Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 120

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 120
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 Popi Sazaklis, which is reflected in voyage revenue, resulting in an impact of $15.8 million, with no comparable transaction in the prior year. Finally, as of January 1, 2024, the European Union expanded the scope of the EU Emissions trading system (“ EU ETS”) to include carbon dioxide (“ CO2”) emissions, with compliance obligations for European union allowances (“ EUAs”) under time charter arrangements falling on the charterer for emissions generated at European ports. As a result, the Company had an $8.2 million impact included in voyage revenue during the year ended December 31, 2024, with no equivalent transaction in the previous year.

During 2024, the tanker market in general remained healthy, benefiting from shifts in trade flows due to ongoing sanctions on Russian oil and geopolitical instability, which increased ton-mile demand. The conflict in the Middle East and rerouting via the Cape of Good Hope further supported freight rates. This, combined with rising global energy demand, has created an advantageous landscape for companies with modern, diversified fleets and flexible employment structures to capitalize on the growing interest of energy majors in securing long-term contracts at sustainable and accretive rates. Additionally, the lack of a clear consensus on future environmental propulsion technologies, combined with extended ton-mile demand driven by geopolitical factors, further contributes to the currently positive market dynamics.

The average time charter equivalent rate per vessel in 2024 was $32,550 per day, representing a decrease of 11.6% from $36,822 per day in 2023. This decrease was primarily driven by the overall market softening throughout 2024, which adversely impacted all vessel types and sizes within our fleet exposed to market related rates, with the exception of our DP2 suezmax shuttle tankers and panamax tankers, which experienced a slight increase. The average daily TCE per vessel for the remaining categories were below the prior year’s average levels, with decreases ranging from 3.8% to 41.4% in 2024 compared to the equivalent period of 2023.

Average daily TCE rates earned for the years ended December 31, 2024 and 2023, were as follows:

                           Year ended December 31,               
                                              2024         2023  
 ─────────────────────────────────────────────────────────────────
                                           U. S. $      U. S. $  
  LNG carrier                               53,835       58,322  
  VLCC                                      34