Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 103

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 103
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 from $36,822 in 2023, mainly due to softer market rates despite the increased number of operating vessels. Operating expenses increased by 1.6% to $198.0 million in 2024 from $194.9 million in 2023, mainly due to planned dry-docking of fifteen vessels in 2024, counterbalanced by a reduction on repairs and maintenance and spares expenses and the drop of lubricant prices.

Depreciation and amortization totaled $159.9 million in 2024 compared to $144.2 million in 2023 due to increased depreciation expenses from $122.8 million in 2023 to $138.4 million in 2024, mainly due to newly acquired vessels. General and administrative expenses, which include management fees and incentive awards, were $45.4 million in 2024 and $33.3 million in 2023, a 36.3% increase, mainly due to the amortization of stock compensation expense amounted to $8.1 million in 2024 compared to $nil million in 2023.

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In 2024, the review of the carrying amounts in connection with the estimated recoverable amount and the probability of sale for certain of the Company’s vessels as of December 31, 2024, indicated no impairment. In 2023, the review of the carrying amounts in connection with the estimated recoverable amount and the probability of sale for certain of the Company’s vessels as of December 31, 2023, resulted in an impairment charge of $26.4 million.

There was operating income of $278.6 million in 2024 compared to operating income of $391.5 million in 2023. Interest and finance costs, net, increased by 11.2% in 2024 or $11.3 million, mainly due to the increased average debt in 2024.

Net income attributable to the Company in 2024 was $176.2 million compared to $300.2 million in 2023. The effect of preferred dividends in 2024, inclusive of deemed dividends and undistributed income allocated to non-vested restricted common stock, was $28.0 million compared to $33.4 million in 2023. Net income per share, basic and diluted, was $5.03 in 2024 based on 29,505,603 weighted average shares outstanding, compared to net income per share, basic and diluted, $