Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 155

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 7
Chunk 155
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 officer, director and the sole shareholder of Tsakos Energy Management. He is also the son of the founder of TST.

George V. Saroglou, our president and chief operating officer and one of our directors, is a cousin of Nikolas P. Tsakos.

Management and Other Fees

We prepay or reimburse our technical manager at cost for all vessel operating expenses payable by them in their capacity as technical manager of the fleet. At December 31, 2024 and 2023, the outstanding advances to TST, as technical manager, amounted to $0.2 million and $1.1 million, respectively. Outstanding advances to TSM amounted to $2.6 million and $5.3 million, at December 31, 2024 and 2023, respectively. In 2024, 2023 and 2022, an additional amount of $2.2 million, $1.2 million and $nil, respectively, was paid in fees directly by the Company to TST for additional services it provided and seafarers’ training. For additional services and seafarers’ training TSM charged the amount of $nil, $0.6 million and $1.9 million, for 2024, 2023 and 2022, respectively.

From the management fee we pay Tsakos Energy Management, Tsakos Energy Management in turn pays a management fee to TST for its services as technical manager of the fleet. Under the terms of our management agreement with Tsakos Energy Management, we paid Tsakos Energy Management total management fees of $19.9 million in 2024, $19.5 million in 2023 and $20.2 million in 2022. In 2024, 2023 and 2022, we granted Tsakos Energy Management an incentive award of $7.0 million, $5.0 million and $1.0 million, respectively.

Management Agreement

Our management agreement with Tsakos Energy Management was amended and restated on March 8, 2007 and has a term of ten years that renews annually. Tsakos Energy Management may terminate the management agreement at any time upon not less than one year’s notice. In addition, either party may terminate the management agreement under certain circumstances, including the following:

  certain events of bankruptcy or liquidation involving either party;  

  a material breach by either party; or  

  a failure by Tsakos Energy Management