Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 221

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 19
Chunk 221
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-party managed vessels, chartered in vessels or chartered out on a bare-boat basis, and for vessels under construction. Monthly fees for third-party managed vessels were $ 28.8, for the suezmax tanker Decathlon 30.1 for the VLCCs Ulysses Hercules I 45.9 for LNG carriers Maria Energy Neo Energy 37.5 for Tenergy 30.1 for the aframax tankers Sapporo Princess Maria Princess 29.3 for the aframax tanker Ise Princess Dias I Eurochampion 2004 28.7 and $ 29.7, respectively. For the newly acquired vessels, aframax tankers Alpes, Aspen Popi Sazaklis 29.3 and $ 28.7 for the dual fuel LNG aframax tankers DF Montmartre DF Mystras, 36.0. For chartered in vessels or chartered out on a bare-boat basis and for vessels under construction, monthly fees were $ 21.0.

The Management Company, for services rendered, charged $ 19,880 19,503 20,228

In addition to the management fee, the Management Agreement provides for an incentive award to the Management Company, which is at the absolute discretion of the Holding Company’s Board of Directors. For the years ended December 31, 2024, 2023 and 2022, an award of $ 7,000 5,000 1,000

The Holding Company and the Management Company have certain officers and directors in common. The Chief Executive Officer and Director of the Holding Company, is also the sole stockholder of the Management Company and the son of the founder of TST (as defined below). The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even one director is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company’s Board of Directors.

Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery as at December 31, 2024, are