Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 50

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 4
Chunk 50
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 Earnings Days                                       20,924      20,903      22,640  

Tankers operating on time charters may be chartered for several months or years whereas tankers operating in the spot market typically are chartered for a single voyage that may last up to several weeks. Vessels on period employment at variable rates related to the market are operating under contract of affreightment for a specific charterer. Tankers operating in the spot market may generate increased profit margins during improvements in tanker rates, while tankers operating on time charters generally provide more predictable cash flows. Accordingly, we actively monitor macroeconomic trends and governmental rules and regulations that may affect tanker rates in order to optimize the deployment of our fleet. As of April, 4, 2025, our fleet has eight tankers operating on spot voyages and two tankers operating under pool arrangements.

We have also secured charters from the delivery of fourteen of our new buildings, our twelve DP2 suezmax shuttle tankers for periods from seven to fifteen years and our two suezmax tankers for periods from three to five years, excluding charterer options for extension. We have not yet arranged employment for our two MR tankers and five LR1 tankers under construction which are scheduled for delivery to us in the first quarter of 2026, in the second, third and fourth quarter of 2027 and the third quarter of 2028, respectively.

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Operations and Ship Management

Our operations

Management policies regarding our fleet that are formulated by our Board of Directors are executed by Tsakos Energy Management under a management contract. Tsakos Energy Management’s duties, which are performed exclusively for our benefit, include overseeing the purchase, sale and chartering of vessels, supervising day-to-day technical management of our vessels and providing strategic, financial, accounting and other services, including investor relations. Our tanker fleet’s technical management, including crewing, maintenance and repair, and voyage operations, have been subcontracted by Tsakos Energy Management to TST. Tsakos Energy Management also engages Tsakos Shipping to arrange chartering of our vessels, provide sales and purchase brokerage services, procure vessel insurance, and arrange bank financing. The technical management of thirteen vessels (four with Hyundai Ocean Services, two with International Tanker Management, one with Bernhard Schulte Shipmanagement, one with LSC and five with Wallem) was sub-contracted to third-party ship managers during 2024.

The