Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 129

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 129
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os Energy Navigation Limited for 2024 was $176.2 million, or an income of $5.03 per share basic and diluted, after taking into account the cumulative dividends of $27.0 million, on our preferred shares for 2024, compared to net income of $300.2 million, or an income of $9.04 per share basic and diluted, after taking into account the cumulative dividends of $33.4 million on our preferred shares.

Year Ended December 31, 2023 Compared to Year Ended December 31, 2022

For a discussion of our results for the year ended December 31, 2023, compared to the year ended December 31, 2022, please see “ Item 5. Operating and Financial Review and Prospects - Financial Analysis - Year Ended December 31, 2023, Versus Year Ended December 31, 2022” contained in our annual report on Form 20-F for the year ended December 31, 2023, filed with the SEC on April 19, 2024.

Liquidity and Capital Resources

Our liquidity requirements relate to servicing our debt, funding the equity portion of investments in vessels, funding working capital and controlling fluctuations in cash flows. In addition, our newbuilding commitments, vessel acquisitions, other expected capital expenditures on dry-dockings and vessel improvements, which in total equaled $674.8 million in 2024 and $317.5 million in 2023, will again require us to expend a significant amount of cash in 2025. We are also obligated to make certain payments to our manager under our management agreement. See “ Long-Term Contractual Obligations” below. Net cash flow generated by operations is our main source of liquidity. Apart from the possibility of raising further funds through the capital markets, additional sources of cash include proceeds from asset sales and borrowings, although all borrowing arrangements to date are related to the acquisition and construction of specific vessels.

If market conditions worsen significantly, then our cash resources may decline to a level that may put at risk our ability to service timely our debt and capital expenditure commitments. To avoid such an eventuality, management would expect to be able to raise extra capital through the alternative sources described above.

Non-restricted cash balances were $343.4 million as of December 31, 2024, compared to $372.0 million as of December 31, 2023.

At December 31, 2024, the