Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 131

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 131
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 operating expenses, charter-in costs, G& A expenses, finance expenses, net of interest income and other, net expenses amounted to $511.6 million in 2024, compared to $497.8 million in 2023, an increase of $13.8 million or 2.8%. The expense movements are fully described in the respective paragraphs above under “ Financial Analysis”.

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Inventories, mainly consisting of bunker fuel, decreased by $3.6 million in 2024, compared to a $3.7 million decrease in 2023, reflecting the decrease in oil prices during 2024 by 1.9% and the number of vessels employed on the spot market compared to the period ended December 31, 2023. Payments to repair yards increased by $5.7 million in 2024 due to increased dry-docking costs compared to prior year, as fifteen vessels underwent their scheduled drydock in 2024 compared to eight vessels in the year ended December 31, 2023.

Payables increased by $13.0 million mainly relating to the increased number of vessels that underwent dry dockings compared to a decrease of $11.8 million in the prior year, contributing also to an increase in accrued liabilities for the amount of $10.3 million. Unearned revenue, arising from collection of time-charter hire due in future periods, but collected in the current period, increased by $5.5 million as the number of vessels employed under time charter increased from forty-six in 2023 to forty-nine in 2024, whereas in 2023 unearned revenue had increased by $5.9 million. Receivables, advances and prepaid insurance and other decreased by $15.5 million (including $2.0 million of amortization of escalation portion in revenue) compared to a decrease of $27.3 million in 2023 (including $4.0 million of amortization of escalation portion in revenue), mainly due to high number of vessels undergoing their dry-dockings towards the end of the year 2024, compared to the equivalent period of 2023. The Company’s deposited cash collateral to its derivative instruments remained unchanged in the year ended December 31, 2024 and December 31, 2023.

Net cash used in investing activities in 2024 amounted to $441.6 million compared to $137.4 million in 2023. During 2024, the Company paid $484.