Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 21

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 21
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 at June 30, 2025, the Company had nineteen vessels under construction and the remaining yard installments to be paid for those vessels amounted to $1.8 billion ($225.9 million in the second half of 2025, $385.8 million in 2026, $487.3 million in 2027 and $713.9 million in 2028), the majority of which is expected to be covered through secured debt that we have arranged or that we expect to arrange. In the third quarter of 2025, we ordered two VLCC tankers for delivery in the third quarter of 2027 and the first quarter of 2028, respectively, for a total purchase price of $257.0 million, of which $12.9 million is scheduled to be paid in the fourth quarter of 2025, $38.6 million in 2026, $128.5 million in 2027 and $77.1 million in 2028.

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Net cash provided by financing activities was $107.3 million for the second quarter of 2025, compared to $112.8 million used in financing activities for the equivalent period of 2024. During the second quarter of 2025, the Company drew down $141.7 million for the two newly constructed vessels, the DP2 shuttle tanker Athens 04and the suezmax tanker Dr Irene Tsakos, $14.9 million for the DP2 shuttle tanker Anfieldand $114.1 million for the refinancing of the two DP2 suezmax tankers Portoand Lisboaand prepaid the amount of $106.6 million as part of the refinancing of the two DP2 shuttle tankers. The principal repayments of the quarter amounted to $49.6 million and payments of dividends of $6.8 million.

During the second quarter of 2024, proceeds from bank loans amounted to $191.8 million, repayments of debt amounted to $41.6 million, prepayments amounted to $28.2 million, and payments of dividends amounted to $6.8 million.

Net cash provided by financing activities was $59.1 million for the first half of 2025, compared to $201.5 million used in financing activities during the prior year’s first half. During the first half of 2025, the Company (1) drew down (i) $27.8 million for the financing of the two under construction vessels, Paris 24and