Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 5

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 5
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crease) |
| Bunker expenses         |            29.7 |     |      45.7 |     | (35.2)%             |     |                                            19,699 |     | 22,138 |     | (11.0)%             |
| EU ETS                  |            13.0 |     |       5.2 |     | 150.0%              |     |                                             8,650 |     |  2,492 |     | 247.1%              |
| Port and other expenses |            12.8 |     |      17.6 |     | (27.3)%             |     |                                             8,522 |     |  8,523 |     | 0.0%                |
| Commissions             |            12.5 |     |      14.9 |     | (16.1)%             |     |                                             8,238 |     |  7,187 |     | 14.6%               |
| Total                   |            68.0 |     |      83.4 |     | (18.5)%             |     |                                            45,109 |     | 40,340 |     | 11.8%               |
| Days on Spot and COA    |                 |     |           |     |                     |     |                                             1,507 |     |  2,068 |     |                     |

Voyage expenses were $31.9 million during the quarter ended June 30, 2025, compared to $41.4 million during the prior year’s second quarter, a 22.9% decrease. Voyage expenses are highly dependent on the voyage patterns followed and size of vessels employed on spot charter or contract of affreightment. Bunkering purchases typically constitute the largest part of voyage expenses and therefore the usual volatility and price swings of crude oil in any given year affect bunker prices and consequently voyage expenses.

Both crude oil and global bunker prices decreased during the second quarter of 2025, resulting in a 9.4% decrease in average delivered price paid by the Company for the supplied bunkers, in the respective period of 2024. In addition, the total quantity of bunkers purchased during the second quarter of 2025 decreased by 24.1% compared to the equivalent 2024 period, as fewer vessels of the fleet operated in the spot market, reducing the average daily