Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 13

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 13
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 half of 2025, compared to $48.7 million in the prior year respective period, a reduction of $45.1 million. Operating expenses, excluding gain on sale of vessels, presented a slight decrease of $1.8 million for the six-month period ended June 30, 2025 from $285.1 million for the six-month period ended June 30, 2024, which is mainly attributed to increased vessel operating expenses, general and administrative expenses, and depreciation and amortization expenses, as the average number of operating vessels increased from 61.6 to 62.0 counterbalanced by decreased voyage and charter-hire expenses.

Interest and finance costs

Interest and finance cost analysis in the table below is not presented according to U.S. GAAP guidelines. However, management believes that this analysis may provide its users a better understanding of the Company’s finance cost. Management also uses this analysis in making financial and planning decisions.

|                                                                              | Three months ended June 30, |     |           |     | Six months ended June 30, |     |           |
|                                                                              |                        2025 |     |      2024 |     |                      2025 |     |      2024 |
|                                                                              |                   $ million |     | $ million |     |                 $ million |     | $ million |
| Loans interest expense                                                       |                        26.2 |     |      31.5 |     |                      52.1 |     |      61.0 |
| Interest expenses on sale and leaseback                                      |                           — |     |       0.3 |     |                         — |     |       0.3 |
| Interest rate swaps cash settlements, net                                    |                        -0.1 |     |      -0.4 |     |                      -0.1 |     |      -0.4 |
| Less: Interest capitalized                                                   |                        -3.1 |     |      -1.8 |     |                      -5.7 |     |      -3.3 |
| Interest expense, net                                                        |                        23.0 |     |      29.6 |     |                      46.3 |     |      57.6 |
| Change in fair value of non-hedging interest rate swaps                      |                         1.0 |     |       0.2 |     |                       1.3 |     |      -0.6 |
| Bunkers and other commodities non-hed