id="fact4350" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx45" id="fact4362" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx44" id="fact4353" xml:lang="en">Søren Ørjan Jensen</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx45" id="fact4357" xml:lang="en">Kristian Pedersen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx44" id="fact4354" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx45" id="fact4358" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx44" id="fact4356" xml:lang="en">mne33226</cmn:IdentificationNumberOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx45" id="fact4360" xml:lang="en">mne35412</cmn:IdentificationNumberOfAuditor>
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