Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 19

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 19
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 common shareholders payable in July 2025 amounting to $18.1 million.

Net cash provided by operating activities was $115.9 million in the six-month period ended June 30, 2025, compared to $160.2 million in the first six months of 2024. The $44.3 million decrease is primarily attributable to a softer tanker market with lower TCE rates negatively impacting voyage revenues by $25.3 million as fully described in the paragraph “Voyage Revenues” in the “Results of operations” above. Total cash expenditure on voyage expenses, operating expenses, charter-in costs, G&A expenses, finance expenses, net of interest income and other, net expenses amounted to $241.0 million during the first six months of 2025, compared to $257.2 million in the first six months of 2024, a decrease of $16.2 million or 6.3%. The expense movements are fully described in the respective paragraphs in the “Results of operations” above.

Inventories, mainly consisting of bunker fuel, decreased by $2.8 million in the first half of 2025, compared to $1.9 million in the six-month period ended June 30, 2024, due to a drop in bunker prices and the quantities supplied compared to the prior year period. Unearned revenue, arising from collection of time-charter hire for services not rendered in the first half of 2025, decreased by $23.5 million attributed to the timing of payments. Trade receivables decreased by $3.8 million, reflecting the softer market conditions during the first half of 2025, compared to the prior year period. Payments for dry-docking expenses decreased by $7.4 million in the first half of 2025, as five vessels underwent their scheduled dry-dockings compared to eight vessels in the prior-year six-month period. Accrued liabilities decreased from $9.9 million in the six months ended June 30, 2024, to $7.8 million in the six-months ended June 30, 2025. As of June 30, 2025, the Company had deposited cash collateral of $4.3 million related to its derivative instruments, which remained the same since December 31, 2024. Net cash provided by operating activities decreased to $63.8 million in the second quarter of 2025, compared to $84.7 million in the previous year’s second quarter.