Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 105

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 105
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 8.7%               2.0%  
  Average age, in years, at end of year                       5.6        7.2         13.0                      8.5          8.5         14.9               17.6  

We believe that the key factors which determined our financial performance in 2024, within the given freight rate environment in which we operated, were:

  the diversified aspect of the fleet, including purpose-built vessels to access ice-bound ports, carry LNG and operate DP2 shuttle tankers between offshore installations and on-shore terminals, ...  

  the benefits of the new vessels acquired in recent years in terms of operating efficiencies and desirability on the part of charterers;  

  our balanced chartering strategy (discussed further below), which ensured a stable cash flow while allowing us to take advantage of potential upside in the freight market;  

  the long-established relationships with our chartering clients and the development of new relationships with renowned oil-majors;  

  the level of utilization for our vessels;  

  the continued control over costs by our technical managers despite pressures caused by rising operating costs;  

  our ability to mitigate financial costs by negotiating competitive terms with reputable banks;  

  our ability to manage leverage levels through cash generation and repayment/prepayment of debt;  

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  our ability to comply with the terms of our financing arrangements, including loan-to-value requirements;  

  our ability to reward our shareholders through cash dividends;  

  our ability to raise new financing through bank debt at competitive terms despite a generally tight credit environment;  

  our ability to access the capital markets and raise new financing on competitive terms; and  

  the sale of vessels when attractive opportunities arise.  

We believe that the above factors will also influence our future financial performance and will play a significant role in the current world economic climate as we proceed into 2025. To these may be added:

  continued strength or any decline in the product and crude oil tanker charter markets during the year;  

  any additional vessel acquisitions or newbuildings;  

  any additional vessel sales;  

  the appetite of oil majors to fix vessels on medium to long term charters at attractive rates; and  

  our ability to build our cash reserves through operations, vessel sales and capital market products.  

Below please see data regarding our fleet for the years ended December 31, 2024, 2023 and 2022, which we use