Tsakos Energy Navigation (TEN) published its first Environmental, Social, Governance Report (ESG). This report was prepared in accordance with the worldwide recognized ESG standards of Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI), while it incorporates the company’s commitment to the UN Sustainable Development Goals.
ommenting on the report, George Saroglou, TEN, COO, stated that the company’s inaugural “ESG report is a step towards demonstrating our ongoing deep dedication to achieving meaningful and valuable sustainable business practices.”
More specifically, this report presents TEN’s approach and ESG performance on maritime sustainability issues, related to the environment, as well as its operational practices and the contribution to the community. It refers to the period from January 1st to December 31st, 2021.
We are entering a new and exciting period in the company’s development. We are laying the foundations for the next 30 years. The work has just begun
said Dr. Nikolas P. Tsakos CEO and President of TEN.
The ESG goals of TEN are the following:
Training, Education and Benefits
- Follow an effective recruitment process, followed by a familiarization period in all departments. Mentoring program is followed through the whole probation period.
- Continuous advancement shore personnel through internal transfers and promotion schemes as specified by their annual evaluation procedure (appraisal system).
- Identify personnel’s training needs and perform further training and education to enhance their abilities within the company.
- Offer financial support to employees who want to undertake higher education or specialized studies in order to maintain highly educated and experienced employees.
- Provide extensive entrepreneurship schemes for undergraduates of Universities and cadets from Merchant Marine Academies.
- Annual personnel awards to recognize employees contribution to the company’s welfare.
- Keep high retention rate of personnel.
- Continuously promote initiatives to enhance and support gender diversity in the maritime industry in both onshore and offshore positions.
- Provide benefits and privileges (e.g. insurance program, pension scheme) to employees and their families.
Environmental Action Plan and Initiatives
- Monitor and assess the external and internal environmental deficiencies with the aim to enhance the Company’s environmental and energy management systems performance.
- Implement and maintain classification societies environmental notations in order to adopt systems and/or procedures for the minimization of the Company vessels environmental footprint.
- Participate in port environmental incentive programs and industry’s incentive schemes with the aim to minimize the vessels environmental impact to local port communities.
- Benchmark fleet vessels through the industry’s best reputed organizations as well as other Company initiatives in order to monitor and assess fleet’s environmental performance in comparison with the industry’s relevant databases and practices.
Air Emissions Programme
- Use refrigerant gases in vessels refrigeration systems with zero ozone depleting substances (ODS) and low global warming potential (GWP) and implement systems and action plans to monitor and eliminate any associated releases to the atmosphere.
- Monitor vessels Carbon Intensity, through IMO and industry’s accepted indicators, with the aim to promptly identify any deviating negative trends and establish corrective actions to enhance, as far as is practicable and achievable, the fleet’s carbon efficiency.
- Monitor vessels NOx emissions through IMO and industry’s established engines technical standards (NOx Technical Code) and implement action plans and procedures to verify vessels engines efficient operation and NOx emissions within industry’s acceptable limits.
- Procure vessels combustion fuel in line with the worldwide recognized ISO standards and conduct voluntary fuel analysis with the aim to safeguard the quality of the fuels used and ensure environmental compliance with IMO and industry sulfur emission requirements.
- Implement policies and treatment systems for the oily residues and bilge water, generated during vessels normal operations in order to ensure their management in the most environmentally friendly way, considering the associated regulatory framework.
- Implement policies and treatment systems for garbage minimization and management, as well as initiatives to ensure their processing in the most environmentally friendly manner.
- Maintain inventories of hazardous materials with the aim to minimize the onboard installation of hazardous materials during vessels’ operating lifetime and implement policies for their management in the most environmentally sound manner.
- Implement policies, treatment systems and dedicated holding tanks for the management and storage of sewage and greywater, generated during vessels’ normal operation.
Health, Safety and Quality
- Demonstrate a clear commitment to promoting HSQ excellence placing emphasis on the need to improve safety and achieve a “zero incidents” industry.
- Ensure the right state of mental health, personnel wellbeing and aptitude with right equipment, tools, information and workspaces.
- Improve the ship and shore personnel safety awareness and behavior through the implementation of near miss reporting procedures.
- Improve the performance of the fleet vessels during third parties’ inspections and internal auditing.
- Promote the implementation of the risk assessment methodology and enhance a safety culture concept onboard.
- Enhance the navigational standards onboard the fleet through third parties’ inspections and internal audits.
- Improve the medical care services provided onboard and ashore through new technologies utilizing telemedicine platforms.
- Enhance the effectiveness of the Company’s safety management system as well as safety leadership onboard and ashore.
- Improve the health and living conditions onboard fleet vessels, by measuring and analyzing health related aspects on a regular basis and by raising seafarers’ awareness through dissemination of best practices to the entire fleet.
Corporate Social Responsibility
- Initiate and monitor non-profit activities in all pillars of society, environment, local community and the young generation through Public Benefit Foundations.
- Support volunteerism and ethical efforts.
- Establish and implement activities and actions towards diversity and best labor practices.
- Promote environmental protection activities aiming at restoring areas damaged by disasters.
- Promote the Maritime Profession among young generations.
- Build and preserve maritime educational excellence.
- Offer educational opportunities for under-privileged children.
- Support local communities through donations in case of emergencies.
- Contribute to societies in need worldwide.
- Support and promote the Hellenic spirit and good seamanship worldwide.
- Enhance social and interactive activities amongst the Company’s personnel.
- Embrace a strong Corporate Governance framework as a contributor to the improvement of overall performance within the Company and to the promotion of trust among its stakeholders.
- Increase and maintain Corporate Culture ESG ratings by globally renowned Rating Agencies.
- Support initiatives to promote transparency and anti-corruption through the continuous review and improvement of internal controls and thus minimizing any fraud opportunity.
- Comply with all applicable laws and regulations.
- Ensure adequate staff training on TEN Code of Business and Ethics and supplemental Policies.