Gearbulk IntegratedReport 2024 Paperturn - Flipbook - Page 59
INTEGRATED REPORT 2024
Championing Diversity & Inclusion
Gearbulk has long recognised the importance of fostering a diverse and inclusive workforce, and 2024 marked a de昀椀ning moment in this journey. Over the past few years, we
have actively promoted gender diversity by targeting a 50% female intake in our cadet
program. This initiative bore fruit this year with the milestone achievement of welcoming
our 昀椀rst female junior o昀케cers to the 昀氀eet. This is not just a symbolic step—it represents a
fundamental shift in unlocking a wider talent pool, strengthening our team for the future.
Driving innovation through digitalisation
Seafarers are the backbone of our operations, and their well-being and e昀케ciency rely on seamless communication. In 2024, Gearbulk completed the rollout of its new 昀氀eet VSAT platform,
vastly improving internet connectivity for crew members. This initiative not only enhances
the quality of life onboard but also enhancing business operations by enabling real-time
data exchange between sea and shore, optimising decision-making and operational agility.
Enhancing connectivity at sea
In our continuous pursuit of operational excellence, Gearbulk has developed a comprehensive Digital Framework designed to support our strategic goal of creating value through
innovation and digitalization across sea and shore operations. Major initiatives this year
included the implementation of a new Crew Management System (CMS), streamlining
personnel management and improving e昀케ciency. Additionally, the introduction of several
corporate dashboards has enhanced data-driven decision-making, allowing for greater
transparency and improved support for business and operational needs.
Prioritising safety in high-risk areas
The safety of our crew and vessels remains paramount. After a thorough risk
assessment, Gearbulk made the strategic decision to suspend transits through
the Red Sea and the Strait of Bab al Mandeb in 2024. This measure will remain
in effect until a lasting improvement in the security situation is established. By
taking a proactive approach to risk management, we ensure that our operations continue safely and responsibly in an ever-changing geopolitical landscape.
A Record Year for Maintenance and Docking
Maintaining a modern and e昀케cient 昀氀eet requires consistent investment in upkeep and
improvement. In 2024, Gearbulk undertook an ambitious docking program, successfully
completing 18 dockings. This e昀昀ort, driven by our dedicated technical and procurement
teams, not only ensured compliance with all statutory class requirements but also provided
opportunities for vessel upgrades and performance enhancements, reinforcing our longterm commitment to operational reliability.
Strengthening Compliance Through External Audits
Continuous improvement is at the core of Gearbulk’s safety culture, and external audits
play a crucial role in ensuring we meet and exceed industry standards. In 2024, Gearbulk’s
Fleet Management underwent rigorous evaluations, including:
• An audit by MOL, our new majority shareholder, ensuring alignment with their operational expectations.
• A RightShip audit for the Rio Tinto DOP Program, demonstrating our commitment to
best practices.
• The annual Document of Compliance (DOC) audit by DNV, which we successfully
completed with strong results.
Each of these audits provided valuable insights and rea昀케rmed our dedication to maintaining the highest standards of safety, compliance, and operational excellence.
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