Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 44

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 44
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 institution’s discretion until November 2027, on which it pays fixed rate of 3.27% and receives floating rates based on the three-month SOFR. The interest rate swap agreement was designated and qualified as a non-hedging interest rate swap.

On June 26, 2025, the Company committed to onefloating-to-fixed interest rate swap with a major financial institution maturing September 2026 with an option for extension at the financial institution’s discretion until September 2031, on which it pays fixed rate of 2.98% and receives floating rates based on the three-month SOFR. The interest rate swap agreement was designated and qualified as a non-hedging interest rate swap.

At June 30, 2025 and 2024, the Company also held onefloating-to-fixed interest rate swap with a major financial institution maturing March 2028, on which it pays fixed rate of 3.82% and receives floating rates based on the six-month SOFR. The interest rate swap agreement was designated and qualified as a non-hedging interest rate swap.

The change in fair value of the above non-hedging interest rate swaps has been included in the change in fair value of non-hedging financial instruments. The fair value of these swap agreements was $ 1,018(negative) and $ 266(positive) as at June 30, 2025 and December 31, 2024, respectively. The change in fair value amounted to $998 (negative) for the second quarter of 2025 and $210 (negative) for the prior year’s second quarter. The change in fair value amounted to $1,284 (negative) for the six-month period of 2025 and $ 586(positive) for the prior year’s first half. ( 998) ( 210) ( 1,284)

During the first half of 2025, the Company entered into ten bunker agreements and one other commodities swap agreement, in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels and the European Union Allowances (“EUAs”) exposure, respectively with maturity dates between August 2025 through December 2026. As at June 30, 2025, the Company held eleven bunker agreements and four EUAs swap agreements (five bunker agreements and three EUAs swap agreements at December 31, 2024). The fair value of those agreements was $ 147(negative) and $