Core Viewpoint - TEN Ltd. has published its third annual 2023 Environmental, Social, and Governance (ESG) Report, highlighting its commitment to sustainability and strategic initiatives aimed at measurable results [1]. ESG Report Highlights - The report introduces the double materiality methodology, assessing both the company's environmental and societal impact and external factors affecting financial performance [1]. - It includes information for participation in the S&P Global Corporate Sustainability Assessment (CSA), a framework utilized by over 13,000 companies globally [1]. - The report received independent assurance for the second consecutive year from the Center for Sustainability and Excellence (CSE) North America [1]. - It aligns with the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and United Nations Sustainable Development Goals [1]. Achievements in ESG Goals - The company reduced its fleet's average carbon intensity by 19.60% compared to 2008 levels through fleet optimization and the introduction of two dual fuel LNG powered vessels [2]. - TEN has set a net zero GHG emissions target by 2050 and is estimating Scope 3 emissions from key supply chain partners [2]. - The company enhanced its decarbonization strategy considering industry emissions compliance under the EU ETS regulation [2]. - TEN participates in the Maritime Anti-Corruption Network (MACN), promoting a corruption-free maritime industry [2]. Company Overview - TEN, founded in 1993, is one of the first public shipping companies, celebrating 31 years as a public entity [3]. - The company's diversified energy fleet consists of 74 vessels, including various types of tankers, totaling 8.9 million deadweight tonnage (dwt) [3].
TEN Ltd. Announces the Release of its Third Environmental, Social and Governance Report for calendar 2023