Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 2

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 2
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5 from 2,855 days in the second quarter of 2024.

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Revenue earned by vessels operating on time-charter with profit-share arrangements increased to $56.2 million in the three months ended June 30, 2025, compared to $53.4 million in the second quarter of 2024, the increase being mainly attributed to the increased number of vessels employed under profit-sharing arrangements compared to the prior-year period. More specifically, the two suezmax tankers ( Spyros Kand Dimitris P) operated under profit-sharing arrangements during the second quarter of 2025, which were deployed in the spot market during the equivalent period of 2024. Additionally, this increase was further reinforced by the delivery of suezmax vessel Dr Irene Tsakosduring the second quarter of 2025 that operated under time-charter agreement with profit-sharing arrangement. Moreover, the respective increase was further supported by the impact of EUAs, amounting to $2.8 million, compared to $0.8 million in the corresponding 2024 period. However, this increase was counterbalanced by the employment days of Nippon Princessand Sunrise, which in the prior year corresponding period operated under profit-sharing arrangements, whereas the former was sold in the second quarter of 2024 and the latter is employed under fixed time-charter rates during the second quarter of 2025. Operating days utilized on time-charter with profit-share arrangements increased to 1,589 days in the second quarter of 2025 from 1,361 days in the second quarter of 2024, a 16.8% increase.

Operating days for pool employment increased to 182 days in the second quarter of 2025 from zero days in the second quarter of 2024. The only vessels in the fleet operating under pool arrangements are Byzantionand Bosporos. The $3.2 million reported represents the revenue generated exclusively by these two vessels during the second quarter of 2025.

Employment days on spot and contract of affreightment (coa) decreased by 31.5%, to 708 in the second quarter of 2025 from 1,033 in the equivalent period of 2024, resulting in a decrease in revenue earned in the second quarter of 2025 by 43.5%, compared to the second quarter of 2024.

During the six months ended June 30, 2025, voyage revenues decreased to $390.4 million from $415