Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 35

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 35
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 payable to the Company by the owners at the end of the five-year charter, unless the Company elects to exercise any of its charter extension options or upon sale of the vessel during the charter period. As of June 30, 2025, the Company has classified the selle r 's credit, as short-term receivable amounting to $ 8,269. In accordance with ASC 842, the Company accounts for the transaction as an operating lease.

At June 30, 2025 and December 31, 2024, the Company assessed the recoverability of the selle r 's credits and there was no indication of impairment.

As at June 30, 2025, the Company recognized on its consolidated balance sheets a right-of-use asset of $ 8,723for the two suezmax tankers A rcticand Anta rctic, and $ 1,365for the aframax tanker Sakura Princess, respectively, equal to the corresponding obligation under operating leases based on the present value of the future minimum lease payments, for each of the three right-of-use assets, respectivel y. The Company has not incurred any initial direct costs for the sale and leaseback transactions and has not made any payments prior to the commencement date of the contracts. The leaseback agreements include option periods, which are not recognized as part of the right-of-use asset and the obligation under operating leases.

The incremental borrowing rate used to determine the right-of-use asset and the obligations under operating leases was 2.54% for the sale and leaseback agreement of the aframax tanker, Sakura Princessand 2.98% for the sale and leaseback agreement of the two suezmax tankers A rcticand Anta rcticand the respective weighted average remaining lease term was 0.48and 0.99years, respectivel y, as at June 30, 2025 and 0.97 and 1.48years, respectivel y, as at December 31, 2024.

As at June 30, 2025 and December 31, 2024, both the right-of use assets and the corresponding obligation under operating leases were $ 10,088(current portion) and $ 15,937($ 11,608current portion and $ 4,329non-current portion), respectively.

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TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES NOTES TO INTERIM CONDENSED CONSOLIDATED FIN