Baltic Scandinavian
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Social responsibility

One of our company’s most valuable assets is the absolutely equal treatment of our personnel, no matter what nationality or cultural background. We are one.

Baltic Scandinavian Shipping and its subsidiaries treat employees in a just and equal manner in all the countries where it operates. The company ensures compliance with applicable local legislation, collective bargaining agreements, and regulations in all contracts of employment. These cover various aspects, such as working hours, remuneration, development opportunities, human rights, and working conditions. We are committed to enhancing employee engagement and well-being by promoting professional development at all organizational levels and fostering an encouraging atmosphere.

The Group is dedicated to respecting internationally accepted human rights as outlined in the Universal Declaration of Human Rights and the UN Guiding Principles on Business and Human Rights. Our Code of Conduct establishes a common set of rules for all personnel within the Group. We strongly reject any form of discrimination based on education, competence, position, personality, lifestyle, work experience, ethnic origin, religion, gender, sexual orientation, age, nationality, abilities, or other qualities.

All employees are covered by collective bargaining agreements

In the Finnish system, collective bargaining agreements are typically negotiated between employer and employee unions rather than by individual companies. Our parent company, Aspo Plc, is a member of the Technology Industry Employers of Finland, which negotiates collective bargaining agreements for shore staff with the relevant trade unions. In Finland, our shore staff has not formally organized or elected a representative as required by the Employment Contracts Act or related collective agreements. Although employee organization is not compulsory, Baltic Scandinavian Shipping adheres to the terms of universally binding collective agreements, particularly those for salaried and senior salaried employees in the technology industry. In Sweden, the company is not bound by any collective or industry-specific agreements enforced by local labor market entities. Nevertheless, we comply with legal requirements such as discussing primary employment terms, ensuring employee representation, and fostering workplace cooperation. All vessels owned by Baltic Scandinavian Shipping fly the Finnish flag, meaning Finnish legislation and collective bargaining agreements apply to all employees working onboard. Baltic Scandinavian Shipping is a member of the Finnish Shipowners’ Association, which negotiates collective bargaining agreements with seafarers' trade unions. These unions negotiate agreements for both Finnish and non-EU seafarers. When taking a vessel into time-charter, we ensure that working conditions and employment contracts comply with international regulations, including proper remuneration.

Overtime and non-standard working hours are compensated

Although our office staff generally works during standard office hours, certain functions require duty personnel. Unless otherwise agreed, we follow statutory regulations from collective agreements (in Finland) or the Working Time Act (in both Finland and Sweden) when compensating for such hours, either through financial compensation or corresponding leave. For positions where there is a foreseeable and consistent need for regular overtime or standby duties, and if neither the law nor collective agreements prohibit it, an agreement can be made between the company and the employee for fixed monthly compensation.

Performance-Based Bonus Scheme for All Employees

The annual performance bonus fluctuates based on several factors: the bonus allocation determined by the company board (typically reviewed per fiscal year), position-specific bonus eligibility, length of employment, and the achievement of personal performance objectives (if applicable). In Finland, there is an option for personnel funding of individual bonuses, with a limit of up to 0.5 times the monthly salary annually. This scheme incentivizes performance while aligning with the company’s overall success.

Hybrid work is the new normal

The COVID-19 pandemic significantly impacted the way work is conducted across the group. Prior to the pandemic, most of the shore staff worked in the office daily, but now the hybrid work model has become the new normal. Our hybrid work policy provides clear guidelines for employees who choose to work partially from home. As employee health and safety remain the responsibility of the employer even during remote work, we established new policies to improve the ergonomics of home offices. Employees can now request stand-up desks, ergonomic chairs, and extra screens, which the company loans to them for remote use. Despite the shift to more flexible working arrangements, employee satisfaction has remained high, with Baltic Scandinavian Shipping achieving an AA-level rating in 2022 (following an AA+ rating in 2021).