Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 51

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 4
Chunk 51
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 following chart illustrates the management of our fleet as of December 31, 2024:

Technical management of the LNG carriers Maria Energyand Tenergy, the VLCCs Hercules I, Ulysses, Dias I, the suezmax tankers DecathlonandPopi Sazaklis, the aframax tankersMaria Princess, Ise Princess, Alpes, Aspen, DF Montmartre, DF Mystras, was sub-contracted to unaffiliated third-party ship managers.

Management Contract

Executive and Commercial Management

Pursuant to our management agreement with Tsakos Energy Management, our subsidiaries’ operations are executed and supervised by Tsakos Energy Management, based on the strategy devised by our Board of Directors and subject to the approval of our Board of Directors as described below. In accordance with the management agreement, we pay Tsakos Energy Management monthly management fees for its management of our subsidiaries’ vessels.

The monthly fee may be adjusted annually in accordance with the terms of the agreement with Tsakos Energy Management, if both parties agree. On January 1, 2024, monthly fees remained the same, apart from the third-party managed vessels, which incurred minor increases. Monthly fees for third-party managed vessels increased to $28,756 from $28,384 for the suezmax tanker Decathlon, the VLCCs Ulysses, Hercules Ifrom $29,742 to $30,149, for LNG carriers Maria Energyand Neo Energy(up to the sale May 31, 2024) increased to $45,858 from $45,105 and Tenergyto $37,500 from $36,667, for the aframax tankers Sapporo Princess(up to November 17, 2024) and Maria Princessfrom $29,742 to $30,149, and from $28,884 to $29,256 for the aframax tanker Ise Princess, respectively. Monthly fees for VLCC Dias Iand suezmax tankerEurochampion 2004(up to the sale January 11, 2024) amounted to $28,708 and $29,742, respectively. For the newly acquired vessels, aframax tankersAlpes, Aspen, and the suezmax Popi Sazaklis, monthly fees amounted to $29,280 and $28,708 for the dual fuel LNG aframax tankers DF MontmartreandDF Mystras, respectively.

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The management fee starts to accrue for