Bermudian-based shipping firm Teekay Group is renewing its fleet with newer and more efficient vessels to meet its environmental goals, according to the company’s newly released Sustainability Report 2024.

Teekay has 36 double-hull tankers, four time-chartered-in tankers and also owns a very large crude carrier through a 50 per cent owned joint venture.

The energy transportation company has sold several older vessels and acquired the 2021-built Orchid Spirit.

Kenneth Hvid, company president and chief executive, said Teekay had reduced its Energy Efficiency Operational Indicator by about 20 per cent across its fleet over the past 15 years.

The EEOI is a metric used to measure a ship’s fuel efficiency during its operations.

“We are now using biofuels on some voyages that helps reduce emissions by approximately 25 per cent compared to conventional marine fuels,” Mr Hvid said. “Longer term, the firm’s goals remain aligned with the International Maritime Organisation’s ambition to achieve net zero greenhouse gas emissions by 2050 for the shipping industry.”

Mr Hvid said serving the world’s growing demand for energy, while also addressing climate change, will require a significant increase in global renewable and low-carbon energy.

Teekay said it is aiming for zero incidents with new safety initiatives and training campaigns.

By the end of last year, 75 per cent of Teekay’s fleet achieved this goal, with seven vessels remaining injury-free for more than three years, and three vessels for more than five years.

However, a fatality occurred when a mooring master was transferring from a workboat to a vessel, both in-chartered by Teekay. A full investigation is continuing, the company stated.

In response, Teekay temporarily suspended the use of combination or pilot ladders as a means of personnel transfer in its ship-to-ship transfer business.

The company is also reinforcing safety policies and man overboard procedures with all personnel and contractors.