Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 20

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 20
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 The $20.9 million decrease is primarily attributable to the decrease in voyage revenues by $20.8 million, or 9.7%, due to a softer tanker market with lower charter rates and a significant decrease in bunker oil prices between the respective periods.

Net cash used in investing activities was $233.5 million for the second quarter of 2025, compared to $159.5 million for the equivalent period of 2024 due to payment for the acquisition of the DP2 shuttle tanker Athens 04and the suezmax tanker Dr Irene Tsakosfor the amount of $136.3 million, $94.4 million in advances for the ten DP2 shuttle tankers and two MR tankers under construction and $2.8 million for improvements on existing vessels.

Net cash used in investing activities was $236.1 million for the six months ended June 30, 2025, compared to $356.5 million used in investing activities during the six months ended June 30, 2024. During the first half of 2025, the Company paid $136.3 million for the acquisition of the DP2 shuttle tanker Athens 04and the suezmax tanker Dr Irene Tsakosand $3.1 million for improvements on existing vessels. The Company also paid $126.2 million for nineteen under construction vessels, eleven DP2 shuttle tankers, onesuezmax tanker ,two MRs and five LR1s, which were counterbalanced by cash proceeds from the sale of the suezmax tanker Pentathlon, amounting to $39.5 million. In addition, the Company invested $15.0 million in debt securities and received $5.0 million from an early redemption in one of its debt securities. In the first half of 2024, cash outflow from investing activities related to payments for the acquisition of six aframax tankers ,and one suezmax tanker amounted to $442.4 million, $4.3 million for improvements on existing vessels and $38.7 million for the eight under construction vessels. On March 1, 2024, the Company invested $5.0 million in debt securities and placed $94.5 million in U.S. Treasury bills and six-month time deposits. Relevant outflows were counterbalanced by cash inflows from the sale of the aframax tankers Izumo Princessand Nippon Princess, the suezmax tanker Euronikeand the LNG carrier Neo Energy, amounting to $228.4 million.

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