Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 128

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 128
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 cash receipts for those agreements amounted to $1.4 million. During 2023, the Company entered into eight bunker swap agreements and two EUAs emission swap agreements. On December 19, 2023, the two EUAs emission swap agreements expired, and the Company paid $0.3 million. The fair value of bunker swap agreements and EUAs emission swap agreements at December 31, 2024 and 2023, was $0.3 million (positive) and $0.5 million (positive), respectively. The change in the fair values for the years ended December 31, 2024 and 2023 was $0.2 million (negative) and $0.5 million (positive), respectively and have been included in Change in fair value of bunker and other commodities non-hedging instruments in the table above.

Amortization of loan expenses was $3.6 million in 2024 and 2023, respectively. Although average debt increased during 2024, respective increase in amortization of loan expenses was counterbalanced by the reduction of the existing indebtedness. Other bank charges amounted to $0.1 million in 2024 and $0.3 million in 2023.

On May 30, 2023, the Company announced the redemption of 3,517,061 Series D Cumulative Redeemable Perpetual Preferred Shares along with accrued dividends. Upon declaration, Series D Preferred Shares were re-classified from equity to current liabilities and any accrued dividends of the period, amounting to $0.8 million, were recognized as interest expense in 2023.

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Interest income

Interest income in 2024 amounted to $15.1 million compared to $14.6 million in 2023. The increase is due to higher interest rates and cash reserves.

Non-controlling interest

There is a non-controlling interest of 49% in the subsidiary Mare Success S. A., which owns 100% of each of the companies that own the panamax vessels Seliniand Salaminaand the handysize vessels, Byzantionand Bosporos. For the year ended December 31, 2024, and 2023, the net income attributable to the non-controlling interest of Mare Success S. A. was $5.4 million and $4.9 million, respectively.

Net income attributable to Tsakos Energy Navigation Limited

As a result of the foregoing, the net income attributable to Tsak