We are committed to sustainable practices that align with global ethical goals. From reducing our environmental impact and promoting social inclusivity to maintaining high governance standards, we believe in creating lasting value for our stakeholders, business partners, and society, through transparency and shared progress.
Every year, Island Oil sets strategic objectives with specific environmental and social targets. These objectives are thoroughly evaluated during the Management Review Meeting to ensure they align with our Policies, Mission, and Vision.
Our sustainability strategy involves two key approaches. Firstly, we aim to achieve the highest standards of sustainability within our Group through ambitious targets. Secondly, we strive to optimize our positive impact on the environment and society.
We are proud to present our first Sustainability Report, offering stakeholders insight into our significant impacts on the economy, environment, and society. The report provides information on how we manage these impacts, focusing on key sustainability topics to help stakeholders make informed decisions about our long-term value creation.
The data covers the periods from January 1, 2022, to December 31, 2023, with 2021 data included for comparison. We are committed to publishing our approach and results annually.
The report consolidates information from our subsidiary companies, including Island Petroleum Limited, Island Oil Limited, NavTech Supplies Ltd, Petronav Ship Management Limited, Petronav Maritime Limited, Danaos Systems (Cyprus) Ltd, and E.J. Papadakis Ltd, aligning with our audited consolidated financial statements.
The report is prepared according to the GRI Standards 2021 and SASB Oil and Gas – Midstream standards. It also considers our impact on the United Nations Sustainable Development Goals (UN SDGs).
The analysis of key topics is essential for identifying our Group’s priorities for sustainable growth. In 2023, we conducted our first materiality assessment to pinpoint and prioritize the most important sustainability issues based on our business model, following the GRI Standards 2021.
This process involves identifying and evaluating the positive and negative impacts of our operations, services, and products, as well as our value chain activities. We consider the effects on the economy, environment, people, and human rights to ensure we address the most critical sustainability topics.
Discover how we prioritize sustainability to create value and drive progress through our 2022/2023 ESG Report.
