Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 17

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 17
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 the 2024 second quarter primarily due to the decreased number of sold vessels with debt financing. Similarly, for the first half of 2025 and 2024, the amortization of loan expenses decreased by $0.3 million due to the decreased number of sold vessels with debt financing.

Interest income

During the second quarters of 2025 and 2024, interest income was $3.2 million and $4.7 million, a decrease of 1.5 million or 31.9%, respectively. For the six-month periods ended June 30, 2025 and 2024, interest income was $5.5 million and $7.9 million, a decrease of $2.4 million or 30.4%, respectively. The decrease is mostly attributed to lower cash reserves and lower interest rates over the six-month period of 2025.

Non-controlling interest

There is a non-controlling interest of 49% in the subsidiary Mare Success S.A., which owns 100% of each of the companies that own the panamax tankers, Selini, Salamina,and the handysize vessels Byzantionand Bosporos.

The net income attributable to the non-controlling interest of Mare Success S.A during the second quarter of 2025 amounted to $1.5 million, compared to $1.2 million in the second quarter of 2024. There was net income attributable to the non-controlling interest in the first half of 2025 amounting to $2.6 million, compared to $1.6 million in the first half of 2024. The net income increase is attributable to the profit share earned during the first half of 2025.

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Liquidity and capital resources

Liquidity requirements relate to servicing debt, funding the equity portion of investments in vessels, funding working capital and controlling fluctuations in cash flow. In addition, our new building commitments, other expected capital expenditure on dry-dockings and vessel improvements and/or acquisitions, which in total equaled $271.9 million in the first six months of 2025, will again require us to expend cash in the remainder of 2025 and in future years. Net cash flow generated by operations is the main source of liquidity. Apart from the possibility of raising further funds through the capital markets, additional sources of cash include proceeds from asset sales and borrowings, although all borrowing arrangements to date are related to the acquisition, construction and refinancing of specific vessels.

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