Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 158

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 7
Chunk 158
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 and $10.7 million in 2022).

Tsakos Shipping may also charge a fee of $0.2 million (or such other sum as may be agreed) on delivery of each new building vessel in payment for the cost of design and supervision of the new building by Tsakos Shipping. This amount is added to the cost of the vessels concerned and is amortized over their remaining lives. In 2024, $1.0 million in aggregate was charged for supervision fees of the aframax tankers Njord DF, Ran DF, Chios DFand Ithaki DF. In 2023, $0.5 million in aggregate was paid for supervision fees on two vessels. No such fee was paid in 2022.

Captive Insurance Policies

We pay Argosy Insurance Company, an affiliate of Tsakos family interests, premiums to provide hull and machinery, increased value and loss of hire insurance for our vessels. In 2024, 2023 and 2022, we were charged an aggregate of $15.2 million, $14.4 million and $11.0 million, respectively, by Argosy for insurance premiums.

Travel Services

We use AirMania Travel S. A., an affiliate of Tsakos family interests, for travel services primarily to transport our crews to and from our vessels. In 2024, 2023 and 2022, we were charged an aggregate of $7.0 million, $6.6 million, $6.4 million, respectively, by AirMania for travel services.

Major Shareholders

The following table sets forth certain information regarding the beneficial ownership of our outstanding common shares as of April 4, 2025, held by:

  each person or entity that we know beneficially owns 5% or more of our common shares; and  

  all our directors and officers as a group.  

Beneficial ownership is determined in accordance with the rules of the SEC. In general, a person who has or shares voting power or investment power with respect to securities is treated as a beneficial owner of those securities. Beneficial ownership does not necessarily imply that the named person has the economic or other benefits of ownership. Under SEC rules, shares subject to options, warrants or rights currently exercisable or exercisable within 60 days are considered as beneficially owned by the person holding those options, warrants or rights. The applicable percentage of ownership of each shareholder is based on 30,127,603 Common Shares outstanding on