Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 154

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 7
Chunk 154
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Item 7. Major Shareholders and Related Party Transactions

It is our policy that transactions with related parties are entered into on terms no less favorable to us than would exist if these transactions were entered into with unrelated third-parties. Tsakos Energy Management has undertaken to ensure that all transactions with related parties are reported to the board of directors. Under the management agreement, any such transaction or series of transactions involving payments in excess of $100,000 and which is not in the ordinary course of business requires the prior consent of the board of directors. Transactions not involving payments in excess of $100,000 may be reported quarterly to the board of directors.

To help minimize any conflict between our interests and the interests of other companies affiliated with the Tsakos family and the owners of other vessels managed by such companies if an opportunity to purchase a tanker which is 10 years of age or younger is referred to or developed by Tsakos Shipping, Tsakos Shipping will notify us of this opportunity and allow us a 10 business day period within which to decide whether or not to accept the opportunity before offering it to any of its affiliates or other clients.

The following table sets forth the amounts charged by related parties for services rendered (in thousands of U. S. dollars):

                                                                2024        2023        2022  
 ──────────────────────────────────────────────────────────────────────────────────────────────
  Tsakos Shipping and Trading S. A. (commissions)             10,825      11,874      10,684  
  Tsakos Shipping and Trading S. A. (special charges)          2,222       1,203           —  
  Tsakos Energy Management Limited (management fees)          19,880      19,503      20,228  
  Tsakos Shipmanagement S. A. (ex TCM) (special charges)           —         567       1,947  
  Argosy Insurance Company Limited (insurance premiums)       16,727      14,420      10,965  
  AirMania Travel S. A. (travel services)                      7,027       6,589       6,437  
  Total expenses with related parties                         56,681      54,156      50,261  

  Table of Contents      71  

Management Affiliations

Nikolas P. Tsakos, our chief executive officer and one of our directors, is an