Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 209

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 19
Chunk 209
---
304,367  
  Restricted cash                                                                             4,939           4,662           5,072  
  Total Cash and cash equivalents and restricted cash                                       348,312         376,694         309,439  

The accompanying notes are an integral part of these consolidated financial statements.

  Table of Contents      F-  

  TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES                                                        
                                                                                                           
                                                                                                           
                                                                                                           
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2024, 2023 AND 2022                              
                                                                                                           
  (Expressed in thousands of U. S. Dollars, except for share and per share data, unless otherwise stated)  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────

1. Significant Accounting Policies

(a)Basis of presentation and description of business: U. S. GAAP

The Company owns and operates a fleet of crude oil and product carriers including three vessels chartered-in and two liquified natural gas (“ LNG”) carriers providing worldwide marine transportation services under long, medium or short-term charters.

(b)Use of Estimates:

(c)Other Comprehensive Income (Loss):

(d)Foreign Currency Translation:

(e)Cash, Cash Equivalents and Restricted Cash:

(f)Trade Accounts Receivable, Net and Credit Losses Accounting: no

As of January 1, 2020, the Company adopted ASC 326 which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade accounts receivable. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as allowance for credit losses in the consolidated statements of comprehensive income.

The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to determine adjustments to historical loss data.

Impairment of accounts receivable arising from operating leases, i. e. time charters, should be accounted in accordance with ASC 842, and not in accordance with Topic 326. Impair