Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 135

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 135
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 Series F Preferred Shares are payable quarterly in arrears on the 30th day of January, April, July and October of each year, when, as and if declared by the Company’s Board of Directors. Preferred share dividends on Series E Preferred Shares are payable quarterly in arrears on the 28th day of February, May, August and November of each year, when, as and if declared by the Company’s board of directors. See “ Item 10. Additional Information - Description of Share Capital.”

From time to time and depending upon market conditions, we may consider various capital raising alternatives to finance the strategic growth and diversification of our fleet. Any such capital raising transactions may be at the Tsakos Energy Navigation Limited or subsidiary level, to which interests in certain vessels in our fleet and rights to receive related cash flows would be transferred, as well as other capital raising alternatives available to us at that particular time.

Investment in Fleet and Related Expenses

We operate in a capital-intensive industry requiring extensive investment in revenue-producing assets. We continue to have an active fleet development program resulting in a fleet of modern and young vessels with an average age of 10.4 years at April 4, 2025. We commonly raise the funds for such investments in new buildings mainly from borrowings and partly from internally generated funds and equity issuance transactions. New building contracts generally provide for multiple staged payments of 10%, with the balance of the vessel’s purchase price paid upon delivery. In the case of new buildings, pre-delivery financing and/or financing upon delivery is arranged to finance part of the installment payments and/or the last installment to the shipbuilding yard. Otherwise, for the equity portion of an investment in a new building, we generally pay from our own cash approximately 20% to 30% of the contract price. Repayment of the debt incurred to construct the vessel is made from vessel operating cash flows, typically over two to ten years, compared to the vessel’s asset life of approximately 25 years (LNG carriers 40 years). We have arranged senior secured bank loans of up to $315.2 million and expect to arrange additional senior secured bank loans, to fund the aggregate $410.5 million remaining contract price for our twelve new buildings under construction as of December 31, 2024, and the $1.3 billion aggregate contract price for the nine-shuttle tanker new buildings for which we entered into construction contracts in March 2025.

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Debt

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