Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 126

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 126
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 there was an additional $8.1 million of stock-based compensation expense expected to be recognized ratably over the remaining vesting period of these restricted share awards. The Company did not grant any stock-based compensation awards in 2023.

(Gain) Loss on sale of vessels

In 2024, the Company sold its suezmax tankersEurochampion 2004, Euronike, the aframax tankers Izumo Princessand Nippon Princessand its LNG carrierNeo Energy, for net proceeds of $228.4 million, incurring net gain on sales of $48.7 million. In 2023, the Company sold its handymax tankers, Afrodite, Artemis, Ariadne, Aris, AjaxandApollon, and its handysize tankers, Arion, Amphitrite, for net proceeds of $165.9 million, realizing a total gain of $81.2 million.

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Impairment charges

As of December 31, 2024, vessel values had increased compared to the prior year. As a result, 58 of our vessels had carrying values lower than their market values. Our fleet is for the most part young, with an average age of 10.2 years and every vessel in the fleet is expected to generate considerably more cash during their remaining expected useful lives than their carrying values in connection with the estimated recoverable amount and the probability of sale for each of its vessels and vessels under construction as at December 31, 2024. The Company’s cash flow tests per vessel for assessing whether an impairment charge was required when impairment indicators were found present, did not indicate that such an impairment charge was required for any operating vessel of the fleet and under construction vessel at December 31, 2024. During 2023, the Company for the LNG carrier Neo Energyrecorded an impairment charge of $26.4 million.

In addition, the Company reviews and tests its right-of-use assets for impairment at each reporting date. The review of the carrying amounts in connection with the estimated recoverable amount for the Company’s right of use assets as of December 31, 2024, and December 31, 2023, indicated no impairment charge.

Operating income

For 2024, income from vessel operations was $278.6 million compared to $391.5 million in 2023, a decrease of $112.9 million, or 28.8%. The decrease being mainly