BW LPG Crew
Sustainability

Towards a Better World

Delivering LPG to fuel the world's cleaner energy transition

At BW LPG, sustainability is about working with a long-term perspective in mind — collaborating with stakeholders to mitigate operational impacts on the environment and contributing to the communities we serve. LPG is a cleaner-burning fuel that can help meet the world’s energy needs while addressing concerns on climate change.

As the world’s largest owner and operator of VLGCs and affiliated with BW Group, sustainability is at the core of our business activities. We have the responsibility and ability to influence at scale. As we continue to pursue good shareholder returns to ensure the sustainability of our business, we also act to ensure the sustainability of the planet. We will show that while there are many uses for LPG, there is only one way to ship it sustainably — with BW LPG.

Sustainability at BW LPG

Sustainability is a priority at BW LPG and an integral part of our vision to be Best on Water.

ESG Ratings Performance 2023

ESG Rating Agency Score
Summary of our ratings from key ESG agencies, 2023

ESG ratings help investors identify and understand financially material ESG risks to a business. Companies that score well on ESG metrics are generally believed to better anticipate risks and opportunities, be adept at long-term strategic thinking and value creation. ESG ratings are also an evaluation of a company’s focus and direction on ESG issues.

BW LPG focuses on reporting to ESG rating agencies that our investors and customers use and have methodologies that are transparent and meaningful. Key ESG rating agencies that we currently track are CDPSustainalytics, ISS ESG, MSCI, and S&P CSA.

Engagements

Shipping industry engagements and commitments

Senior management of BW LPG engages actively with our stakeholders through participation and presentations at industry events, cross-industry partnerships and coalitions. Our memberships in industry associations facilitates our engagement with regulatory bodies to understand and provide our expertise on matters that can impact the maritime industry.

Local community

We recognise that it is crucial to extend care to the broader community to foster cohesiveness, especially in challenging times. We choose to support initiatives that have a lasting impact on the communities even after the collaboration is completed.

Stakeholder Engagement

We aim to improve how we involve shareholders, regulatory bodies, and various stakeholders in discussions on our management, performance, and disclosure of significant ESG matters. We maintain open communication with our stakeholders and understand their key expectations through various forms of engagements, with the aim to meet all expectations. The table below summarises our key stakeholder groups, their expectations, and how engaged them over the year.

Stakeholder Engagement

StakeholderKey ExpectationsEngagements in 2023
Crew- Occupational safety
- Career development and training
- Fair compensation
- Supportive, diverse and inclusive culture
- Work-life balance
- Organised annual Officers Conferences to foster conversation and provide comprehensive updates
- Conducted training sessions for crew on the operation of LPG propulsion engines
- Sustained involvement on BW@work (an internal communication platform) to ensure crew are updated on workplace-related guidelines, initiatives, and knowledge-sharing of best practices and risks
Employees- Occupational safety
- Career development and training
- Fair compensation
-Supportive, diverse and inclusive culture
- Work-life balance
- Utilised LinkedIn Learning to offer adaptable training and opportunities for upskilling
- Developed Personal Development Plan in Performance Coaching forms for individual employees
- Arranged various initiatives to promote employee engagement, foster team cohesion and promote a healthy work-life balance
- Encourage talent mobility and opportunities through university outreach and enhanced career page on our website
Customers- Operational excellence
- Competitive rates
- Flexible and good customer service
- Integrated service offering
- Low carbon footprint
- 24-hour customer service through our multi-region chartering and trading desks
- Arranged in-person sharing sessions on fleet developments, performance and service offerings
- Enhanced our business offerings with BW Product Services and BW LPG India
- Expanded BW LPG Pool through strategic partnerships
Suppliers- Sustainable supply chain
- Prompt payment
- Equal opportunities and clear communication of deliverables
- Increased collaboration within BW Group affiliates to synergise supplier audit and selection processes
- Audited suppliers for compliance with BW LPG’s Code of Ethics and Business Conduct
- Commitment to pay suppliers within contractually agreed period
- Continued dialogue and meetings with existing and new suppliers on increasing efficiency and ESG matters
Investors- Return on investments
- Transparent and clear strategy
- Compliance with regulations
- Abreast of industry trends with sound risk assessments
- Alignment of shareholders’ interest with management
- Held in-person dialogue with current and potential investors, and participated in investor conferences
- Provided timely updates through quarterly earnings presentations with live Q&A sessions
- Enhanced disclosures in external reports through best practice analysis and feedback
- Continued participation in the Carbon Disclosure Project (CDP) and engagements with ESG ratings
Lenders- Timely and reliable reporting
- Compliance with loan covenants
- Material ESG initiatives to support sustainability strategy
- Organised in-person and online meetings with lenders
- Held annual bankers meeting with live Q&A session to share business updates
- Provide timely updates and clear communication of strategic and ESG covenants
Governments and Regulators- Safe and reliable shipping
- Collaborate and innovate
- Abide by regulatory requirements
- Develop superior management policies
- Actively participated in industry events to enhance visibility and share knowledge
- Increased collaboration with BW Group Affiliates and industry peers through working groups and partnerships
- Updated internal policies and workflows to reflect changing regulations and expectations

Sustainability Reports