Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 127

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 127
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 vessels under finance lease. During 2023, the suezmax tankersEurochampion 2004and Euronikewere classified as finance leases from January 1, 2023, until February 14, 2023, and February 21, 2023, respectively, that both vessels were repurchased.

Cash settlements, net, on non-hedging interest rate swaps, amounted to $0.8 million cash receipts in 2024 compared to cash receipts of $0.5 million in 2023. As at December 31, 2024 and 2023, the Company held one floating-to-fixed interest rate swap with a major financial institution maturing March 2028, on which it pays a fixed rate of 3.82% and receives floating rates based on the six-month SOFR. The interest rate swap agreement was designated and qualified as a non-hedging interest rate swap. The changes in fair value amounting to $0.1 million (positive) and $0.1 million (positive) during 2024 and 2023, respectively, have been included in the change in fair value of non-hedging interest rate swap in the table above. In 2022, the Company discontinued ten interest rate swap agreements. For seven out of the ten interest rate swaps that were terminated in 2022, the Company considered the forecasted transactions as still probable and cash receipts of the specific terminations were recognized in the Company’s accumulated other comprehensive income and are amortized until the expiry date of each interest rate swap. The amount of $3.6 million (positive) and $5.3 million (positive) was amortized in the period ended December 31, 2024, and 2023, respectively, and has been included in amortization of deferred gain on termination of financial instruments in the table above.

Capitalized interest, which is based on interest expenditures incurred to date on vessels under construction, was $8.3 million in 2024 compared to $4.9 million in 2023, as the under-construction vessels increased from ten in 2023 to twelve in 2024.

During 2024, the Company entered into thirteen bunker swap agreements and six EUAs emission swap agreements, in order to manage its exposure to bunker price fluctuations and the EU Allowances exposure, respectively, with maturity dates between July 2024 through December 2025. For the year ended December 31, 2024, the total net