Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 223

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 19
Chunk 223
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9,657 11,026 10,684 430 1,501 510 667

(d) Argosy Insurance Company Limited (“ Argosy”): 15,150 14,420 10,965 219 2,468 758 328

(e) AirMania Travel S. A. (“ AirMania”): 7,027 6,589 6,437

At December 31, 2024, the amount due to AirMania was $ 456 530

3. Right-of-use assets and lease liabilities

Operating leases

On December 21, 2020, the Company commenced a new five-year Sakura Princess. 24,527 4,425 4,370 Sakura Princess 5,148 Sakura Princess 1,097 2,164 1,067 1,097 1,097

On June 21, 2021, the Company commenced a new five-year Arctic Antarctic 52,304 8,415 8,183

At December 31, 2024 and 2023, the Company assessed the recoverability of the seller’s credits, considering the impairment indicators present, resulting in no impairment charge.

As at December 31, 2024, the Company recognized on its consolidated balance sheet a right-of-use assets under operating leases of $ 13,182 Arctic Antarctic 2,755 Sakura Princess

The incremental borrowing rate used to determine the obligations under operating leases was 2.54 Sakura Princess 2.98 Arctic Antarctic 0.97 1.48 1.98 2.49 15,937 11,608 4,329 36,969 21,031 15,937

Right-of-use assets and lease liabilities - Operating Leases (Table)

  Year                                                                                                    Lease Commitment  
  2025                                                                                                              15,332  
  2026                                                                                                               4,992  
  Minimum net lease payments                                                                                        20,324  
  Less: Present value discount                                                                                    ( 3,290)  
  Total Obligations under operating leases and financial liability (current and non-current portion)                17,034  

The Company has subleased all three vessels and recognized sublease revenue, net of voyage expenses of $ 33,217 77,414 54,877

Finance leases

On January 9, 2020, the Company commenced a five-year sale and leaseback agreement for each of the