Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 84

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 4
Chunk 84
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Unlike EU ETS, no direct statutory recourse exists for the company against time charterer (or other entity ultimately responsible for the purchase of the of the fuel or commercial operation of the ship), under FuelEU Maritime. Instead, if the company wishes to pass costs of FuelEU Maritime down to the operator of the vessel, this must be achieved by contractual arrangements (in both time and voyage charterparties), requiring (in most cases) amendments to contracts. It is expected that compliance with such regulations will have a substantial impact on the operation or financial viability of our business.

  iv.      Vessel Recycling Regulations  

  European Ship Recycling Regulation  

The EU has introduced the European Ship Recycling Regulation (Regulation (EU) 1257/2013), aimed at minimizing adverse effects on health and the environment caused by ship recycling, as well as enhancing safety, protecting the marine environment and ensuring the sound management of hazardous waste. The Regulation entered into force on November 20, 2013 and aimed at facilitating early ratification of the IMO “ Hong Kong Convention” (see above).

From December 31, 2020, the Ship Recycling Regulation requires vessels flying the flag of EU Member States to maintain detailed records of hazardous materials on board, with some materials such as asbestos being restricted or prohibited. This obligation extends to all non-EU flagged vessels calling at a port or anchorage in an EU Member State. A certified inventory of hazardous materials (“ IHM”) first requires a survey carried out by the shipowner or a hazardous materials experts, and then the relevant flag state administration to issue a statement of compliance to the vessel after verifying the IHM. The IHM is subject to periodic checks during renewal surveys every five years and during port state control inspections. The European Ship Recycling Regulation also requires EU-flagged vessels to be scrapped only in approved recycling facilities and grants an EU Member State the right to detain, dismiss or exclude non-compliant vessels from their ports or offshore terminals. Amendments to the European Ship Recycling Regulation with regard to electronic reporting were made in 2018. On 19 February 2025, the EU Commission published the results of its first evaluation of the Shipping Recycling Regulation to the EU Council and Parliament. The report noted that the Regulation was largely consistent with the Hong Kong Convention but recognized the need to streamline reporting and certification requirements to avoid any unnecessary administrative burden arising from the co-existence of the Ship Recycling Regulation and the Hong Kong Convention.

  Table of Contents      43  

  Other Environmental Initiatives  

  International Convention on Civil