Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 8

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 8
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 the second quarter of 2025 compared to the corresponding period in 2024. Operating expenses for the first six months of 2025 and 2024 were $102.3 million and $98.3 million, respectively, a 4.1% increase. The increase is mainly attributable to crew expenses by $1.3 million due to the extensive training of on-board seafarers and certain officers in connection with the upcoming deliveries under the newbuilding program and the expansion of the Company’s fleet. Additionally, an increase in quality and safety, communication and legal expenses of 20.0% and insurances of 6.8% while lubricant purchases remained at steady levels in the first half of 2025 compared to 2024. This increase was partially offset by the decrease in repairs and maintenance, and spares, due to five of Company’s vessels undergoing scheduled dry dockings during the first half of 2025, compared to eight during the equivalent period in 2024.

The size of the operating fleet slightly decreased for the second quarter of 2025 and remained largely unchanged for the six-month period ended June 30, 2025, compared to the equivalent period of 2024 regarding the earnings capacity days. During the first half of 2025, earnings capacity days reflected the deliveries of two new DP2 Suezmax tankers, Athens 04and Dr Irene Tsakos, in April and June 2025, respectively. This increase was partially offset by the sale of the suezmax tanker Pentathlonwhich was delivered to its new owner in late March 2025.

Average operating expenses per ship per day experienced a modest increase of $635 to $9,982 for the second quarter of 2025 from $9,347 in the second quarter of 2024, an increase of 6.8%, primarily attributable to the increase in the average vessel size of the fleet, the upgrades of shuttle tanker vessels and the well-documented ongoing inflationary pressures. For the six-month periods, average daily operating expenses per vessel rose by $376 to $9,743 in the first half of 2025 from $9,367 in the first half of 2024, driven by a larger average vessel size.

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Depreciation and amortization

Depreciation and amortization charges totaled $42.1 million in the second quarter of 2025 compared to $39.5 million in the second quarter of 2024, a 6.6