Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 133

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 133
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.6 million in 2028. The two DP2 shuttle tankers, Athens 04andParis 24, and the suezmax tanker, Dr Irene Tsakos, are expected to be delivered in the first half of 2025 and the suezmax tanker Silia Tin the third quarter of 2025. The expected deliveries of the two MRsHull 1521andHull 1522, and the DP2 shuttle tanker Anfieldis in 2026, the three LR1Hull 1623, Hull 0307383, Hull 0307384, in 2027 and the two LR1Hull 0307385, Hull 0307386in 2028. As at December 31, 2024, senior secured debt financing has been arranged for the DP2 shuttle tankers, Athens 04, Paris 24and Anfieldfor up to $315.2 million in total. We are currently discussing with financial institutions secured debt financing for the two suezmax tankers Dr Irene Tsakosand Silia Tunder construction.

In March 2025, we entered into construction contracts for nine shuttle tankers for an aggregate price of $1.3 billion, with the amount of $133.3 million due to be paid in 2025, the amount of $207.4 million in 2026, the amount of $340.7 million in 2027 and $651.7 million in 2028. We currently expect to finance the construction cost with cash from operations and secured debt financing, for which we are in discussions.

Net cash provided by financing activities amounted to $105.5 million for the year ended December 31, 2024, compared to $190.6 million used in financing activities for the equivalent period of 2023. During 2024, $319.0 million was drawn to finance the newly acquired vessels, Chios DF, Ithaki DF, Alpes, Aspen, DF Montmartre, DF Mystras, Popi Sazaklis,$66.6 million was drawn to finance the under-construction vesselsAthens 04, Paris 24, Anfieldand the amount of $25.0 million was drawn for the refinancing of the suezmax tanker Eurovision. The outstanding loan amount of $28.1 million was prepaid for the sold vessel, Neo Energy, $20.7 million was prepaid as part of refinancing loan of Eurovisionand $177.