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

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 6
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 bunker expenses by 15.7% during the second quarter of 2025, compared to the equivalent 2024 period. Total port expenses decreased by $3.9 million or 39.4% for the second quarter of 2025 compared to the second quarter of 2024, while the average port expenses per vessel per day reduced to $8,468 from $9,582, a 11.6% reduction. The number of vessels trading on spot and coa market was ten in the second quarter of 2025 compared to nineteen in the prior year quarter and as a result the number of port calls for which we were responsible for expenses declined. Moreover, during the second quarter of 2025, commissions decreased to $6.0 million from $7.4 million in the second quarter of 2024, a decrease of 18.9%, as a result of decreased revenue compared to the equivalent period of 2024. However, daily commissions increased from $7,167 to $8,554 in the second quarter of 2025 compared to the prior year period indicating a rise on the commission rate between the two periods. The overall decrease was counterbalanced by a $4.9 million, or 188.5%, increase in the impact of EUAs between the three-month periods, primarily attributable to a higher number of port calls within the European Union region.

Voyage expenses were $68.0 million in the first six months of 2025, compared to $83.4 million in the first six months of 2024, a 18.5% decrease. The decrease in voyage expenses between the six-month periods is mainly attributed to bunkers expenses, as the average delivered price paid by the Company for the bunkers procured globally decreased by 9.7% and daily bunker expenses decreased from $22,138 to $19,699 per day, as oil prices fell. Port and other expenses decreased by $4.8 million, or 27.3%, between the six-month periods and remained in the same level on a daily basis, as a result of a lower number of port calls for which we were responsible for expenses due to reduced employment of vessels on spot and coa. The decrease in voyage expenses between the six-month periods was further reinforced by the commission expenses, as the revenue generated by the Company during the equivalent period decreased by 6.1%, directly affecting commission expenses. However, this decrease was partially mitigated by the impact of EUAs, which