As characteristically mentioned in the ESG report for 2024, the average daily operational expenses across all sectors (OPEX) increased slightly to $7,780 last year, “reflecting our continued investment to ensure our vessels operate safely and efficiently.
Despite this small increase, we successfully reduced our total operational expenses to $80.7 million from $81.6 million in 2023.
This result underscores our consistent cost management and dedication to operational efficiency across the entire fleet.
Furthermore, approximately $47.3 million was allocated to initiatives focusing on environmental infrastructure”.
Latsco operates a fleet of 33 active vessels, which consists of 14 product tankers, eight gas carriers, four very large crude carriers (VLCCs), two LNG carriers, three Ultramax, two containerships, while it has under construction two dual-fuel very large gas carriers with expected deliveries in 2026, five LR2 with deliveries in 2026 and 2027, as well as three Ultramaxes with deliveries in the 2026-2027 period.
“We have strengthened our commitment by promoting a future-oriented strategy, investing in energy-efficient newbuilds in the sectors of tankers, LPG carriers, and dry bulk carriers.
These vessels are designed to incorporate lower-carbon solutions, including biodiesel compatibility, in line with evolving standards and market expectations,” states the company’s Chief Executive Officer, George Margaronis in his message.
The company’s commitment to sustainability “extends to the people and communities we serve. Whether through targeted donations, educational outreach, or awareness programs for maritime careers, we continue to cultivate long-term social impact.
These initiatives remain an essential element of our identity and purpose as a company,” Mr. Margaronis underlines and adds:
“Looking ahead, we see both challenges and opportunities as we navigate an increasingly complex geopolitical and economic environment.
The coming years will require greater flexibility, innovation, and collaboration across our entire industry.
But with a clear strategy, grounded in environmental responsibility, fleet resilience, and community engagement, we are well-positioned to lead with purpose and contribute meaningfully to the future of shipping.”
According to the company’s statements: “In 2024, we continued to demonstrate the strength and adaptability of our business model within a dynamic global environment.
Our fleet generated total revenues of $440.5 million, reflecting a measured adjustment compared to the previous year and aligning with the overall market conditions.
Despite this shift, we maintained strong operational efficiency and cost discipline.”
In the same year the company implemented a structured evaluation process to assess vessel performance from a customer perspective.
Notably, the vessels “Hellas Diana” and “Hellas Athina” received excellent ratings.
100% of customer responses rated both ships as “Excellent”.
A significant milestone of the year for Latsco was receiving the Gold Environmental Leader award, in recognition of our extensive efforts in the “Environmental Management and Reporting” category.
In the shipping industry, efforts to reduce GHG emissions are increasingly focusing on the transition to cleaner fuels such as LNG, on improving ship energy efficiency, and on alignment with evolving environmental regulations, including the IMO decarbonization targets.
Scope 1 emissions refer to direct greenhouse gas emissions originating from business activities, primarily from the combustion of fossil fuels in ship engines.
In 2024, for Latsco, total Scope 1 emissions amounted to 859,545 tons of CO2 equivalent, including CO2, CH4 and N2O emissions. This corresponds to a 3.5% reduction compared to the
previous reporting period.
Latsco employs 1,369 seafarers, of which 665 are on the company’s ships, while their average age is 36.1 years.
The distribution by nationality includes 75.5% Filipinos, 20.1% Greeks and 4.4% Eastern Europeans, including Croatians, Cypriots, Latvians, Lithuanians, Montenegrins, Poles, Romanians, Russians, Slovenians, Ukrainians, Belarusians and other nationalities.
Furthermore, the presence of 15 women seafarers reflects the company’s commitment to inclusion and equal opportunities, while the high percentage of male seafarers reflects the traditional demographic characteristics of the seafaring profession.
Additionally, the Maritime Training Center (MTC), which was established in 2015, is a critical pillar for upgrading the skills and know-how of maritime professionals.
