Idan Ofer's Eastern Pacific Shipping has released details of its carbon dioxide emissions, showing it outperformed the industry average in terms of limiting greenhouse gas output in 2019.

With a fleet of more than 14m dwt across six sectors, the Singapore shipowner said it is "critical" that it quantifies the environmental impact of its ships.

In a statement, it added: "We need to talk about the elephant in the room."

To track, measure and quantify emissions, it uses the Annual Efficiency Ratio (AER) and Energy Efficiency Operational Indicator (EEOI) formulas, taking into account fuel types, consumption, deadweight tonnage, voyage distance and cargo weight.

EEOI is defined as the ratio of CO2 emitted per tonne-mile.

Below average for 2019

This figure came in at 10.3 in 2019, down from 10.8 last year and 12 in 2015.

The 2019 industry average was 14 according to Clarksons Research.

The AER was calculated at 5.1 in 2015, but this was reduced to 4.7 last year.

EPS’ total CO2 emissions in 2019 were 2.5m tonnes.

"These metrics allow us to benchmark our performance against ourselves and the industry," EPS said.

The company, which has 118 operational tankers, bulkers, boxships, LPG carriers and vehicle carriers, added it was "committed to the decarbonisation of the maritime industry".

"The road to total decarbonisation is a step-by-step process, with the first step being accountability and awareness of our impact," it said.

The owner used IMO guidelines on the formulas when making its calculations.

Green certification sought

EPS said: "While this method produces acceptable metrics it is important to note that a variance in performance can be found when comparing similar vessels and voyages using the same methodology."

In addition, theshipowner has commissioned an unnamed International Association of Classification Societies member to validate the data required to obtain a Greenhouse Gas Rating (GHG Rating) from environmental inspection organisation RightShip, which verifies that vessels are operating at a certain level of efficiency that is suitable for the environment.

A fleet-wide study is currently underway that will show EPS how to enhance the efficiency of its ships.

"It is our intention to have these independent parties continuously provide unbiased recommendations to ensure that our fleet is running in an environmentally efficient manner," the company said.