Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 16

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 16
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) and $0.6 million (positive) for the three and six-months ended June 30, 2024, respectively.

During 2022, the Company discontinued ten of its cash flow hedge interest rate swaps through early termination agreements. The Company considered the forecasted transactions as still probable for seven of those interest rate swaps, and presented the amount received in accumulated other comprehensive income. Respective amounts are amortized into Company’s earnings until the expiry date of each interest rate swap. The amortization for the second quarter of 2025 and 2024 amounted to $0.2 million (positive) and $0.9 million (positive), respectively, and $0.7 million (positive) and $2.1 million (positive) for the six-month period of 2025 and 2024, respectively.

During the first half of 2025, the Company entered into ten bunker agreements and one other commodities swap agreement, in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels and the EU Allowances exposure, respectively with maturity dates between August 2025 through December 2026. As at June 30, 2025, the Company held eleven bunker agreements and four EUAs swap agreements. The fair value of those agreements was $0.1 million (negative) as at June 30, 2025. The change in fair value amounted to $0.4 million (negative) and $0.5 million (negative) for the second quarter and the first half of 2025, respectively. Cash paid for those agreements amounted to $0.1 million in the second quarter of 2025, compared to cash received of $0.1 million during the first half of 2025. During the first half of 2024, the Company entered into eight bunker agreements and three other commodities swap agreements, in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels and the EU Allowances exposure, respectively. The change in fair value amounted to $0.5 million (negative) and $0.6 million (positive) for the second quarter and the first half of 2024, respectively. Cash received for those agreements amounted to $0.5 million and $1.1 million in the second quarter and the first half of 2024, respectively.

Loan expenses amortization decreased to $0.7 million in the second quarter of 2025, from $1.1 million in