Global Maritime Forum - Experts & Thought Leaders

Norwegian Cruise Line Holdings Ltd. (NCLH) (the ‘Company’ or ‘Norwegian’), a renowned global cruise company, which operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, has announced its partnership with Global Maritime Forum, a global non-profit organisation committed to shaping the future of global seaborne trade to increase sustainable long-term economic development and human well-being. The new partnership closely aligns with the Company’s efforts to drive a positive impact on society and the environment through its global sustainability program, Sail & Sustain, including its commitment to pursue net zero greenhouse gas emissions by 2050. Norwegian Cruise Line joins Global Maritime Forum We are pleased to partner with the Global Maritime Forum and join its flagship initiative" “We are pleased to partner with the Global Maritime Forum and join its flagship initiative, the Getting to Zero Coalition, as we believe cross-sector partnership is a catalyst for innovation and effective change,” said Harry Sommer, President and Chief Executive Officer (CEO) of Norwegian Cruise Line Holdings Ltd. He adds, “We look forward to collaborating with other like-minded and solution-oriented stakeholders on meaningful initiatives to drive a positive change, strengthen resilience, accelerate decarbonisation efforts and best position the maritime industry for a bright future ahead.” Focus on key pillars - Efficiency, Innovation and Collaboration Earlier this year, the Company announced short- and near-term greenhouse gas (‘GHG’) targets to support its net zero by 2050 ambition and its revised climate action strategy, which focuses on three key pillars - Efficiency, Innovation and Collaboration. The new partnership highlights the Company’s commitment to the collaboration pillar as the Company plans to participate in a variety of initiatives led by Global Maritime Forum, including the Getting to Zero Coalition. The Getting to Zero Coalition Initially founded together with the World Economic Forum, Friends of Ocean Action and the Global Maritime Forum, the Getting to Zero Coalition is a powerful alliance of more than 200 organisations within the maritime, energy, infrastructure and finance sectors, committed to getting commercially viable deep sea zero emission vessels powered by zero emission fuels into operation by 2030 to support the industry in its journey towards full decarbonisation by 2050. The Company is also exploring engagement opportunities focused on human sustainability and inclusion across the industry. Cruise segment - key part of the global maritime industry We are pleased to welcome Norwegian Cruise Line Holdings as a Global Maritime Forum partner" “We are pleased to welcome Norwegian Cruise Line Holdings as a Global Maritime Forum partner,” said Johannah Christensen, Chief Executive Officer of Global Maritime Forum, adding “The cruise segment is a critical part of the global maritime industry, and we are confident that Norwegian will bring a diverse perspective and valuable expertise to our collaborative platform of maritime leaders.” The Global Maritime Forum Established in 2017, the Global Maritime Forum has served as a platform for dialogue and collective action, successfully bringing together influential decision-makers through its many working groups and workshops. One of the most significant initiatives led under the auspices of the Global Maritime Forum was the development of the Poseidon Principles, a framework which guides financial institutions in integrating climate considerations into lending decisions in line with the climate-related goals of the International Maritime Organization. Norwegian Cruise Line follows the Poseidon Principles To date, 30 financial institutions have joined the initiative, representing approximately $200 billion in loans to international shipping or over 70% of the global shipping finance portfolio. Since its inception, the Company has participated and provided data to signatory banks in alignment to the Poseidon Principles.

The Maritime and Port Authority of Singapore (MPA), the Port of Rotterdam Authority (PoR) and 20 partners in the Green & Digital Shipping Corridor are working to reduce 20% to 30% of emissions from international shipping by 2030. This was agreed at the third Green Corridor workshop, held this week in Rotterdam. Green & Digital Shipping Corridor The Green & Digital Shipping Corridor was established in August 2022 to bring together partners across the supply chain to realise zero and near-zero emissions shipping on the Rotterdam-Singapore route, with the ultimate aim to reach net-zero emissions in 2050. Over the past year, the corridor attracted strong support from global value-chain partners Over the past year, the corridor attracted strong support from global value-chain partners, including shipping lines, port authorities and operators, fuel suppliers, fuel coalitions and associations, banks, leading institutes of higher learning and knowledge partners. Reducing greenhouse gas emissions The project partners are working towards reducing greenhouse gas emissions from this international shipping corridor by 20%, striving for 30%, by 2030, compared to 2022. The corridor will continue to deepen efforts towards achieving the strengthened ambition of the International Maritime Organization (IMO) under the 2023 IMO Strategy on Reduction of GHG Emissions from Ships. This is to be achieved through the development and uptake of zero and near-zero emission fuels in large containers vessels (of at least 8,000 TEU) deployed on the 15,000 km route, supported by a combination of operational and digital efficiencies. Multiple alternative fuels explored A modelling study led by the Mærsk Mc-Kinney Møller Center for Zero-Carbon Shipping, one of the corridor partners for the project, and supported by the ports, explored multiple alternative fuels across a variety of zero and near-zero emission pathways, including synthetic and bio-variants of methanol, ammonia and LNG. Beyond the study, hydrogen is one other alternative fuel pathway to be looked at. Efforts are underway to aggregate demand and supply to reduce cost gap towards adoption of sustainable fuels. Identify action steps for the various fuel pathways Working groups have been established to look into the deployment of all of these fuels on the trade lane Working groups have been established to look into the deployment of all of these fuels on the trade lane, spanning across demand and supply of fuel, standards, safety procedures, financing and regulations. The corridor partners gathered in Rotterdam, Netherlands this week, in order to identify action steps for the various fuel pathways. Enabling the use of new fuels Low carbon fuels will likely be more expensive than existing fuels. Therefore, a separate working group has been formed with the support of the Global Maritime Forum, the Centre for Maritime Studies of the National University of Singapore, University of Oxford, and Citi, to address gaps in regulation and financing. The study includes modelling price-gap differences to incentivise the uptake of alternative fuels. In addition, Singapore and Rotterdam have jointly assessed the readiness of both ports and steps ahead, such as adopting similar bunkering standards and safety frameworks to accelerate the adoption of zero and near-zero emission fuels on this major trade route. This was put into action in Q3 2023 with the conduct of ship-to-ship green methanol bunkering on the world’s first methanol-fuelled container ship at both - the Port of Singapore and Rotterdam. The partners believe that the corridor’s approach, supported by the strong industry coalition will provide greater certainty in demand and help scale-up production of zero and near-zero emission fuels. This will help to close the cost gap and encourage even wider adoption of such fuels. Digital trade lanes Rotterdam and Singapore are the first ports adopting and sharing port and vessel information Rotterdam and Singapore are the first ports adopting and sharing port and vessel information, such as arrival and departure timings in accordance with global standards, namely the IMO & International Hydrographic Organization (IHO) standards to enable systems interoperability. Both ports are also promoting the use of electronic bills of lading and digital solutions such as just-in-time planning and coordination to enhance efficiencies and reduce GHG emissions. Partners in the Green & Digital Shipping Corridor The Maritime and Port Authority of Singapore, the Port of Rotterdam, A.P. Moller Maersk A/S, bp, the Centre for Maritime Studies of the National University of Singapore, Citi, Clifford Capital, CMA CGM, Digital Container Shipping Association, the Global Centre for Maritime Decarbonisation, the Global Maritime Forum, the Mærsk Mc-Kinney Møller Center for Zero-Carbon Shipping, Methanol Institute, MSC, Nanyang Technological University Maritime Energy and Sustainable Development Centre of Excellence, Ocean Network Express, PSA International, RMI, SEA-LNG, Shell, University of Oxford, Yara Clean Ammonia.

The signatories of the joint statement – Aspen Shipping Decarbonization Initiative, DHL Global Forwarding, Hapag Lloyd, Kuehne + Nagel, NORDEN, Oldendorff Carriers, ONE, Torvald Klaveness, and Yara Clean Ammonia represent key parts of the value chain for decarbonised shipping. The companies belong to the Getting to Zero coalition, which has been exploring book and claim chain of custody approaches as part of its mission to fully decarbonise the shipping industry. Book and claim custody systems Book and claim chain of custody systems allow the emission profile of a zero- and near-zero-emission fuel to be separated from the physical flow of that fuel in a transportation supply chain. These systems can enable early action, even when zero- and near-zero emission fuels and vessels are in limited supply, by separating decarbonisation from the physical transportation of an organisation’s cargo.  Environmental benefits These systems can help shipowners and fuel providers develop a business case for decarbonisation In a book and claim system, the environmental benefits of zero- and near-zero-emission fuels are tracked and transferred across the maritime value chain. One party can purchase, or “book”, a specific quantity of zero- or near-zero-emission fuel and then “claim” the environmental benefits of it even though the fuel is physically used by another shipper in a different location. By activating early demand from shippers and cargo owners, these systems can help shipowners and fuel providers develop a business case for decarbonisation even while preferred fuel pathways are still being determined. Joint statement The joint statement sets out actions the signatories will undertake to ensure that book and claim chain of custody systems succeed. The actions the nine signing companies commit to include working together to agree on the use of clear and consistent rules wherever possible and maintaining the highest standards of environmental, social and commercial integrity. It also calls on non-industry actors like the Greenhouse Gas Protocol and the Science Based Targets initiative to recognise book and claim approaches as credible emissions reductions. Decarbonisation policy In order to avoid conflicts between the International Maritime Organization (IMO) regulations and book and claim systems, the signatories argue that the IMO must adopt a full life cycle, or well-to-wake, accounting of greenhouse gases. The statement calls on the IMO, whose Marine Environment Protection Committee is meeting this week, to implement well-to-wake accounting in its own policy measures for decarbonisation.  Addressing book and claim challenges Book and claim systems are going to be essential tools for getting decarbonisation of shipping moving" Through this joint statement, the companies commit to working in close collaboration to address the challenges to be addressed to effectively implement the book and claim. “Book and claim systems are going to be essential tools for getting decarbonisation of shipping moving, but they remain poorly understood, and their development risks getting bogged down in confusion and suspicion,” says Jesse Fahnestock, Project Director at Global Maritime Forum. A transparent and credible system “With this statement, some of the most important companies in international shipping are committing to making book and claim systems transparent, well-aligned, and environmentally credible for their customers and stakeholders." "And they’re calling on other key players, like the Greenhouse Gas Protocol, to create a pathway for acceptance. It can’t happen soon enough.”