Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 230

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 19
Chunk 230
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 net (Table)

                                                                                     2024          2023          2022  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Interest expense                                                                121,574       106,727        56,673  
  Less: Interest capitalized                                                     ( 8,273)      ( 4,923)      ( 1,219)  
  Interest expense, net                                                           113,301       101,804        55,454  
  Interest expense on redeemable preferred shares                                       —           791             —  
  Bunker and other commodities swaps, put and call options cash settlements      ( 1,376)           288      ( 9,912)  
  Amortization of deferred finance costs                                            3,626         3,623         4,052  
  Bank charges                                                                        107           237           410  
  Discount of long-term receivables                                                     —             —           350  
  Amortization of deferred gain on termination of financial instruments          ( 3,596)      ( 5,265)        ( 618)  
  Change in fair value of non-hedging financial instruments                            89        ( 657)           517  
  Net total                                                                       112,151       100,821        50,253  

Interest and finance costs were $ 121,574 106,727 56,673

Capitalized interest is based on expenditure incurred to date on vessels under construction. Capitalized interest amounted to $ 8,273 4,923 1,219

During 2022, the Company discontinued ten of its cash flow hedge interest rate swaps through early termination agreements. The Company considered the forecasted transactions as still probable for seven of those interest rate swaps, and presented the amount received in Accumulated other comprehensive income. Respective amounts are amortized into Company’s earnings until the expiry date of each interest rate swap. During 2024, 2023 and 2022, amortization of deferred gain on termination of hedging interest rate swaps amounted to $ 3,596 5,265 618 3,135 1,472

At December 31, 2024 and 2023, the Company held one 3.82 six-month SOFR 266 122 144 122

During 2024, the Company entered into thirteen bunker swap agreements and six other commodities swap agreements to hedge its exposure to bunker