The environmental upgrade of its fleet is a key priority of Tsakos Energy Navigation.
Therefore, the company aims at the construction of new modern and technologically green ships as well as the upgrade of the existing fleet with new technologies and best practices.
In his message to TEN shareholders for the 2024 ESG report, which was made public, the company’s founder and CEO, Dr. Nikos Tsakos, emphasized: “Environmental efficiency remains at the core of our strategy, guiding our firm commitment to a decarbonization path.
In 2024, we further advanced our strategic fleet renewal program, divesting from older vessels and reinvesting the proceeds in new and modern tankers with superior environmental performance.
Since 1 January 2023, we have sold 17 vessels, with a total capacity of 1.4 million dwt, with an average age of 17.3 years, while we have ordered or acquired 33 vessels, with a total capacity of 4.7 million dwt, with an average age of just 0.6 years.
These investments – almost double in number than sales – not only strengthen the profitability of our fleet but also confirm TEN’s leading position in dual-fuel, energy-efficient and environmentally advanced ships.
TEN is currently in the process of a major shipbuilding program for 20 tankers, including a series of Suezmax-sized shuttle tankers, VLCC carriers and others, with a total carrying capacity of 2.97 million dwt, which it will gradually receive from the beginning of 2026 until the end of 2028.
It has also received four new tankers in 2025, one of which is the Paris 24.
The second pillar of the company’s decarbonization strategy is to improve the efficiency of the existing fleet, through a balanced mix of emerging technologies and best practices.
These include the use of energy-saving devices, route and speed optimization, hull cleaning and anti-fouling coatings, as well as the use of biofuels.
Moving forward, we continue to explore innovative solutions that support our long-term environmental goals,” Dr. Tsakos noted.
Fuel
On the crucial issue of fuel choice, TEN believes that LNG has emerged as a mature, safe and leading transition fuel, which is already used in part of its fleet, while biofuels constitute an additional important route to reduce emissions.
“At the same time, we are closely monitoring developments in alternative fuels, such as methanol and ammonia, as well as new discussions around nuclear energy and innovative technologies, such as carbon capture,” he underlined in his message, but clarified:
“We believe that these options must first achieve technological maturity and confirmed availability. Therefore, fuel choice will continue to be determined in close collaboration with our customers, ensuring that our fleet adapts to their evolving needs, with safety and sustainability in mind.”
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