Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 117

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 117
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 the third-party managed vessels, chartered in vessels or chartered out on a bare-boat basis, and for vessels under construction. Monthly fees for third-party managed vessels were $28.8 thousand, for the suezmax tanker Decathlon, $30.1 thousand for the VLCCs Ulysses, Hercules I, $45.9 thousand for LNG carriers Maria Energyand Neo Energyand $37.5 thousand for Tenergy, $30.1 thousand for the aframax tankers Sapporo Princessand Maria Princess, and $29.3 thousand for the aframax tanker Ise Princess, respectively. Monthly fees for VLCC Dias Iand suezmax tankerEurochampion 2004amounted to $28.7 thousand and $29.7 thousand, respectively. For the newly acquired vessels, aframax tankersAlpes, Aspen, and the suezmax tanker Popi Sazaklis, monthly fees amounted to $29.3 thousand and $28.7 thousand for the dual fuel LNG aframax tankers DF MontmartreandDF Mystras, respectively. For chartered in vessels or chartered out on a bare-boat basis and for vessels under construction, monthly fees were $21.0 thousand. For 2025, there were increases of $1.0 thousand for all conventional vessels, $1.2 thousand for DP2 suezmax shuttle tankers, $0.7 thousand for vessels under construction. The fees are recorded under “ General and Administrative Expenses.”

Insurance claim proceeds. In the event of an incident involving one of our vessels, where the repair costs or loss of hire is insurable, we immediately initiate an insurance claim and account for such claim when it is determined that recovery of such costs or loss of hire is probable and collectability is reasonably assured within the terms of the relevant policy. Depending on the complexity of the claim, we would generally expect to receive the proceeds from claims within a twelve-month period. During the 2024 /25 policy year, we received approximately $17.0 million in net proceeds from hull and machinery and loss of hire claims arising from incidents where damage was incurred by four of our vessels in a previous policy year. Such settlements were generally received as credit-notes from our insurer, Argosy Insurance Company Limited, and set off against insurance premiums due to that company. Therefore, within the consolidated statements of cash flows, these proceeds are included in decreases in receivables and in decreases in accounts payable. There is no material impact