Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 34

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 34
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 309,071for the first half of 2025, compared to $ 280,359for the prior year first half.

Unearned revenue:Unearned revenue represents cash received within the reporting period, for which related service has not been provided. It primary relates to charter hire received in advance at the amount of $ 11,082as of June 30, 2025 ($ 23,151at December 31, 2024) and to revenue resulting from charter agreements with varying rates at the amount of $ 2,844as of June 30, 2025 ($ 14,259at December 31, 2024).

4. Right-of-use assets and lease liabilities

Operating leases

On December 21, 2020, the Company commenced a five-yearsale and leaseback agreement for the aframax tanker Sakura Princess.The agreed net sale price was $ 24,527. Under this leaseback agreement, there is a selle r 's credit of $ 4,425on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter, unless the Company elects to exercise any of its charter extension options or upon sale of the vessel during the charter period. As of June 30, 2025, the Company has classified the selle r 's credit, as short-term receivable amounting to $ 4,395. In accordance with ASC 842, the Company accounts for the transaction as an operating lease. Upon execution of the sale and leaseback of the aframax tanke r, Sakura Princess, the Company recognized a financial liability amounting to $ 5,148, being the difference between the sale price of the asset and its fair value, as per ASC 842-40. On September 19, 2025, the Company exercised the option to extend the charter period for one year. The financial liability recognized for aframax tanker Sakura Princesswas $ 557(current) as of June 30, 2025, and $ 1,097(current) as of December 31, 2024.

On June 21, 2021, the Company commenced a five-yearsale and leaseback agreement for each of the two suezmax tankers, A rcticand Anta rctic. The agreed net sale price was $ 52,304. Under these leaseback agreements, there is a selle r 's credit of $ 8,415on the sales price that becomes immediately