This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
U-Ming Marine Transport Corporation operates a fleet of bulk carriers transporting commodities including coal, iron ore, and grain. The company has been assessed by the Transition Pathway Initiative (TPI) as having a Carbon Performance rating of "Below Paris Agreement Pledges." This rating indicates the company's current climate targets and performance are insufficient to align with the goals of the Paris Agreement. The TPI assessment evaluates corporate climate ambition and management quality against benchmarks for limiting global warming to well below 2°C. A "Below Pledges" rating signifies a lack of robust, science-aligned commitments and a governance approach that does not meet the standard for credible climate transition planning.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.