Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 23

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 23
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4, which was paid on July 18, 2024. On September 11, 2024, the Company declared its second semi-annual dividend of $0.90 per common share and paid on December 20, 2024.

The Company continues to be fully compliant with its scheduled debt service requirements, repaying capital and paying interest promptly in accordance with respective bank agreements without fail. As a percentage of total liabilities against total assets at fair value, our consolidated leverage (a non-GAAP measure) as computed in accordance with our loan agreements at June 30, 2025 was below the loan covenant maximum of 70%, which is applicable to all the above loans on a fleet and total liabilities basis. As at June 30, 2025, the Company and its wholly and majority owned subsidiaries were compliant with the financial covenants in its thirty-four loan agreements totaling $1.82 billion. See Note 7, Long Term Debt and other financial liabilities, to our unaudited interim condensed consolidated financial statements included elsewhere in this report.

Inflation

During the first half of 2025, inflationary pressures in the global economy have shown signs of easing. Such global conditions, and related central bank actions, have also resulted in lower prevailing interest rates, decreasing the interest rates payable under our floating rate loan agreements. To date, inflation has had a moderate impact on our operating expenses, dry-docking expenses and corporate overhead, as well as our management fees, which increased in the first half of 2025. Should a disinflationary trend develop and persist, it is expected that there will be limited impact on our operating and financing expenses, and to the extent inflation increases, it could result in increased operating and financing expenses.

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TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024

(Expressed in thousands of U.S. Dollars - except share and per share data)

|                                                                                                                                                                                                             |     |   | June 30, 2025 (UNAUDITED) |     |   | December 31, 2024 |
|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|--------------------------:|:----|:--|------------------:|
| ASSETS                                                                                                                                                                                                      |     |   |                           |     |   |                   |
| CURRENT ASSETS:                                                                                                                                                                                             |     |   |