Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 130

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 130
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 company's working capital (excluding restricted cash and deferred loan costs) stood at $35.3 million, a significant decrease from $178.6 million on the same date in 2023. This decline is primarily attributed to a reduction in market rates throughout 2024 compared to 2023, leading to decreased cash inflows and lower trade receivables. The sale of the previously classified as held for sale, suezmax tankerEurochampion 2004, contributed to a reduction of current assets by $21.0 million while current portion of debt financing increased by $59.8 million, the trade payables by $15.6 million due to dry-docking repairs towards the end of the year and the accrued liabilities by $16.5 million as a result of new obligations under EUAs policy.

Current assets decreased to $451.8 million at December 31, 2024 from $509.3 million at December 31, 2023, a decrease of $57.5 million, mainly due to $28.7 million decrease in cash and cash equivalents, a $20.2 million decrease in trade receivables due to lower market rates compared to prior year end and the, derecognition of $21.0 million, in relation to the previously held for sale vesselEurochampion 2024, as of December 31, 2023, upon completion of sale in 2024, counterbalanced by an increase of $10.0 million in advances and other, mainly due to expected collections of EUAs.

Current liabilities increased to $408.5 million at December 31, 2024, from $323.2 million at December 31, 2023, an increase of $85.3 million, attributed mainly to increased debt to finance newly acquired vessels and the debt approaching maturity amounting to $93.9 million, boosted by an increase of $15.6 million in payables due to increased number of dry-docking towards the end of 2024 and accrued liabilities of EUAs amounting to $12.9 million to be surrendered by the end September 2025, compared to prior year period.

Net cash provided by operating activities was $307.7 million in 2024 and $395.3 million in 2023. The $87.6 million decrease is primarily attributable to the softening of previously elevated market rates as more fully described in the paragraph “ Voyage Revenues” above under “ Financial Analysis”. Total cash expenditure on voyage expenses,