Bunker seller
Brightoil Petroleum on Tuesday released its Environmental, Social and Governance (ESG) Report for 2017.
It is the company's first ESG report with reference to the ESG Reporting Guide under
Appendix 27 of the Stock Exchange of Hong Kong's (SEHK) Main Board Listing Rules, which requires an issuer to disclose ESG information once a year covering the same period as that documented in its annual report.
In the case of Brightoil, the company's fiscal year runs from July to June, so the ESG reporting period is from July 1, 2016, to June 30, 2017.
The main sections of the document cover operating practices, people, environment, community and regulatory compliance.
Sulphur cap 'opportunities'
On the issue of the environment, Brightoil refers to the upcoming 0.5 percent global cap on fuel sulphur content in 2020, which the company says is expected to encourage the removal of older fleet tonnage before the new regulation comes into effect.
As such, Brightoil predicts that the next few years will offer "great opportunities" in the tanker transportation market for Brightoil's new fuel-efficient VLCCs.
Mass flow meter benefits
Discussing operating practices, Brightoil notes that every one of its supply vessels is fitted with a mass flow meter (MFM) so that bunker consumption can be measured and managed effectively. MFM dispute management guidelines and procedures are also in place.
This, the company says, has enabled it to perform quality controls efficiently and avoid any potential dispute with customers regarding the amount of fuel supplied.
Also, with the adoption of Singapore's TR48 technical reference for bunker mass flow metering, Brightoil notes, when discussing the health and safety of people, that it has eliminated the need for manual fuel tank quantity checks when recording fuel transfers and also "greatly reduced health and safety risks of bunkering crew members by preventing them from exposing themselves to harmful vaporised fuel during the manual check".
