Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 12

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 12
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 both the second quarter ended June 30, 2025 and the respective prior year quarter.

In the first six months of 2025, the Company’s Board of Directors approved an award to the management company based on various performance criteria and taking into account cash availability and market conditions amounting to $3.0 million. No incentive award was granted in the first six months of 2024.

In 2024, Tsakos Energy Navigation Limited granted 625,000 restricted common shares under its newly approved 2024 Equity Incentive Plan to directors, officers, employees, and service providers. The awards vest in four equal installments on January 1, 2025; July 1, 2025; January 1, 2026; and July 1, 2026, subject to both continued service and performance-based conditions requiring fleet utilization of at least 85% over specified periods. The Company recognized $4.6 million in stock-based compensation expense in the first half of 2025 and $2.3 million in the quarter ended June 30, 2025 related to these restricted shares. No stock-based compensation expense was recognized in the quarter ended June 30, 2024, and in the first half of 2024.

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General and administrative expenses, including the management fee, plus any incentive or stock compensation award, represent the overhead of the Company. On a per vessel basis, the daily overhead was $2,347 and $1,392 for the second quarter of 2025 and 2024, respectively. For the six-month period ended June 30, 2025, the daily overhead per vessel was $2,063 compared to $1,358 for the six-month period ended June 30, 2024.

Operating income

Income from vessel operations was $50.0 million during the second quarter of 2025, compared to $103.0 million during the second quarter of 2024, the decrease being mainly attributed to lower net voyage revenues by $15.1 million and gains on sale of four vessels during the second quarter of 2024 for the amount of $32.5 million. During the first half of 2025, operating income from vessel operations was $110.7 million, compared to $179.2 million during the first half of 2024, the decrease being mainly attributed to the weakening of the market. In addition, gains on sale of vessels decreased to $3.6 million in the first