In 2023, Precious Shipping completed a corporate carbon footprint assessment and publicly disclosed its greenhouse gas (GHG) emissions according to the GHG Protocol, covering Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from purchased energy) and Scope 3 (indirect emissions across the value chain).
Precious Shipping has also provided a category-level breakdown for 1 out of 15 Scope 3 emissions categories, offering greater transparency into its value chain emissions.
| Metric (tCO2e) | 2023 | 2022 | 2021 | 2020-2019 |
|---|---|---|---|---|
Total Scope 1 | 10,815a | 11,027a | 49,074a | |
Total Scope 2 | ||||
Location-Based | 87a | 68a | 64a | |
Total Scope 3 | 526,782a | 491,254a | 477,647a | |
Total Scope 1 Revenue Intensity (tCO2e/$M) | 73.0189a | 41.8311a | 189.3961a |
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In 2023, the total operational greenhouse gas (GHG) emissions of Precious Shipping amounted to 10,902 metric tons of CO2 equivalent. This figure includes both direct emissions from owned or controlled sources (Scope 1) and indirect emissions from purchased energy (Scope 2).a
Compared to 2022, the total operational greenhouse gas (GHG) emissions of Precious Shipping decreased by 1.74%, showing that the company has made progress in taking action to reduce the climate impact of its operations.a
In 2023, the total Scope 1 emissions of Precious Shipping were 10,815 metric tons of CO₂ equivalent (tCO₂e).a
Since 2021, Precious Shipping's Scope 1 emissions have decreased by 77.96%, reflecting a declining long-term trend in Scope 1 emissions over time.a
Compared to the previous year (2022), Precious Shipping's Scope 1 emissions decreased by 1.92%, highlighting the company's efforts to lower direct emissions from assets it owns or controls.a
In 2023, Precious Shipping reported Scope 2 greenhouse gas (GHG) emissions of 87 tCO₂e using the location-based method.a
Since 2021, Precious Shipping's Scope 2 greenhouse gas (GHG) emissions (Location-Based) have increased by 35.94%, reflecting a rising long-term trend in Scope 2 emissions over time.a
Compared to the previous year (2022), Precious Shipping's Scope 2 emissions (Location-Based) rose by 27.94% in 2023, suggesting that the company faced challenges in reducing emissions from purchased electricity and energya
In 2023, Precious Shipping reported its Scope 2 emissions using the location-based method.a
In 2023, Precious Shipping reported 526,782 metric tons of CO₂ equivalent (tCO₂e) of Scope 3 greenhouse gas (GHG) emissions, representing indirect emissions across its upstream and downstream value chain.a
The 2023 disclosure of Precious Shipping includes a breakdown across 1 of the 15 Scope 3 categories defined by the GHG Protocol, matching the level of disclosure in 2022, demonstrating consistent Scope 3 emissions reporting coverage year over year.a
In 2023, Precious Shipping reported total Scope 3 emissions of 526,782 metric tons of CO₂ equivalent (tCO₂e).a
Approximately 0% of these emissions originated from upstream activities such as purchased goods and capital goods, while 100% came from downstream activities like product use, distribution, and end-of-life treatment.a
Since 2021, Precious Shipping's Scope 3 emissions have increased by 10.29%, reflecting a rising long-term trend in Scope 3 emissions over time.a
Compared to the previous year (2022), Precious Shipping's Scope 3 emissions remained relatively stable, indicating that Precious Shipping's emissions have plateaued with no significant change in its value chain footprint.a
In 2023, Precious Shipping reported emissions for 1 out of the 15 Scope 3 categories defined by the GHG Protocol.a
The limited disclosure restricts visibility into specific emission sources across the company's value chain.
In 2023, the largest contributors to Precious Shipping's Scope 3 emissions were:a
In 2023, Precious Shipping reported Scope 1 greenhouse gas (GHG) emissions of 10,815 tCO₂e and total revenues of USD 148 millions. This translates into an emissions intensity of 73.02 tCO₂e per millions USD.a
In 2023, Precious Shipping reported a Scope 1 emissions intensity of 73.02 tCO₂e per millions USD. Compared to the peer group median of 685.46, this places the company below its industry benchmark, indicating it is more carbon-efficient than most competitors.a
In 2023, Precious Shipping ranked 6 out of 25 companies in its industry peer group, based on Scope 1 emissions intensity (measured in tCO₂e per millions USD).a
Precious Shipping is therefore positioned in the mid-range of its industry, neither a clear leader nor a laggard in carbon efficiency.a
In 2023, Precious Shipping reported a total carbon footprint of 537,684 metric tons of CO₂ equivalent (tCO₂e) across Scope 1, Scope 2, and Scope 3 emissions. This represents a 7.03% increase compared to 2022, suggesting a rise in emissions across its operations or value chain.a
The largest contributor to Precious Shipping's total carbon footprint was Scope 3 emissions, accounting for 97.97% of the company's total carbon footprint, followed by Scope 1 emissions at 2.01%.a