Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 14

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 14
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ging instruments cash settlements       |                         0.1 |     |      -0.5 |     |                      -0.1 |     |      -1.1 |
| Change in fair value of bunker and other commodities non-hedging instruments |                         0.4 |     |       0.5 |     |                       0.5 |     |      -0.6 |
| Amortization of loan expenses                                                |                         0.7 |     |       1.1 |     |                       1.6 |     |       1.9 |
| Amortization of deferred gain on termination of financial instruments        |                        -0.2 |     |      -0.9 |     |                      -0.7 |     |      -2.1 |
| Bank loan charges                                                            |                           — |     |       0.1 |     |                       0.1 |     |       0.1 |
| Net total                                                                    |                        25.0 |     |      30.1 |     |                      49.0 |     |      55.2 |

Interest and finance costs, net, were $25.0 million for the second quarter of 2025, compared to $30.1 million for the second quarter of 2024, a 16.9% decrease, mainly attributed to the lower interest of $5.3 million which was partially compensated by $0.1 million in cash settlements on interest rate swaps. Average interest rate paid on outstanding debt decreased to 5.74% for the second quarter of 2025 from 7.09% in the second quarter of 2024, and interest (net of interest rate swaps, interest on sale and leaseback and capitalized interest) decreased by $6.6 million for the second quarter of 2025 compared to the second quarter of 2024.

During 2024, the suezmax tankers Alaskaand Archangelwere classified as finance leases from May 31, 2024, until July 19, 2024, and August 22, 2024, respectively, when both vessels were repurchased. Interest expense on the lease liability was $0.3 million in the second quarter and the first half of 2024, compared to $nil in the second quarter and the first half of 2025, mainly due to the sale and leaseback vessels under finance lease.

For the six months ended June 30, 202