TEN Ltd. (TEN), a global leader in crude, product, and LNG tanker operations, has unveiled its third annual (ESG Report) Environmental, Social, and Governance Report for 2023. This report underscores the company’s commitment to sustainability and its proactive approach to addressing environmental challenges, aligning with global ESG standards, and enhancing operational efficiency.
Key Highlights from TEN’s 2023 ESG Report
The comprehensive report reveals TEN’s strategic focus on measurable sustainability initiatives and their integration into the company’s operational and financial framework:
- Double Materiality Methodology:
- For the first time, TEN applied the double materiality methodology, assessing both its impact on the environment and society and the influence of external factors on its financial performance.
- S&P Global Corporate Sustainability Assessment (CSA):
- TEN’s ESG initiatives were benchmarked using the CSA framework, a globally recognized standard employed by over 13,000 companies to evaluate their performance across economic, environmental, and social dimensions.
- Independent Assurance:
- For the second consecutive year, TEN collaborated with the Center for Sustainability and Excellence (CSE) North America to ensure independent verification of its ESG reporting.
- Alignment with Global Frameworks:
- The report aligns with the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the United Nations Sustainable Development Goals (UN SDGs).
Achievements Reflecting ESG Progress
TEN reported significant strides in sustainability and decarbonization:
- Fleet Decarbonization:
- A 19.6% reduction in the fleet’s average carbon intensity compared to 2008 levels, achieved through fleet optimization and the introduction of two dual-fuel LNG-powered vessels.
- Net Zero Target:
- Adoption of a net zero greenhouse gas (GHG) emissions target by 2050, complemented by an initiative to estimate Scope 3 emissions from key supply chain partners.
- EU ETS Compliance:
- Enhanced internal processes and decarbonization strategies to align with emissions compliance obligations under the EU Emissions Trading System (ETS).
- Anti-Corruption Efforts:
- Participation in the Maritime Anti-Corruption Network (MACN), reinforcing the company’s dedication to fostering transparency and fair trade in the maritime industry.
George Saroglou, President and COO of TEN, stated “Sustainability and energy efficiency are at the helm of our operations, and we remain committed to integrating innovative solutions and advanced energy management strategies to further optimize our fleet’s operational efficiency while significantly reducing our carbon footprint.”
Tsakos Energy Navigation (TEN) Fleet Overview
TEN’s diversified energy fleet, one of the most established in the industry, consists of 74 vessels, including:
- Crude tankers, product tankers, and LNG carriers.
- Advanced vessels like DP2 shuttle tankers and scrubber-fitted Suezmax, MR product, and LR1 tankers under construction.
- A combined total of 8.9 million deadweight tonnage (dwt).
About Tsakos Energy Navigation (TEN)
Tsakos Energy Navigation (TEN), founded in 1993, proudly marks 31 years as a public company in 2024, cementing its status as one of the world’s most established public shipping companies. TEN operates a diversified energy fleet of 74 vessels, strategically designed to meet the evolving demands of the global energy market.
The fleet includes:
- Three DP2 shuttle tankers,
- Two scrubber-fitted Suezmax vessels,
- Two scrubber-fitted MR product tankers,
- Five scrubber-fitted LR1 tankers currently under construction.
The vessels span a mix of crude oil tankers, product tankers, and LNG carriers, with a combined total capacity of 8.9 million deadweight tons (dwt).
As a leader in maritime transportation, TEN remains committed to sustainability, operational excellence, and delivering value across the energy supply chain.
Source Tsakos Energy Navigation (TEN)