Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 193

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 11
Chunk 193
---
Item 11. Quantitative and Qualitative Disclosures About Market Risk

Our risk management policy. Our policy is to continuously monitor our exposure to business risks, including the impact of changes in interest rates, currency rates, EU Allowances (EUAs) and bunker prices on earnings and cash flows. We intend to assess these risks and, when appropriate, enter into derivative contracts with creditworthy counter parties to minimize our exposure to these risks. As part of our efforts to manage our risk, we have in the past entered into derivative contracts for both hedging and, periodically, trading purposes.

Each of the committees of the Board of Directors is responsible for the management of risk within their given areas. In particular, the committees are expected to:

  continuously review and assess all activities that may generate exposure to risk and ensure we are taking appropriate measures;  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  ensure that our policies and procedures for evaluating and managing risks are effective and do not significantly increase overall risk; and  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  assess the effectiveness of derivative contracts and recommend, if necessary, the early termination of any contract. Our risk management policy provides for the following procedures:  

  All recommendations to enter into a derivative contract must originate either from qualified officers or directors of the company or from equivalent specialized officers of our commercial manager;  

  All recommendations to enter into a derivative contract must be reviewed by a combined team of officers and advice is taken, as applicable, from third-party sources (e.g., our bankers, other ba...  

  Any recommendation must be formalized into a specific proposal which defines the risks to be managed, the action to be implemented, and the benefits and potential risks of the proposed derivati...  

  All derivative contracts must be approved by the Risk Committee and be within the overall limits set by the board of directors.  

The Audit Committee is responsible for:

  overseeing the division of risk-related responsibilities among each of the Board committees as clearly as possible and performing a gap analysis to confirm that the oversight of any risk is not...  

  in conjunction with the full Board, approving the Company-wide risk management program; and  

  assessing whether the Company’s technical and commercial managers have effective procedures for managing risks.  

Interest rate risk

The Company is exposed to market risk from changes in interest rates, which could impact its results of operations, financial condition and cash flow. The