Greek shipping company Tsakos Energy Navigation (TEN) has made significant progress in implementing its green strategy as it achieved a reduction of carbon intensity by 19.6% compared to 2008 levels, which comes as a result of the company’s ongoing fleet renewal program.
In its third annual 2023 Environmental, Social, and Governance (ESG) Report, released on December 12, 2024, the company unveiled its progress towards achieving carbon reduction targets.
The achievements reflecting significant progress made over the year towards the ESG goals include:
“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,” George Saroglou , President and COO of TEN, commented.
TEN’s diversified energy fleet currently consists of 74 vessels, including three DP2 shuttle tankers, two scrubber-fitted Suezmax vessels, two scrubber-fitted MR product tankers, and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers, and LNG carriers , totaling 8.9 million dwt.
The company’s environmental action plans and systems incorporate objectives and procedures for the majority of its downstream solid/liquid waste and tank-to-wake emissions (TTW), involving ballast water/biofouling, and greenhouse gas emissions (GHG).
In 2021, TEN embarked on its first alternative fuels initiative by ordering LNG-powered tankers. Specifically, the firm ordered six LNG-powered tankers—four Aframax crude oil carriers and two optional LR2 petroleum product carriers—at South Korean shipyard Daehan Shipbuilding.
The first two vessels from this series, Njord DF and Ran DF, were delivered in September and October 2023, respectively. Meanwhile, TEN also welcomed Chios DF and Ithaki DF, the last remaining vessels in a series of four eco-designed tankers.
In the future, TEN plans to replace older vessels with new energy-efficient models. The focus will be on fully transitioning to low-emission vessels with hybrid or alternative fuel technologies (LNG, bio-LNG, methanol, ammonia), the company concluded.