Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 15

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 15
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5, interest and finance costs, net, were $49.0 million compared to $55.2 million for the six months ended June 30, 2024, an 11.3% decrease. Interest (excluding the impact of interest rate swaps) decreased to $52.1 million in the six months ended June 30, 2025, from $61.0 million in the six months ended June 30, 2024, due to the decrease in the average loan interest rate to 5.8% from 7.2%. For the six-month period ended June 30, 2025, interest received on swaps amounted to $0.1 million compared to $0.4 million for the six-month period ended June 30, 2024.

Capitalized interest is based on expenditure incurred to date on vessels under construction. Capitalized interest amounted to $3.1 million and $5.7 million for the three and six-month periods ended June 30, 2025, compared to $1.8 million and $3.3 million for the equivalent periods of 2024. During the first half of 2025, the Company had twelve DP2 shuttle tankers, two suezmax tanker, two MR tankers and five LR1 tankers under construction, compared to two aframax, two suezmax, three DP2 shuttle, two MRs and three LR1 tankers under construction in the respective prior year period.

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At June 30, 2025, the Company held one floating-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. In addition, as at June 30, 2025 the Company held four floating-to-fixed interest rate swap with major financial institutions maturing from November 2026 until September 2031 with an option for extension at the financial institutions’ discretion, on which it pays fixed rates at a range of 2.88% to 3.27% and receives floating rates based on the six-month SOFR. The interest rate swap agreements were designated and qualified as non-hedging interest rate swaps. The change in fair value amounted to $1.0 million (negative) for the second quarter of 2025 and $1.3 million (negative) for the six-month period of 2025, compared to $0.2 million (negative