(Cargo cover excludes revenue days related to inward-chartered vessels on variable, index-linked rates)
In 2017, we recorded near record low total injuries and injury frequency on our ships, most arising from relatively minor slips, trips, falls and crushing incidents.
We achieved our lowest ever lost time injuries frequency (LTIF) in 2017 which improved 13% year on year to 0.82. Our crew registered 14 such injuries in over 710,000 man days in the year.
Our total recordable case frequency (TRCF) increased 11% to 1.46 which remains low by industry standards. Overall, we have steadily reduced our TRCF by an average of 6% per year since 2004.
Our aim is to substantially eliminate our personal injury incidents and to improve on our lowest ever LTIF result of 0.82.
We aim to achieve an inspection deficiency rate of less than 1.0 defects per inspection by maintaining our ships to a high standard, as assessed by external Port State Control (PSC) inspectors.
In 2017, our average deficiencies per inspection improved by 27% to 0.54.
78% of our Port State Control inspections found zero regulatory deficiencies (2016: 72%).
These results are among the best in the industry, especially considering the scale of our activity in the Far East where defects are typically raised in larger numbers.
Our carbon intensity remains among the lowest in our segment due to the above technological and operational measures and the overall efficiency of our large, modern fleet.
Our aim is to maximise cargo carried per tonne of energy consumed.
Our fleet’s carbon emissions intensity in 2017 decreased 2% to 10.75 grams of CO2 per tonne-mile, as calculated using the industry-standard ship Energy Efficiency Operational Indicator (EEOI) method. Our ships operated at slightly faster average operating speeds in 2017 as optimised by our proprietary Right Speed Programme based on prevailing freight rates and fuel prices. The reduction in our carbon intensity was therefore largely driven by the increased efficiency of our fleet as our last seven newbuildings and seven modern acquisitions delivered into our ownership. We continued to apply technologies and practices that we implemented in earlier years to minimise our fuel consumption and emissions, and benefitted from the delivery into our fleet of new and modern ships of efficient design.
In 2017, we added seven newbuilding and seven modern ships to our fleet on the water, and the average age of our owned ships was 8.5 years as at 31 December 2017. One more delivered in early 2018. All these acquisitions are efficient ships of excellent design for our trades.
We aim to not have any pollution incidents.
In over 36,200 ship days in 2017, our owned fleet committed no marine pollution violations (2016: no pollution violations). This MARPOL performance is indicative of the effectiveness of our Pacific Basin Management System and the high standard of professionalism of our seafarers.
Investor Engagement – Our share capital is held by a diverse range of institutional, private and corporate investors, so we consider it important to make ourselves accessible to a wide spectrum of shareholders and members of the investor community to enhance their understanding of our business. The number of investor contacts during a year is a key measure of our engagement with investors.
Investor Perception Studies – We gauge feedback on our Annual Report, management team, Investor Relations programme, corporate governance and group strategy through an annual written, online and verbal investor study.
Our 2017 Investor Perception Study shows that 94% of respondents consider Pacific Basin management to be good at articulating strategy, and 94% say we have a very high transparency in our disclosures.