Sustainability and ESG

Environmental, social and governance Review

Operating Sustainably

Sustainability is about creating a positive impact on people and the planet while achieving sustainable growth and delivering long-term value. At ICG, this philosophy is central to how we execute our business strategy. It means minimising the impact of our operations on the environment while striving to achieve ambitious growth targets.

ICG is a key player in maritime transportation, connecting Ireland, the United Kingdom, and Continental Europe through passenger services, Roll On/Roll Off freight, and Container Lift On/Lift Off freight. As a critical link in the transport chain, we are acutely aware of the broader economic importance of our services. While marine transport remains one of the most carbon-efficient modes of transportation, the scale of goods and passenger movement still generates emissions that we are committed to reducing.

We recognise that the maritime sector, classified as a hard-to-abate industry, faces unique challenges in its decarbonisation journey. Chief among these is the reliance on carbon-based fuels, which are energy-dense, cost-effective, and supported by existing infrastructure but carry a substantial carbon footprint. Transitioning away from these fuels requires overcoming technological, regulatory, and economic hurdles.

Regulatory Momentum

The maritime industry is undergoing a transformative shift, driven by stringent new regulations such as the inclusion of maritime transport in the EU Emissions Trading System (EU ETS) in the current year and the implementation of FuelEU from 2025. These measures aim to reduce emissions by making carbon-intensive activities costlier, thus accelerating the development of low-carbon alternatives.

While these regulations pose challenges, we welcome the clarity and direction they provide for the industry’s decarbonisation efforts. They also enable long-term investment decisions aligned with global sustainability goals and offers less chance of market distortion leading to carbon leakage.

Last year, the International Maritime Organization (IMO) updated its strategy on reducing greenhouse gas emissions from ships, increasing its decarbonisation ambition to target net-zero emissions across the maritime sector by around 2050. This marks a significant shift from its 2018 targets. At ICG, our current targets are based on the IMO’s 2018 framework, and we acknowledge the enhanced ambition set out in the 2023 strategy. We are in the process of assessing its implications for our own decarbonisation pathway. We continue to support consistent international regulations as key to addressing this global challenge, effectively.

Additionally, we are preparing for the Corporate Sustainability Reporting Directive (CSRD) and its detailed reporting requirements.

The Climate Crisis

The past year was marked by record-breaking climate extremes, with 2024 declared the warmest year on record by NASA. Rising temperatures have intensified droughts, wildfires, and flash floods, impacting both human and animal habitats and underscoring the urgent need for action.

Taking Action

Despite the formidable challenges, we are taking decisive action as noted in the environmental section of our report. Our approach focuses on reducing emissions, surpassing regulatory requirements, whilst ensuring economic viability, in order to deliver value for our shareholders.

While carbon-based fuels remain the primary option for now, the landscape is evolving rapidly, with promising advancements in alternative fuels and efficiency measures. At ICG, we are actively exploring these opportunities, including biofuel trials for our Fast Craft Dublin Swift. We are prepared to scale these efforts as reliable and cost-effective supplies become available.

In partnership with our ports, we are assessing the infrastructure investments required to support the maritime sector’s transition. Initiatives like shore power and alternative power sources will play a critical role as technologies mature, enabling retrofits or replacements for vessels of our operational scale. For further details on likely requirements see our note on Green corridors.

Environment

Decarbonising Our Vessel Operations

The maritime industry is recognised as one of the most challenging sectors to decarbonise due to the scale of operations and the current lack of widely available alternative fuels for large vessels. Our vessel operations represent approximately 95% of our Scope 1 emissions. At ICG, our decarbonisation strategy focuses on two key levers: enhancing fuel efficiency in the short term and transitioning to alternative fuels in the long run. These measures will ensure we meet industry and regulatory expectations while advancing sustainability across our fleet.

Enhancing energy efficiency

Enhancing the energy efficiency of our fleet remains a cornerstone of our immediate decarbonisation efforts. Through initiatives like our Green Voyage Program, we optimise port operations, navigation, and speed management to reduce fuel consumption. Advanced fleet management software, such as S-Insight, provides real-time environmental performance data, enabling improved operational decisions. Our engine power management system enhances vessel responsiveness through real-time monitoring and adjustment, while regular hull maintenance, including drydocking and the application of innovative, non-toxic anti-fouling paints, reduces drag and improves performance.

In 2024, we also further trialled the use of biofuels in our ships, marking an important step toward integrating sustainable fuels into our operations. This trial demonstrated a measurable reduction in emissions and reinforced the potential for biofuels to play a larger role in our fleet’s future energy mix. Biofuels can reduce emissions by up to 80% compared to conventional fuel sources, although security of supply and cost remain significant issues. We see the use of biofuels expanding as part of our broader efforts to lower emissions and improve environmental performance.

These measures, supported by our experienced crews and efficient port operations teams, ensure precision and efficiency in daily operations, aligning with international frameworks like the IMO’s Ship Energy Efficiency Management Plans (SEEMPs) and energy efficiency design regulations (EEDI and EEXI).

Long Term decarbonisation

The transition to green fuels is critical for long-term decarbonisation. While challenges persist due to infrastructure and availability constraints, we are actively preparing for the adoption of alternative fuels. Our fleet modernisation strategy aims to position us for the adoption of energy-efficient vessels capable of operating on alternative fuels as infrastructure and technology become viable. Retrofitting existing vessels for dual-fuel capabilities is an area of ongoing exploration, contingent on future developments in fuel availability and infrastructure readiness. Additionally, our involvement in green corridor projects, such as the Dublin-Holyhead Green Corridor Study, aims to understand the foundational infrastructure and partnerships required to support future transitions. Green corridors are specific shipping routes where low- and zero-emission solutions are prioritised and supported by enabling infrastructure, policy frameworks, and collaboration across the maritime sector. At the same time, we collaborate with marine technology innovators to trial emerging technologies, such as air lubrication systems that will further improve fleet efficiency.

ICG is also committed to integrating cutting-edge solutions into our operations. For example, we are experimenting with silicone-based hull coatings to reduce water resistance and improving fuel efficiency through upgraded turbochargers and propeller blades. Continuous data gathering under EU MRV (Monitoring, Reporting, and Verification) and IMO DCS (Data Collection System) frameworks ensures transparency in emissions tracking, enabling us to refine strategies and measure progress effectively.

By balancing immediate operational efficiencies with long-term investments in innovative technologies, ICG is charting a course toward a more sustainable future for the shipping industry.

Collaboration for Sustainability

Addressing the significant challenge of decarbonising the maritime industry requires collective action and innovation. At ICG, collaboration remains central to our decarbonisation efforts. We actively engage with industry stakeholders, regulatory bodies, and technology partners to address shared challenges and drive innovation. We contribute to leading initiatives such as the Dublin-Holyhead Green Corridor Study, exploring the feasibility of zero-emission shipping routes and alternative fuel infrastructure. Additionally, our partnerships with the Smart Freight Centre and the Clean Cargo programme support the advancement of best practices across the sector, particularly in transparent and standardised greenhouse gas (GHG) emissions calculations and reporting within logistics.

We embed sustainability into our operations by improving vessel efficiency, enhancing terminal facilities, and developing multimodal transport solutions. Through these collaborative efforts, we aim to support the transition to more sustainable practices, contributing to the ongoing adaptability of our sector and minimising environmental impacts.

Metrics and targets

Over the past number of years, we have commenced collection and disclosure of a range of measures used to assess and manage climate-related risks and opportunities. We have disclosed our scope 1 and scope 2 emissions and have now developed our reporting on our scope 3 emissions, which is set out further below. ICG also adheres to limits on sulphur content of fuel oils, in relation to sulphur oxide (Sox) emissions from the shipping sector, investing approximately €25 million on the installation of exhaust gas cleaning systems (EGCS) in our owned and operated fleet.

Targets

Vessel operations

Our targets are based on the IMO (International Maritime Organisation, a UN body) 2018 specific targets. We note the updated 2023 strategy on reduction of GHG emissions from ships. We are still in the process of assessing the impact of this updated ambition for ourselves.

For 2024, our targets were based on the 2018 IMO ambition:

  • 40 percent reduction in carbon intensity from shipping operations by 2030 compared to 2008 levels.
  • 50 percent reduction of all GHG from shipping operations by 2050 compared to 2008 levels.

The IMO’s strategy to achieve these goals is to require ever greater levels of efficiency standards from the global fleet. As our starting point we aim to be compliant with all these initiatives over the coming years and will work to achieve the ever-greater levels of technical efficiency requirements, in the years to come. We expect these increased efficiency standards, will be a significant contributor to achieving of our carbon intensity target for 2030. We have set the operational and technical measures that we are employing to further achieve these goals in the report above.

These will be challenging targets for us to achieve considering our expansion onto the Dover – Calais route which significantly expands our business footprint. We are confident as we optimise our operations and new technologies become available, we will achieve our targets in due course.

Baseline years data

Given the length of time since our baseline years and the type of data required, there are challenges to estimate reliably our carbon metrics from those years due to the availability of data. We have made a best estimate of our footprint from our baseline years based on best available data.

Our Progress to date

For our vessel targets, we are measuring our performance against baseline targets using intensity metrics that are based on using “RoRo units” carried for the RoRo fleet (RoRo Fleet: gC02/ RoRo Units/ NM) and TEU’s carried for the Container Fleet (Container Fleet: gC02/ TEU’s/ NM). Our current progress is set out below. Our performance on Ro Ro’s has remained relatively static year on year at 38% while our intensity values for our container vessels has improved by 12% to 58%, the increase is driven by increased load factors in 2024 compared to 2023.

On our 2050 absolute reduction ambitions of 50% from our 2008 baseline, it will only be when our propulsion technology changes that we will achieve meaningful progress on this metric, given the growth of our business since 2008 and our resulting expanded GHG footprint.

Operational Efficiency

Our operational efficiency strategy is driven by improving the small (and not so small) elements of our operations to ultimately drive greater optimisation and which will ultimately decrease our emissions. This is a lever we can apply in the short term as the technologies and the supply chains for alternative fuels are being developed.

  • Implementing a green voyage program to optimise factors like port operations, navigation, and speed management. We continuously review all aspects of our operations for the cumulative margin impacts.
  • We utilise advanced fleet management software, S-Insight, for environmental performance monitoring and data analytics.
  • Real-time vessel performance monitoring through an engine power management system, enhancing vessel responsiveness.
  • Regular drydocking for hull maintenance.
  • Deploying experienced crews and efficient port operations teams.
  • Continuous improvement of vessel performance in line with Ship Energy Efficiency Management Plans (SEEMPs).
  • Researching and trialling accessible alternative fuels, such as sustainable biofuels.

Green Corridors: Driving Decarbonisation in Maritime Transport

The maritime industry faces a monumental challenge: decarbonising an essential sector that underpins global trade. Green corridors represent a vital step forward, focusing on routes where decarbonisation can be accelerated. By creating the necessary fuel and electricity infrastructure and stimulating demand, green corridors serve as proof-of-concept projects, demonstrating the viability of large-scale maritime decarbonisation.

At ICG, we are committed to developing green corridors as a pathway to achieving our long-term decarbonisation strategy. Collaborating with partners—including competitors, ports, and specialists—we aim to transform specific routes into beacons of sustainable innovation.

The Challenge of Decarbonisation

Decarbonising the maritime sector is complex due to its reliance on carbon-intensive fuels and the vast scale of operations. Key issues include:

  • Fuel Infrastructure: Transitioning to alternative fuels like methanol, hydrogen, ammonia, requires extensive infrastructure development.
  • Electricity Infrastructure: Electrifying operations demands robust grids capable of handling increased demand, including shore-side power facilities and renewable energy integration and generation.

Building Green Corridors

Our approach focuses on specific routes where resources can be concentrated to facilitate decarbonisation. By addressing fuel and electricity infrastructure needs, we:

  • Build and enhance critical infrastructure.
  • Stimulate demand for alternative fuels.
  • Develop resilient systems supporting long-term sustainability.

These efforts align with ICG’s vision of achieving significant reductions in its own emissions, as we have set out in the environmental section of this report.

Collaborating for Success

Creating a green corridor requires collaboration at every level. We have partnered with our local ports, our competitors and specialists to:

  • Address technical and logistical barriers.
  • Advocate for supportive policies and regulations.
  • Ensure the availability of alternative fuels and renewable energy sources.

One such collaboration is the Dublin-Holyhead Green Corridor Study. Supported by the International Green Corridor Fund, this initiative explores the feasibility of establishing a zero-emission shipping route between Dublin and Holyhead. The study evaluates e-methanol as a fuel option, alongside other low-carbon alternatives, and assesses infrastructure needs and economic impacts. If successful, this corridor will serve as the first zero-emission route between the UK and Ireland, advancing ICG’s decarbonisation goals.

The Scale of the Opportunity

Decarbonising a single route represents a significant achievement, showcasing the potential of sustainable transformation. By focusing on green corridors, we:

  • Build momentum for broader adoption of sustainable practices.
  • Inspire confidence among stakeholders, including customers and governments.

The Role of Government Investment

Developing green corridor infrastructure requires significant investment. While private sector contributions are crucial, government support is vital to:

  • Fund large-scale projects.
  • Establish policy frameworks that incentivise decarbonisation.
  • Drive innovation through research and development grants.

Resilient Infrastructure: A Legacy for the Future

Green corridors are a foundation for resilient infrastructure that supports future challenges. By prioritising scalability and adaptability, we aim to:

  • Support evolving technologies and energy sources.
  • Strengthen the overall resilience of the maritime sector.

Green corridors offer a transformative opportunity to decarbonise the maritime industry. At ICG, we are committed to leading this effort through partnerships and investments. Our participation in initiatives like the Dublin-Holyhead Green Corridor Study underscores our dedication to achieving long-term sustainability. With collective support, including significant government investment, we can pave the way for a cleaner, greener future for maritime transport.

“Green corridors represent a vital step forward, providing focused routes where decarbonisation can be accelerated.”

Decarbonising our Terminal Operations

We have set an ambitious carbon reduction goal for our container terminals of achieving a Net Zero Scope 1 and 2 operations by 2030 and achieving a 70% reduction in emissions by 2025.

As part of the strategy to achieving these ambitious targets, we have undertaken significant investment in our terminal business of over €30.4 million over the last few years. This investment has been focused on the electrification of our heavy equipment predominantly our container lifting cranes and the underlying electric infrastructure. 80% of our heavy equipment is now electrified and powered by renewable energy saving over 1,400 tonnes of carbon a year.

Having achieved this milestone, our focus has now switched to reviewing the remainder of our operations and determining what next can be done to achieve our net Zero goal for our terminal operations by 2030.

Over recent years we have continued to invest in our yard tug fleet. While diesel powered, they are some of the most efficient in class. These new vehicles feature systems that are estimated to reduce NOx and Particulate matter by up to 93% from earlier vehicle types. When investing in these new vehicles, there were no commercially viable greener alternatives to diesel powered engines on the market that would suit our operational profile. We are now seeing this change and this year we were able to trial a battery-operated yard tractor for the first time, while ultimately given our current configuration, it was not an immediate fit. It represents an incredibly encouraging milestone when looking at the long-term development of zero emissions technologies being deployed within our terminals.

As an intermediate step to reduce our emissions from our yard vehicles, we are trialling the use of HVO/Biofuels which would further reduce our emissions by up to 80+% depending on the blend being deployed. There are some barriers to deployment being cost and operational considerations with the vehicles themselves. For our smaller transportation vehicles, we have been reducing our carbon footprint by replacing diesel-powered vehicles with battery-powered ones and investing in electric charging infrastructure. Company cars are being replaced with electric and hybrid models in line with replacement cycles with electric charging infrastructure available onsite. Other initiatives include investment in solar panels and Led lighting systems.

Supporting our customers

We are also looking to see how we can support our customer’s ships utilising our terminal, for example in supporting the deployment of onshore power in collaboration with relevant harbour authorities over the coming years. The wider grid capacity continues to be a significant bottleneck to this development in the short to medium term.

These will be multiyear projects that will require the collaboration of various stakeholders including the port authorities, the government, the electric supply companies given the infrastructure required and our customers.

Targets

For our terminal operations we have set the following ambitious targets:

  • 70 percent reduction in Scope 1 and 2 emissions by 2025.
  • Net zero Scope 1 and 2 operations by 2030.

Terminals Decarbonisation plan progress

On our terminal 2025 reduction targets. we have achieved approx. 62% of the target required to date, 10% of which was achieved during 2024. To achieve our 2025 goal, we are investigating the use of biofuels in our yard tractors, the other major component of our terminal carbon footprint, the major barrier being security of supply and cost. It is only as a last resort that we will consider a carbon offsetting programme to achieve our target.

New modern cranes

Our new modern cranes are designed for continuous operation in all but the most extreme weather conditions, enhancing reliability and represent a significant step toward our Net Zero 2030 goal for our terminal operations. These investments have increased our capacity by approx. 20% at our Dublin terminal, thus positioning these assets at the heart of Dublin Port growth ambitions which are forecasted to grow to 77 million gross tonnes by 2040 as set out in the Dublin Port masterplan.

Total Global Emissions:

In 2024, we set out our scope 3 emissions data for the first time. During 2024, we completed a GHG foot printing exercise on our historical data with the aid of our consultants. These results were then certified to ensure accuracy. We then used this methodology to calculate our 2024 metrics. In line with other shipping companies, our scope 1 emission are over 70% of our total emissions, which further validates our prioritising of our scope 1 emission sources to date. We have set out our actions to reduce these emissions and the potential difficulties to do so over the long term, above.

On a total basis our emissions have decreased by approx. 1% (or 9,000 t Co2e) primarily due to changes in the fleet configuration. In the short term, we will continue to monitor our scope 3 emissions, and we will continue to work with our suppliers to both improve the accuracy of our reporting and collaborate on ways to reduce our emissions going forward.

Our Multimodal approach

Passenger Sail and Rail

We are delighted to have partnered with rail services in Ireland, the UK and France to offer sail and rail tickets for passengers travel to these destinations. For example, these tickets now allow a connection from any train station in Ireland to over 2,400 stations in Britain and indeed onwards to Europe via our Irish/ French routes. Last year, there were over 20,000 tickets sold.

Ferries and trains are highly energy-efficient compared to air travel, emitting just a fraction of CO2 per tonne-km.

Container Business

At Eucon, we recognise the critical role container transport plays in reducing carbon emissions and supporting sustainable supply chains. Our fast, direct container service between Rotterdam and Dublin ensures that perishable and urgent consignments reach the market swiftly, minimising both transit times and emissions.

Operating between Ireland, and countries across the European continent, our door-to-door container services leverage the extensive European road, rail, and inland waterway networks through the hub ports of Rotterdam and Antwerp. By offering multimodal delivery options, including rail and barge, we enable our customers to significantly lower their carbon footprint compared to traditional road transport.

In mainland Europe, our flexibility in delivery methods means we can tailor solutions that prioritise sustainability without compromising efficiency. Our modern container fleet is designed to optimise capacity and speed while reducing fuel consumption wherever possible.

In Ireland, while delivery options remain more constrained, we are actively exploring greener alternatives to support decarbonisation. Our commitment to sustainability drives us to continuously evaluate and innovate in our operations, ensuring that we provide solutions aligned with our customers’ environmental goals.

Our customers benefit not only from reliable and efficient transport but also from significant opportunities to reduce their environmental impact and align with their sustainability objectives.

Responsible consumption

At ICG we are committed to minimising waste, conserving resources, preventing pollution, and protecting biodiversity. Given the nature of our operations, safeguarding marine life remains a top priority. We work tirelessly to prevent spills and accidental releases, addressing any incidents swiftly and effectively to mitigate their impact.

Zero Tolerance for Illegal Waste Dumping

We uphold a strict zero-tolerance policy for illegal waste dumping at sea. Our vessels leverage high-quality port reception facilities, and we collaborate with ISO-certified waste management partners to ensure responsible collection and treatment of waste generated both at sea and on land. All our vessels are equipped with advanced oil recovery systems to recycle spent oils, and we conduct regular inspections of our partners’ facilities to ensure compliance with waste treatment protocols.

Environmentally Safe Practices

Our commitment to minimising harmful impacts on the marine environment includes using specialised, TBT-free, MARPOL-compliant, non-toxic paints to reduce the release of pollutants. Additionally, all our vessels hold an Inventory of Hazardous Materials (IHM) certificate, demonstrating our dedication to controlling hazardous substances onboard. We fully comply with the EU Ship Recycling Regulation (SRR) and the Hong Kong Convention (HKC) for environmentally sound ship recycling.

Circular Economy Contributions

At our Dublin offices, we partner with waste management experts who employ Solid Recovered Fuel (SRF) and Refuse Derived Fuel (RDF) processes. These methods recover and recycle metals and process waste for alternative fuel and electricity production, reducing landfill usage and contributing to the circular economy. Food and garbage waste from our vessels is incinerated ashore for biosecurity reasons, further aligning with sustainable practices.

Minimising Plastics and Pollution

As part of the UK Chamber of Shipping pledge, we continuously work to minimise shipborne waste and eliminate plastics entering the sea. Reflecting this commitment, we have removed all single-use plastics from our vessels, supporting global efforts to combat marine pollution.

Promoting Awareness and Accountability

To ensure the success of our waste management initiatives, each department and crew has designated waste management champions. These individuals oversee compliance with waste segregation procedures, conduct regular checks at segregation areas, and promote awareness of responsible consumption practices.

Through these collective efforts, we strive to minimise our environmental footprint while upholding our dedication to responsible resource consumption and marine protection.

Potable Water Use

Potable water is sourced from certified suppliers and stored onboard under certified sanitary conditions. For vessels equipped with desalination systems, we produce potable water directly from seawater, reducing reliance on external supply chains. Routine water quality testing ensures that all water—whether sourced or produced—meets our stringent quality standards.

To conserve this vital resource, we utilise flow controllers to minimise consumption. Where regulations permit, seawater is used for non-potable purposes, treated as necessary before being safely discharged back into the sea.

Water Recycling Initiatives

At our Dublin Inland Port facility, one of the most water-intensive locations in our terminals business, we have implemented an innovative container wash water recycling system. This technology reduces freshwater consumption by up to 90%, transforming used and contaminated wash water into clean, reusable water through biological and separation processes.

Ballast Water Management

Ballast water management is critical for maintaining vessel stability and safety, but its discharge can introduce invasive marine species and disrupt ecosystems. Our short-haul routes within the same body of water significantly reduce these risks compared to long-haul, intercontinental operations.

To further safeguard the marine environment, we have invested in Ballast Water Treatment Tank installation projects across our fleet. These systems treat ballast water to minimise environmental risks.

Additionally, vessels like the Dublin Swift and the Isle of Innisfree either do not use ballast water or rely solely on internal tanks, completely avoiding external ballast water discharge risks.

By embracing these advanced technologies around our Ballast Water Management, we are reducing our environmental footprint while supporting global efforts to protect water resources and marine biodiversity.

Sustainable Materials in Container Design

By 31 December 2024, approximately 25% of the Group’s container fleet - 1,273 containers - featured bamboo flooring. Bamboo is a renewable resource that regenerates from its roots, offering a more sustainable alternative to hardwood trees due to its rapid growth and self-renewing properties.

Containerised Provisioning

To further reduce our environmental footprint, we have minimised the number of deliveries to our vessels by using containerised provisioning. This approach reduces packaging waste and transportation emissions, contributing to more sustainable operations.

Embracing the Circular economy

The transition to a circular economy in Europe offers significant opportunities for ICG to contribute meaningfully to sustainable value chains. As a key logistics partner, we play a vital role in transporting recyclable materials to leading recycling facilities across the continent, where they are transformed into reusable resources.

Currently, we transport approximately 9,500 twenty-foot equivalent units (TEU) of recyclable materials annually from Ireland to advanced recycling facilities in Europe. This effort highlights our commitment to enabling the repurposing of materials, reducing waste, and supporting the principles of a circular economy.

We view this as just the beginning. ICG is dedicated to identifying new opportunities to expand our role in this essential movement, helping to close the loop and contribute to a more sustainable future.

Noise Management and Environmental Stewardship

At ICG, we are committed to minimising our environmental footprint, which includes addressing the acoustic environment within the ports of our transport network. We understand the impact that noise can have on local communities and prioritise proactive measures to reduce disturbances while fostering harmonious relationships with our neighbours. To ensure the safety of our staff and minimise disruptions to the broader community, we equip our operational vehicles with state-of-the-art alarm technologies designed to dissipate noise effectively. Our RTGs (Rubber-Tyred Gantry Cranes) are engineered to use “soft” container landing procedures, further reducing operational noise.

We regularly monitor these noise emissions to ensure adherence to local environmental guidelines. Within Dublin Port, external noise monitors are deployed to track activity and provide actionable data. This proactive approach helps us maintain compliance with established noise regulations while contributing to a quieter and more pleasant soundscape. Over the past four years, no noise complaints have been registered in relation to our activities.

Water Conservation and Management

At ICG, we strive to optimise water use across our operations, ensuring sustainable practices while minimising environmental impact. Although we do not operate in areas of high-water stress, as identified by the World Resources Institute Aqueduct tool, we remain focused on conserving water resources and improving efficiency wherever possible. We have set out water volumes consumed within our environmental data tables.

Waste Management

We continue to focus on minimising waste, recycling materials where possible, we do this through continuous collaboration with ship managers and waste management partners across our office locations and served ports, we implement best practices to optimise waste management processes and minimise environmental impact.

Sustainable Crew Uniforms

For several years, we have equipped our crew with uniforms made from 95% recycled polyester derived from plastic bottles. This initiative not only underscores our commitment to sustainability but also prevents plastic waste from reaching oceans and landfills. By purchasing approximately 2,288 of these garments in 2024 alone, we recycled the equivalent of 41,200 plastic bottles. This long-standing programme demonstrates our dedication to integrating environmental responsibility into our procurement practices.

OCEAN Project

We are delighted to be a founding partner of the OCEAN Project, an international initiative aimed at assessing the causes and consequences of navigational accidents, including incidents involving marine mammals and floating objects. This project has received funding from the European Union’s Horizon Europe research and innovation programme.

The OCEAN Project is a pioneering effort that delves into, enhances, tests, and advances navigation systems and training methods. By equipping seafarers with a deeper understanding of their surroundings and decision-making tools, the project seeks to empower them to make informed choices.

In addition to improving navigation, the project also envisions the creation of a European navigational hazard data infrastructure.

This infrastructure will gather and disseminate multi-source observations and hazard predictions, particularly in relation to floating containers and large aggregations of marine mammals. By integrating this information into the existing distributed maritime warning infrastructure, the project aims to enhance navigational safety across European waters.

Upon completion, the consortium behind the OCEAN Project intends to transfer this data ecosystem to relevant European organisations for ongoing deployment and maintenance. The potential impact of this project is substantial—it has the capacity to significantly reduce the occurrence of navigational accidents, thereby saving lives, safeguarding the environment, and mitigating economic losses.

Furthermore, the OCEAN Project’s efforts contribute to the development of new technologies and standards that will benefit maritime safety for years to come. This initiative exemplifies a mutual beneficial scenario, fostering progress in the industry while simultaneously protecting the environment and enhancing the safety of maritime operations.

Task Force on Climate-Related Financial Disclosures (TCFD)

We set out our disclosures that are aligned to the Task Force on Climate-Related Financial Disclosures framework.

Details of how ICG is making progress in implementing the recommendations of the TCFD are set out below. In addition to the four key areas of governance, strategy, risk management and metrics and targets, a complete Appendix cross referencing disclosure against the 11 recommendations are set out below.

Governance

Climate-related risks and opportunities are managed and are being integrated as a core component of strategy and performance from the highest level of the business. As a leading maritime transport group, in what is an increasingly regulated industry, we recognise how important it is for us to play a leading role in driving more sustainable shipping. Our purpose and strategy are fully aligned to this goal and we ensure that climate risks and opportunities are at the forefront of day-to-day activities and operations. Oversight of climate-related issues is provided by the Board as a whole, with support from the Audit and Risk Committee, in particular in relation to climate risks and opportunities. We have set out further details of how climate risks and our risk management process interact, in our risk report. Management provides regular updates to the board on the wider sustainability agenda including climate risks and opportunities periodically throughout the year.

Strategy

Through our purpose, commitments to contribute to the UN SDG and from regulation, ensuring our strategy is aligned with reduced impact on the environment is a core component of our efforts. It is for this reason we have made significant strides in detailing our environmental impact over the past years while also committing to reducing that impact, with data and effective governance at the heart of those steps.

To gain a better understanding of how climate change might impact our business, we have qualitatively reviewed different scenarios occurring over the coming years. These assessments looked at potential physical and transitionary risks of a changing climate such as flooding and water stress, as well as the risks associated with a transition to a low-carbon economy such as international climate policy and the impacts of carbon pricing. As an industry with stringent environmental-related regulations, the implications of regulatory steps have been a core part of our scenario analyses since before the introduction of the TCFD.

The analysis evaluated the implications for ICG’s facilities, fleet and suppliers, as well as the impacts on our consumers. The analysis of both physical and transition risks showed that in both scenarios there is likely to be some financial risks which would need to be managed, but none that would materially impact our business model.

Risk management

Climate-related risk management is integrated into our enterprise risk management process, as detailed extensively in the Risk Management section. The enterprise risk management process is designed to identify, assess, monitor and report on all risk related to the business. Through the TCFD lens, ICG prioritised the climate risk and opportunity assessment, and set out the following risks and opportunities related to climate change:

A summary of the main climate related risks is set out:

Type

Description

Potential financial impact

Metrics and Targets

Physical Risks

Extreme weather events

Decreased schedule integrity, asset damage, increased costs

Schedule integrity, Gross margin

Biodiversity loss

Increased cost of goods due to shortages

Gross margin

Transition Risks

Carbon emission allowances

Increased costs to maintain service levels

Gross margin

Meeting EEXI/EEDI requirements

Asset devaluation, additional capital investment

EEXI Ratings

Failure of carbon reducing investments

Increased costs due to higher carbon intensity

Gross margins

Poor ESG ratings

Increase financing costs due to limited debt options

Achieved ESG Rating

Transition Risks

Unavailable debt financing for capital projects

Increased financing costs

Interest cover

Opportunities

Investment in fuel-efficient capital assets

Cost reduction, reduced emissions

GHG Emissions, Gross margin

Opportunities

Market leadership and operational excellence

Increased revenues and profits

Gross margin

Task Force on Climate-Related Financial Disclosures Appendix

Governance

Strategy

Risk Management

Metrics and Targets

Disclose the organisation’s governance around climate related risks and opportunities.

Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning where such information is material.

Disclose how the organisation identifies, assesses, and manages climate-related risks.

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.

Recommended Disclosures

(a) Describe the board’s oversight of climate-related risks and opportunities.

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

Group Strategy and Corporate Governance

(a) Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term.

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

(a) Describe the organisation’s processes for identifying and assessing climate-related risks

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

(a) Disclose the metrics used by the organisation to assess climate related risks and opportunities in line with its strategy and risk management process

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

(b) Describe management’s role in assessing and managing climate-related risks and opportunities.

Refer to

Managing Climate Change Risks

(b) Describe the impact of climate related risks and opportunities on the organisation’s businesses, strategy, and financial planning.

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

(b) Describe the organisation’s processes for managing climate-related risks.

Refer to

Managing Climate Change Risks

(b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks.

Refer to

Task Force on Climate-Related Financial Disclosures

Environmental Data

(c) Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.

Refer to

Task Force on Climate-Related Financial Disclosures

Managing Climate Change Risks

(c) Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s overall risk management.

Refer to

Risk Management

Managing Climate Change Risks

(c) Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets.

Refer to

Metrics and targets

EU Taxonomy

Background

General

The Taxonomy is a classification system for the financial market based on Regulation (EU) 2020/852, listing economic activities sustainable in terms of climate and the environment. The EU Taxonomy (Taxonomy Regulation (Regulation (EU) 2020/852)) goal is to create a “definition” of what is considered environmentally sustainable for a business and allow for a redirection of capital flows to more sustainable economic activities. The taxonomy creates a list of economic activities and then sets out a list of criteria/ standards that each activity must achieve to be taxonomy aligned and be deemed to be environmentally sustainable. Transport including maritime transport is included in the list, recognising its importance to wider economy and its potential impact on the environment. The Group has voluntarily applied certain aspects of the requirements of the EU Taxonomy Regulation and provided a subset of the necessary disclosures that the regulation requires.

Taxonomy Reporting

The EU defines six main environmental objectives against which the company’s different economic activities are assessed.

These environmental objectives are:

(a) climate change mitigation,

(b) climate change adaptation,

(c) sustainable use and protection of water and marine resources,

(d) transition to a circular economy,

(e) pollution prevention and control, and

(f) protection and restoration of biodiversity and ecosystems.

The process to calculate the disclosures requires us to:

  • identify what activities are eligible and non-eligible under the taxonomy meaning whether our business activities are included on the taxonomy list or not. Those activities that meet the description on the list are deemed to be eligible.
  • assess whether the technical criteria or standards set out in the legislation for each activity is met by the business for example one of the key criteria of activity 6.10 ‘Sea and coastal freight water transport, vessels for port operations and auxiliary activities’ are whether the ships in use have Zero tail pipe emissions. A taxonomy aligned economic activity is an economic activity that meets all of the following requirements:
    • The economic activity contributes substantially to one or more of the environmental objectives (Substantial Contribution)
    • It does not significantly harm any of the other environmental objectives pursuant to Art. 17 of the taxonomy regulation (Do no significant harm)
    • It is carried out in compliance with the minimum safeguards as per Art 18 of the taxonomy regulation, which are intended to ensure that an economic activity can only be considered sustainable if it also meets the international human rights standards. In addition to respect for human rights (including labour rights) the minimum safeguards also cover bribery and corruption, taxation and fair competition.
  • This analysis is then disclosed in KPI form based on the template provided by the regulation.

As the reporting practice develops and expands, we will review and update the reporting of taxonomy-eligible KPIs and related accounting policies accordingly.

Our Economic Activities

We examined the relevant taxonomy-eligible economic activities under the Delegated Regulation on the basis of our activities. ICG core businesses are the transportation of people and goods on our Ro- pax ferries and container ships on our designated routes. All integrated services necessary to and dependent on the operation of vessels for the combined transport of freight and passengers on sea or coastal waters are also considered. This includes service activities incidental to water transportation such as; on board passenger services, group stevedoring services and door-to-door container transport services that are component activities embedded within our sea transport offerings to customers.

These business activities align to activity 6.10 Sea and coastal Freight including passenger activity in relation to the environmental objective of “climate mitigation”. Based on analysis of economic activity under the EU taxonomy, we did not identify any activities that specifically address the environmental goal of climate adaptation. In order to avoid double counting, the activities are also not considered taxonomy- eligible for this environmental objective.

None of the groups activities are “aligned” for the remaining environmental objectives of Sustainable use and protection of water and marine resources, Transition to a circular economy, pollution prevention and control, protection and restoration of biodiversity and ecosystems. This means that our business activities are not listed on the areas targeted under these objectives.

We have assigned our activities to the following economic activities in accordance with Annex I and II of the Climate Delegated Act.

The following table shows the environmental objective to which the activities are relevant:

Economic Activity

Climate Change Mitigation

Climate Change Adaption

Protection of water and marine resources

Circular Economy

Pollution Prevention

Restoration of Biodiversity

6.10 Sea and coastal freight including passenger activity

Yes

No

N/a

N/a

N/a

N/a

Taxonomy Disclosures

Activity

Total ‘M

Proportion Taxonomy eligible

Proportion Taxonomy non eligible

Proportion Taxonomy Aligned

Proportion Taxonomy Non Aligned

6.10 Sea and coastal freight including passenger activity

Turnover

603.8

100%

0%

0%

100%

Capex

115.1

100%

0%

0%

100%

Op ex

534.7

100%

0%

0%

100%

Turnover KPI

The total turnover of €603.8 million for the financial year ending 31 December 2024 is the basis for the denominator for the turnover KPI as presented in the Consolidated Income Statement.

Assessment of Eligible activities

The Group determines it has Taxonomy-eligible undertakings in accordance with activity 6.10 ‘Sea and coastal freight water transport, vessels for port operations and auxiliary activities’ (Annex I: climate change mitigation/ Annex II: climate change adaptation).

All integrated services necessary to and dependent on the operation of vessels for the combined transport of freight and passengers on sea or coastal waters are also considered eligible and are therefore included within the reported metrics below. This includes service activities incidental to water transportation such as; on board passenger services, Group stevedoring services and quay-to-door container transport services that are component activities embedded within our sea transport offerings to customers. As a result, 100% of our operations are deemed eligible.

Assessment of Aligned Activities

We have assessed the substantial contribution criteria for both the climate change mitigation criteria and the adaptation criteria as set out in the delegated acts. We have found that none of the eligible activities are aligned given the various technical criteria tests. Given the age of our vessels, notwithstanding the significant investments made, for example the installation of scrubbers to improve their technical ability minimising the output of sulphur and other particulate matters, they do not meet the technical criteria set out in the delegated acts for mitigation or adaption. From an adaption perspective, we do not meet the technical criteria associated with the substantial contribution criteria, as a business, we operate with a number of key stakeholders and the development of robust physical adaptation solutions given the low-level nature of the ports is challenging.

OpEx KPI

The amounts reflecting direct non-capitalised costs relating to short-term leasing, maintenance and repair expenses and any other direct expenditures relating to the day-to-day servicing of Group assets or third parties to whom the activities are outsourced that are necessary to ensure the continued and effective functioning of such assets were considered for the denominator calculation.

The numerator is derived from an analysis of the operating expenses associated with Taxonomy-eligible activities. As with our turnover, 0% of eligible OpEx is aligned.

CapEx KPI

The capital expenditures amount to €115.1 million, comprising strategic and maintenance capital expenditures. The sum of the additions that reflect investments in Taxonomy-eligible activities forms the numerator. As with our turnover, 0% of eligible CapEx is aligned. Notwithstanding for example the work carried out on electrification of the terminals and the impact this has had on reducing our carbon footprint, our interpretation of the taxonomy legislation is this expenditure is not eligible for inclusion.

EU Taxonomy Accounting policies

The taxonomy KPIs are calculated as followed:

  • Taxonomy revenue KPI = Eligible revenue / Total revenue
  • Taxonomy opex KPI = Eligible opex / Total opex
  • Taxonomy capex KPI = Eligible capex (additions) / Total capex (additions)

Turnover

Turnover consists of Total operating revenues. See Consolidated Income Statement in our Annual Report alongside note 4 for details of the Groups revenue generation. The associated critical accounting policies are set out in Note 2 of our Annual Report.

Capex

Capex consists of additions to fixed assets and right-of-use assets. See Note 12 & 14 of the Consolidated financial statements.

Opex

Opex consists of Total operating expenses. See Consolidated Income Statement of our Annual Report. The associated critical accounting policies are set out in Note 2 of our Annual Report.

Metrics and tables

The following represents our data, the operations included, represents all assets and operations that ICG have operational control for the year ended 2024.

Environmental Data

Shipping Operations

Topic

Relevant Metric

2024

2023

2022

Unit of measure

SASB Reference

Greenhouse gas emissions

Gross global Scope 1 shipping emissions

548,214

544,663

519,082

Metric tons (t) CO2-e

TR-MT-110a.1

Total energy consumed

6,959,303

6,960,046

6,665,199

Gigajoules (GJ)

TR-MT-110a.3

Percentage heavy fuel oil

82.97%

76.91%

62.99%

Percentage (%)

TR-MT-110a.3

Average Energy Efficiency Design Index (EEDI) for new ships

N/a

N/a

N/a

TR-MT-110a.4

Air quality

NOx (excluding N20)

10,977

11,242

10,614

Metric tons (t)

TR-MT-120a.1

SOx

1,192

1,177

830

Metric tons (t)

TR-MT-120a.1

Particulate Matter (PM10)

733

711

448

Metric tons (t)

TR-MT-120a.1

Ecological Impacts

Shipping duration in marine protected areas or areas of protected conservation status

Nil

Nil

Nil

Number of travel days

TR-MT-160a.1

Percentage of fleet implementing ballast water exchange

100%

100%

94.12%

Percentage (%)

TR-MT-160a.2

Percentage of fleet implementing ballast water treatment

100%

100%

68.75%

Percentage (%)

TR-MT-160a.2

Number of spills and releases to the environment

1

Nil

Nil

Number

TR-MT-160a.3

Aggregate volume of spills and releases to the environment

0.6

Nil

Nil

Cubic meters (m3)

TR-MT-160a.3

Workforce health and safety

Lost time incident rate from seafaring operations

2.3

2.2

0.8

Rate/ Million hours

TR-MT-320a.1

Business ethics

Number of calls at ports in countries that have the 20 lowest rankings in Transparency International’s Corruption Perception Index

Nil

Nil

Nil

Number

TR-MT-510a.1

Total amount of monetary losses as a result of legal proceedings associated with bribery or corruption

€Nil

€Nil

€Nil

Euro

TR-MT-510a.2

Accident and safety management

Number of marine casualties

1

3

1

Number

TR-MT-540a.1

Percentage classified as very serious

0%

0%

0%

Percentage (%)

TR-MT-540a.1

Number of port state detentions

Nil

Nil

3

Number

TR-MT-540a.3

Activity

Average Number of shipboard workers

717

720

725

Number

TR-MT-000.A

Total distance travelled by vessels

1,029,621

1,017,471

996,292

Nautical miles (nm)

TR-MT-000.B

Operating days

4,694

4,430

4,450

Days

TR-MT.000.C

Deadweight tonnage

125,683

125,739

121,039

Deadweight tons

TR-MT-000.D

Number of vessels in total shipping fleet

14

14

15

Number

TR-MT-000.E

Owned

12

11

12

Number

Chartered in

2

3

3

Number

Number of vessel port calls

14,006

14,234

14,089

Number

TR-MT-000.F

Twenty-foot equivalent (TEU) capacity (Container fleet)

5,449

4,890

5,462

TEU

TR.MT.000.G

Land Based Operations

Relevant Metric

2024

2023

2022

Unit of measure

Scope 1 emissions from land-based operations

2,802

2,752

2,890

Metric tons (t) CO2-e

Scope 2 emissions from land-based operations

Located based

2,355

2,138

2,252

Metric tons (t) CO2-e

Market based

144

104

Nil

Metric tons (t) CO2-e

Total Scope 1 and 2 emissions from land-based operations

(Using Market based scope 2 emissions)

2,946

2,825

2,890

Metric tons (t) CO2-e

Total energy consumed

67,008

66,347

69,268

Gigajoules (GJ)

Percentage renewable

45.23%

43.95%

43.59%

Percentage (%)

Overall Group

Relevant Metric

2024

2023

2022

Unit of measure

Gross Global Scope 1 emissions

551,016

547,215

521,971

Metric tons (t) CO2-e

Gross Global Scope 2 emissions

(Using Market based scope 2 emissions)

178

104

128

Metric tons (t) CO2-e

Total Scope 1 and 2 emissions

551,194

547,319

522,099

Metric tons (t) CO2-e

Scope 3 Emissions - Purchased goods & services 

36,760

32,597

33,410

Metric tons (t) CO2-e

Scope 3 Emissions - Capital goods 

7,736

11,548

18,841

Metric tons (t) CO2-e

Scope 3 Emissions - Other fuel- and energy-related activities

124,206

124,142

117,864

Metric tons (t) CO2-e

Scope 3 Emissions - Upstream transport & distribution

6,333

6,365

7,438

Metric tons (t) CO2-e

Scope 3 Emissions - Generated waste

5,300

4,768

5,459

Metric tons (t) CO2-e

Scope 3 Emissions - Business travel

115

355

350

Metric tons (t) CO2-e

Scope 3 Emissions - Employee commuting

11

11

11

Metric tons (t) CO2-e

Scope 3 Emissions - Upstream leased assets

28,166

41,575

44,767

Metric tons (t) CO2-e

Total Scope 3 Emissions

208,627

221,361

228,140

Metric tons (t) CO2-e

Total GHG Emissions

759,821

768,680

750,239

Metric tons (t) CO2-e

Total fuel consumed

172,385

171,911

163,410

Metric tons (t)

Total energy consumed

7,026,921

7,026,946

6,735,200

Gigajoules (GJ)

Waste

Total municipal Solid waste

10,362

9,465

11,571

Cubic metres (Cm)

Total waste and oil sludge

6,758

6,198

5,226

Cubic metres (Cm)

Total Freshwater consumption

130,970

107,746

107,374

Cubic metres (Cm)

Total Water discharge

129,163

107,746

107,374

Cubic metres (Cm)

Key Terms, Definitions and Commentary

Terms

Definitions

Commentary

Scope 1 emissions

Direct GHG emissions from sources that are controlled by the Group.

The Group determines its Scope 1 emissions boundary in line with the Greenhouse Gas Protocol (GHG Protocol) using the principle of operational control. In establishing assets under operational control, consideration is given to the length of any charter arrangements, the responsibility for the purchase and consumption of the fuel and the responsibility for the operational activity of the asset being used. CO2 emissions from shipping are calculated using emission factors referenced in IMO Resolution MEPC 245 (66) 2014 “Guidelines on the method of calculation and the attained Energy Efficiency Index (EEDI) for new ships”. Scope 1 emissions from land-based activities are calculated in line with GHG Protocol calculation tools.

There are some locations which are leased and have bundling arrangement on some costs, which means that activity-based data are not always available. We expect data availability to improve in the future.

Scope 2 emissions

GHG emissions from the generation of purchased electricity consumed by the Group.

Scope 2 emissions are calculated in line with the GHG Protocol.

Location based (CO2e):

All indirect emissions related to purchased energy; electricity or heating/cooling where ICG has operational control as defined by the Greenhouse Gas Protocol – calculated based on the emission intensity of local grid area where the electricity usage occurs.

Market based (CO2e)

All indirect emissions related to purchased energy; electricity or heating/cooling where ICG has operational control as defined by the Greenhouse Gas Protocol – calculated based on electricity consumption including contractual purchases of renewable energy

Scope 3 emissions

Scope 3 emissions (CO2 e):

Emissions related to procured goods and services (category 1), capital goods (category 2), fuel- and energy-related emissions (category 3), upstream transportation and distribution (category 4), waste (category 5) business travel (category 6), employee commuting (category 7) and Upstream leased assets (category 8). Scope 3 emissions are based on a mixture of spend and volume data.

The emission factors primarily derive from the following data sources Defra/ EXIO and USEEIO data bases depending on the nature of the spend/ activity.

CO2-e

Carbon dioxide equivalent units.

CO2-e includes direct CO2 emissions plus emissions of other gases converted to CO2 based on their equivalent global warming potential.

NOx

Nitrogen Oxides

NOx emissions from shipping are calculated using guidance from the NOx Technical Code and MARPOL Annex VI Regulation 13, Nitrogen Oxides (NOx). Emissions from land-based activities are calculated in line with GHG Protocol calculation tools.

SOx

Sulphur Oxides

SOx emissions are calculated by fuel-based emission factors. For vessels with exhaust gas cleaning systems (EGCS), a reported SO2/CO2 emission ratio is used to determine the level to which the sulphur content has been scrubbed down. Group SOx emissions have significantly reduced since the installation of exhaust gas cleaning systems.

PM10

Particulate matter

The mass of PM10 is calculated by means of an energy-based emission factor depending on engine type, engine tier and type of fuel consumed. Default emission factors proposed by the Fourth IMO GHG Study July 2020 were applied.

Lost Time Incident Rate

Lost time incidents per 1 million hours worked

A lost time incident is an incident that results in absence from work beyond the date or shift when it occurred.

Marine Casualties

An event, or sequence of events, that occurs directly in connection with the operations of a ship and results in death, serious injury or loss of a person from a ship or material damage to a ship, collision of a ship or material damage to marine infrastructure external to a ship or to the environment.

The reported marine casualties in 2024, related to an incident that occurred during the year, that resulted in a small fuel spill from one of the ships. It was quickly contained, and no long-term ecological issues were noted.

Shipboard workers

Those who work on aboard operated vessels (including direct employees and contractors)

The Group discloses an average number of shipboard workers per vessel across operating vessels per year. Shipboard workers have remained consistent year on year.

Operating days

The number of available days in a reporting period minus the aggregate number of days vessels are off-hire due to unforeseen circumstances

Operating days have remained consistent year on year.

People

At ICG, our people are the driving force behind our success. We take pride in fostering a high-performing, customer-focused workforce built on trust, collaboration, and shared purpose. Our culture encourages vertical and horizontal teamwork across the organisation, creating an environment where constructive challenges to the status quo are embraced to achieve continuous improvement.

Focused on excellence

Our people are driven by a shared commitment to delivering excellence. Their focus on achieving outstanding results is a strategic pillar that underpins the successful execution of our goals and initiatives.

A Supportive Culture

We are committed to creating a workplace that prioritises the well-being, development, and recognition of our team members. Our approach integrates safety, health, and personal growth, fostering an environment where employees feel valued and supported. This alignment between individual and organisational goals drives engagement, boosts morale, and enhances productivity.

Continuous Growth

At ICG, we prioritise hiring for potential and cultivating the growth of our team members through meaningful and challenging opportunities. As a “Learning Organisation,” we foster a culture of continuous improvement, underpinned by our Learning & Development Policy and Talent Review Process. This proactive approach ensures our employees are consistently upskilling, adapting, and realising their full potential.

“We take pride in fostering a high-performing, customer-focused workforce built on trust, collaboration, and shared purpose.”

People Strategy

Our people strategy is categorised by our focus on these key areas:

Leadership Focus

Strong leadership is a cornerstone of our success. Through tailored Leadership Programmes, we equip individuals identified through succession planning with the skills and support needed to advance within the organisation. These initiatives are designed to cultivate confident, capable leaders who drive our vision and inspire excellence.

Health and Wellbeing

The health and wellbeing of our team members are of utmost importance. We support them with flexible work practices and family-friendly policies. Throughout the year, we organise events that not only focus on physical health but also address the equally critical aspect of mental health.

Reward and Recognition

To recognise and reward the dedication and high achievements of our team, we offer competitive salaries along with a range of incentives. This ensures that our team members feel valued and appreciated for their contributions to our business.

Reward and recognition are not only linked to our Talent Review Process but is actively acknowledged throughout the year.

Safe and Supportive Environment

At ICG, we are committed to fostering a safe, inclusive, and empowering workplace where every team member can thrive. We champion a “speak up” culture that encourages open dialogue, the challenging of norms, and the free expression of ideas without fear of retribution. Respect and dignity form the foundation of our business practices, ensuring a supportive environment for all.

Empowering Our Team

We have robust policies in place, including Bullying & Harassment, Equality, Diversity & Inclusion, Dignity & Respect, and Whistleblowing, to provide our employees with the means to speak up against inappropriate behaviour or processes. These policies ensure that every team member has a voice and a process for addressing any concerns.

Diversity & Inclusion

Our Commitment to Diversity & Inclusion

At ICG, we are committed to fostering a workplace where every individual is respected, valued, and empowered to thrive. We believe that a diverse workforce enhances our organisation, bringing together a rich array of skills and perspectives that drive creativity, innovation, and competitiveness.

Our Guiding Principles

Our approach to attracting, recruiting, developing, and retaining exceptional talent is built on three core principles:

  • Diversity: We celebrate individuality and the unique contributions of each person. Our strength lies in embracing diversity and working collaboratively to deliver outstanding results for our people and stakeholders.
  • Equality: We are dedicated to creating equal opportunities by removing barriers, challenging biases, and ensuring fair access for all.
  • Inclusion: We foster a culture where differences are not just recognised but celebrated. Our inclusive environment empowers everyone to succeed, guided by our core values of impartiality, honesty, integrity, and objectivity.

Our Vision

We aspire to be an organisation where everyone feels engaged, respected, and integral to our shared success. Supporting a positive work-life balance is key to this vision. Through flexible and hybrid working arrangements, we ensure the needs of our team members are balanced with the goals of our business.

Advancing Diversity, Equality, and Inclusion

A diverse workforce is a cornerstone of our competitive advantage. While we acknowledge the maritime industry’s historical gender imbalance, we are actively working to drive change. By enhancing policies and refining recruitment processes, we are committed to improving the representation of women and fostering a culture of inclusion across all levels of our organisation.

Progress in Gender Diversity

Our recent efforts have yielded significant progress in achieving greater gender balance. Women now represent 33% of our Board members, and we have seen a year-on-year increase of 2% in our overall gender balance, bringing it to 43%. We remain dedicated to continuing this momentum, recognising the vital role diversity plays in our success.

31 Dec 2024

31 Dec 2023

31 Dec 2022

Total number of employees

290

288

290

Male

164

168

177

Female

126

120

113

% Female

43%

41%

39%

Full time

282

272

271

Part time

8

16

19

% Part Time Female

62%

83%

83%

Board members

6

6

6

Male

4

4

4

Female

2

2

2

% Female

33%

33%

33%

Management staff

57

51

51

Male

44

40

40

Female

13

11

11

% Female

23%

19%

22%

Total number of new employee hires

28

25

38

Total number of departures

26

31

48

Turnover rate

9.7%

10.7%

16%

Male

12%

12%

8.5%

Female

9%

9%

13%

Safety First

Safety is, and always will be, our utmost priority.

Managing Physical Risks

Given the inherent risks in our operations, from handling containers to loading and unloading ships, ensuring the safety of our staff and customers is critical. We instil a robust safety culture within our organisation through the following measures:

  • Annual updates to our safety statements, covering all policies and procedures.
  • Comprehensive safety training for all staff in high-risk areas.
  • Specialised training tailored to specific risk levels.
  • Regular drills and exercises to test system efficacy and enhance resilience for example during the year, we completed a major incident exercise to test our readiness to respond to a significant incident.

Supporting Safety Initiatives

We actively support the Dublin Safe Port initiative, a city-wide programme aimed at advancing safety culture and practices for all workers in Dublin Port. Through safety awareness campaigns, training, and other initiatives, we contribute to a safer and more sustainable working environment.

Adherence to International Standards

Onboard our vessels, we adhere strictly to the International Safety Management (ISM) Code, a globally recognised benchmark in maritime safety practices.

Efficiency and Safety

The modernisation of our digital booking system for hauliers has improved both efficiency and safety. The app-based system facilitates virtual orders and collections, enabling “Just in Time” arrivals, reducing congestion, and minimising idling times in the port area.

Safe Handling of Dangerous Goods

We strictly follow all international, national, and local regulations for the transport of dangerous goods, including adherence to the International Maritime Dangerous Goods (IMDG) Code. Goods are rigorously classified based on their physical, chemical, and environmental properties, and special measures are implemented to ensure safe transport for employees, cargo, and the environment.

Health

Our Commitment to Health

We prioritise the health of our customers, employees, and contractors, adhering to all regulatory health requirements to minimise risks and promote well-being.

Rigorous Food Safety Measures

Onboard our vessels, we implement Hazard Analysis and Critical Control Point (HACCP) systems in all food-handling areas. These systems identify, monitor, and control critical points in food preparation to uphold the highest standards of hygiene. Regular third-party inspections validate the effectiveness of our protocols, providing reassurance to our stakeholders and customers.

LTIF statistics

Safety performance is closely monitored through our Lost Time Injury Frequency (LTIF) statistics, which measure workplace incidents resulting in lost days per million hours worked.

LTIF for Land Operations: 4 (Below the target threshold of <5).

LTIF for Sea Operations: 2.3 (Below the target threshold of <3.5).

Due to continued focus on our practices, our KPI’s for our land Operations have improved significantly year on year to 4, while our sea operations have increased slightly to 2.3. On a combined basis our overall metric has decreased to 2.6 from 3.3 in the prior year. All incidents are thoroughly investigated internally, with external authorities involved where necessary, to ensure lessons are learned and risks are mitigated. Full details are set out below.

Innovating for Safety and Inclusion

Our RTG electrification programme has significantly enhanced safety by enabling remote crane operation from secure, office-based locations. This eliminates the need for staff to work in high-risk areas and expands opportunities for individuals previously excluded from these roles.

Social: Employee Health and Safety and Diversity and Inclusion

Safety Data

2024

2023

2022

Incidents

Exposure hours

Lost Time Injury Frequency

Fatalities

Incidents

Exposure hours

Lost Time Injury Frequency

Fatalities

Incidents

Exposure hours

Lost Time Injury Frequency

Fatalities

ICG employees and visitors

0

536,400

0

0

1

536,400

1.9

0

0

595,200

0

0

Key contractors

18

6,293,650

2.9

0

21

6,208,998

3.4

0

10

5,684,380

1.76

0

Total

18

6,830,050

2.6

0

22

6,745,398

3.3

0

10

6,279,580

1.59

0

2024

2023

2022

LTIF on land

4.1

8.2

4.6

LTIF at sea

2.3

2.2

0.8

Society

Corporate Social Responsibility (CSR)

At ICG, our dedication to corporate social responsibility (CSR) reflects our commitment to making a meaningful impact. We strive to actively contribute to the communities where we operate, fostering partnerships and initiatives that drive positive change.

Contributions to Good Causes

Our customers play a significant role in supporting meaningful causes, and we are deeply grateful for their generosity. Onboard Irish Ferries, we facilitate collections for the Royal National Lifeboat Association (RNLI), a leading charity dedicated to saving lives at sea across the United Kingdom, the Republic of Ireland, the Channel Islands, and the Isle of Man. This partnership enables our passengers to directly contribute to lifesaving efforts. Additionally, customers who opt for our specially marked heart-healthy meal options help support the Irish Heart Foundation, with a portion of proceeds dedicated to advancing vital heart health initiatives. These efforts demonstrate our shared commitment to fostering healthier communities and safer seas.

Support for the Irish Whale and Dolphin Association

ICG is proud to partner with the Irish Whale and Dolphin Association to aid in their vital conservation work. By providing logistical and operational support, we enable the association to conduct onboard activities, including marine observation exercises. These initiatives help monitor and protect whale and dolphin populations along our coastlines, contributing to the long-term preservation of marine biodiversity. Our collaboration highlights the critical role businesses can play in supporting environmental stewardship.

Involvement in St. Patrick’s Festival

ICG is a proud supporter of Ireland’s world-renowned St. Patrick’s Festival. As part of our commitment to celebrating Irish culture and heritage, we provide transportation services for participating bands and performers traveling from the UK to Ireland. This iconic festival draws visitors from across the globe, showcasing Ireland’s vibrant traditions and fostering a spirit of community and celebration. For many families and visitors, the festival remains a cherished highlight of the year, and we are delighted to play a part in its success.

Special Assistance Passengers

Inclusivity remains central to our ethos at ICG. Through our Special Assistance Program, we provide tailored support for passengers with unique needs, such as reduced mobility or additional requirements. Key features of the program include:

  • Wheelchair Access: Ensuring seamless mobility within ports and onboard through the availability of wheelchairs.
  • Disabled Drivers: We are pleased to offer special discounts off our standard fares for specific organisations.  In Ireland, this special discount is available to members of the Disabled Drivers Association (DDA) and the Irish Wheelchair Association (IWA), whilst in the UK, members of the disability alliance group Disabled Motoring UK (previously known as Mobilise) can receive discounts.
  • Dedicated Seating: Reserving specific seating areas onboard to accommodate passengers requiring extra support.
  • Specially Adapted Cabins: Offering cruise ferries equipped with cabins designed to enhance comfort and accessibility for passengers with specific needs.
  • Assistance Animals: Welcoming registered assistance animals onboard to ensure comprehensive passenger support.

In 2024, our Disability Officer managed close to 1,500 special assistance cases, each meticulously planned to address individual needs. These efforts reinforce our commitment to creating a seamless and inclusive travel experience for all passengers.

Sunflower Lanyard Scheme

ICG takes pride in being the first Irish travel operator to implement the Sunflower Lanyard scheme. This discreet initiative allows passengers with hidden disabilities to be readily identified by our specially trained crew, enabling them to offer tailored assistance and support. The scheme represents our dedication to fostering an environment where every passenger feels valued and supported throughout their journey.

Supporting Tourism and Local Economies

Irish Ferries collaborates closely with key tourism agencies, such as Tourism Ireland and Fáilte Ireland, alongside international partners like Normandy Tourism, Hauts-de-France, Atout France and Visit Wallonia. Our initiatives not only promote regional attractions but also champion local producers, ensuring sustainability remains at the heart of our operations. Highlights include:

  • Local Suppliers: Partnering with Irish seafood, beef, dairy, and breakfast meat producers to deliver premium Origin Green-certified products onboard.
  • Irish Beverages: Showcasing iconic Irish brands and craft beverages, alongside carbon-neutral coffee sourced from a Dublin-based roastery. All teas and coffees served onboard are fair trade certified.
  • Regional Support: Sourcing from UK-based suppliers for the Dover-Calais route and supporting socially impactful coffee initiatives that empower farmers in Guatemala, Tanzania, and Peru.
  • Wine Selection: Offering a diverse range of Cherbourg-sourced wines, including special tasting events featuring boutique French vineyards.
  • Plant-Based Options: Expanding our menus to include a wide variety of plant-based food and drink options, catering to evolving dietary preferences.

Through these efforts, we aim to provide unparalleled experiences for our passengers while strengthening the social and economic fabric of the regions we serve. By championing sustainability and local engagement, we remain steadfast in our mission to make a positive difference.

Support for Dublin Wicklow Mountain Rescue Team (DWMRT)

ICG has a long-standing partnership with the Dublin Wicklow Mountain Rescue Team (DWMRT). This dedicated team shares our commitment to the safety of our communities. Irish Ferries plays a crucial role in assisting the DWMRT by providing transport services for rescue dogs, volunteers, and essential equipment needed for critical search and training operations in Ireland.

Governance

Governance forms the backbone of ICG’s approach to ethical and transparent business operations. Our comprehensive governance framework ensures that all practices align with globally recognised standards and drive sustainable, long-term growth. This framework supports our commitment to fostering trust, accountability, and resilience in our operations. We continuously enhance our governance policies to adapt to evolving standards and stakeholder expectations.

Competition Policy

At ICG, we are committed to fair competition and compliance with all applicable national and international laws, particularly regarding competition, bribery, and corruption. We ensure compliance through robust compliance structures and regular audits, reinforcing our zero-tolerance policy toward violations of these laws and regulations. Training sessions for employees and partners further strengthen our adherence to these principles.

Anti-Bribery

We maintain a zero-tolerance stance against bribery and corruption and are dedicated to conducting business dealings and relationships professionally, fairly, and with integrity. Our Anti-Bribery Policy applies to all employees, partners, agents, consultants, and contractors, outlining strict guidelines on acceptable practices. Prohibited actions include all forms of bribery and business courtesies that may give the appearance of impropriety. In 2024, no investigations into allegations of bribery, corruption, or competition laws were initiated by external parties.

Whistleblowing

ICG’s Protected Disclosure Policy encourages employees, board members, and others connected with the organisation to report any genuine concerns. This policy ensures confidentiality and protection against retaliation for whistleblowers. No disclosures were received under this policy in 2024. We remain committed to fostering a culture of openness and accountability by promoting awareness of the policy and its protections throughout the organisation.

Human Rights

ICG upholds internationally recognised human rights standards, including those outlined in the Universal Declaration on Human Rights and the International Labour Organisation’s Core Conventions. Our Human Rights Policy and Modern Slavery and Human Trafficking Policy reflect our zero-tolerance approach to modern slavery and human trafficking across our operations and supply chains. Measures include:

Training: Sessions to raise awareness of human trafficking and labour exploitation among employees.

Collaborations: Partnerships with organisations to share knowledge and best practices.

Proactive Monitoring: Ongoing reviews of reports and alerts to address potential concerns.

Our Supplier Code of Conduct underpins these efforts, ensuring alignment with our values across all suppliers and contractors.

Taxation

ICG takes a balanced and responsible approach to managing tax affairs, aligning tax strategies with our business objectives. Compliance with legal and regulatory obligations is paramount. In cases of uncertainty, we seek external advice to ensure informed decision-making. Our zero-tolerance policy against tax evasion reflects our commitment to ethical practices. We engage constructively with tax authorities, fostering transparency and cooperation.

Supplier Relationships

Strong supplier relationships are essential to ICG’s operations. Our Supplier Code of Conduct outlines expectations in areas such as environmental sustainability, ethics, human rights, and health and safety. We prioritise continuous communication with suppliers to foster trust and collaboration, ensuring that values align. Payments are made promptly within agreed terms, reinforcing our commitment to fair and reliable partnerships. In the current year, we have expanded our understanding of our tier 1 suppliers to gain deeper insights into their operations and practices, enabling us to enhance collaboration and align more closely with our sustainability goals.

By embedding strong governance principles, ICG continues to operate responsibly and sustainably, meeting stakeholder expectations while maintaining the highest standards of integrity. Our proactive governance approach ensures resilience and positions us as a leader in responsible business practices.