Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 123

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 123
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 up to the next scheduled dry docking. During 2024, amortization of deferred dry-docking costs was $17.3 million compared to $15.8 million in 2023, an increase of 9.5%. The increase is attributed to the increased number of vessels that underwent their special survey, i. e., fifteen dry dockings performed in 2024 compared to eight vessels in the prior year, which contributed to the increased amortization cost in 2024.

The costs of leasehold improvements is amortized on a straight-line basis over the remaining lease term (representing the shorter of the useful life of the leasehold improvement and the remaining lease term). In 2024, amortization of leasehold improvements amounted to $2.8 million compared to $5.3 million in 2023, a decrease of $2.5 million, or 47.2%, due to the repurchase of the two suezmax tankers Archangeland Alaskapreviously classified as operating leases up to May 31, 2024 and then was classified as finance leases up to July 19 and August 22, 2024, respectively, when the vessels were purchased back by the Company.

The amortization of the right-of-use assets under finance lease amounted to $0.3 million in 2023 compared to $1.4 million in 2024, as vessels Archangeland Alaskapreviously classified as finance leases up to July 19 and August 22, 2024, respectively, were both purchased back.

General and administrative expenses

General and administrative expenses include management fees, administrative expenses, management incentive awards and stock compensation expenses. General and administrative expenses (G& A expenses) increased to $45.4 million in the year ended December 31, 2024, compared to $33.3 million in the prior year, an increase of $12.1 million, or 36.3%.

Total general and administrative expenses plus management fees paid to Tsakos Energy Management, any management incentive award, any special awards (described below) and stock compensation expense, all together represent the overhead of the Company. On a per vessel basis, daily overhead costs increased by $470, from $1,535 in 2023 to $2,005 in 2024.

Management fees, including those paid to third-party managers, totaled $22.8 million in 2024, compared to $22.2 million in 2023, a 2