Norsul has just released its first sustainability report. Based on the guidelines proposed by the Global Reporting Initiative (GRI), with both quantitative and qualitative indicators, the document showcases the company’s initiatives related to business expansion, operational results, sustainability strategies, and financial outcomes. The report also highlights the company’s investments in environmental, social, economic, and governance areas, serving as a vital transparency tool for clients, investors, employees, and society at large.
Amidst growth and diversification strategies, aligning with ESG best practices is crucial for enhancing relationships with all stakeholders.
With the support of the specialized ESG consultancy Em Roda, which diagnosed existing ESG practices to identify material topics impacted by the business, Norsul established its position on sustainability guidelines and the focus areas for future actions. The first of these actions is the publication of its sustainability report, aimed at organizing, consolidating, and legitimizing current initiatives and the next steps in this strategy. Through this document, the company will further increase the visibility and transparency of its history, practices, competitive advantages, and sustainability results.
“Sustainability has always been a core value for Norsul, but its initiatives were previously isolated from the business strategy. This report is a crucial step in translating the evolution of our ESG agenda during this period of diversification and growth, placing us on par with other companies and clients that adopt the same practices,” says Rodrigo Cuesta, Commercial Director.
Norsul’s first Sustainability Report can be accessed here.
Operational, Economic, and Financial Performance
Norsul’s first sustainability report covers the company’s operational, economic, and financial performance as it celebrates 60 years in 2023. With 19 owned vessels and 67 chartered ones, Norsul completed around 600 voyages in 2023, 152 of which were made with chartered vessels. The company ended the year with net revenue of R$ 1.3 billion and a transported volume of 16.2 million tons, including 13.3 million tons of bulk cargo and 2.9 million tons of liquid cargo.
This performance ensured the ability to fund growth projects, both in the core business and for portfolio diversification. A significant milestone in 2023 was the launch of Norcoast, a joint venture between Norsul and Germany’s Hapag-Lloyd, one of the world’s leading maritime transport companies. This new venture marked Norsul’s entry into the coastal container shipping market.
Report Adopts Latest Dual Materiality Trends
In 2023, Norsul conducted its first materiality study, which incorporated the latest trends in dual materiality. This concept emphasizes the need for organizations to consider not only the environmental and social activities that impact the business and its surroundings but also external factors that affect financial performance.
The process involved a context study, including the maturity stage of corporate practices and analysis of internal documents according to GRI3 criteria. The material topics were presented, discussed, and approved, and Norsul commits to updating them as needed or at least every three years.
In this regard, the company established a Sustainability Commission in 2023, creating a sustainability strategy based on the materiality study, and set goals for the coming years, along with action plans monitored by the Commission, which includes representatives and managers from various areas. Another significant milestone was the publication of the Sustainability Policy, reinforcing the commitment to responsible business conduct.
Environmental Achievements and Actions
In the environmental pillar, Norsul achieved the Silver Seal in the 2023 GHG Protocol Cycle—the global benchmark for greenhouse gas (GHG) emissions management—and the Silver Seal from Ecovadis 2023, which evaluates the quality of a company’s social and environmental responsibility management system. Another milestone was the publication of the first version of the internal sustainability policy.
Since 2020, Norsul has been a signatory to the Getting to Zero Coalition, a Global Maritime Forum initiative aimed at fully decarbonizing the sector by 2050. To help achieve this goal, the company will continue investing in energy efficiency actions and systems on its vessels, among other initiatives.
Effluent management on ships is a critical aspect of maritime operations, as it can involve various substances, such as wastewater (from toilets, showers, kitchens), ballast water, and deck wash water, among others. Proper management of these wastes is crucial for complying with international regulations, requiring a combination of onboard treatment technologies, appropriate operational practices, and adherence to environmental regulations. In 2023, Norsul implemented ballast water treatment systems on all its vessels.
Commitment to Society and Governance
Given the global environmental challenges, the market is increasingly aware of the impact businesses have on the ESG agenda. Norsul reinforces its commitment to this agenda, its initiatives, and goals to achieve collective success.
Committed to protecting, promoting development, and ensuring the well-being and safety of its 548 employees, Norsul is also dedicated to creating an increasingly inclusive and respectful work environment. Whether at sea or on land, management processes include talent attraction and retention, human capital development through training, professional development programs, and more—in 2023, over 15,000 hours of training were conducted, considering the average training hours per employee.
In 2023, the company also conducted its first Diversity Census, with corresponding awareness and education actions. Among the company’s goals for the coming years are increasing the hiring and development of female and Black leadership, as well as expanding the participation of women in the maritime workforce.
Norsul believes that supporting social projects is crucial for promoting development, social inclusion, and building a more just, healthy, and sustainable society. To this end, it seeks to provide better opportunities for education, health, culture, and citizenship, contributing to reducing inequalities and improving people’s quality of life. In line with this, over R$ 2.2 million was invested through sponsorships and tax incentive laws in more than 25 initiatives in the regions where it operates.
Other notable achievements include the creation of the Mobiliza Volunteer Program, which offers employees various forms of support, and efforts in health, safety, and well-being both at sea and on land. In this context, initiatives and development programs, training, and working groups have been promoted to address organizational culture, diversity, innovation, and other topics.
The company also further strengthened its corporate governance with the consolidation of its Integrity Program, an initiative that fosters a culture of responsibility, honesty, transparency, and ethics in business. The program includes the Integrity Policy, the revision of the company’s Code of Ethics, integrity and ethics training, the strengthening of the Whistleblower Channel, and the Consequences Policy.
Two other areas are also part of Norsul’s corporate governance: human rights initiatives, including diagnosis and training on harassment and support for victims, and supply chain integrity, which aims for transparency and ethics in collaboration with other stakeholders, such as business partners and other organizations. In 2023, the company implemented a Risk and Control Management System to ensure the identification of improvement opportunities, reduce financial losses, and deliver excellent services.
“Sustainable investment is essential for long-term growth. With the publication of this report, we aim to advance in our sustainability journey, further developing processes, products, and services aligned with good environmental, social, and transparent governance practices that create value for society as a whole,” concludes Rodrigo Cuesta.
The report adheres to the Sustainability Accounting Standards Board (SASB) guidelines for the maritime transportation industry, a nonprofit organization that defines and develops industry-specific standards for disclosing sustainability risks and opportunities. The financial statements were audited by Deloitte Touche Tohmatsu (DTT), and the social and environmental indicators were collected and analyzed by the specialized consultancy Em Roda Estratégia e Sustentabilidade.
