Odfjell SE - Chemical Tanker Industry Update

In 2018, IMO defined their initial 2050 strategy to reduce overall emissions from shipping by 50% Overall timeline for IMO GHG reduction MEPC 72 (2018) Resolution on initial strategy to reduce GHG emissions from ships MEPC X (2023) Complete short-term measures and review initial strategy Carbon intensity reduction EEDI vs. 2008 baseline (%) EEDI and SEEMP introduced 2010 Emissions reporting1 Potential EEDI strengthening² 2015 2020 EEDI Phase 1 EEDI Phase 2 -10% -20% -30% -40% -50% -60% EEDI is a mandatory design requirement for new ships. The index sets increasingly strict carbon intensity standards to gradually phase-in more energy efficient ships -70% 2025 EEDI Phase 3 2030 2035 2040 IMO target: EEDI trajectory not specified Point at which we believe alternative fuels need to play part of the role to achieve further improvements 1. Mandatory IMO data collection system: All vessels >5 000 GT required to collect and report fuel oil consumption data 2. IMO considering to change EEDI basis from payload (cargo) to DWT ("EEXI") Source: Source: IMO 28 50% emissions reduction vs. 2008 baseline 70% reduction of new vessels energy intensity 2045 2050

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