Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 46

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 4
Chunk 46
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 attributes, together with our strategy of proactively working towards meeting our customers’ chartering needs, has contributed to our ability to attract world-class energy producers as customers and to our success in obtaining charter renewals generating strong fleet utilization. Our fleet is managed by Tsakos Energy Management, a company owned by our chief executive officer. Tsakos Energy Management provides us with strategic advisory, financial, accounting, and administrative services, while subcontracting the commercial and technical management of our business to Tsakos Shipping.

In its capacity as commercial manager, Tsakos Shipping provides various services for our vessels, including charterer relations, obtaining insurance and vessel sale and purchase, supervising newbuilding construction and vessel financing. Tsakos Energy Management subcontracts the technical and operational management of our fleet to Tsakos Shipping and Trading S. A. (“ Tsakos Shipping” or “ TST”). TST now manages the technical and operational activities of all of our operating vessels apart from the LNG carriers Maria Energyand Tenergy, the VLCCs Ulysses, Hercules I, Dias I, the aframax tankersMaria Princess, Ise Princess, DF Montmartre, DF Mystras, Alpes, Aspen, and the suezmax tankers Decathlon and Popi Sazakliswhich are technically managed by non-affiliated ship managers. TST is based in Athens, Greece. TST manages our day-to-day vessel operations, including provision of supplies, maintenance and repair, and crewing. Our Chief Executive Officer is an officer, director and sole shareholder of Tsakos Energy Management, and the son of the founder of TST.

  Table of Contents      25  

As of April 4, 2025, our operational fleet consisted of the following 61 vessels:

  Number of Vessels      Vessel Type    
 ────────────────────────────────────────
                  3      VLCC           
                 12      Suezmax        
                 25      Aframax        
                  2      Aframax LR2    
                  9      Panamax LR1    
                  4      Handysize MR1  
                  2      LNG carrier    
                  4      Shuttle DP2    
           Total 61                     

Sixteen of the operating vessels are of ice-class specification. This fleet diversity, which includes several sister ships, provides us with the capability to be one of the more versatile operators in the market. The current operating fleet totals 7.5 million dwt, all of which are double-h