Ten Ltd. Publishes Its Annual ESG Report for 2023
ATHENS, Greece — TEN Ltd. (NYSE: TEN), a prominent player in the tanker operation industry, has recently released its highly anticipated third annual Environmental, Social, and Governance (ESG) Report for the year 2023. This report serves as a testament to TEN's commitment to sustainable practices and their dedication to providing transparency across their operations.
Highlights from the 2023 ESG Report
The ESG report presents an overview of TEN's sustainability strategies, demonstrating their technical expertise and innovative initiatives that lead to measurable impacts. Some key highlights of the report include:
- The pioneering usage of double materiality methodology, which evaluates the company's environmental and societal impacts along with how external factors might affect its financial performance.
- Integration of crucial information that supports TEN’s involvement in the S&P Global Corporate Sustainability Assessment (CSA), a notable framework utilized by more than 13,000 global companies to benchmark their industry-specific performance across various economic, environmental, and social metrics.
- After achieving independent assurance for two consecutive years, TEN continues its collaboration with the Center for Sustainability and Excellence (CSE) in North America.
- The development of the report adheres to the guidelines established by the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the United Nations Sustainable Development Goals.
Noteworthy Accomplishments
Throughout the past year, TEN has made significant strides toward accomplishing its ESG objectives. These notable advancements include:
- Achieving a 19.60% reduction in the average carbon intensity of its fleet by comparing it to 2008 levels, accomplished through optimal fleet operations and the introduction of two dual fuel LNG-powered vessels.
- Setting an ambitious target to reach net-zero greenhouse gas emissions by 2050, along with introducing a goal to estimate Scope 3 emissions from key partners in its supply chain.
- Enhancing internal processes and their decarbonization strategy by addressing implications of industry emissions compliance obligations under the EU ETS regulation framework.
- Joining the Maritime Anti-Corruption Network (MACN), advocating for a corruption-free maritime industry that promotes fair trade benefiting society.
Mr. George Saroglou, President and COO of TEN, stated, "Sustainability and energy efficiency are paramount in our operational model. We remain dedicated to embracing innovative approaches and advanced energy management tactics that enhance our fleet’s efficiency while significantly reducing our environmental impact."
Accessing the Full 2023 ESG Report
The complete ESG report is available for download on TEN’s official website, allowing stakeholders and industry observers to review their ongoing commitments to sustainability.
About TEN Ltd.
Founded in 1993, Tsakos Energy Navigation Ltd. (TEN) celebrates over three decades as a leader in public shipping. The company operates a diversified fleet of 74 vessels, including three DP2 shuttle tankers, and is recognized as one of the most established shipping companies globally. TEN’s fleet comprises a combination of crude tankers, product tankers, and LNG carriers, amounting to a shipping capacity of 8.9 million dwt.
Contact Information
For media and investor inquiries, contact:
Company
George Saroglou
President & COO
+30210 94 07 710
Email: gsaroglou@tenn.gr
Media Relations
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
Email: ten@capitallink.com
Frequently Asked Questions
What is the purpose of TEN Ltd.'s ESG Report?
TEN Ltd.'s ESG Report highlights the company's commitment to sustainability and provides insights into its environmental, social, and governance initiatives.
How has TEN Ltd. reduced its carbon emissions?
The company has reduced its fleet's carbon intensity by optimizing operations and deploying dual fuel LNG-powered vessels.
What is TEN Ltd.'s target regarding greenhouse gas emissions?
TEN Ltd. aims to achieve net-zero greenhouse gas emissions by 2050.
Who collaborates with TEN Ltd. for independent assurance?
TEN works with the Center for Sustainability and Excellence (CSE) North America for independent assurance on its ESG practices.
What initiatives does TEN Ltd. support to combat corruption?
The company is a member of the Maritime Anti-Corruption Network (MACN), promoting a corruption-free maritime environment.
