Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 124

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 124
---
.7% increase as the average number of operating vessels increased to 61.8 in the period ended December 31, 2024, from 59.5 in the prior year period.

The Company pays Tsakos Energy Management fixed fees per vessel under a management agreement. The fee includes remuneration for services that cover both the management of the individual vessels and of the enterprise as a whole. According to the management agreement, there may be an adjustment to the fees based on certain criteria within the agreement, if both parties agree.

Office general and administrative expenses consist primarily of professional fees, investor relations, office supplies, advertising costs, directors’ liability insurance, directors’ fees and reimbursement of our directors’ and officers’ travel-related expenses. G& A expenses amounted to $7.5 million during the year ended December 31, 2024, compared to $6.2 million during 2023, a 21.0% increase. All vessels in the fleet are technically managed by Tsakos Shipping and Trading, apart from the LNG carriersMaria Ene r, Neo Ene r(up to its sale on May 31, 2024), the VLCCs Ulysses, He r, Dias I, the suezmax tankersDecathlon, Popi SazaklisandEu r(up to its sale on January 11, 2024), the aframax tankersMaria Princess, Ise Princess, Sappo r( up to November 17, 2024), DF Montmartre, DF Mystras, Alpesand Aspen, which have been managed by third-party managers. Vessel monthly fees payable to the management company for owned conventional operating vessels amounted to $30,000, for chartered-in vessels or chartered-out on a bareboat basis and for vessels under construction monthly fees were $21,000, for the DP2 suezmax shuttle tankers were $36,000. Monthly fees incurred no increases since 2023, apart from the third-party managed vessels, which incurred minor increases. Monthly fees for third-party managed vessels increased to $28,756 from $28,384 for the suezmax tanker Decathlon, the VLCCs Ulysses, Hercules Ifrom $29,742 to $30,149, for LNG carriers Maria Energyand Neo Energyincreased to $45,858 from $45,105 and Tenergyto $37,500 from $36,667, for the aframax tankers Sapporo Princess