Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 119

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 119
---
              1%                  9.3              1%  
  Voyage charter-contract of affreightment                   7.1              1%                 21.0              2%  
  Voyage charter-spot market                               211.5             25%                327.8             37%  
  Total voyage revenue                                     804.1           100 %                889.6           100 %  

  Table of Contents      56  

Revenue from vessels amounted to $804.1 million during the year ended December 31, 2024, compared to $889.6 million in 2023, a 9.6% decrease primarily due to the softening of previously elevated market charter rates in 2024 compared to 2023, while prevailing market charter rates still remain significantly above the 10-year average. Total voyage revenue decreased despite the fact that the average number of vessels operating in 2024 was 61.8 vessels, compared to an average of 59.5 vessels in 2023. Based on the total days that the vessels were actually employed as a percentage of the days owned or chartered-in, the fleet had 92.5% employment in 2024 compared to 96.3% in 2023, the decrease in utilization rate was primarily attributable to a higher number of vessels for which dry-docking activities were undertaken during 2024, totaling fifteen vessels, compared to eight vessels in the year ended December 31, 2023. This decrease was partially offset by the acquisition of four second-hand aframax tankers DF Montmartre, DF Mystras, Alpesand Aspen, one suezmax tanker, Popi Sazaklisand the two newly built dual-fuel aframax tankers, Chios DFandIthaki DF, at the beginning of the year. However, the increase in revenue resulting from these acquisitions was counterbalanced by the sale of the aframax tankers Izumo Princessand Nippon Princess, sales of suezmax tankers, Eurochampion 2004and Euronike, and the sale of one LNG carrier, Neo Energy, in the first and second quarter of 2024, respectively. Additionally, the overall decrease in revenue was mitigated by the amortization of liabilities assumed from time charters attached to the acquisitions of four aframax tankers, DF Montmartre, DF Mystras, AlpesandAspen, as well as the suezmax tanker,