2020
Aegean Shipping
ESG
Report

Message from our Chairman.......................................................................3
About this report .......................................................................................... 4
1.	 About Aegean Shipping......................................................................... 5
	
Company Profile.....................................................................................................6
	
Green Fleet: our competitive advantage .......................................................7
	
Our Progress in 2020............................................................................................8
	
Creating value for our customers ...................................................................10
2.	 Our ESG Vision......................................................................................... 11
3.	 Environment ............................................................................................14
4.	 Social..........................................................................................................24
5.	 Governance..............................................................................................30
Appendix A ....................................................................................................33
	
Company’s Key performance indicators......................................................33
Appendix B.....................................................................................................34
	
Management and Impact of Material Issues...............................................34
Appendix C.....................................................................................................36
	
SASB Marine Transportation Material Issues...............................................36
	
GRI contents index............................................................................................ 37
Appendix D....................................................................................................39
	
Independent Verification Statement............................................................39
Table
of Contents
Aegean Shipping | 2020 ESG Report
2

T
he year 2020, was a turbulent year 
for all industries across the world, 
affected by exceptional challenges 
because of the COVID-19 pandemic. 
During these unprecedented times, we 
were forced to rethink and find new ways 
of implementing our “business as usual”, 
become agile and adaptable and focus 
on building effective response strategies 
and plans.
Having as a top priority to keep our 
people safe, we responded proactively 
to all challenges and took the necessary 
steps and measures, by following the 
relevant guidance, recommendations and 
regulations, resulting in zero COVID-19 
incidents on-board and ashore.
In addition, the global Shipping Industry 
is currently undergoing a major transition 
process. Thus, we are unequivocally 
committed to the IMO’s strategy and 
recognize the need to adopt new fuel-
efficiency technologies and operating 
practices. Specifically, some of the 
next big challenges that we will face 
as a company include achieving “Net-
Zero Emissions” and climate neutrality, 
adapting to technological changes, and 
dealing with the increased demand for 
Environmental, Social and Governance 
performance transparency and 
disclosure. 
We place great emphasis on 
implementing any upcoming regulations 
in an effective and proactive manner, 
while also remaining at the forefront of 
the rapidly evolving complex maritime 
industry developments. For instance, 
cyber security has become a major issue 
nowadays. We understand that our 
business is highly vulnerable to cyber-
attacks and thus, our aim is to follow 
industry’s guidelines and apply measures 
that helps us protect our operations from 
such threats. In compliance with the new 
safety rules, we have strengthened the 
cyber security on-board our vessels.
An additional core element of our 
company’s mission is the integration of 
ESG into our business strategy. We align 
with the United Nations Sustainable 
Development Goals, and focus on the 
protection of the marine environment 
and the improvement of social 
prosperity. 
Most importantly, environmental 
stewardship is on the top of our strategic 
priorities given the continuous eco-
investments in our “Green Fleet”, which 
utilizes cutting-edge technologies to 
continuously reduce its environmental 
footprint.
We, also, feel proud of the commitment 
and professionalism of our seafarers, 
shore employees and executives as we 
are always striving to ensure a safe, 
secure and fair working environment 
and promote diversity and professional 
development.
Our business strategy is focused on 
investing in modern and energy efficient 
vessels with low emissions and minimal 
environmental impact, while offering the 
best value proposition and maintaining 
strong long-lasting relationships 
with clients and financial institutions. 
Meeting or exceeding our customers’ 
requirements and expectations, while 
continually enhancing our operational 
efficiency, is key for our daily activities.
Overall, the year 2020 was another 
successful year for Aegean Shipping 
with strong commercial and economic 
results, in line with our vision and focus 
on sustainable growth and operational 
excellence.
In our second ESG report, we present 
our approach and actual performance 
on the Environmental, Social and 
Governance issues that are most material 
to our operations and our stakeholders. 
We make this report publicly available in 
order to increase transparency and meet 
the expectations of our stakeholders. 
Message 
from our 
Chairman 
Chairman of Aegean Shipping
George Melisanidis
Aegean Shipping | 2020 ESG Report
3

About this 
report
T
his is our second Environmental, Social and Governance 
(“ESG”) report, which communicates our efforts in 
integrating sustainability into our broader business 
strategy, and long-term vision. 
The main purpose of this report is to provide the key 
highlights of our business and sustainability progress 
on the ESG matters that are critical for us and our 
stakeholders. Through this report, we present the 
actions and initiatives we undertake to support our 
employees, business partners, and the community. 
This report refers to the period 01.01.2020 – 
31.12.2020 and is prepared in accordance 
with the Global Reporting Initiatives 
(GRI) Standards Core option and the 
Sustainability Accounting Standards Board 
(SASB) for Marine transportation. 
Aegean Shipping | 2020 ESG Report
4

At a Glance
Aegean Shipping was established in 1995 and is built on a visionary strategy based 
on corporate growth reliable service and customer needs.
>26 years of presence in 
the shipping market
11 vessels, 3 MRs 2 Aframax 
and 6 Bulk Carrier, all built 
by our company
>99% Vessel’s 
utilization rate in 2020
$ 55.5 mil 
revenue in 2020
4 Aframax on order 
to be delivered Q4 2022
>500,000 nautical miles 
traveled in 2020
Presence in 2 segments, 
Tankers & Dry Cargo 
>400 employees 
on-board and ashore
3,597 operating 
days in 2020
Our “Green Fleet” surpasses 
regulatory requirements
0 violations of ethical 
codes and policies
5.1 mil metric tonnes 
cargo carried in 2020
About Aegean 
Shipping
1
Aegean Shipping | 2020 ESG Report
5

Company Profile
Aegean Shipping refers to the brand under which Aegean Shipping Management 
S.A. (ASM) and Aegean Eco Carriers S.A. (AEC) offer ship management services to 
principals’ ships that cover both the dry and wet cargo shipping markets.
G
uided by an innovative and forward-looking approach to shipping, Aegean has 
established a successful track record in the maritime business and has built 
a visionary leadership aimed to achieve prominent transportation services, 
strong customer relations and long-term corporate growth. 
Yet, the focal part of our strategy is our ability to quickly adapt to the rapidly 
changing market conditions, as well as to the shipping sector’s increased cyclicality. 
To respond to such challenging circumstances, we follow a dynamic approach to 
ensure effective ship operations, and commitment to the growing needs of climate 
change.
As part of our strategy, we have invested in the following 
three areas, over the past years:
At Aegean Shipping, we operate a modern 
and diversified fleet of oil/ chemical 
tanker ships and dry-bulk carriers, 
deployed internationally to transport 
cargo for reputable international 
charterers.
Deploying cutting-edge technology
Enhancing our human resources
Aligning our fleet with international standards
Reduction of CO2 emissions
1.
2.
3.
4.
Aegean Shipping | 2020 ESG Report
6

Green Fleet
O
ur Green Fleet is a vivid example of the pioneering initiatives we 
undertake in order to protect the environment, prevent marine 
pollution and use resources responsibly. Our newly built fleet 
incorporates cutting-edge technologies that provide us with a marked 
competitive advantage across the shipping industry, offers the best 
value proposition for our clients, while also reducing our environmental 
impact. Our “Green fleet” is characterized by the following attributes:
We operate a modern, 
high-tech fleet of: 
five (5) tankers and six (6) 
dry bulk carriers, as of report 
issuance date (October 2021).*
The total carrying 
capacity of our vessels 
for the year ended December 
31, 2020 is 863,112 tonnes and 
the average age is 2 years. 
Our competitive advantage
Old vs New
It all starts at the “Green” shipyard, where new technologies, 
new manufacturing processes, new materials, and new 
techniques have transformed the newbuilding process.
Onboard
The operation of the Green fleet vessels is all about savings 
- to operators and to our environment. Fuel costs are 30% 
less with the associated CO2 emissions savings as well as 
onboard energy costs, from lighting to air conditioning
Triple R in action - Reduce, Reuse, Recycle
New technologies allow us to build ships that use less 
material (and smarter material). Intentional design means 
that 9% of all materials can be recycled or reused. Waste is 
out—Triple R is in.
2
years
Average age of our fleet
863,112 
dwt
Total fleet capacity
Vessel name
Type
Deadweight (T)
Age built
M/T Green Planet
Oil / Chemical tanker
50,844
2014
M/T Green Sea
Oil / Chemical tanker
50,927
2014
M/T Green Sky
Oil / Chemical tanker
50,880
2014
M/T Green Attitude
Crude / Product carrier
112,532
2018
M/T Green Aura
Crude / Product carrier
112,684
2019
M/V Green K-Max 1
Bulk Carrier
80,857
2019
M/V Green K-Max 2
Bulk Carrier
80,840
2020
M/V Green K-Max 3
Bulk Carrier
80,883
2020
M/V Green K-Max 4
Bulk Carrier
80,892
2020
M/V Green K-Max 5
Bulk Carrier
80,883
2020
M/V Green K-Max 6
Bulk Carrier
80,891
2020
The vessels Greek K-Max 2, Greek K-Max 3, 
Greek K-Max 4, Greek K-Max 5 and Greek 
K-Max 6, were delivered during 2020.
Aegean Shipping | 2020 ESG Report
7

Our Progress in 
2020
Operational & Financial
Building a sustainable business for our employees, 
customers, and communities
As part of our vision, we are committed to building a sustainable business for our 
employees, customers and community, toward a net-zero carbon future.
+63%
increase in revenue
ZERO
vessel detentions
ENVIRONMENTAL
SOCIAL
GOVERNANCE
↓67%
in fleet’s SOx emissions 
60%
of our employees ashore 
are women
100%
crew retention rate
276
training programs
ZERO
Lost Time Injury Frequency 
& Total Recordable Case 
Frequency
ZERO
COVID-19 incidents
ZERO
ZERO
violations of ethical codes and 
policies
whistleblowing incidents
↓3%
on average EEOI of our fleet 
↓9%
on average AER of our fleet 
ZERO
spills to the marine 
environment
Aegean Shipping | 2020 ESG Report
8

Dealing with 
COVID-19 
T
he year 2020 was a turbulent year 
for all industries across the world. 
Specifically, the global health crisis 
brought about numerous disruptions 
in the production and trade patterns, 
while posing several risks and anomalies 
in the global value chains. Under this 
challenging scenario, we responded 
proactively and took all necessary 
steps in order to have our people safe 
and connected and keep our business 
moving forward. 
W
e continuously monitor 
health communications and 
updates for COVID-19, and 
follow strictly the relevant guidance, 
recommendations and regulations. 
The series of measures adopted by our 
company addressed our people both on-
board our vessels and ashore. 
0
COVID-19 incidents 
on-board & ashore
On-board
Ashore
Our COVID-19 Management Plan containing strict 
protocols was shared with visitors, while the crew 
shore leave was banned.
Our Business Continuity Management System (BCMS) 
was successfully applied during COVID-19 outbreak.
Vessels were equipped with required PPE and hygiene 
(disinfection) material and antigen self-tests. 
Throughout the year our office employees were work­
ing from home.
Crew changes performed in all ports maintained 
the highest standards for safe disembarkation/ 
embarkation and traveling arrangements. 
Antiseptics and medical masks were provided across 
our Company’s premises.
Joining and leaving personnel underwent PCR tests 
and wore face masks and shields while traveling; 
Joiners remained isolated from the rest of the crew 
for at least seven days.  
Office visits and meetings with providers or industry 
members were banned
Traveling of our office personnel was suspended, 
while most of our vessels’ attendances were per­
formed remotely or by accredited subcontractors.
Free data were provided to all crew members in 
order to facilitate frequent communication with their 
families. 
Frequent video conferences were performed in order 
to boost our personnel’s morale and build resilience. 
Aegean Shipping | 2020 ESG Report
9

Creating value for 
our customers 
INCREASING OUR FINANCIAL PERFORMANCE
We aim to create long lasting relationships with reputable 
and reliable charters and meet our customers’ requirements 
and expectations. In our operations, we incorporate a robust 
commercial strategy that enhances our financial performance and 
provides us with a marked competitive advantage. We implement 
strict policies to safeguard that the risks and opportunities 
that can have an impact on the conformity of our services are 
identified, addressed and effectively managed. 
INCREASING EFFICIENCY IN OUR OPERATIONS
We continually aim towards enhancing our operational efficiency 
end to end. The year 2020, was an additional year of significant 
growth in our operational performance. With our increased 
number of vessels, we managed to expand our global reach and 
extend the scale of our operations. Specifically, compared to 
2019, we carried almost 60% more cargo, travelled 81% more 
miles, visited 200 countries and reached 100 additional port 
calls. We also managed to increase our fleet utilization rate even 
more, attaining a 99.8%. During our operations this year, we had 
only one complaint or claims for cargo related matters from our 
charterers. 
+63%
increase in revenue in 2020
>99%
Vessel’s utilization rate
-12.76%
Decrease in daily OPEX in 2020
ZERO
Vessel detentions
Description
2019
2020
Vessels in operations
6
11
Operating days
1,890
3,597
Utilization rate
92.44%
99.77%
Distance travelled (nm)
313,401
567,996
Cargo carried (mt)
3,191,766
5,096,402
Port Calls
177
277
Countries visited
143
200
Cargo complaints and claims
0
1
Aegean Shipping | 2020 ESG Report
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Our ESG 
Vision
2
VISION
We are committed in integrating Environmental, 
Social and Governance (ESG) issues in our 
business strategy and we create value to our 
stakeholders through a holistic approach, that 
has as a top priority the protection of the 
environment and the wellbeing of our people.
ALIGNING WITH THE UNITED 
NATIONS SUSTAINABLE 
DEVELOPMENTS GOALS (SDGS)
At Aegean Shipping we believe that businesses 
can play a critical role in the implementation 
and achievement of the United Nations 
Sustainable Developments Goals (SDGs), 
also adopted by the International Maritime 
Organization (IMO). 
Thus, our aim is to progressively incorporate 
these principles in the way we do business and 
contribute to the creation of a more sustainable 
future.
ESG PRIORITIES
STRONG BUSINESS ETHICS AND CORPORATE 
GOVERNANCE
•	
We comply with regulations and follow best practices 
with respect to business ethics, corporate  governance 
and risk management.
•	
We asses and manage the ESG risks that arise from our 
operations.
•	
We promote sustainable business practices to our 
employees and business partners.
EMPLOYEE HEALTH, SAFETY AND 
DEVELOPMENT 
•	
We support our employees, by establishing a safe 
working environment.
•	
We promote equal opportunities for development.
GREEN TECHNOLOGY
•	
We invest in a Green fleet that incorporates cutting-
edge technologies.
•	
We explore additional efficient technologies on-board 
our vessels.
LOW CARBON FOOTPRINT
•	
We recognize the industry’s targets, focusing on the 
reduction of greenhouse gas emissions by 2030 and 
2050.
•	
We monitor our environmental performance and set 
reduction targets. 
•	
We make efforts and invest towards waste reduction.
Aegean Shipping | 2020 ESG Report
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Engagement with 
our stakeholders 
A
t Aegean Shipping, we recognize the importance of integrating our ESG practices 
with our business strategy. Our approach of identifying the most material ESG 
issues for our company, is based on an assessment that examines which ESG 
topics affect our company and its stakeholders the most. The analysis reflects the most 
significant impact of our activities on the society and the environment, while it also 
portrays the most crucial sustainability issues from our stakeholders’ viewpoint. 
In order to execute this analysis, we conducted an online survey addressing all our 
internal and external stakeholders and focusing on specific ESG topics. 
To obtain a high-level understanding of how our stakeholders perceive the overall ESG 
framework, and how they expect it to evolve in the following years, we formulated some 
specific questions. All our stakeholders believe that the ESG factors will play a significant 
role in the industry over the next years. 
They ranked the importance of the three broad categories 
(E, S, G) as presented in the following graph: 
IDENTIFICATION OF MATERIAL TOPICS
We identified 22 material topics related to our activities by 
reviewing the following:
•	
International sustainable development standards and 
initiatives as well as industry: United Nations Global 
Sustainable Development Goals (SDGs), GRI standards and 
SASB standards for Maritime Transportation.
•	
Sustainability and ESG Reports of peers.
•	
Internal documents and company-specific issues.
22
identified material 
topics related to 
our activities
less Important
Not Very Important
Sufficiently Important
Important
Most Important
Environment
Social
Governance
Aegean Shipping | 2020 ESG Report
12

EVALUATION AND PRIORITISATION
We conducted an online survey addressing all our internal and external 
stakeholders and requested to evaluate 22 material topics, related to our 
operations, based on their level of importance. The evaluation and prioritization 
of the material topics was performed based on their impact to the business and 
their associated risks and opportunities.
The responses were classified in three categories 
in the following Materiality Matrix:
•	 Most Important Topics: areas identified as critical related to our ESG 
performance and will be monitored, reported and embedded in our business 
strategy.
•	 Important Topics: areas identified as being significant to us and our 
stakeholders, which we will be monitored, managed and reported. 
•	 Sufficiently Important Topics: areas that are identified as relevant to our 
business in which we will engage in the future.
The Stakeholder Questionnaire included 22 topics, of which 5 were identified as most important, 6 as 
important and 1 as sufficiently important for us and our stakeholders, based on the analysis of the results.
KEY STAKEHOLDER GROUPS:
External stakeholders
•	 Charterers / Brokers
•	 Financial institutions
•	 Suppliers / Business Partners
•	 Flag States 
•	 International / Industry organisations
•	 Port Authorities
•	 Insurers / P&I Clubs
•	 Classification Societies, 
Internal Stakeholders
•	 Managers and Directors 
•	 Top Management
•	 Seafarers
•	 Office Employees
Sufficiently Important
Sufficiently Important
Important
Important
Most Important
Most Important
Materiality to Aegean Shipping
Materiality to Stakeholders
Environment
Community investments
Health & safety during 
COVID-19 outbreak
Occupational health & safety
Remuneration & benefits
Relationship with business partners
Fuel & energy efficiency
Waste management & recycling
Investments research & inovation in 
green technologies & alternate fuels
Labor practices depicting the 
relationship between management & 
office employees / crew personnel
Employee training / competency 
development
Compliance with environmental 
regulation & standards
Water polution prevention, control & 
compliance with respective regulations
Corporate governance, ethics & 
transparency
Regulatory compliance and application
Air polution reduction & compliance 
with respective regulations 
Financial performance
Security of transportation both phisical 
and cyber security
Risk mitigation & control
Commercial strategy
Talent attraction & retention
Diversity & inclusion
Career opportunities 
& advancement
Social
Governance
Aegean Shipping | 2020 ESG Report
13

Environment
3
S
hipping is considered 
to be the most efficient 
and cost-effective 
mode of transport for 
international trade. However, 
due to the scale of the sector, 
the increased emissions can 
have a major impact on the 
environment. Hence, it is of 
fundamental importance that 
the shipping sector complies 
with the strict environmental 
regulations and incorporates 
practices and activities 
that enhance maritime 
sustainability development.
Aegean Shipping’s goal is to keep its operations’ impact on the 
environment as low as possible, by minimizing air and sea pollution, 
protecting the marine life and complying with industry regulations. In 
order to achieve that, we formulate our environmental strategy based 
on high global environmental standards, but also on targeted measures, 
such as operating new high-tech/ high-spec vessels that offer a 
more efficient operational performance.  Our aim is to reduce carbon 
emissions, while increasing the energy efficiency of our vessels. 
Ensuring that the implementation of our energy and environmental 
management system achieves its intended results on-board and ashore.
The implementation of control mechanisms to prevent pollution.
The integration of the Environmental Management System and 
Shipboard Energy Efficiency Management Plan (SEEMP) into the 
company’s business processes.
The establishment of procedures to prevent environmental 
incidents and control emissions and waste streams.
OUR ENERGY AND ENVIRONMENTAL POLICY AND 
MANAGEMENT SYSTEM
As stated in our energy and environmental policy we are committed to 
protecting the environment and we strive for continual performance 
improvement to every aspect, including pollution prevention. 
OUR ENERGY AND ENVIRONMENTAL POLICY INCLUDES:
Aegean Shipping | 2020 ESG Report
14

ON-BOARD:
ON- SHORE:
Climate Change 
S
hipping sector is responsible for approximately 3% of total global emissions. In 
2018, the International Maritime Organization (IMO) adopted a strategy on the 
reduction of GHG emissions from ships, which aims in a reduction in carbon 
intensity by at least 40% by 2030, pursuing efforts towards 70% by 2050. The strategy 
also aims in a reduction of the total annual GHG emissions by at least 50% by 2050, 
both compared to 2008. 
As part of our commitment to improve our fleet’s energy efficiency, reduce our 
emissions and meet the IMO’s goals, we have implemented several measures and 
initiatives including:
REDUCTION OF CO2 EMISSIONS 
Our modern and green fleet’s fuel consumption and CO2 emissions are significantly 
lower from previous generation vessels.
USE OF ECO-FRIENDLY MATERIALS 
Related to paints, lubricants, chemicals and spare parts. 
INCREASE OF VESSEL’S ENERGY EFFICIENCY  
Through several operational initiatives that reduce energy consumption (i.e., energy 
saving devices, new technology led lighting systems).
REDUCTION OF SINGLE USE PLASTICS  
We initiated a pilot program for the replacement of plastic bottles with reusable on-
board in one of our vessels and plan to expand to the whole fleet by the end of 2021.
REDUCTION OF ELECTRICITY CONSUMPTION
Specific measures are applied to reduce the power consumption of computers, 
information systems and their peripheral subsystems.
REPLACEMENT OF SINGLE USE PLASTIC BOTTLES
with water bottles in our office area.
MINIMIZATION OF RELEVANT FORWARDING ACTIVITIES 
Aegean Shipping | 2020 ESG Report
15

Monitoring Energy 
Efficiency and 
Environmental 
Performance
W
e use the Energy Efficiency Operational Indicator (EEOI) set out in the 
IMO Guideline MEPC.1/circ.684 to measure and analyze our  fleet’s energy 
efficiency and performance. EEOI is used to evaluate the energy efficiency 
of a vessel and the impact of the technical measures and operational enhancements 
applied on-board.
EEOI is calculated as the ratio of mass of CO2 emitted per unit of transport work (gr 
CO2 / tonnes * miles travelled). The average EEOI of our overall fleet in 2020 was 9.76 
g/CO₂/nm, reduced by approximately 3% compared to 2019. Our fleet’s average EEOI 
for 2020 is 16.4% lower, compared to industry average (11.67 g/CO2/nm based on the 
fourth IMO GHG Study 2020, published on July 29th, 2020). 
9.76 
gr CO2 / tonne - mile
EEOI of our 
fleet for 2020
↓3% 
EEOI
on average EEOI of our 
fleet in 2020
↓16% 
EEOI
compared to industry 
average
Green
Attitude
Green
Aura
Grean
Planet
Green
Sea
Green
Sky
Green
K-Max 1
Green
K-Max 2
Green
K-Max 3
Green
K-Max 4
Green
K-Max 5
Green
K-Max 6
EEOI (gr CO2 / TONNE - MILE)*
* EEOI is calculated based on actual voyages within the reporting year.
9.0
7.1
12.3
12.4
9.6
9.2
7.6
10.2
12.3
16.4
12.7
6.3
9.2
9.6
8.2
7.1
7.8
2019
2020
Aegean Shipping | 2020 ESG Report
16

ENERGY EFFICIENCY DESIGN INDEX (EEDI) 
The Energy Efficiency Design Index (EEDI) per vessel, mandatory for new 
ships at MEPC.263(68), is a technical measure that evaluates the energy 
efficiency of the vessel by design (equipment and engines). EEDI is 
expressed in grams of carbon dioxide (CO2) per ship’s capacity-mile and is 
calculated by a formula based on the technical design parameters of the 
ship. 
All of our vessels attain lower EEDI than minimum requirements. 
ANNUAL EFFICIENCY RATIO (AER) 
An additional carbon intensity metric calculated in accordance with 
Poseidon Principles, which is used for the assessment of the energy 
performance of ships, is the Annual Efficiency Ratio (AER). AER is mostly 
reported in grams of CO2 per DWT - mile. The average AER for our fleet in 
2020 was 4.62 grams of CO2 / DWT - mile compared
to 5.09 grams of CO2 / DWT - mile in 2019. 
↓16% 
on average fleet Attained 
EEDI compared to 
Required EEDI
↓9% 
on average AER of 
our fleet in 2020
Green
Attitude
Green
Aura
Grean
Planet
Green
Sea
Green
Sky
Green
K-Max 1
Green
K-Max 2
Green
K-Max 3
Green
K-Max 4
Green
K-Max 5
Green
K-Max 6
Green
Attitude
Green
Aura
Grean
Planet
Green
Sea
Green
Sky
Green
K-Max 1
Green
K-Max 2
Green
K-Max 3
Green
K-Max 4
Green
K-Max 5
Green
K-Max 6
Attained EEDI
Required EEDI
2019
2020
4.2
3.21
3.9
3.20
5.5
4.35
6.1
4.33
5.7
4.29
3.8
3.71
3.70
3.74
3.73
3.71
3.71
4.2
3.76
3.8
3.76
5.8
6.16
6.5
6.15
7.3
6.15
4.0
3.95
5.2
3.95
3.3
3.95
3.9
3.95
3.5
3.95
3.3
3.95
AER (gr CO2 / DWT - mile)*
* CO2 emissions for 2019 and 2020 are calculated based on calendar days (based on IMO DCS).
EEDI (gr CO2 / TONNE - mile)
Aegean Shipping | 2020 ESG Report
17

Reducing emissions 
W
e closely monitor our vessels’ carbon footprint and support the reporting requirements set by 
the European Union (EU) Monitoring, Reporting and Verification (MRV) system, and the IMO 
Data Collection System (DCS) on fuel consumption.
IMO 2020 - REDUCTION OF SULPHUR LIMIT 
On January 1st, 2020, a new limit on the sulphur content in the fuel 
oil used on-board the ships was introduced by IMO. The sulphur limit 
outside designated emission control areas was reduced to 0.50% 
m/m (mass by mass) from 3.50%. In order to comply with the IMO 
2020, that limits sulphur emissions from vessels, we use marine fuel 
oil that meets the required sulphur content.
INSTALLATION OF EXHAUST GAS CLEANING 
SYSTEMS
In addition to a switch from HFO to VLSFO, we have installed Exhaust 
Gas Cleaning Systems (EGCS) in two of our vessels (Aframax).
100% 
of our fleet comply 
with IMO 2020
In 2020, our fleet emitted 191,265 tonnes of CO2 emissions from the consumption of 
61,004 tonnes of fuel (HFO, LFO and MGO). 
Fuel consumption and CO2 emissions are directly proportional with the number of 
vessels; hence, the increase in comparison with 2019, when our fleet emitted 114,894 
tonnes of CO2 from the consumption of 36,533 tonnes of fuel, is justified by the 
increase of vessels in our fleet. 
Although our fleet’s emissions increased, the average CO2 emissions metric tonnes 
per nautical mile across the whole fleet, showed a reduction in 2020 of 8% compared 
to 2019, indicating that the measures we have applied have helped us improve our 
fleet’s environmental footprint.
*The CF conversion factor used between fuel consumption and CO2 emission is based on IMO Resolution MEPC.245(66) & 
MEPC 75-7-15 - Fourth IMO GHG Study 2020 - Final report (Secretariat): HFO (3.1144) / LFO (3.151) / MGO (3.206).
CO2 EMISSIONS (‘000 TONNES*)
2019
2020
191,695 
tonnes CO2
emitted by our 
fleet in 2020
Green
Attitude
Green
Aura
Grean
Planet
Green
Sea
Green
Sky
Green
K-Max 1
Green
K-Max 2
Green
K-Max 3
Green
K-Max 4
Green
K-Max 5
Green
K-Max 6
22.5
21.3
18.4
20.9
17.9
6.9
24.4
22.3
21.0
17.6
14.5
16.7
18.4
17.1
15.6
12.5
11.6
Aegean Shipping | 2020 ESG Report
18

149.4
139.9
105.5
135.5
109.6
29.6
27.8
26.9
26.0
22.9
16.5
24.2
19.2
23.3
14.9
17.2
15.2
6.8
6.8
5.8
6.8
5.2
3.0
7.8
7.1
6.6
5.7
4.6
5.3
5.8
5.5
5.0
4.0
3.7
693.7
581.4
521.3
586.3
508.9
139.6
663.7
660.4
578.7
497.4
400.1
468.5
386.2
438.0
372.7
333.5
304.7
FUEL CONSUMPTION (‘000 TONNES)
SOx EMISSIONS (TONNES)
NOx EMISSIONS (TONNES)
2019
2020
2019
2020
2019
2020
Green
Attitude
Green
Aura
Grean
Planet
Green
Sea
Green
Sky
Green
K-Max 1
Green
K-Max 2
Green
K-Max 3
Green
K-Max 4
Green
K-Max 5
Green
K-Max 6
Green
Attitude
Green
Aura
Grean
Planet
Green
Sea
Green
Sky
Green
K-Max 1
Green
K-Max 2
Green
K-Max 3
Green
K-Max 4
Green
K-Max 5
Green
K-Max 6
Green
Attitude
Green
Aura
Grean
Planet
Green
Sea
Green
Sky
Green
K-Max 1
Green
K-Max 2
Green
K-Max 3
Green
K-Max 4
Green
K-Max 5
Green
K-Max 6
61,004 tonnes 
total fuel oil consumed in 2020
234 tonnes SOx 
emitted by our fleet in 2020
5,104 tonnes NOx 
emitted by our fleet in 2020
↓67% 
in fleet’s SOx emissions in 2020
During the reporting period, our absolute fleet emissions were 234.17 tonnes of 
SOx and 5,103.54 tonnes of NOx. The increase in our fleet size is directly related to 
the increase in the NOx emissions in comparison with 2019, when our fleet emitted 
3,234.50 tonnes of NOx.
HFO: 	
28,731 tonnes 
LFO: 	
22,556 tonnes 
MDO/MGO: 	9,717 tonnes
Aegean Shipping | 2020 ESG Report
19

Protecting Marine 
Ecosystem
IMO BALLAST WATER MANAGEMENT CONVENTION 
We comply with the requirements of The International Convention for the 
Control and Management of Ships’ Ballast Water and Sediments (BWM 
Convention), that entered into force in September 2017 and set the standards 
for proper management of ballast water and sediments to prevent the spread 
of harmful marine species. 
In order to meet our strong commitment to the protection of the marine 
biodiversity, we invested approximately €3 million to retrofit all our vessels 
with approved Ballast Water Treatment Systems (BWTS). This process is aimed 
at removing and destroying inactive biological organisms (zooplankton, algae, 
bacteria) from ballast water, while ensuring that any discharges from our ballast 
operations occur in an ecologically responsible manner. We train our seafarers 
regularly on the BWT systems.
SHIP RECYCLING
INVENTORY OF 
HAZARDOUS MATERIALS 
(IHM): 
requirements for a structured 
system to control hazardous 
materials on-board ships for the 
Safe and Environmentally Sound 
Recycling of Ships, that came into 
force on December 31st, 2020. 
We comply with the International 
Maritime Organization’s Hong 
Kong (HK) Convention for the 
Safe and Environmentally Sound 
Recycling of Ships as well as the 
EU Ship Recycling Regulation (EU 
SRR). 
All our vessels hold a Class-
approved Inventory of Hazardous 
Materials (IHM) ensuing that at the 
time of their decommissioning, 
they will be recycled in an 
effective way in certified ship 
recycling facilities.
USE OF ECO-FRIENDLY LUBRICANTS
Since 2014 all the lubricants used by our ships are 100% 
environmentally friendly chemicals.
SPILLS AND RELEASES TO THE ENVIRONMENT
In our attempt to protect the marine biodiversity, we have 
initiated strict operating procedures, by conducting regular 
risk assessments and applying high level safety standards, in 
compliance with the current relevant legislations and our strong 
Health, Safety and Environmental management system.
100% 
of our fleet is equipped with BWTs
100% 
of our fleet uses environmentally friendly lubricants
100% 
of our fleet hold an 
Inventory of Hazardous 
Materials certificate 
approved by a 
classification society
0 
spills to the marine environment
Aegean Shipping | 2020 ESG Report
20

Meeting and 
exceeding the 
standards
W
e are committed to providing high quality services that meet the 
requirements of our customers and stakeholders. This is achieved by 
establishing and implementing managerial and operational processes, which 
have emerged from the combination of sound managerial principles and our long-
lasting experience in the shipping industry.
ISO 9001:2015 
(Quality Management)
We commit in providing world-class ship management services that meet or 
exceed our customers’ requirements.
ISO 14001:2015 
(Environmental Management)
We aim to maintain zero oil spills and zero pollution atmospheric incidents. 
We comply with the strictest international standards.
ISO 50001:2011 
(Energy Management)
We follow best practice operational management processes and strive to 
continuously improve vessels’ energy efficiency, energy use and consumption.
ISO 22301 
(Business continuity)
We focus in the continuous and reliable delivery of our services to customers 
whilst maintaining contractual, legal & regulatory compliance.
ISO 45001 
(Occupational Health and Safety)
We fully comply with all applicable industry’s requirements, guidelines and 
standards and we focus in protecting the health and wellbeing of our people.
OUR VESSELS ARE ASSIGNED TO THE FOLLOWING CLASS NOTATIONS:
OUR 4 NEW BUILDING AFRAMAX VESSELS WILL 
BE ASSIGNED TO THE FOLLOWING CLASS NOTATIONS:
ECO 
ECO (EEDI, IHM, P, 
VEC-L, DIST, EAL, 
GW, OW)
SHIPRIGHT
((BWMP (T, S, F)) VECS)
CLEANSHIP 
(Prevention of sea 
and air pollution)
GREEN 
PASSPORT 
(IHM, BWE, BWT)
•	 BV I
•	 +HULL
•	 +MACH
•	 CSR
•	 CPS(WBT)
•	 ESP
•	 Unrestricted navigation
•	 +AUT-UMS
•	 +VeriSTAR-HULL CM
•	 MON-SHAFT
•	 CPS(COT)
•	 INWATERSURVEY
•	 BWT
•	 VCS
•	 IG
•	 SPM
•	 Tier III
•	 ERS-S
•	 LIHG-S3
•	 ETA
•	 ESA 
•	 CYBER MANAGED
•	 CLEANSHIP SUPER
Aegean Shipping | 2020 ESG Report
21

Efficiently 
managing and 
reducing waste
O
ur waste management system complies with international and local regulations, 
and its primary function is to control, manage and safely dispose all types of 
waste generated on-board our fleet. Through this system, we carefully monitor 
the three main types of waste generated on-board (i.e., garbage, sludge and bilge), 
while we also ensure that other forms of waste (i.e., plastics, glass, dunnage, paper, 
metal, bulbs, hazardous materials and batteries) are collected and sent for recycling. 
In addition, we have decided to proceed with the installation of garbage 
compactors in our fleet in order to reduce the volume stored on-board 
and then off landed. Compactors are on order for all our vessels, and will 
be installed during the next scheduled dry dock. The garbage compactors 
will reduce the garbage space on-board by approximately 70-80%.
We have been continuously making steps towards waste reduction and we 
have set goals to reduce the waste generated on-board by approximately 
1% annually. The increase of the waste generated on board our vessels in 
2020 (3,499 m3) in comparison with 2019 (3,006 m3), is justified by the 
increase of vessels in our fleet.
3,499 m3 
of waste generated on-
board our fleet in 2020
WASTE GENERATION (m3)*
* General waste includes waste produced by food, dunnage, paper, plastic, glass, metal and oil rags.
General waste
2014
0
1000
2000
3000
4000
2015
2016
2017
2018
2019
2020
Hazardous materials
Oily bilge
E/R Sludges
Aegean Shipping | 2020 ESG Report
22

Initiatives to 
protect the 
environment
In our efforts to protect the environment 
and reduce our environmental footprint, we 
have undertaken the following initiatives 
both on-board our vessels and at shore:
On-board: 
On-shore:
Elimination of non-essential single use items such 
as single-use plastic cups, plates and cutlery, food and beverage 
containers, food packing films, microwave dishes and replacement 
with sustainable alternatives such as tetra pack, glass or biodegradable 
plastics. Our target is to reduce the use of “single-use plastics” on-
board by 80% by the end of 2024. 
Reduction of food waste through new practices, trainings and 
campaigns to promote crew awareness.
Recycling of unwanted used computers and other 
electronic-waste using vendor’s “take back” policy.
Reduction of paper consumption. Developing a fully 
paperless system, providing high class electronic services to users, 
vendors, suppliers and seamen.
Use of reusable cups and bottles.
For all office employees.
Aegean Shipping | 2020 ESG Report
23

Social
4
Ensuring our peoples’ 
health and safety is the 
most pressing priority 
for us, especially during 
the COVID-19 pandemic. 
The health and safety 
framework that we apply 
in our operations, ensures 
that all dangers and risks 
are prevented in advance. 
We regularly update the guidelines set within this framework and we ensure 
that all measures are being applied properly and addressed effectively. We are 
committed to:
•	
Comply with applicable laws and regulations regarding employees’ health
•	
Provide safe and healthy working conditions and prevent injuries
•	
Conduct health & safety awareness trainings to our people
•	
Implement a robust Shipboard Occupational Health and Safety Program 
(SOHSP)
•	
Provide prompt access to Medical Care on board and ashore when needed.
Furthermore, we achieved our 
target and reduced both our Lost 
Time Injury Frequency and our 
Total Recordable Case Frequency 
ratios to zero. The comparison 
with 2019 figures is depicted in 
the following graph:
SHIPBOARD OCCUPATIONAL HEALTH AND SAFETY PROGRAM (SOHSP) 
Our occupational health and safety management system helps us monitor our performance and activities, through our 
related objectives and targets. By adhering to high health and safety standards and applying strong internal control 
mechanisms, we managed to achieve an outstanding performance during 2020:
0 fines
related to health & 
safety violations
0 PCS 
detentions for 
our vessels
17 deficiencies 
identified during PSC 
inspections
0 casualties
for severe marine 
accidents
0 Class
conditions / 
recommendations
Total Recordable Case Frequency
Lost Time Injury Frequency
0
1
0.95
2019
2020
Aegean Shipping | 2020 ESG Report
24

Maintaining an effective 
Health and Safety 
Management System
A
ll our employees, shore- based and sea- going, are responsible for 
implementing our Health and Safety Policy and are required to comply with the 
applicable standards and the ship’s occupational safety and health program. We 
increase employees’ awareness through continuous training programs for health and 
safety both on-board and ashore. 
Our health and safety management system is applied across all aspects of our 
operations, and its effectiveness is monitored through on-board inspections, drills, 
and internal audits at regular intervals. 
During 2020, the number of the on-board drills increased by 82% due to the 
increase in the number of vessels in our fleet and the on-board attendances by office 
personnel were six in total, reduced by nearly 57% due to the traveling restrictions 
and each vessels’ trading pattern.
We apply robust Near Misses and Drug & Alcohol policies and monitoring mechanisms. 
All vessels report near misses at least on a monthly basis. In 2020, we conducted 131 
Drug & Alcohol tests on-board our vessels and recorded 319 near misses, 43% of which 
were Stop Work Authority cases.
27
43
27
38
48
44
34
46
38
48
20
9
34
19
15
12
NUMBER OF REPORTED NEAR MISSES PER VESSEL
NUMBER OF ON-BOARD DRILLS 
2019
2020
Green
Attitude
Green
Aura
Grean
Planet
Green
Sea
Green
Sky
Green
K-Max 1
Green
K-Max 2
Green
K-Max 3
Green
K-Max 4
Green
K-Max 5
Green
K-Max 6
↑82% 
on-board drills in 2020
ZERO 
fatalities 
Zero accidents classified 
as serious both ashore 
and on-board.
2019
2020
473
860
Aegean Shipping | 2020 ESG Report
25

CREW AVERAGE EXPERIENCE IN RANK
Our crew
A
t Aegean Shipping, we consider the welfare and dedication of our crew as a 
fundamental piece of our business success. We recognize the importance of 
our crew development and invest on the increase of our pool with experienced 
seafarers.  During 2020, our fleet grew, and the total number of seafarers increased by 
approximately 27% compared to 2019. 
The majority of our seafarers are Filipinos and we also employ crew members from 
Greece and China. The average age of our seafarers as of December 31st, 2020 was 39 
years old and the average days spent on-board for 2020 was 195 days per seafarer.
The average days on-board for Filipinos was 192 days, for Greeks 145 days and for 
Chinese 225 days.
Our efforts are concentrated in maintaining a skilled and experienced pool of male 
seafarers on-board our vessels, maintaining our high-quality standards. For 2020, 
the average service years per position was 3.3, increased by approximately 4% in 
comparison with 2019.
SEAFARERS PER NATIONALITY
2019
2020
378 
total number 
of seafarers
39 
average 
crew age 
↑27% 
total number of 
seafarers in 2020
Philippines
284
0
12
2
337
38
3
0
China
Greece
Romania
Master
Chief Officer
Chief Engineer
2nd Officer
3rd Officer
2nd Engineer
Electrical Engineer
2019
2020
4.8
5.5
3.5
3.0
3.4
3.43
3.0
2.3
2.7
3.9
2.5
3.0
4.8
4.3
Aegean Shipping | 2020 ESG Report
26

$ 168,200  
training expenses 
Crew development 
and welfare
W
e focus on providing motivating and rewarding working conditions and 
equal opportunities for career advancement and skill-sets enhancement.  In 
2020, our crew retention rate was 100%, reflecting the level of on-board 
employees’ satisfaction.
We invest in our people and offer them fair and competitive remuneration, based on 
seafarers’ expertise and experience. In 2020, our average crew salary was at minimum 
110% more than the local GDP per capita (Philippines as it concerns the majority of 
our crew).
W
e promote equal opportunities for career and skills development. We offer 
a continuous training program that aims to assist our staff to develop and 
achieve their personal goals, while we also  invest on their upskilling process.
During 2020 we spent $113,400 in 276 training programs, nearly 11% more compared 
to 2019. The total number of trainings days were 454, approximately 26% less than in 
2019, due to COVID-19 restrictions and implications.
100% 
retention rate
454 
total training days
14 
crew promotions 
Aegean Shipping | 2020 ESG Report
27

Our employees ashore
O
ur experienced and high-skilled employees ashore are responsible for keeping 
our ships and business speeding ahead. The commitment of our ashore team 
and their sense of responsibility and professionalism, ensure the efficient 
operation of our fleet. The total headcount for the year ended December 31, 2020 is 
28 employees under full-time contracts.
We aim to provide equal career development opportunities and benefits and create 
a diverse, highly skilled, and experienced shore-based team that preserves human 
rights and is founded on mutual respect and ethical behavior. In 2020, 60% of our 
ashore personnel were women, approximately in the same levels in comparison with 
2019 and one male employee joined our team ashore. Moreover, we achieved our 
target to maintain our shore-based retention rate above 85% and increased it by 8% 
compared to 2019, while we maintained the employee turnover at 2.5%.
NEW HIRES
New hires
Internships
5
1
2
1
2019
2020
96% 
on – shore 
retention rate
60% 
of our employees 
are women
Health 
& Safety 
practices & 
policies
Environmental 
and Energy 
Management 
System 
Awareness
On-the-job 
trainings on 
programs 
and systems 
familiarization
Leadership 
and Team 
working skills 
Regulatory 
requirements
We invest in our people development and offer trainings, in order to enhance their skills. 
The training courses and programs conducted in 2020 include the following areas.
In our effort to create a work 
environment in which employees 
are enabled to perform to the 
best of their abilities, continuously 
develop their skills and enhance their 
business results we developed the 
Performance Management system. 
This refers to the valid and consistent 
evaluation of employees’ performance 
which contributes to the effective 
management of employees in order 
to achieve high performance. It 
encourages a two - way communication 
between individuals and managers, 
resulting in a concrete understanding 
of what is required, when it is required, 
and how the individual's contribution to 
the company’s results is measured. 
The feedback obtained through the 
process helps the company determine 
its employees’ development needs 
in order to provide them with the 
necessary training and tools to improve 
their performance and increase their 
potential. During 2020, all employees 
successfully completed the annual 
performance evaluation process.
Aegean Shipping | 2020 ESG Report
28

Promoting Sustainable 
procurement practices
Supporting our community
W
e aim to collaborate with reliable and qualified 
suppliers. We ensure that our suppliers comply with 
the requirements of ISO 9001:2015 or equivalent 
and that all supplied products, goods, parts conform to our 
purchase orders, contracts, agreement requirements. 
We also consider suppliers’ business practices and contingency 
measures, environmental and other certifications (i.e., ISO 
22301, ISO 14001), environmental practices (i.e., packing 
material), and policies or processes for environmental impact 
monitoring and reduction.
In our efforts to create and maintain sustainable and 
responsible relationships with all suppliers, we have developed 
a structured selection and evaluation process ensuring that our 
suppliers conduct their business in accordance with our quality, 
ethical, environmental, and social standards. 
The criteria of the supplier’s selection process include the 
size/structure of the company and the certification-policies 
(including environmental policies). We have established a 
wide range of evaluation criteria covering the commercial 
aspects (e.g., pricing, payment terms, etc.), timely and accurate 
quotations, on-time and quality of delivery, “end-user’s” overall 
satisfaction, accurate invoicing and problem-free P.O closeout, 
use of recycled cardboard boxes and biodegradable bags, 
“after sales” customer support as well as business continuity 
capabilities. 
The stores and provisions are shipped on-board as consolidated 
every three months and a separate delivery is prepared in 
urgent situations. 
In 2020, the total number of delivered orders was 2,931 and the 
consolidated shipments (spare parts) were in total 57.
C
orporate philanthropy and social responsibility are at the 
epicenter of our Company’s core strategy. We believe 
that giving back to the community in which we live and 
work in, is fundamental for our business. Thus, every year, we 
actively undertake several initiatives to support the common 
good. During 2020, some of our actions included the following:
Scholarships to Aegean University, a public, multi-campus 
university located in Lesvos, Chios, Samos, Rhodes, Syros 
and Lemnos Greece.
Support of Synenosis, the Greek Shipowners’ Social 
Welfare Company that was created as a collective platform 
of the maritime community for the development of social 
support and responsible initiatives that contribute to the 
country. 
Support of SOS Children’s Villages by providing medical 
supplies for COVID-19 prevention. 
Support to the Church of Greece.
57 
consolidated shipments of spares
2,931 
delivered orders in 2020
Παιδικά Χωριά
SOS
Ελλάδος
UNIVERSITY OF THE AEGEAN
-
Aegean Shipping | 2020 ESG Report
29

Governance
5
Executive officers
Role
Melisanidis George
Chairman 
Hondos Nikolaos
CEO
Kechris Christos
CFO
Koraki-Fragkia Olga
Head of Legal Department
Stamoudis Dimitrios
Compliance Manager DPA 
Panousi Georgia
HQSE Manager Deputy DPA/CSO
Aidonidis Lazaros
Operations Manager 
Stavropoulos Konstantinos
Technical Manager
Mendrinos Stamatis
Marine Manager 
Panagopoulou Eirini
Purchasing & Supply Manager
Dimakakos Ioannis
Chief Accountant 
CORPORATE GOVERNANCE STRUCTURE
The demanding and constantly evolving regulatory environment in which we operate, 
demands an effective corporate governance structure, which will quickly respond to 
the challenges and adapt to the economic and social conditions, by recognizing the 
risks and opportunities.
We have established an Executive Committee, responsible for the management of 
the company, which reports to the Board of Directors and to our Chairman. The table 
below presents the members of our executive committee:
Our Executive committee is responsible 
for the effective management of 
risks. As part of establishing a strong 
corporate governance framework, we 
identify, evaluate, monitor, and apply 
measures to mitigate the strategic, 
compliance, financial and operating 
risks, that may affect our vision and 
business objectives. 
SANCTIONS
We take actions in order to eliminate the risk of sanctions. During 2020, we developed 
our Sanctions Corporate Compliance policy that includes the restrictions applied 
by countries or international organizations in connection with certain countries, 
territories, entities or individuals. The policy will be in effect at February 2021. All 
employees shall be committed to the rules established in our Sanctions Compliance 
Policy.
Aegean Shipping | 2020 ESG Report
30

Strong ethical values
We are committed to promote an honest and trustworthy 
working environment, both on-board our vessel and ashore, 
protecting our corporate properties and information assets. 
Senior Management and all employees are required at all 
times to implement strictly and without deviations the 
Company’s Business Conduct and Ethics Policy and report any 
actual or suspected violation incidents. We have established 
monitoring mechanisms to ensure that our employees act 
honestly, ethically, and fairly towards our customers, suppliers, 
competitors and colleagues. During 2020, we recorded zero 
violations from our people on shore and at sea. 
Our strong corporate governance structure and practices 
ensure the mitigation of any ethical and corruption risks that 
might result from our activities. In 2020, we had no legal and 
regulatory fines and settlements associated with bribery or 
corruption and 9% of our vessel’s port calls were in countries 
that have the 20 lowest rankings in Transparency International’s 
Corruption Perception Index (CPI). The number of port calls in 
countries with lowest ranking during 2020, was increased by 
3% compared to 2019, due to the addition of new vessels to our 
fleet.
Our Harassment and bullying policy 
applies to all employees, as well as 
our sub-contractors and is related to 
incidents that might occur both at work 
(on-board and ashore) and outside the 
workplace (including work trips, work-
related events or social functions). Any 
incident of harassment, discrimination, 
hostile or vindictive behavior that violates 
the dignity of a person and creates 
an intimidating, hostile, degrading, 
humiliating or offensive environment, 
shall be immediately reported.
Our staff is required to comply with all applicable laws and 
regulations, as well as our internal policies and procedures. 
We have established a whistleblowing mechanism, 
that allows our employees to report anonymously any 
violation, concealment, crime committed or likely to be 
committed, non-compliance incidents, actions damaging 
the environment, illegitimacy practices, malpractice 
or unethical conduct incidents, misrepresentation of 
material facts, breaches of legal obligation or regulatory 
requirements, and finally, miscarriages of justice.
ZERO-TOLERANCE TOWARDS BRIBERY 
AND CORRUPTION, FRAUD AND DECEPTION
PREVENTING HARASSMENT AND BULLYING
Our 
Whistleblowing 
Policy
9% port calls 
in countries with the 20 
lowest rankings in CPI
0 violations 
of our Conduct & 
Ethics Policy
0 whistleblowing 
incidents
0 cases 
of harassment or bullying
Aegean Shipping | 2020 ESG Report
31

Business Continuity 
Management System
Cyber security 
awareness & actions
W
e were the first shipping company in Greece and the second worldwide 
to be awarded with the ISO 22301:2012 standard for Business Continuity. 
Following standard’s requirements and best practices we have implemented 
a Business Continuity Management System (BCMS) which aims to address significant 
disruptions that might affect our day-to-day activities, protect the safety of our staff 
and our reputation, and ensure the reliable delivery of our services. 
Our business continuity plan is implemented with the express intention of maintaining 
the continuation of our services to customers, while complying with relevant laws 
and regulations.  Therefore, all business continuity arrangements ensure that all 
vessels, customers, regulatory bodies, agents, suppliers and other interested parties 
will continue to have access, through normal channels (telephone, fax and e-mail), 
to their key contacts within our organization. The arrangements also ensure that the 
Company’s personnel will continue to perform all necessary activities and deliver 
services to our customers, regardless of any significant business disruptions.
Our Business Continuity Management System (BCMS) was successfully applied during 
COVID-19 outbreak without any disruption on our operations and services offered to 
our customers.
Loss, damage, or inaccessibility of business premises;
Loss or unavailability of critical information systems;
Loss or unavailability of key skills and or knowledge.
We have developed a Cyber Security Plan and vessel-specific Cyber Security 
Handbooks, that follow and exceed the requirements set by the Resolution 
MSC.428(98), adopted by the IMO, in order to mitigate the cyber risks associated with 
our operations, and strengthen the cyber security on-board our vessels.
By 2021, all of our vessels will be certified, following the industry’s requirements and 
cyber security’s best practices. 
We aim to enhance more the cyber security on-board our vessels the following years.
We have formulated a business continuity plan for all our activities with high risk 
rating results, to address the following threats:
0.52 
RTO (Recovery Time 
Objective) achieved 
during annual tests 
for 2020
Aegean Shipping | 2020 ESG Report
32

Appendix A
COMPANY’S KEY PERFORMANCE INDICATORS
Environment
2018
2019
2020
Average fleet EEOI (gr CO2 / Tonne – mile)*
20.33
10.09
9.76
Average Efficiency Ratio (AER) (gr CO2 / dwt– 
mile)**
4.06
     5.09
       5.26
Average fleet EEDI (gr CO2 / Tonne – mile)
3.79
CO2 emissions (‘000 tonnes)*
94.78
114.32
191.70
Fuel consumption (’000 tonnes)*
30.27
36.53
61.00
SOx (Tonnes)
-
701.29
234.17 
NOx (Tonnes)
-
3,234.50
5,103.54 
Total waste (m3)
3,112
3,006
3,499
% of fleet implementing BWT
20
100
100
Class recommendations
0
2
0
Spills to the marine environment
0
0
0
Social
2018
2019
2020
Number of seafarers
258
298
378
Crew promotions
13
22
14
Crew retention rate (%)
99.2
99.2
100
Lost Time Injury Frequency ratio (LTIF)
1.23
0.95
0
Marine casualties
0
0
0
On-board drills
406
473
860
Crew training days
444
615
454
On-board drug and alcohol tests
56
110
131
On-shore employees
27
28
27
Governance
2018
2019
2020
Corruption / bribery incidents
0
0
0
Violations of Code of Conduct
0
0
0
Number of port calls in bottom CPI countries
12
14
25
Code of Business Conduct and Ethics
√
Whistleblowing Policy
√
* Average fleet EEOI is calculated for the vessels owned and managed during all years.
** AER, CO2 emissions and fuel consumption were increased in 2020, due to the increase of the number of vessels in our fleet.
Aegean Shipping | 2020 ESG Report
33

Material issue 
Boundaries / Stakeholders affected
Compliance with environmental 
regulation & standards
Seafarers and office employees, Charterers / Brokers, Suppliers / Business 
Partners, Financial institutions, Flag States, International / Industry 
organisations, Port Authorities, Insurers / P&I Clubs, Classification Societies, 
Community and society
Water pollution prevention, control 
& compliance with respective 
regulations
Seafarers and office employees, Charterers / Brokers, Financial institutions, 
Flag States, International / Industry organisations, Port Authorities, Insurers / 
P&I Clubs, Classification Societies, Community and society
Air pollution reduction & 
compliance with respective 
regulations
Seafarers and office employees, Charterers /Brokers, Financial institutions, 
Flag States, International / Industry organisations, Port Authorities, 
Classification Societies
Fuel and energy efficiency
Seafarers and office employees, Charterers /Brokers, Financial institutions, 
Flag States, International / Industry organisations, Port Authorities, 
Classification Societies
Waste management and recycling
Seafarers and office employees, Charterers / Brokers, Suppliers / Business 
Partners, Flag States, International / Industry organisations, Port Authorities, 
Classification Societies, Community and society
Investments Research & Innovation 
in green technologies and 
alternative fuels
Seafarers and office employees, Charterers / Brokers, Suppliers / Business 
Partners, Financial institutions, International / Industry organisations
Material issue 
Boundaries / Stakeholders affected
Health and safety during 
COVID-19 outbreak
Seafarers and office employees, Charterers / Brokers, Suppliers / Business Partners, 
Financial institutions, Flag States, International / Industry organisations, Port 
Authorities, Insurers / P&I Clubs, Classification Societies, Community and society
Occupational health and safety
Seafarers and office employees, Charterers / Brokers, Suppliers / Business Partners, 
Financial institutions, Flag States, International / Industry organisations, Port 
Authorities, Insurers / P&I Clubs, Classification Societies, Community and society
Relationship with business partners
Seafarers and office employees, Charterers / Brokers, Suppliers / Business Partners
Appendix B
MANAGEMENT AND IMPACT OF MATERIAL ISSUES 
ENVIRONMENT
SOCIAL
The following table presents each material issue and the main 
stakeholder groups concerned with / affected by the issue.
Aegean Shipping | 2020 ESG Report
34

Material issue 
Boundaries / Stakeholders affected
Labor practices depicting the 
relationship between Management and 
employees
Seafarers and office employees, Charterers / Brokers, International / Industry 
organisations, Community and society
Employee training / competency 
development
Seafarers and office employees, Charterers / Brokers, Community and society
Community investments
Seafarers and office employees, Community and society
Remuneration & benefits
Seafarers and office employees, Community and society
Talent attraction and retention 
Seafarers and office employees, Community and society
Diversity and inclusion
Seafarers and office employees, Community and society
Career opportunities and advancement
Seafarers and office employees, Charterers /Brokers, Community and society
Material issue 
Boundaries / Stakeholders affected
Corporate governance, ethics and 
transparency
Seafarers and office employees, Charterers / Brokers, Suppliers / Business Partners, 
Financial institutions, International / Industry organisations, Community and society
Regulatory Compliance and application
Seafarers and office employees, Charterers / Brokers, Suppliers / Business Partners, 
Financial institutions, Flag States, International / Industry organisations, Port 
Authorities, Classification Societies
Financial performance
Seafarers and office employees, Charterers / Brokers, Suppliers / Business Partners, 
Financial institutions, Insurers / P&I Clubs
Security of transportation both physical 
and cyber security
Seafarers and office employees, Charterers / Brokers, Suppliers / Business Partners, 
Financial institutions, Flag States, International / Industry organisations, Port 
Authorities, Insurers / P&I Clubs, Classification Societies, Community and society
Risk mitigation and control
Seafarers and office employees, Charterers / Brokers, Suppliers / Business Partners, 
Financial institutions, Port Authorities, Insurers / P&I Clubs, Classification Societies
Commercial strategy & Commercial 
performance
Seafarers and office employees, Charterers / Brokers, Suppliers / Business Partners, 
Financial institutions
GOVERNANCE
Aegean Shipping | 2020 ESG Report
35

Category
Disclosure topic
Code
Page reference
GHG emissions
Gross global Scope 1 emissions
TR0301-01
18
Description 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
TR0301-02
-
Total energy consumed, percentage from 
heavy fuel oil, percentage from renewables
TR0301-03
-
Energy Efficiency Design Index (EEDI) for 
new ships
TR0301-05
17
Air Quality
Air emissions for the following pollutants: 
NOx, SOx, and particulate matter (PM)
TR0301-04
19
Ecological impacts
Shipping duration in marine protected 
areas and areas of protected conservation 
status
TR0301-06
-
Percentage of fleet implementing (1) 
ballast water exchange and (2) ballast water 
treatment
TR0301-07
20
Number and aggregate volume of spills and 
releases to the environment
TR0301-08
20
Employee health and safety
Lost time injury rate (LTIR)
TR0301-12
24
Business ethics
Number of calls at ports in countries 
that have the 20 lowest rankings in 
Transparency International’s Corruption 
Perception Index
TR0301-09
31
Amount of legal and regulatory fines and 
settlements associated with bribery or 
corruption
TR0301-10
31
Accident & safety 
management
Number of serious marine incidents
TR0301-11
25
Number of Conditions of Class or 
Recommendations
TR0301-13
24
Number of port state control (1) 
deficiencies and (2) detentions
TR0301-14
24
Appendix C
SASB MARINE TRANSPORTATION MATERIAL ISSUES
Aegean Shipping | 2020 ESG Report
36

Category
Disclosure
Section
Page
GRI 102
General 
disclosures
102-1 Name of the organization
About Aegean 
Shipping
5
102-2 Activities, brands, products, and services
102-3 Location of headquarters
102-4 Location of operations
102-5 Ownership and legal form
102-6 Markets served
102-7 Scale of the organisation
102-8 Information on employees and other workers
102-9 Supply chain
102-10 Significant changes to the organization
102-11 Precautionary Principle or approach
-
102-12 External initiatives
Environment
14
102-13 Membership of associations
102-14 Statement from senior decision-maker
Message from 
our Chairman
3
102-16 Values, principles, standards, and norms of behavior
Governance
30
102-17 Mechanisms for advice and concerns about ethics 
102-18 Governance structure
102-40 List of stakeholder groups
Our ESG Vision
11
102-41 Collective bargaining agreements
-
102-42 Identifying and selecting stakeholders 
Our ESG Vision
11
102-43 Approach to stakeholder engagement
102-44 Key topics and concerns raised
102-45 Entities included in the consolidated financial 
statements
About Aegean 
Shipping
5
102-46 Defining report content and topic Boundaries
Appendix B
34-35
102-47 List of material topics
Our ESG Vision
11
102-48 Restatements of information
-
102-49 Changes in reporting
-
102-50 Reporting period
About this report
4
102-51 Date of most recent report
-
102-52 Reporting cycle
About this report
4
102-53 Contact point for questions regarding the report
Contact Information
40
102-54 Claims of reporting in accordance with the GRI 
Standards
About this report
4
102-55 GRI content index
Appendix C
37-38
102-56 External assurance
Appendix D
39
Anti-corruption
GRI 103
Management 
approach
103-1 Explanation of the material topic and its Boundary
Our ESG Vision
12-13
103-2 The management approach and its components 
103-3 Evaluation of the management approach
GRI 205
Anti-corruption
205-3 Confirmed incidents of corruption and actions taken
Governance
30
GRI CONTENTS INDEX
Aegean Shipping | 2020 ESG Report
37

Category
Disclosure
Section
Page
Emissions
GRI 103
Management 
approach
103-1 Explanation of the material topic and its Boundary
Our ESG Vision
12-13
103-2 The management approach and its components 
103-3 Evaluation of the management approach
GRI 305
Emissions
305-1 Direct (Scope 1) GHG emissions
Environment
14
305-7 Nitrogen oxides (NOX), sulfur oxides (SOX), and other 
significant air emissions
Effluents and waste
GRI 103
Management 
approach
103-1 Explanation of the material topic and its Boundary
Our ESG Vision
12-13
103-2 The management approach and its components 
103-3 Evaluation of the management approach
GRI 306
Effluents and waste
306-2 Waste by type and disposal method
Environment
14
306-3 Significant spills
Environmental compliance
GRI 103
Management 
approach
103-1 Explanation of the material topic and its Boundary
Our ESG Vision
12-13
103-2 The management approach and its components 
103-3 Evaluation of the management approach
GRI 307
Environmental 
compliance
307-1 Non-compliance with environmental laws and regulations 
Environment
14
Employment
GRI 103
Management 
approach
103-1 Explanation of the material topic and its Boundary
Our ESG Vision
12-13
103-2 The management approach and its components 
103-3 Evaluation of the management approach
GRI 401
Employment
401-1 New employee hires and employee turnover 
Social
24
Occupational health and safety
GRI 103
Management 
approach
103-1 Explanation of the material topic and its Boundary
Our ESG Vision
12-13
103-2 The management approach and its components 
103-3 Evaluation of the management approach
GRI 403
Occupational health 
and safety
403-2 Types of injury and rates of injury, occupational diseases, 
lost days, and absenteeism, and number of work-related 
fatalities 
Social
24
Diversity and equal opportunities
GRI 103
Management 
approach
103-1 Explanation of the material topic and its Boundary
Our ESG Vision
12-13
103-2 The management approach and its components 
103-3 Evaluation of the management approach
GRI 405
Diversity and equal 
opportunities
405-1 Diversity of governance bodies and employees
Governance
30
Aegean Shipping | 2020 ESG Report
38

Appendix D
INDEPENDENT VERIFICATION STATEMENT
Aegean Shipping | 2020 ESG Report
39

2020
Aegean Shipping
ESG
Report
AEGEAN SHIPPING MANAGEMENT S.A.
10, Akti Kondili, Piraeus, Greece, 185 45
Tel.: (+30) 210 4586000 
Fax: (+30) 210 4586242
www.aegean-shipping.com
info@aegean-shipping.com
Copyright © Aegean Shipping Management S.A. 2021