d’Amico Società di Navigazione SpA Shipping Retrofit Project 1

Audit Analysis

A Gold Standard shipping retrofit project with VVB-confirmed additionality and roughly on-target verified emissions reductions (~104% of pro-rata expectation), but undermined by a project-specific baseline, an unaddressed leakage justification, and an extensive list of 30+ corrective actions that signal significant documentation and methodological gaps. The low extraction confidence and multiple inter-document contradictions further erode confidence in the data record.

Project Description

Red Flags

• ⚠Leakage deduction of 0% with justification recorded as 'not addressed' in the verification report, despite the monitoring report (2020) claiming it was 'deemed negligible' — no substantive leakage analysis is documented for a fleet where vessels can be sold or redeployed.
• ⚠The verification report lists over 30 corrective actions spanning baseline methodology, regression analysis, vessel identification errors, stakeholder consultation gaps, and missing retrofit evidence, indicating the project documentation was substantially deficient at the time of verification.
• ⚠The additionality test type is contradictory across documents: the monitoring report (2020) records a 'combined' test while the validation report (2024) records a 'barrier' test, creating uncertainty about which test was actually applied and verified.
• ⚠FPIC was not conducted and the corrective actions reveal that dry-dock workers and supervisors were excluded from stakeholder consultation, raising social-safeguard concerns for a project operating in international ports.

Credit Vintages