Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 215

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 19
Chunk 215
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 included in voyage expenses in the Company’s consolidated statements of comprehensive income. The EUAs obligations are measured at the estimated cost of purchasing credits from the EUA market, based on the voyage completion date. EUAs obligations not reimbursable from charterers are revalued using market prices from an EUA index. For the year ended December 31, 2024, the Company recorded $ 8,158 in voyage revenues and $ 13,034 in voyage expenses in the accompanying consolidated statements of comprehensive income, including $ 174 for remeasurement of EUAs obligations, as applicable.

Unearned revenue: 23,151 17,391 14,259 14,511

Customers’ concentration:

Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table)

  Charterer      2024      2023      2022  
 ───────────────────────────────────────────
  A               17%       22%       13%  
  B               10%       10%        8%  
  C                9%        9%        8%  

(o)Segment Reporting: The Company has identified its Chief Operating Officer as the Chief Operations Decision Maker (“ CODM”) in accordance with ASC 280 “ Segment Reporting”. The CODM manages the business on a consolidated basis and uses the information as reported on the accompanying consolidated statements of comprehensive income to allocate resources, makes operating decisions and assesses performance, without discrete financial information by type of vessel or by type of charter or by type of cargo. Additionally, the vessels serve the same type of customers, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Although operating results may be identified by type of vessel, the CODM reviews operating results primarily by consolidated net income of the fleet as this is reflected in the accompanying consolidated statements of comprehensive income. In addition, the CODM is provided on a regular basis with the consolidated operating expenses, deemed as significant and consolidated voyage revenues, both included in the segment profit, presented under corresponding captions in the consolidated statements of comprehensive income. The Company operates two LNG carriers which meet the quantitative thresholds used to determine reportable segments. The CODM does not review the operating results of these vessels separately or make any decisions about resources to be allocated to these vessels or assess their performance separately; therefore, the LNG carriers do not constitute a separate reportable segment. The Company’s vessels operate on many trade routes throughout the world and