Penfield Marine | Press Release: Penfield Marine and Macquarie Group execute carbon neutral voyage
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Penfield Marine and Macquarie Group execute carbon neutral voyage and reach agreement to offer carbon-neutral freight solutions to Penfield’s pool members and charterers

Southport, Connecticut— Penfield Marine, a leading commercial tanker operator, and Macquarie Group’s Commodities and Global Markets division (Macquarie), announce the execution of Penfield’s first carbon-neutral voyage in a collaboration that will enable Penfield Marine to offer environmentally differentiated freight products to its customers. The structure achieves carbon-neutral freight by retiring high-quality carbon offsets sufficient to cover the carbon footprint of an entire voyage, including emissions associated with the vessel’s ballast leg, positioning the vessel to perform the voyage, the laden passage, and all in port load and discharge operations. Penfield believes that this is the first carbon-neutral freight offering from a freight pool operator globally. The collaboration builds on Penfield and Macquarie’s already existing commercial relationship, solidifies Penfield’s position as one of the leading freight pool managers globally, and demonstrates the role that the two companies are playing in driving net decarbonization of the maritime industry.

The voyage that Penfield has offset was performed by the M/T Seaways Hatteras (IMO 9730414), a vessel owned by International Seaways (NYSE: INSW). The vessel loaded one million barrels of crude oil in Brazil for delivery to multiple ports in Southeast Asia, including Singapore and Malaysia, completing operations on June 24th, 2021 UTC. The ballast leg from Singapore to Brazil was also offset.

The carbon offsets, identified, sourced, and retired by Macquarie, were from multiple Verraregistered projects, including the Rimba Raya Biodiversity Reserve project in Indonesia that protects tropical peat swamp forest and that is within the United Nations’ SDG 14: Life Below Water, which has as its objective to conserve and sustainably use oceans, seas, and marine resources for sustainable development. The remainder of the offsets were from similarly high-quality Verra Projects including a Brazilian forest conservation-related project. Macquarie also arranged for the carbon accounting and verification using its partner, UK-based, which specializes in commodity lifecycle emissions analysis. The carbon accounting calculations are being independently verified by SGS, the world’s leading testing, inspection and certification company.

“We are very enthusiastic about the offset portfolio and appreciate Macquarie’s leadership and insight into developing this offering for our tanker pools. The completion of this first carbon neutral voyage has been an excellent collaboration with our founding Suezmax pool member, International Seaways, and we see this as just the beginning. We look forward to continuing this effort on a platform basis with the pools that we operate,” commented Penfield’s CEO Tim Brennan. “Penfield believes that this represents an impactful, practical, and immediately executable pathway towards decarbonization in the shipping industry, which overall will take significant time and capital. Our industry is at the dawn of a new era and Penfield looks forward to working with Macquarie, its pool partners and charterers to help drive the industry towards a decarbonized future.”

“This collaboration with Penfield is a testament to the relationship Macquarie has with Penfield and the commitment that both organizations have to driving decarbonization and positive change for the industry,” said Scobie Mackay, Managing Director in the Macquarie’s Commodities and Global Markets business.

About Penfield Marine

Founded in 2012 by Tim Brennan and Eric Haughn, Penfield Marine LLC is a leading commercial management company currently operating 64 tankers around the world in Penfield’s Panamax/LR1 pool, Aframax/LR2 pool, and Suezmax Pool. From its offices in Connecticut, London, and Singapore, Penfield provides shipping service to a wide array of clients, which includes chartering customers (major oil companies and oil traders), pool partners and shipping investors. More information is available online at

About Macquarie Group

Macquarie Group Limited is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 16,459 people in 32 markets. At 31 March, 2021, Macquarie had assets under management of $428.3 billion. For further information, please visit

About the Rimba Raya Biodiversity Reserve Project

Verra Project ID 674

The Rimba Raya Biodiversity Reserve Project, located in an area on the Southern coast of Borneo, is adjacent to the Tanjung Putting National Park and home to the endangered Bornean orangutans

As Revised: July 8th 2021 0830 EST

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