Our Role in Sustainability
BW Epic Kosan plays a vital role in supplying the world with LPG, an exceptional and essential energy, which is a cleaner-burning and versatile fuel. We specialise in safely and efficiently delivering it over the last mile to our customers around the globe.
Shipping is recognised as the most efficient form of commercial transportation in terms of CO2 emissions per tonne of cargo transported. Given the scale of the industry, shipping accounts for around 3% of total global CO2 emissions. We recognise the need to build our business around key areas we believe will drive long-term positive impacts for the environment and our stakeholders. Read our 2022 Sustainability Report and 2023 Sustainability Report.
Annual Efficiency Ratio (2022: 24.43g)
Energy Efficiency Operational Indicator (2022: 93.18g)
(2022: 554.3K MT)
(2022: 13.8K MT)
Strategic Approach
As a market leading owner and operator of vessels engaged in the global delivery of a cleaner energy that LPG is, we acknowledge the need to enhance our environmental, social and governance performance. We aspire to achieve this by placing safety, inclusive growth, innovation, and environment conservation at the core of our business.
We build our business around key areas that we believe will drive long term positive impacts for the environment and our stakeholders. Whilst always conducting our operations in a safe and responsible manner, we support communal prosperity in three ways – delivering clean energy, employing, and nurturing individuals, and reducing emissions.
Our stakeholders are persons, groups and organisations that are directly or indirectly impacted by our business activities. BW Epic Kosan has identified seven stakeholder groups – employees, customers, investors, business partners, suppliers, government and industry bodies, and local communities. We value long term relationships built on trust and strongly believe that understanding our stakeholders’ concerns and engaging with them in an exchange of knowledge, resources and best practices is key to achieving our sustainability goals.
Governance Structure and Strategy
The Board of Directors is responsible for the Company’s ESG efforts and has delegated the Audit Committee to oversee ESG management. The Audit Committee is bound by terms of reference that outline its responsibilities in dealing with BW Epic Kosan’s sustainability issues. These encompass the monitoring and reviewing of the Company’s ESG strategy and performance and its exposure to ESG risks.
The Management makes key decisions on the Company’s sustainability strategy and reports on ESG issues to the Board and Audit Committee on a regular basis. The Management is supported by a dedicated ESG team comprising representatives across different functions such that ESG is considered and embedded in all aspects of the business.
The ESG team is responsible for developing, implementing and coordinating sustainability-related programmes and initiatives.
Guided by our ESG vision and mission as a company, BW Epic Kosan’s sustainability strategy is anchored on three strategic pillars (environment, social and governance) and underpinned by the GRI Standards and UN SDGs.
Sustainability Framework
Our framework is anchored upon three pillars – Environment, Social and Governance with priorities defined for each pillar. These priorities have underlying material topics determined through a materiality assessment, to ensure that we focus on the topics which matter most to our stakeholders.
Materiality Assessment
In FY 2022, BW Epic Kosan held a materiality workshop to identify its material topics.
KPMG Services Pte Ltd was engaged to support the conducting of the workshop with the key members of the Management and ESG team. We reviewed these material topics in FY 2023 and concurred with the outcome of our last materiality assessment.
Why it is important for us to identify our material topics?
The materiality assessment process serves as a strategic business tool. It enables us to:
- Ensure that the management of sustainability issues is well integrated into BW Epic Kosan’s overall business strategy.
- Identify key risks and opportunities in the industry that could significantly impact our ability to create value in the long-term and safeguard the interest of our stakeholders.
- Address the most pertinent and pressing concerns of our stakeholders, while also considering the specific needs of our business.
- Develop our long-term sustainability roadmap.
Our approach to materiality assessment:
We undertook a materiality assessment in FY 2022 using a three-step approach.
- Identify. We identify relevant ESG topics by considering their significance to BW Epic Kosan and our stakeholders. We also review potential risks and opportunities in the maritime industry.
- Prioritise. We then prioritise the shortlisted ESG topics’ impact on our business as well as their ability to influence stakeholder assessments and decisions.
- Endorse. Management endorses the ESG material topics.
Read more about Topics of Materiality and Alignment here
Stakeholder Engagement
We need to understand our stakeholders’ concerns, and engage with them to address their concerns and work towards achieving our sustainability goals. We have defined our stakeholders as persons, groups and organisations that are directly or indirectly impacted by our business activities. We have identified seven stakeholder categories: employees, customers, investors, business partners, suppliers, government and industry bodies, and local communities. Read more about our stakeholder engagement methods and the key issues that they raised.
Memberships and Associations
BW Epic Kosan is a member of, or partners with, the following organisations and associations.
Sustainability Report
BW Epic Kosan’s latest stand-alone Sustainability Report highlights our sustainability approach and governance, showcasing performance and progress in the context of activities relating to environment, social and governance (ESG) considerations. Download the latest 2023 report below, or read our 2022 report here.
More About Our ESG Activities
Learn more about our commitment to sustainability.
