Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 32

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 3
Chunk 32
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 have a material adverse effect on our business, financial condition and results of operations.

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Because some of our subsidiaries’ vessels’ expenses are incurred in foreign currencies, we are exposed to exchange rate risks.

The charterers of the vessels owned by our subsidiary companies pay in U. S. dollars. While most of the expenses incurred by our managers or by us on our subsidiaries’ behalf are paid in U. S. dollars, certain of these expenses are in other currencies, most notably the Euro. In 2024, Euro expenses accounted for approximately 29% of our total operating expenses, including dry dockings. Declines in the value of the U. S. dollar relative to the Euro, or the other currencies in which we incur expenses, would increase the U. S. dollar cost of paying these expenses and thus would adversely affect our results of operations.

We depend on our key personnel.

Our future success depends particularly on the continued service of Nikolas Tsakos, our chief executive officer and the sole shareholder of Tsakos Energy Management. The loss of Mr. Tsakos’ services or the services of any of our key personnel could have a material adverse effect on our business. We do not maintain key man life insurance on any of our executive officers.

The Tsakos Holdings Foundation and the Tsakos family can exert considerable influence over us, which may limit your ability to influence our actions.

As of April 4, 2025, companies controlled by the Tsakos Holdings Foundation or affiliated with the Tsakos Group own approximately 27.1% of our outstanding common shares. The Tsakos Holdings Foundation is a Liechtenstein foundation whose beneficiaries include persons and entities affiliated with the Tsakos family, charitable institutions and other unaffiliated persons and entities. The council which controls the Tsakos Holdings Foundation consists of five members, two of whom are members of the Tsakos family. As long as the Tsakos Holdings Foundation and the Tsakos family beneficially own a significant percentage of our common shares, each will have the power to influence the election of the members of our board of directors and the vote on substantially all other matters, including significant corporate actions.

Risks Related to our Management Arrangements

We depend on Tsakos Energy Management and Tsakos Shipping to manage our business.

We do not have the employee infrastructure to manage our operations and have no physical assets. In common with industry practice, our subsidiaries own the vessels in the fleet and