Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 82

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 4
Chunk 82
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 70% in 2026 for verified emissions relating to the reporting period of 2025 and 100% in 2027 (and every year after) for verified emissions relating to the reporting period of 2026. However, from 2026 qualifying GHG emissions will include nitrous oxides and methane in addition to carbon emissions. It is important to note that the EU ETS provides for means by which the party responsible for compliance costs (which is usually the shipowner, but may be another entity that has assumed responsibilities under the ISM Code and to whom responsibility under EU ETS has been mandated in writing) can request reimbursement from those entities who, pursuant to an underlying physical contract, have contracted to purchase and supply fuel to the vessel or otherwise have assumed operational control of the ship, such as the charterers, for costs in relation to compliance with the EU ETS. We are taking steps to comply with the EU ETS and are continuing to comply with the MRV. It is not expected that compliance with such regulations will have a material effect on the operation or financial viability of our business as we are seeking to pass on the costs of EU ETS compliance to charterers under contractual arrangements, especially on the vessels under time charters. From 2027 EU ETS will be expanded to include offshore ships of 5,000GT and above, and inclusion of offshore and general cargo ships of 400 - 5,000GT are to be considered as part of the review of EU ETS to take place by 2026.

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  FuelEU Maritime Regulation  

The Fuel EU Maritime Regulation entered into force on 1 January 2025 and sets an annual GHG intensity limit on maritime fuels and other energy used on board vessels above 5,000GT that transport cargo or passengers, arriving at or departing from EU ports.

Under FuelEU Maritime the entity with responsibility for the vessel under the ISM Code; (the technical ship manager) is required to: (1) comply with the annual GHG intensity limit for fuel and energy set by FuelEU Maritime (requiring the monitoring and recording of emissions on an annual basis (each year a "Reporting Period"), on a Well-To-Wake ("WtW") basis), confirmed by the recording of a verified annual compliance balance on the FuelEU Database before 1 May of the following year (the "Verification Period"); (2) from 2030, comply with provisions relating the mandatory use of onshore power supply