Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 9

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 9
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% increase. For the first half of 2025 depreciation and amortization increased to $83.2 million from $77.0 million for the first half of 2024.

Depreciation amounted to $36.4 million in the second quarter of 2025 and $33.7 million in the second quarter of 2024, a 7.9% increase. For the first six months of 2025, depreciation was $71.8 million compared to $66.2 million in the first six months of 2024, a $5.6 million increase. The increase being due to fleet renewal with the number of average operating vessels to increase from 62 to 63 during the first half of 2025.

Amortization of deferred dry-docking charges and leasehold improvements amounted to $5.7 million during the second quarter of 2025, compared to $5.1 million during the second quarter of 2024, a $0.6 million increase. For the six-month period ended June 30, 2025, amortization of deferred dry-docking charges and leasehold improvements was $11.4 million compared to $10.1 million in the corresponding period of 2024. The increase in the three month and six month periods ended June 30, 2025, relate primarily to the amortization of the increased number of vessels in the fleet that completed their dry-dock special surveys in the fourth quarter of 2024.

The amortization of the right-of-use assets under finance lease amounted to zero in the first half of 2025 and the second quarter of 2025 compared to $0.7 million in the respective periods of 2024, as the suezmax tankers Archangeland Alaskapreviously classified as finance leases up to July 19, 2024 and August 22, 2024, respectively, were both repurchased.

Gain on sale of vessel

During the first half of 2025, the Company sold its suezmax tanker Pentathlon,for net proceeds of $39.5 million, incurring gain on sale of $3.55 million.During the first half of 2024, the Company sold its suezmax tankers Eurochampion 2004, Euronike,the aframax tankers Izumo Princessand Nippon Princessand its LNG carrier Neo Energy, for net proceeds of $228.4 million, incurring net gain on sales of $48.7 million