2020 has been a year like no other. From oil price wars and negative-price crude, acrimonious political campaigns and civil unrest in major economies, to a global pandemic that remains the challenge of our generation. It can be hard to feel optimistic when we continue to see so many challenges ahead. But as with all earlier challenges, we can be hopeful that with global collaboration, human ingenuity, and determination, we will help each other through the crisis.
In the face of challenges to operations from COVID-19, our value to communities comes to the fore. LPG is a versatile and cleaner form of energy, and with vast number of uses, we have a responsibility to keep propellers turning and energy moving to world markets.
Our continued operations depend on our committed seafarers who have shown grit and resilience in the face of uncertainties and long periods at sea. We extend our thanks and shine the spotlight on them in the section focused on our social initiatives.
Global action on climate change must continue its momentum. In 2020, we made the sector’s single largest commitment to decarbonisation by allocating 15 of our VLGCs for retrofitting with LPG propulsion engines at a cost of US$130 million. Our feature story of BW Gemini, the world’s first VLGC to be powered by LPG, shows how we can use cleaner energy as a first step towards a low-carbon future.
Finally, as sustainability is not an isolated venture, we look to enhance governance in our supply chain by collaborating with suppliers to strive for higher environmental and social standards.
My colleagues and I will continue to focus on competitive, sustainable solutions to secure enduring value for our society and stakeholders. We aim to show that while there are a vast number of uses for LPG, there is only one way to ship it sustainably – with BW LPG.