Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 3

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 3
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.6 million in the first half of 2024, a decrease of $25.2 million, or 6.1%, which is primarily attributable to softer market rates in the tanker industry compared to the equivalent period of 2024. For the first six months of 2025, the fleet’s utilization rate increased to 96.9% compared to 91.9% for the first six months of 2024 which is mainly attributable to the higher number of vessels within the fleet operating under time charter contracts. Lost days arose mainly from the dry-dockings of the suezmax tanker Arctic,the aframax tankers Propontisand Sapporo Princessand the handysize tankers Aegeasand Andromeda. Apart from the lost days related to dry-dockings, the six-month period ended June 30, 2025, also includes lost days on the repositioning voyages of certain other vessels. The respective decrease was offset by the impact of EUAs and the amortization of liabilities assumed from time charters attached, amounting to $8.9 million and $10.6 million, respectively, during the six months ended June 30, 2025, compared to $3.2 million and $6.3 million for those items in the corresponding period of the previous year.

For the six months ended June 30, 2025, the average daily TCE rate was $30,754 compared to $33,830 for the equivalent period of 2024, a 9.1% decrease. For the second quarter of 2025, the average daily TCE rate was $30,767 per day compared to $34,235 per day for the previous year’s second quarter, a 10.1% decrease. Average daily TCE rate earned for the three and six-month periods ended June 30, 2025 and 2024, per vessel category were:

|             | Three months ended June 30, 
                        2025 |     |   2024 |     | Six months ended June 30, 
                      2025 |     |   2024 |
|:------------|----------------------------:|:----|-------:|:----|--------------------------:|:----|-------:|
|             |                           $ |     |      $ |     |                         $ |     |      $ |
| LNG carrier |                      38,095 |     | 49,461 |     |                    47,608 |