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ESG REPORT

2024

WHO WE ARE COMPANY VISION To be a trusted, people-first shipping Company rooted in family values, leading with safety, integrity, and excellence while evolving towards a more sustainable future

Centrofin has a 50-year long tradition in operating oil tankers and dry bulk carriers. It is a private maritime group run by the family that founded it Centrofin was established in 1992, and over the past 3 decades has been responsible for the operation of more than 100 vessels. The group is presently active in crude oil tankers, clean product carriers and dry bulk carriers, bringing the fleet total to 42 vessels with a combined total deadweight in excess of 4,7 million tons. Technical magement for tanker vessels is assigned to Marine Trust Ltd. Technical magement for dry-cargo vessels is assigned to Trust Bulkers Ltd.

100

300

1045

Vessels of various types and sizes over the years

New-building projects completed

Million tons of cargo safely transported over the last decade

Safe port calls annually

CARGO BREAKDOWN 2024 (tons) Tankers: 16,175,706

6,752,260 41.74% Crude oil

5,098,217 31.52% Fuel oil

4,325,230 26.74% CPP

Bulk Carriers: 10,703,284

4,683,669 43.76% Iron ore

3,385,640 31.63% Coal & steam coal

1,621,487 15.15% Grain

242,086 2.26% 770,402 Other products 7.20% Fertilizer

ESG REPORT 2024

KPIs 2024

EEOI Calculation

9.92 7.26 4.53% -5.59% Tankers

Bulk Carriers

LTIFs (Lost Time Injury Frequency) per 1,000,000 Hrs of Exp.

0.54

Tankers

0.25

Bulk Carriers

Number of non-compliances associated with ballast water management

Overall Retention rate

91.8%

Tankers

Breaches to IT systems

87.6%

Bulk Carriers

Average job retention rate for key staff over a two-year period

96.5%

HOW WE CREATE VALUE Aligned with our values 1

Safety Focused

Integrity Driven

People Centric

Trustworthy

Family Anchored

WHAT DRIVES US Inputs People & Culture Dedicated crew, shore staff, and leadership across the world; strong family-rooted and safety-focused culture Financial Discipline Fair procurement practices, lean operations, emphasis on sustainability, and strategic reinvestment Technology & Data Digital training platforms, ICT infrastructure, voyage performance tools, cybersecurity systems

Compliance & Certifications ISO 9001, 14001, 45001, 50001; strong regulatory monitoring and sanction compliance systems TMSA (tanker management) and RISQ (bulker management) Fleet & Assets A modern and diversified fleet of tankers and dry bulk vessels; technical management via Marine Trust Ltd. and Trust Bulkers Ltd. Stakeholder Partnerships Long-term relationships with charterers, suppliers, crew agencies, regulators, and local communities

TIMELINE 1974

1980s

Original Ship Fleet Operating expansion (Dry Group cargo, Tankers established and Heavy Lift carriers)

1996

1997

1998

1999

2002

2004

New Office premises in Glyfada, Greece

Dedicated Manning Agent in Manila, Philippines

ISO9002 Certification & Delivery of first newbuilding Tanker

1 million DWT

Dedicated Manning Agencies in Odessa, Ukraine & Mumbai, India

ISO9001 & ISO 14001 certification

ESG REPORT 2024

WHAT WE DO Activities Ensure safe, efficient, and compliant maritime operations Manage and maintain vessel performance and lifecycle Engage and support seafarers and shore staff Uphold ethical governance, transparency, and accountability Reduce environmental impact through energy efficiency and innovation Build lasting relationships with stakeholders and communities

WHAT WE CREATE Outcomes Safe Operations & Strong Safety Culture Low incident rates, Stop Work Obligation, continuous training

Trusted Partnerships Transparent procurement, compliance-first business practices, reliable service delivery

Community Engagement & Impact Philanthropy in areas of presence, local partnerships, cultural respect

Resilient Business Performance Efficiency through lean processes and digital transformation

Long-Term Talent Retention High crew retention, 24/7 support systems, a culture of inclusion

Environmental Responsibility Lower CO₂ per vessel, recycling, energy-saving retrofits, digitalization

2005

2008

2010

2012

2021

2 million DWT

First Seafarers Forum in Manila, Philippines

Delivery of first newbuilding Bulk Carrier

3 million DWT

ISO 45001 & ISO 50001 certification

2023

2024

2025

4 million DWT First ESG report 5 million DWT

COO STATEMENT Welcome to our 2024 ESG Report. Since our inception we have been committed to doing the right thing. Our strength has always come from our values — safety, trust, integrity, care — and from the people who live by them every day, both at sea and ashore.

change. Each department, each team, each and every individual plays a role in keeping our seafarers safe and supported. Together we have built solid foundations on which we will continue developing our ESG strategy.

This report reflects what we do, but most importantly how we do it — responsibly, and with a long-term view. It captures how safety is embedded in our culture, how our people remain our greatest asset and how we build relationships that last.

We thank everyone — at sea, in our offices, and in our wider network — who has contributed to this culture of care and responsibility over the years. We look forward to the road ahead, as we continue to grow with integrity and purpose.

We have structured this report around three core pillars that shape our approach to responsibility and reflect who we are and how we operate: our people, our environment and our processes. Our people are at the centre — from seafarers to office teams & external contractors — and everything we do is focused on keeping them safe, supported, looked after and empowered. Our environment speaks to our continuous responsibility to reduce our environmental footprint and to operate with care for future generations, whether through compliance, performance improvements, or impactful changes. Our processes represent the systems, ethics, and day-to-day practices that enable us to deliver safely and reliably — with a focus on effectiveness, efficiency, digital transformation, and cross-team collaboration. These three pillars are combined in support of our wider mission: to be a trusted, peopleoriented maritime group, leading with safety, integrity, and excellence while evolving towards a sustainable future. Evolution is key in achieving sustainability. We are growing, improving, welcoming new colleagues, strengthening bonds across teams, encouraging diversity and ensuring that our culture continues to guide us safely through

Anthony Lambros Chief Operating Officer Centrofin

ESG REPORT 2024

REPORT OVERVIEW & METHODOLOGY This ESG Report marks a significant step in our group’s journey toward maintaining transparency. It reflects our commitment to highlighting how we operate responsibly across our core pillars: People, Environment, and Processes. Each section delves into our long-standing practices, recent initiatives, and areas identified for improvement, aligning with our mission to be a trusted, people-first maritime Company leading with safety, integrity, and excellence while evolving toward a sustainable future. As we continue to grow and modernize, we recognize the importance of highlighting how we operate responsibly.

Our three-pillar framework 1. People Our people are at the heart of everything we do. Over the past few years, we have intensified our focus on personnel welfare and engagement:

• Crew Engagement: Hosting forums in Manila, Mumbai and Athens, attended by large office teams, to foster open dialogue and feedback

• Office Staff Involvement: Utilizing

surveys to gauge satisfaction and gather suggestions for improvement

• Well-being Initiatives: Prioritizing mental and physical health and promoting a culture of safety and responsibility

• Diversity and Inclusion: advancing diversity across all levels

• Training and Development: Investing

in comprehensive training programmes

Listening to our people is crucial for fostering a safe and responsible culture. Through crew

forums, staff surveys, leadership visits on board, and direct feedback sessions, we ensure that the voices of our team are heard, valued, and integrated into our decision-making processes.

2. Εnvironment Our environmental efforts are primarily compliance-driven, ensuring full adherence to international regulations:

• Regulatory Compliance: Meeting

standards set by the International Maritime Organization (IMO) and other regulatory and industry bodies

• Emissions Monitoring: Tracking and reporting emissions data as part of our commitment to environmental stewardship

• Sustainable Practices: Exploring

opportunities to reduce our environmental footprint through operational efficiencies and technological advancements

3. Processes We continuously strive to enhance our operational efficiency and governance:

• Digital Transformation: Implementing new Information and Communication Technologies (ICT) to streamline operations

• Simplification Project: Aiming to make instructions more user friendly and easy to navigate. Aiming to elevate our safety culture

• Enhanced Due Diligence: Conducting compliance and risk-based assessments and reports to ensure robust governance structures

In a dynamic maritime environment, we recognize that safe, efficient and transparent processes are crucial to maintaining operational excellence and stakeholder trust. Our reporting is guided by international frameworks, it follows the International Maritime Organization (IMO) guidelines and the evolving EU Corporate Sustainability Reporting Directive (CSRD), thereby ensuring that our practices meet global standards of transparency and accountability.

Regulatory Landscape

Key Issues Addressed

We acknowledge the evolving regulatory environment:

This report focuses on several critical areas:

• The Corporate Sustainability

Reporting Directive (CSRD) mandates comprehensive sustainability reporting, emphasizing both financial and impact materiality. The CSRD is an EU regulation that significantly expands the scope and detail of sustainability disclosures required from companies, aiming to improve transparency and accountability. It requires companies to report not only on how sustainability issues affect them financially but also on how their activities impact society and the environment. While implementation timelines have been adjusted, we remain committed to aligning our reporting practices with these standards.

Safety: Upholding the highest safety standards for our crew and operations

Emissions: Monitoring and managing our environmental impact

Business Ethics: Ensuring fair treatment of all employees and stakeholders

ESG REPORT 2024

Stakeholder Engagement We recognise the importance of engaging with our diverse stakeholder groups:

• Seafarers and Crew Agencies: Collaborating to enhance crew welfare and operational efficiency • Suppliers and Charterers: Building sustainable and ethical supply chains • Regulators: Maintaining open communication to ensure compliance and mutual understanding We have been growing and evolving for over 30 years. As we continue to evolve, this report represents a springboard rather than a conclusion. We will build on this foundation by regularly assessing our progress and engaging with stakeholders to ensure our practices align with both regulatory expectations and our values.

1 PEOPLE: OUR CORE STRENGTH 10

ESG REPORT 2024

People are at the heart of everything we do. Whether on board our vessels or ashore, we are committed to fostering a culture that prioritizes safety, integrity, inclusivity, and well-being. This commitment is not just a statement — it is embedded in our actions, decisions, and daily operations.

OUR COMMITMENT TO PEOPLE Our approach to managing and engaging our people is shaped by our core values: Safety Focused, Integrity Driven, People Centric, Trustworthy, and Family Anchored. These values shape our everyday practices and interactions. We go beyond compliance to protect our crew and staff, acting responsibly and transparently to build long-term trust. We empower individuals to take initiatives and foster a supportive environment to new recruits/our family. Trustworthiness underpins our relationships, while our family-rooted approach aims to ensure that our people feel genuinely valued and connected.

LTIFs (Lost Time Injury Frequency) per 1,000,000 Hrs of Exp. Tankers: 0.54 Bulk Carriers: 0.25

Overall Retention rate Tankers: 91.8% Bulk Carriers: 87.6% Average job retention rate for key staff over a two year period 96.5%

ESG REPORT 2024

ON BOARD AND ASHORE: A UNIFIED CULTURE We believe that fostering a strong connection between sea and shore teams is essential for maintaining consistency and cohesion. To this end, we have developed structured forums, well-being initiatives, and programmes that promote shared values and mutual respect. Whether on board or in the office, our commitment to safety, integrity, and inclusivity remains unwavering. We are actively taking steps to strengthen communication and build a culture of mutual support. This is particularly important given our diverse workforce, which consists of more than 1,500 crew and employees in total.

Workforce 1,500 crew and employees Our Head Office comprises a gender-balanced workforce of 140 people, with an average age of 40 and a diverse leadership team. Retention is a key indicator of how our people value and support us. We maintain a crew retention rate with figures reaching 92% for tankers and 88% for bulk carriers, significantly above the industry average. Retention of senior officers is particularly strong, with Masters achieving a 100% retention rate across both tanker and bulk carrier fleets. Shore-based retention (95%) reflects our commitment to long-term career development.

WELL-BEING & SUPPORT: PRIORITIZING HEALTH AND SAFETY Ensuring the well-being of our people is central to our culture of responsibility. Our approach to health and safety goes beyond merely complaying with regulations; we actively seek to create a working environment where our people feel secure, supported, and valued. To manage occupational health and safety risks, we have established comprehensive Occupational Health and Safety Programmes,

ensuring the well-being of our seafarers and staff. We provide a 24/7 medical service that ensures online support for crew members. This telemedicine initiative has proven effective in increasing crew health awareness and highlighting the practical benefits of proactive healthcare. Moreover, our Care & Welfare Programme has been expanded to include mental health awareness training for Care & Welfare Ambassadors, who play a vital role in promoting well-being and offering support where needed. We have also introduced a Mental Health Card on board for self-checks and peer support, fostering an environment where individuals feel comfortable addressing well-being issues. Furthermore, the installation of high-speed internet allows our crew members to better connect to their families, thereby enhancing their well-being at sea.

ENGAGING IN AN OPEN DIALOGUE WITH OUR CREW: FORUMS AND LEADERSHIP VISITS Maintaining open and transparent communication with our crew is vital to ensuring that everyone feels heard and valued. To this end, we have established annual Officer Forums at our recruitment locations, including Manila, Mumbai, and Athens. These Forums are more than just meetings; they are opportunities to strengthen bonds between seafarers and office staff, have fun together, share updates on safety and environmental standards, and address challenges collectively. One of the unique aspects of our approach is that we manage our crewing agencies, giving us more effective control over recruitment and crew welfare. By managing these agencies directly, we can maintain consistent standards and build long-lasting relationships with our crew members. Our commitment to safety is also evident in our training practices. Before embarking, senior crew members participate in briefings at our offices to familiarize themselves with updated procedures and technologies. This hands-on approach ensures that our teams remain aligned with the latest safety and operational standards.

SAFETY AND RESPONSIBILITY: BEYOND COMPLIANCE

DEVELOPING TALENT AND FOSTERING GROWTH

Safety is a non-negotiable priority for us. We continuously seek to foster a proactive safety culture, going beyond what is required to ensure that our people feel confident in identifying and addressing potential risks. We have partnered with peers in the ‘Goal Zero’ initiative, aiming to instil a safety-first mindset throughout the organization.

We actively encourage career development and mobility within our group. we believe that anyone can progress to senior roles, including captaincy, given the right training and experience. Our E-learning Platform plays a crucial role in this development by offering specific training resources that streamline learning.

We also promote a Just Culture of accountability through our ‘Stop Work Obligation (SWO)’ policy, empowering any crew member to challenge unsafe practices without fear. This open culture reflects our commitment to safety as a collective responsibility.

Moreover, we foster a culture where employees are empowered to, suggest improvements and lead projects. This proactive mindset enhances efficiency and strengthens team dynamics, whether on board or ashore.

CASE STUDY: UKRAINIAN WAR RESPONSE – A DEMONSTRATION OF OUR VALUES When the war broke out in Ukraine, we prioritized the safety and well-being of our Ukrainian office staff and crew members and their families. We facilitated their safe relocation, including not only logistical support but also emotional care, as families needed stability during a turbulent period. Our response was guided by our core values: Safety-Focused: We took decisive action to ensure physical and emotional safety.

Integrity-Driven: We maintained transparency and fairness throughout the relocation process, listening to the needs of our people.

People-Centered: We prioritized well-being by facilitating family reunions and supporting the integration of children into new educational settings.

Trustworthy: We remained consistent in our support, providing long-term solutions.

Family-Anchored: We treated each individual as part of our family, offering continuous care and reassurance.

ESG REPORT 2024

LOCAL PHILANTHROPY The Company’s commitment to social responsibility extends beyond the workplace. We are proud to contribute to causes that are close to our hearts, supporting a diverse range of charities and non-profit organizations. Through financial donations, we aim to make a meaningful impact on the lives of individuals and communities in need. Our charitable initiatives focus on medical organizations, vulnerable groups of people, children with special needs as well as cultural institutions and events. These contributions are part of our ESG strategy, reflecting our belief that a responsible, compassionate business is one that not only drives economic growth but also enriches society as a whole.

Education Training Centre, Zuarinagar, India

LOOKING AHEAD: SUSTAINING A PEOPLE-CENTRIC APPROACH As we move forward, our passion and commitment remain unchanged. We recognize that fostering a safety-focused, inclusive, and supportive culture is not a one-time effort but an ongoing journey. We will continue to invest in training, wellness programmes, and community engagement, ensuring that our people feel valued, supported, and connected.

Our goal is to build on our achievements while remaining committed to the values that define us: safety, integrity, trust, and care. Pangarap Foundation, Manila, Philippines

2 ENVIRONMENT: NAVIGATING A SUSTAINABLE COURSE 16

ESG REPORT 2024

Our environmental responsibilities are deeply woven into our day-to-day decisions and long-term planning. True to our values — Safety-Focused, Integrity-Driven, People-Centric, Trustworthy, and Family-Rooted — we are taking steady and practical steps to minimize our environmental impact while maintaining operational excellence.  Yet, we believe in progress over perfection — investing in cleaner technologies, smarter voyage planning, and building a future-ready fleet. 1. CO₂ Reduction Performance: Over the past year, we have successfully reduced our average CO₂ emissions per vessel, across both tanker and bulk carrier fleets. This was made possible through operational efficiencies and technological improvements. Our goal is to achieve an additional 1% CO₂ reduction per vessel annually.   2. In 2024, we improved fleet-wide fuel and voyage efficiency, helping reduce emissions through smarter routing and optimization.

Miles Laden (time vessels carried cargo):

Tankers: 68.12%

Bulk Carriers: 58.97%

RECYCLING AND WASTE MINIMIZATION (2004–2024) (kg) Print paper Shredded paper Batteries

Days Laden (days spent on loaded voyages):

Tankers: 66.45%

Bulk Carriers: 84.25% These figures reflect improved voyage planning, minimized idle time, and increased productivity — all directly contributing to our CO₂ reduction goals.

30,930

Lightbulbs

24,162 626 285

ESG REPORT 2024

OUR MODERN FLEET: A PLATFORM FOR PROGRESS We are currently investing in a newer, more efficient fleet of tankers and bulk carriers. These modern vessels are not only built to comply with evolving environmental regulations but also to perform better across the board. They feature upgraded propulsion systems, enhanced fuel efficiency, and greater compatibility with emissions monitoring systems.  This shift reflects our belief that safety and sustainability go hand in hand since a newer fleet is a safer one, and one that will allow us to operate with less environmental impact.

EMISSIONS & PERFORMANCE: DATA-LED IMPROVEMENTS Environmental performance is not just monitored — it is actively managed. Our Environmental Management Team, which meets

quarterly, coordinates Company-wide efforts to improve both environmental and energy efficiency across vessel and shore operations. The team also evaluates emerging technologies and alternative fuel solutions, ensuring we stay ahead of regulatory and industry expectations. These efforts are underpinned by our integrated management system, which includes ISO 50001 (Energy Management) and ISO 14001 (Environmental Management) certifications. ISO 50001 provides a structured framework for monitoring energy performance and identifying efficiency opportunities, while ISO 14001 supports the systematic management of environmental responsibilities — from emissions control to waste reduction and regulatory compliance. Together, they ensure that energy and environmental performance are embedded into our daily operations and long-term strategy. In practice, our environmental management approach includes a range of operational initiatives:

• Fleet-wide CO₂ emissions monitoring and reporting

• Ballast Water Management Systems to protect marine ecosystems

• Use of Selective Catalytic Reduction (SCR) to reduce nitrogen oxide emissions

• Voyage optimization, including

weather routing and optimal arrival planning

• Continuous engine load control to improve efficiency

Through these tools and systems, we make data-driven decisions that reduce emissions, improve energy use, and support our long-term sustainability goals — without compromising safety or operational reliability.

OFFICE-BASED ENVIRONMENTAL CASE STUDY: ENERGY EFFICIENCY & RECYCLING Our environmental commitment extends beyond our fleet and into the heart of our office operations. Since 2019, we have actively tracked and reported energy consumption at our Head Office as part of a broader sustainability roadmap. The insights gained through this process have led to a number of targeted efficiency upgrades. According to our 2019–2024 Energy Efficiency Report, we have implemented practical improvements including but not limited to LED lighting retrofits, air conditioning system optimizations, and greater reliance on digital workflows to reduce energy-intensive paper processes. These efforts are guided by a structured Energy Management System aligned with ISO 50001, which supports continuous monitoring and identification of opportunities for reduction. Over time, we have successfully reduced both our energy use and operational footprint, setting a strong example of how everyday workplace practices can contribute to broader environmental goals. Alongside energy efficiency, our recycling and waste reduction efforts have remained a consistent focus since 2004. What began with the safe disposal of electrical equipment has evolved into a Company-wide recycling programme embedded in daily office life. To date, we have responsibly recycled more than 55 tonnes of materials, including 30,930 kg of print paper, 24,162 kg of shredded paper, 626 kg of batteries, and 285 kg of lightbulbs. This programme is supported by clear waste segregation guidelines, regular awareness initiatives, and internal monitoring to ensure participation across all departments. Staff are encouraged to actively contribute to these efforts, reinforcing a culture of responsibility and environmental stewardship within the workplace. Together, our energy-saving practices and long-standing recycling commitment reflect a deep-rooted belief that meaningful environmental action begins with consistent, practical steps — and that change is most effective when shared by the entire organization.

DIGITAL SUSTAINABILITY & ICT We believe that digitalization is a key enabler of sustainability — not only for reducing environmental impact but for improving agility and transparency across operations. Over the last decade, our ICT team has led a sustained transition toward a paperless office, supported by the digitization of forms, procedures, manuals, and approval workflows. Today, 50–60% of our operational documentation is digital, our goal is to reach 80% in the next two years. Our internal “Paperless by Design” campaign, now in its tenth year, has helped shift everyday behaviours — from default digital filing to limited access printing — resulting in a significant reduction in paper use and waste. These savings are complemented by enhanced speed and accountability across teams, as digital

platforms improve version control, approvals, and audit readiness. In parallel, we are investing in cloud computing infrastructure, which supports lower energy consumption, reduces hardware needs, and allows our systems to scale flexibly without additional server installation. This shift away from physical servers also reduces e-waste and frees up physical space in our offices, reinforcing our broader commitment to resource efficiency. Together, these digital sustainability initiatives form a core part of our operational efficiency strategy. By simplifying processes and minimizing waste, we are creating a smarter, cleaner, and more future-ready organization — while embedding environmental thinking into the way we work every day.

ESG REPORT 2024

Modern IT solutions and infrastructure ensuring resilience and seamless business continuity

Categorized all on board procedures by priority and function

All vessels and offices undergo scheduled regulatory inspections in compliance with international standards (e.g., ISM, ISO certifications).

Compliance is not just a responsibility for our Company— it is a standard we build upon. We operate under a structured compliance framework that ensures full alignment with both international maritime environmental regulations and regional ESG reporting mandates. This includes active implementation of and readiness for:

• IMO MARPOL Annex VI, which sets

limits on air pollutants from ship exhausts and mandates the use of cleaner fuels

• Preparations for compliance with EU

Emissions Trading Scheme (EU ETS) rules for shipping, as well as upcoming Corporate Sustainability Reporting Directive (CSRD) requirements

Our Environmental Management System, certified under ISO 14001, ensures that environmental compliance is embedded across vessel and office functions, monitored regularly, and reviewed for continuous improvement. We see governance not just as compliance, but also as a foundation for our aspirations and goals. Transparency, documentation, and internal accountability are integrated into our workflows and ESG oversight. Our Environmental Management Team also ensures that new regulations are operationalized early, so that we remain not just compliant — but proactive.

LOOKING AHEAD: OUR RISKS, COMMITMENTS, AND GOALS We acknowledge the environmental risks posed by global shipping, and we take ownership of our role in reducing emissions and improving efficiency.  Commitments moving forward include: - A targeted 1% annual reduction in CO₂ per vessel - Increased cloud adoption and online workflows (target: 80% by 2026) - Continued investment in modern, efficient vessels - Exploration of alternative fuels and green technologies - Ongoing training for crew and office staff on new environmental tools.

• EU Monitoring, Reporting and

Verification (MRV) system for CO₂ emissions from maritime transport

• IMO Data Collection System (DCS), through which we submit verified emissions data for our fleet

3 PROCESSES: GOVERNANCE, INTEGRITY & OPERATIONAL EXCELLENCE 22

ESG REPORT 2024

The Processes pillar of our ESG framework represents the systems, ethics, policies, and practices that enable us to operate with integrity, resilience, and accountability. Our approach to governance is rooted in our values—Safety-Focused, Integrity-Driven, People-Centric, Trustworthy, and Family- Anchored—and reflected in how we embed transparency, compliance, and continuous improvement into every level of our operations. Breaches to IT systems: 0

GOVERNANCE, ETHICS & COMPLIANCE Our Company’s governance system is designed to uphold the highest standards of ethical conduct and legal compliance. Our Code of Conduct, Anti-Corruption, Sanctions, and Compliance policies guide decision-making across the organization. We follow national and international regulations diligently and maintain a strong sanctions culture reinforced by a dedicated Compliance Department that performs due diligence checks on a risk-based approach. Our governance framework also includes regular internal audits, regulatory inspections, and documented safety compliance.

CASE STUDY: SIMPLIFICATION & LEAN OPERATIONS To improve consistency and eliminate inefficiencies, we launched a Company-wide ‘Simplification Project’ that spans both on board and office processes. This initiative focuses on consolidating procedures, optimizing training platforms, and eliminating redundancies. For example, training is now structured so that crew members attend only relevant modules, reducing overload and enhancing retention. Web-based procedural manuals are also categorized by priority—emergency, operational, or reference—to focus attention on safety and well-being.

BUSINESS ETHICS & POLICY FRAMEWORK Our business practices are governed by integrity, transparency, and social responsibility. We have zero tolerance for bribery, harassment, or discrimination, and all employees are trained to uphold these standards through clear policies and ongoing awareness programmes. Our policies include commitments to Equal Rights and Opportunities, Anti-Harassment, Anti-Bullying, and a Just (No-Blame) Culture.

PROCUREMENT & OPERATIONAL EFFICIENCY Our procurement process emphasizes value, traceability, and partnership. Our Purchasing Department was recently consolidated into a unified team, which maintains close communication with the Technical, Maritime Operations and SQE Departments. We require a minimum of three quotes for new suppliers, thereby ensuring quality and vave, and use software at the same time to streamline evaluations and consistently select trusted, cost-effective sources. This proactive planning also enables smarter port-based decisions, such as timing lubricant purchases to secure competitive prices.

CYBERSECURITY & IT GOVERNANCE Digital infrastructure is central to our governance strategy. We have established a holistic, risk-based Cyber Risk Management System to

ESG REPORT 2024

safeguard operations across ships and offices. We conduct continuous system monitoring and due diligence on all digital processes. These where implemented from day one of the COVID-19 lockdown, and continue to support our flexibility and resilience. Governance at our Company is not confined to policies on paper. It is reflected in how we work, communicate, and improve together—always with the goal of building a trusted, ethical, and sustainable maritime business.

LOOKING AHEAD: OUR PLANS FOR THE YEAR AHEAD As we close this Report, we also look to the future with a mindset of progress, learning, and shared responsibility. Our vision remains rooted in being a trusted, people-first Shipping Company, leading with safety, integrity, and excellence, while evolving toward a more sustainable future. In that spirit, we are setting clear priorities for the year ahead.

Key Goals & Commitments for 2025 • At least 1% year-on-year CO₂ reduction

per vessel, supported by better voyage planning, energy-saving technologies, and investment in a newer, more efficient fleet

• Implementation of the next phase of

the Simplification Project, streamlining cross-departmental workflows, reducing duplicated training, and digitizing more procedures

• Continued rollout of safety culture

initiatives across vessels and offices, including targeted training, feedback loops, and stronger alignment between crew and office teams

• Further engagement with seafarers and office staff via on board visits, surveys, and annual forums

• Enhanced data collection systems to

better track environmental, social, and governance metrics

• We are actively preparing for upcoming

regulatory frameworks, including CSRD, while continuing to progress our compliance with the EU ETS, which has been in force since 01/01/2024, to ensure sustained alignment and transparency

Ongoing Commitments We remain committed to continuous improvement—not just in results, but in how we manage and measure them. This includes:

• Regular review and development of KPIs, especially in areas where data is still maturing

• Quarterly Environmental Management

Team meetings to assess progress and adopt new practices

• Strengthening our governance structure to support ESG integration across departments

Future KPIs Under Development We have recently concluded a five-year review of our ESG performance indicators, which will next be assessed in 2030. Building on this foundation, we will be developing new KPIs that reflect our evolving priorities and commitment to accountability. These may include indicators for well-being and mental health (such as crew satisfaction scores and usage of support services), ESG training completion rates across departments, and cybersecurity readiness and data resilience benchmarks. As part of this process, we are also integrating AI technology into our daily operations—both on board and ashore—to support smarter decision-making, streamline reporting, and facilitate training and support across all teams. Our focus remains on progress and on maintaining transparency and consistency in how we measure, report, and improve.

4 APPENDIX 26

ESG REPORT 2024

KPI’s SET FOR 2025

OBJECTIVES

COMPANY KPIS (CKPI)

TARGET 2024

1.6.8 Leadership visits by Dept Heads / Senior Managers

Tankers: All fleet vessels in three-year period Bulk Carriers: 3 in one year

1.7.2 Number of Personal Injuries

Zero

1.7.3 Fatalities (death resulting from work injury)

Zero

1.7.12 LTIFs (Lost Time Injury Frequency) per 1,000,000 Hrs of Exp.

Zero

1.7.15 Incident free vessels per year

All Fleet 100%

1.7.20 Nr. of Pollution incidents (per 1,000,000 MT moved)

Zero

2.1 To minimize any Customer Complaints by discharging a service that continuously & consistently meets the customer needs

2.1.2 Cargo losses (per quantity of cargo transferred)

Zero

2.3 To ensure that vessels are approved by Oil Major Companies (Tankers) or Rightship (Bulk Carriers) in accordance with their commercial obligations

2.3.1 Success rate of vetting inspections

100%

2.4b To monitor, evaluate and improve on vessel’s performance during PSC, Flag State or other third party inspections

2.4b.1 Average no of PSC deficiencies / inspection

Max 2

3.2 To maximize the vessel’s availability for trading

3.2.1 Technical Idle Days

Max. 2/vsl/year

3.3 To implement an effective planned maintenance system and monitor its statistics

3.3.2 Maximum % of outstanding planned maintenance tasks/ total planned maintenance tasks (per vessel)

1.6 To ensure that Company’s fleet is frequently visited by shore staff

1.7 To minimise all accidents and hazardous occurrences that endanger the safety of personnel, property, assets under care (including the cargo) and the environment in general

ESG REPORT 2024

TANKERS ACHIEVED 2023

TANKERS ACHIEVED 2024

BULK CARRIERS ACHIEVED 2023

BULK CARRIERS ACHIEVED 2024

TARGET 2025

100% in 3 years (except 1 delivered 2023)

82,61%

100% in 3 years

Tankers: All fleet vessels in threeyear period Bulk Carriers: 3 in one year

Zero

0.58

0.54

0.83

0.25

Zero

20 of 23 86.96%

18 of 23 78.26%

13 of 18 72.22%

15 of 19 72.22%

All Fleet 100%

Zero

n/a

Zero

100%

n/a

100%

0,94

0.88

0.79

Max 2

Zero

Max. 2/vsl/year

Zero

OBJECTIVES

COMPANY KPIS (CKPI)

TARGET 2024

3.4 To minimize any vessel delays due to any unscheduled machinery/ equipment break down

3.4.3 Days lost due to incidents or detentions

Zero

3.5 To monitor & evaluate vessel’s performance

3.5.3 Blackout occurrences

Zero

3.9 To reduce CO2 emissions (as per SEEMP)

3.9.1 EEOI Calculation

Reduction 1%

3.17 To eliminate any environmental hazards identified on board by third party inspections

3.17.1 Environmental related fines

Zero

3.19 Compliance with Biofouling Regulations (International & Local, e.g. California, New Zealand, etc)

3.19.1 Non-compliance associated with Biofouling Regulations

Zero

3.20 Compliance with VGP requirements

3.20.1 Use of EALs, Reporting requirements, etc.

Full compliance

3.22 To monitor ballast water management and ensure compliance with international and local regulations

3.22.1 Number of non-compliances associated with ballast water management

Zero

3.23 To eliminate the use of non-environmentally acceptable lubricants in vessels’ oil to sea interfwaces

3.23.1 Number of oil to sea interfaces where nonenvironmentally acceptable lubricants are used

Zero

4.2 To improve the retention of seafarers with acceptable performance

4.2.1 Overall Retention rate (excl. Cadets) (Company Formula)

Min 85%

ESG REPORT 2024

TANKERS ACHIEVED 2023

TANKERS ACHIEVED 2024

BULK CARRIERS ACHIEVED 2023

BULK CARRIERS ACHIEVED 2024

TARGET 2025

Zero

9.49 -27.70%

9.92 4.53%

7.69 -8.08%

7.26 -5.59%

Reduction 1%

Zero

Full compliance

Zero

90.64%

91.89%

81.61%

87.64%

Min 85%

OBJECTIVES

COMPANY KPIS (CKPI)

TARGET 2024

4.3.4 The Company tracks physical attendance of forums and endeavours to have all active Senior Officers attend such forums

Monitoring 100% in 4 years (for Senior Officers)

4.7.1 Number of occupational Illness and Mental Well-being Cases

Max 1 per fleet

4.7.4 Number of diseases caused by exposure to harmful levels of ambient factors / substances / chemicals / equipment

Zero

4.8.1 Senior Officer Promotions

Min 0.6 per vsl/year

4.8.2 Officer Promotions

Min 1 per vsl/year

4.8.6 Number of ex crew assigned to shore tasks

Min 1 per year

COMPANY KPIS (CKPI)

TARGET 2024

5.1 Maintain satisfactory retention rates of key shore staff (calculation using OCIMF TMSA 3 formula)

5.1.1 Average job retention rate for key staff over a two year period

90%

5.3 Reduction of printouts (Office)

5.3.1 Reduction in paper consumption

Establish present levels & 1% red. per year

5.9 Elimination of IT security incidents/ handling of cyber threats

5.9.1 Breaches to IT systems

Zero

4.3 To employ seafarers whose performance meets the Company standards & to implement an effective appraisal and training system for seafarers employed

4.7 To eliminate all illnesses/ diseases caused by working conditions and unhealthy habits on board vessels (ISO 45001)

4.8 To implement an active promotion scheme for seafarers whose performance is above average

OBJECTIVES Head Offices Targets’

ESG REPORT 2024

TANKERS ACHIEVED 2023

TANKERS ACHIEVED 2024

BULK CARRIERS ACHIEVED 2023

BULK CARRIERS ACHIEVED 2024

TARGET 2025

60.33%

54.27%

100% in 2 years for Senior Officers who have completed one contract”

Zero

Max 1 per fleet

Zero

0.63

0.83

0.33

0.32

Min 0.6 per vsl/year

1.52

1.78

0.67

0.74

Min 1 per vsl/year

25 Fleet & Office

50 Fleet & Office

25 Fleet & Office

50 Fleet & Office

Min 1 per year

ACHIEVED 2023

ACHIEVED 2024

TARGET 2025

91.30%

96.55%

90%

-1%

Establish present levels & 1% red. per year

Zero

CENTROFIN MANAGEMENT INC. 10, DIADOCHOU PAVLOU STR. 16675 GLYFADA, ATHENS, GREECE ΤEL: +30 210 8926000 WWW.CENTROFIN.GR CENTROFIN@CENTROFIN.GR EDITORIAL & PROJECT COORDINATION ALEXIA CHARAMIS DESIGN & ARTISTIC DIRECTION BAK CREATIVE STUDIO