Managing Risks
Keeping our eyes on the horizon to ensure business sustainability.
Doing good while doing well
We conduct our business with high ethical standards and in compliance with relevant laws, and we ask for the same standards from our business partners.
Beyond compliance, we ensure strict internal governance in our business practices. We follow established gatekeeping procedures when we debate strategic business decisions. We have clear and transparent procurement practices. We enforce and audit operational policies at sea and on shore.
Why? Because it is the right thing to do. Because only with good governance, can we be a force for good.
Operational Excellence
We want to be our customers’ first choice for LPG shipping and we take pride in offering industry-leading customer service and operational excellence.Adapting to our changing world requires an understanding that success as a company must be defined by more than the bottom line. By embedding sustainability into our business strategy and operations, we will not only achieve good financial results while incorporating environmental and social considerations, but also ensure long-term sustainability of our business and operations.
UNSDG Goals: 8,16,17
Stakeholders: Crew, Employees, Suppliers, Customers, Investors, Lenders
Material topics
Business Conduct
At BW LPG, we guard the trust given to us by our stakeholders through our corporate governance structure that monitors our procedures and practices. Beyond compliance, we ensure strict internal governance and follow established gatekeeping procedures when we debate strategic business decisions.
Effective Management
We want to ensure our strategic investments are effectively managed by setting up adequate internal processes and contingency plans, and invest in IT to maximise efficiency in our operations. Strong core operations and management enable us to take advantage of business opportunities to generate value for our shareholders, customers, and society at large.
Supply Chain
Our relationships with suppliers are fundamental to our business success. As we conduct our business with high standards, we also set high standards for our suppliers. By working together with our suppliers to improve their sustainability practices, collectively we can play our part in supporting the United Nations Sustainable Development Goals (UNSDGs).
Policies and Guidelines
Holding ourselves to high standard
At BW LPG, we deliver on our promises to customers and colleagues. Our policies and guidelines hold us to high standards of operations and collaboration. We recognize that accountability and reliability are essential for success, and we act with integrity and uphold high ethical standards.
| Material Topic | Actions | 2023 Targets | Progress | 2024 Targets |
|---|---|---|---|---|
| Business Conduct | - Transparent Corporate Governance - Anti-bribery & Anti-Corruption | - Zero non-compliance with laws and regulations - Enhance ABAC communication to all crew and employees through updated trainings - At least one event to raise awareness of latest developments in areas of operation - Continue to monitor and improve shore to ship communications to support our crew | - Zero non-compliance with laws and regulations - Zero facilitation payments made and no monetary loss as a result of legal proceedings - Raised awareness through 2 Senior Officers Conference - MACN physical training session conducted in Singapore for ABAC representatives - Installation of Starlink to enhance ship-shore communication - There were no reported cases of misconduct in 2023 - There were no political contributions in the past 3 years - The Group was not involved in any legal proceedings associated with anti-competition practices and had zero reported cases of misconduct in 2023 | - Zero non-compliance with international Maritime regulations, international and regional laws - Actively promote awareness at sea and in offices for zero tolerance to bribery, facilitation, and corruption - Host online and onsite campaigns to promote ABAC awareness at sea and in offices |
| Effective Management | - Quality Management - IT Management - Economic Performance | - Zero detentions - Increase collaboration with industry bodies - Maintain ISO certifications - On-time and on budget project execution - Efficient utilisation of available capital to generate additional profits - Outperform peers in TCE, OPEX and ROE - Continuous improvement in ESG efforts | - Zero detentions in the last three years - Enhanced internal IT capabilities with two new permanent headcount and restructuring of data and reporting solutions - Zero major cybersecurity incidents or data breaches in 2023 - Participation/ speaking engagement at 5 industry events - Maintained ISO certifications - Projects executed within timelines and budget - 96% fleet utilisation in 2023, up from 93% in 2022 - US$61.6K TCE per calendar day in 2023, up from US$40.6K in 2022 - Established a Joint venture for the development of one LPG import terminal - Improved ESG ratings and increased communication | - Deliver new data management platform and select strategic projects - Expand internal IT standards, and enhance data protection and handling capacity - Reinforce compliance with all applicable regulatory frameworks |
| Supply Chain | - Responsible Procurement - Contractor Management | - 100% of Top suppliers audited on ESG practices | - Conducted performance audit on Top 40 suppliers in 2023 through Achilles - 100% of new suppliers engaged in 2022 made a signed commitment to BW LPG procurement policy - Enhanced BW LPG inventory management system - Developed communication plan with 8 key strategic subcontractors | - In collaboration with BW Group, we will make a combined effort to contract an ESG provider platform for auditing of all suppliers |
Environment
Energy powers our world and our energy choices can protect our environment. LPG is a cleaner-burning fuel with plenty of uses.
Social
Providing a conducive working environment, respecting employees and crew, uplifting communities with cleaner-burning energy.
Targets and Performance
Committing ourselves to the transparent sharing of information on key ESG metrices so as to monitor our performance.
