Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 214

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 19
Chunk 214
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 585,473, $ 540,706 and $ 455,296 for the years ended December 31, 2024, 2023 and 2022, respectively.

Revenues generated from time charter and bareboat charters are usually collected in advance.

In the event of an incident involving one of the Company's vessels and where the loss of hire is insurable, the recovery is recorded when such loss of hire is realized or realizable and all contingencies are resolved. During 2024, 2023 and 2022, the Company incurred insurance recoveries from loss of hire amounting to $ 11,075 5,400 4,995

Voyage related and vessel operating expenses: 4,851 995 1,555

The Company records insurance claim recoveries for insured losses incurred on damages to fixed assets, net of any deductible amounts, at the time the recovery is probable under the related insurance policies and the claim is not subject to litigation. During 2024, 2023 and 2022, the Company incurred insurance recoveries from damages to fixed assets amounting to $ 10,774 8,867 6,980

European Union’s Emissions Trading System: The EU Emissions Trading System (EU ETS) is the European Union’s policy to reduce greenhouse gas emissions within the EU by setting a cap on the total emissions allowed, which decreases over time. From January 1, 2024, companies, including shipping companies with vessels over 5,000 gross tonnage, must purchase emission allowances to cover their CO2 emissions, and they can trade these allowances for financial flexibility. Shipping companies are required to monitor, report, and verify their emissions, and at the end of each year, they must surrender allowances equal to their emissions.

As of December 31, 2024, the Company has recognized European Union Allowances (EUAs) to be surrendered by September 30, 2025, amounting to $ 12,945, included in accrued liabilities in the accompanying consolidated balances sheets. The amount of $ 6,739, are collectable from charterers and are included in trade accounts receivable, net in the accompanying consolidated balance sheets and the amount of $ 3,670 has been purchased and/or received from charterers and are included in advances and other in the accompanying consolidated balance sheets.

The value of EUAs provided by charterers is recognized under voyage revenues, while the EUAs obligations under the EU ETS are