Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 18

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 18
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 conditions worsen significantly, then our cash resources may decline to a level that may put at risk our ability to service timely our debt and capital expenditure commitments. To avoid such an eventuality, management would expect to be able to raise extra capital through the alternative sources described above.

Non-restricted cash balances were $282.4 million as of June 30, 2025, compared to $343.4 million as of December 31, 2024, mainly affected by the equity contributions to our under-construction vessels, during the first half of 2025.

Working capital (non-restricted net current assets) amounted to a positive $96.5 million as of June 30, 2025, compared to $35.3 million as of December 31, 2024, mainly attributed to the classification of the two handysize vessels, Aegeasand Andromeda,and the aframax tanker Ise Princess,as held for sale, partly counterbalanced by a decrease in cash and cash equivalents.

Subsequent on June 30, 2025, on July 14, 2025, the aframax tanker Ise Princesswas sold for $32.5 million, and on July 24, 2025 and July 28, 2025, the handysize tankers Aegeasand Andromeda, respectively, were sold to related party interests, client companies of Tsakos Shipping and Trading S.A ., for $14.0 million and $14.0 million, respectively.

Current assets increased to $453.7 million at June 30, 2025 from $451.8 million at December 31, 2024, mainly due to three held for sale vessels amounting to $49.6 million, counterbalanced by a $61.0 million decrease in cashand cash equivalents. Current liabilities decreased to $349.3 million at June 30, 2025 from $408.5 million at December 31, 2024, mainly due to a decrease in short-term debt by $46.2 million, principally relating to the approaching maturity of one debt facility amounting to $45.3 million at December 31, 2024, which was refinanced during the first half of 2025. In addition, the unearned revenue showed a decrease amounting to $23.5 million reflecting the softening of the marketand the decrease of trade payables by $10.1 millionwhich was counterbalanced by the declaration of dividend distribution to