In a move that could strengthen the push for sustainability in maritime, Norwegian shipping company Odfjell has recently joined the UK-based supply chain risk management solutions provider Achilles’ digital platform dubbed the Achilles Maritime Network, bringing the total number of vessels within this collaborative initiative to over 1,500.
The Achilles Maritime Network is a digital platform designed to “share the burden” of compliance and enhance supply chain visibility for ship owners and managers. According to Achilles, by standardizing processes and pre-qualification requirements, the network aims to reduce the costs and administrative hurdles associated with managing supply chain transparency.
For Odfjell, a company focused on the transportation and storage of bulk liquid chemicals, acids and edible oils with its 70-vessel fleet, joining the network is said to be a big step forward.
“The complexity and resources required to effectively manage supply chain risk, sustainability reporting and supplier improvement are growing. Working with an industry leader like Achilles, who understands the evolving regulatory landscape, will give us access to industry-wide, independently verified supply chain data, insights and benchmarking,” said Øistein Jensen , Chief Sustainability Officer at Odfjell.
For the Achilless Maritime Network, Odfjell’s joining is expected to further empower the iniative and ‘strengthen its impact and reach’. Achilles CEO Paul Stanley has emphasized that joining hands with the Norwegian shipper could help the network drive more advancements in supply risk management and sustainability in the maritime industry.
“We’re seeing a growing trend of shipping companies recognizing the necessity of greater supply chain transparency, better reporting and embracing a collaborative approach in order to achieve it. At Achilles we empower companies with the tools, insights and support they need to meet and exceed the requirements of customers, investors, employees, and broader society in an ever-evolving regulatory landscape,” he said.
Over the years, Odfjell has taken numerous strides in its sustainability endeavors. To remind, one significant step on the company’s decarbonization voyage is the introduction of a transition finance framework —a ‘first of its kind’ initiative in the Nordic region that Odfjell has said would put the company ‘at the forefront’ of sustainable finance practices.
The framework was developed with support from DNB—Norway’s largest bank—to support transition investments, capturing small and large decarbonization projects in which Odfjell plans to invest. The framework can reportedly be used for bonds and loans, adhering to the latest industry guidelines for use-of-proceeds instruments and transition financing.