Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 56

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 4
Chunk 56
---
 percentage of revenues we earned from some of our customers in 2024.

  Customer                Year Ended  
                   December 31, 2024  
 ──────────────────────────────────────
  Equinor                    16.64 %  
  Exxonmobil                 10.03 %  
  Flopec                      8.81 %  
  Vitol                       7.01 %  
  CSSA                        5.51 %  
  Petrobras                   5.38 %  
  Petco                       4.89 %  
  Trafigura                   4.85 %  
  Galp                        4.27 %  
  Shell                       3.45 %  
  Chevron                     3.40 %  
  BP Shipping                 3.29 %  
  Unipec                      2.32 %  
  Pisco                       2.07 %  
  RWE                         2.00 %  
  Aramco                      1.87 %  
  Mecuria                     1.56 %  
  Litasco                     1.24 %  
  Heritage                    1.00 %  
  Uniper                      0.99 %  

  Table of Contents      33  

Regulation

  Context  

Our business and the operation of our vessels are significantly affected by government regulation in the form of international conventions and national, state and local laws and regulations in force in the jurisdictions in which our vessels operate, as well as in the country or countries of their registration. Because these conventions, laws, and regulations change frequently, we cannot predict the ultimate cost of compliance or their impact on the resale price and/or the useful lives of our vessels. Additional conventions, laws and regulations may be adopted which could limit our ability to do business or increase the cost of our doing business and which may have a material adverse effect on our operations. We are required by various governmental and quasi-governmental agencies to obtain permits, licenses, certificates, and financial assurances with respect to our operations. Subject to the discussion below and to the fact that the kinds of permits, licenses, certificates and financial assurances required for the operation of our vessels will depend upon a number of factors, we believe that we have been and will be able to obtain all permits, licenses, certificates and financial assurances material to the conduct of our operations. Our vessels may also be subject to regulation by way of taxes or financial payments for liability, in relation to emissions, for example.

The heightened environmental and quality concerns of classification societies, insurance underwriters