U-Ming Marine Transport Corporation is a publicly listed company headquartered in Taiwan, China. In 2021 its revenue was USD 0.57 billion. The U-Ming Transportation Company (U-Ming Marine) is a bulk shipping company established in 1984. The company operates a fleet of 61 vessels and specialises in the transport of metal ore and coal.
U-Ming has set a target to reduce its emissions intensity by 59% by 2050 compared to an arbitrary base figure. The company has set intermediate targets of a 5% reduction by 2023 and a 19% reduction by 2030. However, these targets are not ambitious enough to align with the company’s 1.5°C pathway. The company should set a net-zero target for 2050 at the latest. The company’s base figure for its targets is a “2019 base year target value” however this target value is higher than the company’s actual emissions intensity in 2019. The company should align its base figure with its emissions intensity in 2019 to improve the credibility of its targets.
U-Ming did not disclose sufficient data to be scored on its alignment with its 1.5°C pathway or whether it is expected to exceed its future carbon budget. The company should improve its disclosure as its current climate and emissions reporting does not provide sufficient detail to give a full view of its decarbonisation progress and plans. Measuring the company’s progress toward its targets encourages and enables accountability.
U-Ming has developed a low-carbon transition plan which includes some financial commitments towards energy and fuel efficiency improvement programmes. However, the plan lacks detail on how the company will achieve its long-term emissions reduction targets. The plan will benefit from additional financial commitments toward the development and future operation of low-carbon vehicles. Furthermore, the company should undertake scenario analysis to ensure the plan’s ambition is sufficient for a 1.5°C pathway.
U-Ming Marine Transport Corp receives a trend score of -. If the company were reassessed in the near future, its score would likely decrease. The company’s targets do not show significant ambition and do not align with its 1.5°C pathway. The company’s emissions intensity has increased over the last three years. U-Ming has developed a broad transition plan but it lacks detail and is not informed by scenario analysis. The company has not implemented board-level oversight of climate change and has not incorporated emissions reduction into its executive compensation.
U-Ming Marine has set a target of 59% reduction in emissions intensity by 2050 compared to an arbitrary base figure with an interim target to achieve a 19% reduction by 2030. The company has not set a net-zero target.
The company plans to expand its use of LNG-powered vessels to reduce emissions intensity with long-term plans to build and operate “a new renewable energy fleet”. However, further details are not disclosed and the company has made no commitments to investing in low-carbon ships.
The company is focused on reducing its emissions intensity through improvements in energy efficiency. The company has two LNG ships in operation with a further four expected in 2023 (the company currently operates 61 vessels). However, although they are less carbon intensive, these are not considered low-carbon vehicles.
The company’s emissions intensity increased by 4% from 2019 to 2021. Insufficient emissions data was disclosed by the company from 2015-2020 to provide a meaningful assessment of its historic emissions trends.
U-Ming Marine has set emissions reduction targets and developed a transition plan. However, the plan lacks significant financial commitments and details of how it will achieve its aims. Its targets do not align with its 1.5°C pathway.
No evidence was found of the company’s commitment to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.
No evidence was found of the company undertaking low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and engagement with stakeholders in its just transition planning.
No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s action to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks.
No public commitment by the company was found stating its intention to re- and up-skill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company reskill- and up-skills workers in a way that ensures gender balance and inclusion of vulnerable groups.
No relevant disclosure was found to show if the company identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.
No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.
The company has an expectation on its business relationships to respect the ILO fundamental rights at work. Beyond this, no other relevant policies or commitments related to the respect for human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.
The company discloses some workforce diversity fundamentals, including the age and gender of its workforce by employee category. Beyond this, no relevant policies or commitments related to key decent work issues were found in the public domain. These include the provision of secure, safe and healthy workplaces, where workers are fairly remunerated and have a meaningful say in decision-making.
The company includes anti-bribery clauses in its contracts with business relationships. Beyond this, no other relevant policies, or commitments on key ethical business topics – personal data protection, tax, bribery and corruption, and lobbying and political engagement – were found in the public domain. This includes ensuring ethical business conduct throughout its operations and in its relationships with business partners.