Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 1

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 1
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 revenue                      |     390.4 |     | 100%       |     |     415.6 |     | 100%       |

Voyage revenue earned during the three months ended June 30, 2025, totaled $193.3 million, a 9.7% decrease, compared to $214.1 million earned in the three months ended June 30, 2024. The decrease was primarily driven by weaker tanker market rates compared to the equivalent period of 2024 despite the fact that the tanker market fundamentals being supported by rising global oil demand, low inventories and the unwinding of OPEC plus voluntary production cuts, as well as by ongoing geopolitical tensions that continue to influence trade flows and vessel supply.

Total utilization achieved by the fleet (total days that the vessels were actually employed as a percentage of total days in the period that the Company owned or controlled the vessels) was 96.6% in the second quarter of 2025 compared to 92.4% in the second quarter of 2024. The higher employment rate in the second quarter of 2025 is mainly attributed to a decline in vessel repositioning, mainly due to fewer employment days under spot voyage arrangements.

The amount of revenue earned on time charter-fixed rate contracts slightlyincreased by 3.3% to $89.7 million in the second quarter of 2025 from $86.8 million in the second quarter of 2024, mainly due to a higher number of vessels operating under fixed rate time charter arrangements. More specifically, the increase is attributed to the acquisition of the newly -built DP2 suezmax shuttle tanker Athens 04,which was delivered within the second quarter of 2025 and operated under a fixed-rate time charter contract. Additionally, the respective increase was further strengthened by the impact of European Union (or EU) allowances (or EUAs), deriving from the expanded EU Emissions Trading System (or EU ETS) to the maritime industry, amounting to $2.2 million, compared to $0.9 million in the corresponding period of 2024. These increases were counterbalanced by the lost days of aframax tanker Sapporo Princess, which was undertaking a dry-docking during the second quarter of 2025, compared to the respective period in 2024 during which the respective vessel was fully operational under fixed rate time-charter-contract. Operating days on pure time charters increased to 2,969 days in the second quarter of 202