ESG 
2021
Sustainability 
Report
This report has been prepared 
based on the requirements of 
the Sustainability Accounting 
Standards Board

Contents
1 / Introduction
2 / SASB Disclosures
3 / Environmental
4 / Social
5 / Governance
6 / Disclaimer and Assumptions
About Ridgebury
Ridgebury Tankers offers a high-
performance platform by providing 
investors with efficient institutional access 
to tanker market cycles. We buy, maintain, 
and sell the highest quality second-hand 
vessels available. We partner with best-in-
class commercial and technical operators 
to ensure our vessels are operated 
efficiently and responsibly. In all we do, we 
are uncompromising in our commitment 
to the highest standards of personal and 
professional ethics.
1

Our 2021 Report
The publication of our second annual ESG 
Report reflects the growing importance 
of environmental, social, and governance 
topics to our company, our industry, 
and the broader business community. 
Ridgebury has earned its reputation as 
a platform for investors to enjoy strong, 
positive returns in shipping, with the 
assurance that their capital always will 
be put to work ethically and responsibly. 
We put that commitment into action by 
providing transportation that supports 
the safety and wellbeing of our staff and 
crew, adheres to local and international 
law as well as high standards of ethics 
and transparency, and protects the global 
environment. This report provides us the 
opportunity to reflect upon and share our 
progress.
The Year in Shipping 
Three notable developments have shaped 
ESG across our industry this year. 
First, changes within the public health 
landscape have reduced (but not 
eliminated) the threat of COVID-19, 
resulting in a major relaxation of 
mitigation measures in most countries. 
This shift has meant that our staff and 
crews are safer from the virus itself and 
that our operations can proceed in a more 
normal and predictable fashion.  
Second, the effort to decarbonize 
shipping has gained steam. Major new 
environmental initiatives from the IMO 
and EU will come into force next year, and 
momentum continues to build for ever 
more ambitious action.
Third, Russia’s invasion of Ukraine 
has disrupted the lives of many crew 
members. The international response 
to the invasion has altered shipping 
operations. We have proactively taken 
steps to support affected personnel and 
“self-sanction” Russia by ceasing to do 
business with Russian firms, to carry 
Russian oil, or to call on Russian ports.
A Role for Ridgebury
As a small owner of conventional vessels, 
we have two main areas of focus. 
First, through a combination of capital 
investment and unwavering focus on 
fleet performance, we aim to materially 
outperform owners of comparable vessels 
in terms of efficiency and emissions, 
reducing carbon emissions today. Second, 
we aim to be a “force multiplier” via 
active participation in groups focused 
on developing and implementing the 
necessary technological and financial 
frameworks to complete a sector 
transition consistent with longer-term 
climate goals, and by investing in these 
new technologies when they become 
commercially feasible. 
While the composition of our fleet 
changes from year to year, we 
demonstrate our progress towards these 
goals in this report by sharing statistics 
on ESG-related topics in line with SASB 
standards and describing publicly the 
initiatives we’re taking to keep making 
strides. 
1 / Introduction
Hew Crooks
Chief Financial Officer
Robert Burke
Chief Executive Officer
2
2 / SASB Disclosure Statistics
Code
Data
Unit of Measure
Accounting Metric
Topic
Greenhouse Gas 
Emissions
CO2 Emissions
Gross global Scope 1
emissions: operational control
Metric tons (t) CO₂-e
434,955
TR-MT-110a.1
Discussion of long-term and
short-term strategy or plan 
to manage Scope 1 emissions, 
emissions reduction targets, 
and an analysis of performance 
against those targets
N/A
See pages 5-8
TR-MT-110a.2
Accounting Metrics
3
Air Quality
Ecological 
Impacts
Energy Consumed
Energy Efficiency Operational Indicator (EEOI)
Annual Efficiency Ratio (AER)
Total energy consumed
Gigajoules (GJ),
Percentage (%)
5,630,160
TR-MT-110a.3
Percentage heavy fuel oil
Gigajoules (GJ),
Percentage (%)
42.4
Percentage renewable
Gigajoules (GJ),
Percentage (%)
0
Medium Range Class (MR) 
Average EEOI
Grams of CO₂ per
ton-nautical mile
16.2
N/A, voluntary 
disclosure
Medium Range Class (MR) 
Average AER
Grams of CO₂/DWTnm
6.87
N/A, voluntary 
disclosure
Other Emissions to Air
NOx
Metric tons (t)
11,762
TR-MT-120a.1
SOx
Metric tons (t)
1,141
Particulate matter
Metric tons (t)
415
Marine Protected Areas
Shipping duration in marine
protected areas or areas of
protected conservation
status
Number of travel days
2223
TR-MT-160a.1
Implemented Ballast Water
Exchange
Percentage (%)
79	
Treatment
Percentage (%)
21
TR-MT-160a.2
Spills and Releases to the Environment
Spills
Number
0
Aggregate volume
Cubic meters (m3)
0
TR-MT-160a.2
Employee 
Health & Safety
Lost Time Incident Rate
Lost time incident rate (LTIR)
Rate
0
TR-MT-320a.1
Suezmax Class (SUEZ) Average 
EEOI
Grams of CO₂ per
ton-nautical mile
8.6
N/A, voluntary 
disclosure
Suezmax Class (SUEZ) Average 
EEOI
Grams of CO₂/DWTnm
3.6
N/A, voluntary 
disclosure
Gross global Scope 2
emissions
Metric tons (t) CO₂-e
12.22
TR-MT-110a.1
Gross global Scope 3
emissions
Metric tons (t) CO₂-e
94,156.34
TR-MT-110a.1

4
Code
Data
Unit of Measure
Accounting Metric
Topic
Corruption
Total amount of monetary
losses as a result of legal
proceedings associated with
bribery or corruption
Reporting currency
0
TR-MT-510a.2
Accident 
and Safety 
Mangement
Marine Casualties
Incidents
Number
0
TR-MT-540a.1
Very serious marine casualties
Percentage
0
TR-MT-540a.1
Conditions of Class
Number of Conditions of
Class or Recommendations
Number
0
TR-MT-540a.2
Port State Control
Deficiencies
Rate
0.47
TR-MT-540a.3
Detentions
Number
0
Code
Data
Unit of Measure
Activity Metric
Number of shipboard employees
Number
498
TR-MT-000.A
Total distance traveled by vessels
Nautical miles (nm)
963,734.3
TR-MT-000.B
Operating days
Days
6,671
TR-MT-000.C
Deadweight tonnage
Deadweight tons
2,198,763
TR-MT-000.D
Number of vessels in total ship fleet
Number
23
TR-MT-000.E
Number of vessel port calls
Number
673
TR-MT-000.F
Activity Metrics
Corruption Index
Business Ethics
Calls at ports in
countries that have the 20
lowest rankings in
Transparency
International’s Corruption
Perception Index
Number
5
TR-MT-510a.1
Accounting Metrics, Continued
3 / Environmental
100%
of our fleet now has 
high-frequency
performance
monitoring
71%
of our fleet projected 
to achieve top CII 
ratings (A or B) in
2022
Ridgebury provides safe transportation that respects and protects the global 
environment. We are dedicated to minimizing the environmental impact of our fleet 
to the extent possible with existing technology while working with our peers and 
customers to explore the more dramatic measures that are needed to align our industry 
with global environmental and climate goals.
In 2021, the industry-wide call to decarbonize grew more urgent. In June, the IMO 
adopted MARPOL Annex VI, which establishes the EEXI/CII emissions reduction 
scheme described at right. In July, the European Commission launched its “Fit for 55” 
proposals, which will incorporate shipping into Europe’s emission trading scheme (ETS) 
and establish lifecycle GHG maximums. And rising support for the Poseidon Principles 
framework and Sea Cargo Charter illustrate the increasing sense of urgency within our 
industry around this issue, which is likely to result in even more ambitious emissions 
controls in the years to come.
100%
improvement in hull
surface smoothness
with new coating
0
MARPOL Pollution
Incidents last year
Up to
5

In April 2018, the International Maritime Organization (IMO) adopted a strategy for 
GHG abatement which seeks to reduce total GHG emissions by 50% by 2050, while 
reducing the average carbon intensity (carbon emissions per unit transport work) by 
40% by 2030 and by 70% by 2050. 
To achieve these goals, the IMO has introduced a combination of technical and 
operational measures which will take force in January 2023: the EEXI and the CII.
EEXI
CII
A Shifting Regulatory Landscape
The Energy Efficiency Index for Existing vessels is a technical measure, based on a 
vessel’s design. Akin to the IMO’s Energy Efficiency Design Index (EEDI) for newbuilds, 
the EEXI is a static measure of a vessel’s energy efficiency. The IMO will require all ships 
to pass a one-time certification of EEXI compliance in 2023. EEXI is calculated through 
an elaborate formula of thirteen variables, but its value is primarily driven by the ratio of 
a ship’s main engine installed power (MCR) to its reference speed. 
The Carbon Intensity Indicator is an operational measure of emissions, based on a 
vessel’s annual activity. A vessel’s annual CII is the total amount of CO2 it emits (in 
grams) per unit of transport work (in ton-nautical-miles) it does in a given year.
The IMO will require all vessels to reduce their CII over time. Namely, the regulation 
will require yearly reductions, using each vessel’s 2019 CII as the baseline. In 2023, for 
instance, the IMO will require all vessels to achieve a 5% reduction from their realized 
emissions in 2019. This reduction factor will grow by two percentage points each year, 
reaching 11% by 2026. The IMO has not yet specified the CII trajectory after 2026, but 
the requirement for yearly abatement is expected to become more stringent. 
The IMO will assess compliance using an alphabetic rating system. In each year, 
vessels will need to achieve a “C” rating, which will be awarded for meeting the IMO’s 
required reduction factor in that year. A, B, D, and E ratings will be awarded for realized 
reduction factors which exceed (A and B) or fail to meet (D and E) the required 
factor. Ships receiving deficient ratings (D in three consecutive years, or E in any one 
year) will be required to submit a corrective action plan to the IMO. In addition, the 
IMO encourages administrations, port authorities, and other stakeholders to create 
incentives for ships with the highest CII ratings (A or B). 
6
We welcome the IMO’s actions to reduce emissions in the shipping industry and we are 
committed to meeting and exceeding their standards for emissions reduction. Ridgebury’s 
position as an investment vehicle limits our control over the day-to-day operation of our 
vessels. Nevertheless, we have launched a number of initiatives to ensure compliance and 
maximize emissions reduction, which we describe below.
Ridgebury Emissions Reduction Measures
High-frequency performance monitoring
Several years ago, we began installing shaft power meters, fuel flow meters, and data 
loggers on our vessels. Today, our entire fleet reports these data, which are collected on a 
continuous basis and transmitted to Ridgebury hourly via satellite. Utilizing vessel-specific 
models customized by our 3rd-party performance monitoring provider, we normalize these 
data for weather and loading conditions. To ensure accuracy and consistency, we use 3rd-
party weather data rather than onboard observation. Once normalized, these data enable 
our in-house Performance Manager to understand vessel behavior in real time, quickly 
detect negative trends, and monitor hull and engine performance separately.
Hull friction reduction
Ridgebury has invested heavily to upgrade our fleet’s hull coatings. After considering many 
products, we have selected a silicone-based coating as the preferred solution for our fleet. 
With an average surface roughness that is 50 to 100 percent lower than the typical self-
polishing antifouling coating, the silicone coating offers increased hull smoothness which 
dramatically reduces friction drag, the largest component of resistance for tankers.  Its 
biocidal properties prevent fouling of the hull, allowing vessel performance to remain un-
altered throughout the docking period and eliminating the need for underwater cleanings.
Propeller boss cap fins and Mewis Ducts 
PBCFs are energy-saving devices which, when attached to 
a vessel’s propeller, increase energy efficiency. They do so 
by breaking up the hub vortex typically created behind the 
propeller, reducing rudder cavitation, and mitigating vibration.
The MEWIS duct consists of two elements mounted to the 
vessel: a duct positioned in front of the propeller along with an 
integrated fin system. The duct straightens and accelerates the 
hull wake into the propeller and also produces a net forward 
thrust. The fin system provides a pre-swirl to the ship wake which reduces losses in the 
propeller slipstream, resulting in an increase in propeller thrust at a given propulsive 
power. Currently, five of our ships are fitted with PBCFs, and one has a MEWIS Duct.
AI propeller pitch management
Three vessels in our fleet have controllable-pitch propellers (CPPs). For these vessels, we 
are implementing an intelligent algorithm which learns ship behavior and performance in 
order to adjust propeller RPM and pitch to minimize fuel consumption while maintaining 
speed. 
7

Meeting and Exceeding IMO Standards
PROOF - NOT FOR DISTRIBUTION
The EEXI regulations will require Ridgebury to limit the power of our vessels. To do so, 
we plan to implement install Shaft Power Limitation (SHAPOLi) devices on all of our 
vessels.  
We project that these power limitations won’t affect the operation of vessels. We 
analyzed over 12,000 hours of operational shaft power data and concluded that no ship 
in Ridgebury’s fleet would have reached its expected power limitation threshold for 
more than a few hours in the past three years. This analysis considered both strong and 
weak market conditions, making us confident that the power limitation threshold will 
not disadvantage our vessel performance and thus will not limit our ability to meet client 
demands.
EEXI compliance through shaft power limitation
By initiating hull and machinery performance monitoring, modifying vessel operation, 
investing in high quality silicone coatings, and installing energy-saving device retrofits, 
our vessels meet and exceed the IMO’s CII requirements. Following the dry-dockings 
scheduled for Q4 2022 and 2023, our entire fleet is projected to receive CII ratings 
of C or better through 2026.  We have had several discussions with our pool partners 
to ensure that analysis and projections are performed to determine the impact of a 
voyage on the CII rating, in order to maintain the CII of the vessel within acceptable 
values.
Ship modifications will result in CII compliance 
The road ahead: new technologies & carbon credits
Beyond 2026, the IMO has not yet spelled out its path to Net Zero. Still, Ridgebury 
is committed to continued compliance, and we are actively exploring opportunites to 
make further progress in our emissions reduction journey.
We are currently piloting a program which leverages data analytics and insights from 
behavioral science to recommend operational changes to our Masters and Chief 
Engineers in real time. By “nudging” crew members towards less emissions-intensive 
operations, we hope to engage them in our decarbonization drive. We are also 
exploring electric heat exchangers to limit boiler usage, variable frequency drives to 
optimize pump and fan speeds, and LED lighting.
Beyond helping the planet and enabling us to comply with IMO regulations, some of 
the measures described in this section can also generate valuable carbon credits. 
We are in the process of working with a third-party verifier to quantify the carbon 
reduction achieved through our retrofit program, generating value which we plan to 
invest in emerging carbon-reduction projects and technologies.
8
4 / Social
The safety and wellbeing of our staff and seafarers is always our top priority.   We 
have the capital base and the will to invest to maintain our fleet in top condition 
and to work with our managers to assure a safe environment for our officers and 
crew.
Ridgebury believes in diversity, inclusion, and equality. We respect all backgrounds 
and welcome new perspectives.  We do not tolerate discrimination of any kind 
and we are committed to ensuring that diversity and inclusion are celebrated and 
championed across the organization.
9

The persistence of the COVID-19 pandemic
Over the past two years, the COVID-19 pandemic has presented a great challenge to 
crew welfare. Fortunately, the coronavirus became somewhat less threatening in 2021 
due to the mass rollout of vaccines, the accumulation of immunity from prior infection 
in the global population, and advances in medical care for infected patients. Relatedly, 
disruptions to normal operating procedures became fewer as the overwhelming 
majorities of countries where Ridgebury vessels operate adjusted to a “new normal” in 
which the strictest measures intended to mitigate viral transmission were lifted. Both 
of these developments have eased the most immediate threats to crew welfare.
Nevertheless, the pandemic and its consequences, as well as the lessons we’ve 
learned by living through it, continue to reverberate through our industry. Difficulties 
around crew changes persist, particularly in those countries which have opted for a 
relatively cautious approach to easing public health measures. Our team has worked 
proactively and diligently in coordination with our technical managers to minimize 
the number of seafarers who remain on board a vessel past their contractual term. 
Onshore Ridgebury staff worked remotely throughout much of the pandemic, but have 
enjoyed the opportunity to see one another in-person again since the Westport office 
reopened on Memorial Day 2021. On our vessels and in our offices, we have invested in 
tools and technology like air filtration devices and personal protective equipment that 
enable safe working conditions.
Health, Safety, and Human Rights
Just as the pandemic threat began to subside, another global development imposed 
new challenges. Russia’s invasion of Ukraine has led to a massive sanctions campaign in 
the international community, and more importantly, has touched the lives of the crew 
members who operate our vessels, many of whom hail from Russia and Ukraine. As 
the invasion began in February 2022, we moved quickly to show our support for crew 
members affected by evacuation efforts in Ukraine by launching a fund to provide 
monetary assistance to those individuals and aiding to coordinate their repatriation.
Though our initial response to the invasion of Ukraine was centered on ensuring the 
safety of our crew members and their families, it soon became clear that individual 
corporations had a role to play in the defense of international law and norms. Russia’s 
invasion was a disturbing violation of Ukraine’s territorial sovereignty, prompting much 
of the international community to impose strict sanctions against Russia. Ridgebury 
joined many thousands of private organizations in support of these efforts by electing 
to “self-sanction” Russia, ceasing to do business with Russian firms or call Russian 
ports.
Responding to Russia’s invasion of Ukraine
1 0
5 / Governance
As a firm which operates internationally, we at Ridgebury take seriously our 
responsibility to follow national and international laws. We view compliance 
with the law not only as a matter of necessity, but as vital to our reputation 
and success in the shipping industry. 
We adhere to a strong and specific set of ethical standards, as detailed in our 
Code of Ethics. We neither participate in nor tolerate corruption or bribery, 
and all Ridgebury personnel complete regular anti-corruption training to this 
end. We scrutinize the third-party providers we work with to ensure that they 
meet our standards of legal and ethical behavior. In all of our activities, we 
strive to live up to the high ethical standards we have set for ourselves.
1 1

Code of Ethics
Anti-corruption
Business ethics
There are no exceptions when it comes to Ridgebury’s commitment to transparent, 
honest, and ethical conduct. We dedicate resources and time to ensure our company acts 
according to the highest standards of compliance. Compliance and governance are a 
management priority and are an agenda item of every Board meeting. Our Code of Ethics 
emphasizes the Company’s respect for laws, which serve as constant guidance for our due 
diligence. We comply with the law not only because we are required to do so, but because 
we believe compliance is fundamental to our success and reputation in the industry. 
Ridgebury conducts business in accordance with all applicable rules and trade restrictions 
imposed in the United States, other countries, and organizations whose laws the Company 
may be subject to by virtue of its global operations.
Ridgebury takes a zero-tolerance approach to corruption, including with respect to 
facilitation payments and the usage of agents to make illicit payments–two practices 
which unfortunately remain common in our industry. We adhere to anti-corruption laws 
including the US Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act, and we 
apply these standards to our third-party managers. We are also an active member of the 
Maritime Anti-Corruption Network (MACN), a group of leading ship owners “working 
towards the vision of a maritime industry free of corruption that enables fair trade to the 
benefit of society at large.” We are proud to be part of a group that promotes integrity, 
works vigorously to share its best practices, and collaborates with other stakeholders to 
enact meaningful change.
Ridgebury selects well-established third party technical and commercial managers who 
demonstrate the same level of commitment to transparency and integrity and who support 
us in our efforts to move oil products safely and ethically. We have a robust due diligence 
process in place that includes a “Know Your Customer” checklist before we decide to 
work with a third-party organization. To ensure our values are shared on every level of the 
company, Ridgebury requires all its employees, both onshore and offshore, to participate 
in regular compliance and anti-corruption training. Each master taking control of one 
of our vessels must undergo an E-learning compliance module for anti-corruption and 
personally sign a declaration promising to abide by our zero-tolerance and anti-corruption 
policy. With our industry’s reliance on technology, cyber security is a top priority in our 
office. Along with implemented security measures such as multi-factor authentication, 
our shoreside employees are regularly required to complete interactive training modules 
focused on the most current and pervasive threats to prevent risks that target sensitive 
information.
1 2
6 / Disclaimer & Assumptions
Information provided herein is based on the best 
available data at the time the report was issued. 
We generated some of this data internally. In cases 
where actual figures were not available, estimates 
have been provided.
CO2 emissions (metric tons (t) co2-e): Calculations 
are based on the IMO emission factors and fuel 
consumption for the year. The operational control 
approach defined by the GHG Protocol has 
been applied (Scope 1). This includes company-
owned vessels only. Scope 2 emissions include 
the emissions related to the energy utilized in 
company’s offices. Scope 3 emissions include only 
supply chain emissions related to the fuel consumed 
by owned vessels.
Total Energy Consumption (GJ): Calculated utilizing 
fuel properties from IMO, 2018.
Particulate Matter (PM), NOx, Sox emissions 
(Metric tons): Calculations were carried out in 
accordance with IMO’s 4th GHG study Where 
available, vessel data regarding consumed power 
and utilization was considered in the calculations.
Shipping duration in marine protected areas or 
areas of protected conservation status: A marine 
protected area as defined by the International 
Union for Conservation of Nature (IUCN): Any 
area of intertidal or sub-tidal terrain, together 
with its overlying water and associated flora, 
fauna, historical and cultural features, which has 
been reserved by law or other effective means to 
protect part or all of the enclosed environment. 
The duration includes days sailing plus port time in 
SECA and MARPOL ECA zones.
Percentage of fleet implementing Ballast Water 
Exchange and Treatment: As of 31 December 2021, 
we have installed three (3) Ballast Water Treatment 
Systems (BWTS); in 2021, we purchased two (2) MR 
tankers already fitted with BWTS. Installation of 
equipment for the remainder of the fleet has been 
planned and will be executed in accordance with 
regulations.
Spills and releases to the environment (Number, 
Cubic meters (m3)): The scope of disclosure 
includes spills and releases that were not considered 
to be “contained”.
Lost time incident rate (LTIR): A lost time incident 
is an incident that results in absence from work 
beyond the date or shift when it occurred. The rate 
is based on number of lost time incidents per million 
hours worked: (lost time incidents) / (1,000,000 
hours worked).
Number of calls at ports in countries that have the 
20 lowest rankings in Transparency International’s 
Corruption Perception Index (CPI): References the 
Corruption Perceptions Index’s 20 lowest numerical 
ranked countries. Multiple countries can receive the 
same numerical ranking.
Marine Casualties: The figure disclosed accounts 
for the total number of marine casualties in 
which the fleet was involved. USD 1.0 million is 
the company defined threshold for reporting on 
material damages (1.1.4 & 1.1.6). Personnel injuries 
(1.1.1) are reported as a part of Health and Safety 
statistics (LTIR).
Number of Conditions of Class or 
Recommendations: This report only accounts 
for conditions of class that led to the withdrawal, 
suspension, or invalidation of a vessel’s Class 
Certificate. There were zero such incidents during 
this reporting period.
Port State Control: Number of port state control 
(1) deficiencies and (2) detentions. Practices of 
port state controls reporting on deficiencies do not 
follow an entirely harmonized methodology making 
it less useful for reporting purposes without further 
explanations, hence we have chosen to report this 
number as a rate: number of deficiencies per Port 
State Control Inspection. Detentions are reported in 
number of actual cases.
Fleet Assumptions: The figures for Fleet DWT, 
number of shipboard employees, and total distance 
traveled is based on the data from Ridgebury 
vessels owned at the end of 2021. Only the number 
of onboard employees at any given time is recorded; 
it is not an aggregation for the year.
Operating days: Total number of vessel-days for 
active vessels during the reporting year. This figure 
considers active vessels as those in possession of 
the shipowner at the end of the reporting year.
Fleet Count: Total fleet count refers to the total 
number of Ridgebury- owned vessels at the end of 
2021.
Number of port calls: Total number of port calls for 
the fleet throughout the year.
1 3

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