On November 29, 2024, the launch of the United Nations Global Compact (UNGC)'s “20 Case Examples for 20 Years” corporate sustainability case report and the first UNGC global roadshow showcasing Chinese corporate sustainability initiatives took place in Beijing. COSCO SHIPPING Energy Transportation Co., Ltd. (CSET)’s Sustainable Maritime Innovation with the World's First LNG Dual-Fuel VLCC was successfully selected as one of the top 20 corporate sustainability case examples.

2024 was the 20th anniversary of the ESG concepts and principles put forward by the UNGC. On this occasion, UNGC launched the “20 Case Examples for 20 Years” corporate sustainability case collection, to identify outstanding cases of corporate sustainability among all Chinese enterprises and promote new initiatives for sustainable development globally. After four months of deliberation by an expert jury from high-level representatives from United Nations and experts from universities, 20 of the most economical, operational, replicable, innovative, and inclusive corporate sustainability cases were finally identified, and the case of CSET's “Sustainable Maritime Innovation with the World's First LNG Dual-Fuel VLCC” was successfully selected.

At the conference, the representative of CSET delivered an in-depth speech about the story of the company's “Yuan Rui Yang”, which successfully led sustainable shipping innovation and green low-carbon transformation. In terms of technological innovation, as the world's first LNG dual-fuel VLCC, “Yuan Rui Yang” has achieved key technological breakthroughs in LNG bunker design, intelligent energy efficiency system, shipping energy efficiency design index (EEDI), etc., symbolizing the shift from passive response to proactive pursuit of environmental protection and emission reduction by tanker owners. In terms of environmental value, since its delivery in February 2022, “Yuan Rui Yang” has completed 18 voyages, consuming a total of 12,000 tons of LNG, with carbon dioxide emissions reduced by about 30% compared with traditional fuel oil, and sulfur oxide emissions almost zero. In terms of economic value, looking at the whole life cycle of the vessel, “Yuan Rui Yang” has a longer main engine overhaul cycle and a longer hull paint longevity, which can effectively reduce operating costs.

The construction and use of “Yuan Rui Yang” is not only an important milestone in CSET's sustainable development and innovation, but also a new starting point for the company's continuous development of green shipping and decarbonization transformation. In 2023, the company formulated the Green and Low-Carbon Transformation and Development Program, and placed orders for the construction of green methanol dual-fuel tankers, LNG-ready tankers, and methanol-ready tankers. In 2024, the company jointly developed a 50,000-cubic-meter dual-fuel ammonia/LPG vessel design plan with shipyards, and actively promoted the application of energy-saving technological improvement facilities such as the use bionic skins on vessels.