Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 121

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 121
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 2% decrease in average delivered price paid by the Company for the bunkers procured globally during 2024. The respective decrease of bunker expenses was substantially counterbalanced by the impact of EUAs, concerning the new regulation and the number of port calls in the European Union which is effective from January 1, 2024. The company’s obligation for vessels operating under spot and time charter agreements amounted to $13.0 million during the year ended December 31, 2024, with no similar obligation in the corresponding year of 2023. The average daily bunker expenses per relevant vessel increased by 18.1% while aggregate bunker expenses declined by 10.5%, primarily due to a 24.2% decrease in the number of days on spot and COA, resulting from a reduction in the number of vessels trading under spot and COA arrangements, which declined from fourteen in the prior year to ten vessels. Additionally, the respective decrease was partially mitigated by an increase in port and other expenses, which rose by $0.5 million, or 1.6%, and increased by 33.9% on a daily basis due to a higher number of port calls during 2024.

Commissions in 2024 totaled $27.0 million compared to $33.8 million in 2023, a 20.1% decrease. As commissions are highly correlated with revenue patterns, the decrease in commissions is attributed to the overall decrease of revenue by 9.6%. Commissions represented 3.4% and 3.8% respectively of revenue from vessels in 2024 and 2023.

Vessel operating expenses

                                                                                      Operating expenses per category                                           Average daily operating expenses per relevant vessel                               
                                                                                                                                                                                                                                                   
                                                                                              Year ended December 31,                                                                        Year ended December 31,                               
                                                                                                                 2024                2023      % increase/                                                      2024        2023      % increase/  
                                                                                                                                                (decrease)                                                                             (decrease)  
                                                                                                       U. S.$ million      U. S.$ million                                                                     U. S.$      U. S.$                   
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Crew expenses                                                                                                 106.0               102.7             3.2%                                                     5,008       5,072           (1.3)%  
  Insurances