Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 61

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 4
Chunk 61
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 on board.

From April 1, 2022, changes to the reporting requirements on the vessel's required and attained EEDI values contained in what is now Regulation 22, brought forward the effective date of phase 3 requirements to 2022 for several ship types including gas carriers and LNG carriers. New ships built from April 1, 2022, are required to be significantly more energy efficient than the baseline.

On November 1, 2022, new amendments to Annex VI of MARPOL, adopted by the MEPC at its 76th session, entered into force. The amendments impose mandatory short term goal based technical and operational measures designed to reduce the carbon intensity of international shipping, in line with the IMO's revised strategy on the reduction of GHG emissions from ships as adopted on July 7, 2023 which incorporates targets for net-zero GHG emissions from international shipping by or around 2050 and indicative achievement check-points by at least 20% reduction by 2030 and at least 70% reduction by 2040 (compared to 2008 levels) the reduction of carbon intensity of international shipping by at least 40% by 2030 (compared to 2008 levels) and the uptake of at least 5% of the international shipping with zero or near-zero GHG emission technologies, fuels and/or energy sources by 2030. The short term GHG reduction measures include the Energy Efficiency Existing Ship Index (EEXI) and the Carbon Intensity Indicator (CII). The EEXI effectively extends design requirements under the EEDI to all cargo and cruise ships above 400 GT falling under Annex VI (including tankers and LNG carriers). The vessel's EEXI technical file (proving that the vessel meets the required attained EEXI value) was required to be approved at the vessel's first annual survey after January 2023. The Carbon Intensity Indicator (CII) is an operational efficiency performance rating that is given to all cargo and cruise ships above 5,000 GT falling under Annex VI. The CII rating relates to the carbon intensity of a vessel's operations. Vessels require a new SEEMP Part III that measures the vessel's CII and sets a mandatory annual CII target to be attained via operational compliance steps. The CII metric for calculating a vessel's annual operational carbon intensity is the annual efficiency ratio ("AER"), which considers a vessel's total CO2emissions over the vessel's total distance sailed (as deadweight