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Other Information Glossary
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Section of the Code Deviations
‘BW LPG Group’ or the ‘Group’ BW LPG and its subsidaries
‘BW LPG’ or the ‘Company’ BW LPG Limited
Ballast Water Management Convention The International Convention for the Control and Management of Ships’ Ballast Water and Sediments (BWM Convention) requires vessels to comply with standards and procedures for the management and control of ships’ ballast water and sediments
Baltic LPG Index Baltic Exchange Liquid Petroleum Gas Index - An assessment of the daily spot charter rates of a vessel moving LPG between the Middle East and Japan
Bermuda Companies Act The Companies Act 1981 (as amended) of Bermuda
BIMCO Baltic and International Maritime Council - The largest international association representing shipowners
Board of Directors’ or the ‘Board’ Board of Directors of BW LPG
Bunker fuel Any fuel used to power a ship’s engines
CBM Cubic meter - A unit of volume of a gas vessel’s capacity for carrying gas cargoes
Charter Hiring of a vessel, or use of its carrying capacity for either (i) a specified period of time (time-charter) or (ii) a specific voyage or set of voyages (voyage charter)
CIF Cost, Insurance, Freight - Rules covering the carriage of international goods by sea
CoA Contract of Affreightment - Under a CoA, the shipowner provides capacity to transport a certain amount of cargo within a specified period from one place to a destination designated by the customer. All of the ship’s operating, voyage and capital costs are borne by the shipowner. The freight rate is normally agreed on a per cargo tonnes basis. The freight rate can be fixed or floating, or a combination of both
Commercial management Marketing of vessels for business, negotiating and firming carriage of cargo contracts with customers and operating of vessels in accordance with the terms of the charter parties
Dry docking Placing a vessel out of water alongside a dock for major repairs and surveys usually coinciding with periodical regulatory survey requirements of the vessel
Dual-fuel engine An engine that is able to run on both gas oil and LNG or LPG
EBITDA Earnings Before Interest, Taxes, Depreciation and Amortisation
ECA Emission Control Area - Sea areas in which stricter controls were established to minimise airborne emissions from ships. Until 31 December 2019, the limit for sulphur content of ships’ fuel oil was 3.5% for vessels trading outside ECAs. Today, a global cap of 0.5% applies.
EEDI Energy Efficiency Design Index - An IMO measure designed to ensure the use of more energy efficient equipment and engines
ESG Environmental, social and governance principles
Flag state Administration offering vessel registration services and responsible for ensuring implementation of international conventions
G&A General and administrative expenses
GHG Greenhouse gases
GRI Global Reporting Initiative - An international standard for sustainability reporting
HSSEQ Health, Safety, Security, Environment and Quality
IFRS International Financial Reporting Standards - An international standard for accounting and financial reporting
IMO International Maritime Organization - A United Nations global standard-setting authority for the safety, security and environmental performance of international shipping
IMO 2020 A global regulation effective from 1 January 2020 requiring all ships to burn fuels with less than 0.5% sulphur or use emission abatement technologies
ISM nternational Safety Management Code - An international standard for the safe management and operation of ships and for pollution prevention
LGC Large Gas Carrier - Gas carrier of 50,000 - 70,000 CBM
LNG Liquified Natural Gas
LPG Liquefied Petroleum Gas
LTIF Lost Time Injury Frequency Rate - A ratio of the number of lost time injuries occurring in a workplace per 1 million hours worked. An LTIFR of 7, for example, shows that 7 lost time injuries occur on a jobsite every 1 million hours worked. The formula gives a picture of how safe a workplace is for its workers
MACN Maritime Anti-Corruption Network - A global business network working towards the vision of a maritime industry free of corruption
MARPOL International Convention for the Prevention of Pollution from Ships designed to prevent pollution from shipping
MGO Marine gas oil
MLC Maritime Labour Convention - An international agreement that sets out minimum requirements for the working conditions for seafarers
Newbuilding A new vessel under construction
NM Nautical miles
NOX Nitrogen oxide
OPEX Vessel operating expenses, such as manning, insurance, maintenance and repairs
P&I Club Protection & Indemnity Club - A mutual insurance association providing risk pooling, information and representation for its shipowner members
PM Particulate matter
Pools Arrangement under which vessels owned by different owners are contributed into a pool. The manager of the pool markets the vessels as a single, cohesive fleet, operating them under spot contracts, CoAs and time-charters. The income from the vessels included in the pool is distributed to individual owners according to an agreed upon pool point system whereby each vessel receives its share of the pool’s earnings according to the vessel’s earning potential
Port State Control Inspection of ships to ensure that the ship and its equipment complies with international conventions
Poseidon Principles Framework developed by leading ship financiers for integrating climate considerations into lending decisions to promote international shipping’s decarbonisation
QI Qualified Individual - Under the US Oil Pollution Act, all vessels calling in US waters must ensure that a Qualified Individual is available to implement a response plan
Scrubber Emission abatement technology installed on a ship allowing it to burn high sulphur fuels
SIRE Ship Inspection Report Programme - A programme for evaluating and rating tanker vessels’ technical and safety standards, for use as a reference by oil and gas companies when utilising vessels
SOx Sulphur dioxide
TCE income Gross freight less voyage related costs
Technical Management Daily operation of a vessel, including maintenance, supplies and manning
Time-charter Under time-charters, vessels are chartered to customers for fixed periods of time at rates that are generally fixed. The charterer pays all voyage costs. The owner of the vessel receives monthly charter payments on a per day basis and is responsible for the payment of all vessel operating expenses (including manning, maintenance, repair and docking) and capital costs of the vessel
Tonne-mile Unit cargo x distance; i.e. 10 metric tonnes carried 25 miles = 250 tonne miles
TRCF Total Recordable Case Frequency - The sum of all work-related fatalities and injuries per one million hours worked over the quantity of hours worked
UNSDGs United Nations’ Sustainable Development Goals
Vessel recycling The sale of a vessel for dismantling and reprocessing the building materials
VLGC Very Large Gas Carrier - A gas carrier above 70,000 CBM
Voyage charter Typically a single round trip that is priced on a current or spot market value. The owner of the vessel receives payment derived by multiplying the metric tonnes of cargo loaded on board by the agreed upon freight rate expressed on a per cargo metric tonnes basis. The owner is responsible for the payment of all expenses including voyage expenses (including bunker fuel, agency and port costs), operating expenses and capital costs of the vessel
WLPGA World LPG Association - An international association representing over 250 companies involved in the LPG value chain
YoY Year on Year