Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 106

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 106
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 day for vessels on voyage charters. The industry does this because it does not common...  
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  Table of Contents      51  

  (7)      Vessel operating expenses per ship per day represents vessel operating expenses divided by the earnings capacity days of vessels incurring operating expenses. Earnings capacity days of vessels ...  

  (8)      Vessel overhead burden per ship per day is the total of management fees, management incentive awards, stock compensation expense and general and administrative expenses divided by the total num...  

Derivation of time charter equivalent per day (amounts in thousands of U. S. dollars except for days and per day amounts):

                                                                                        2024           2023           2022  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Voyage revenues                                                                    804,061        889,566        860,400  
  Less: Voyage expenses                                                            (152,875)      (155,724)      (209,890)  
  Add: Representative operating expenses for bareboat charter ($10,000 daily)         14,640         14,600         14,600  
  Time charter equivalent revenues                                                   665,826        748,442        665,110  
  Net earnings days                                                                   20,456         20,326         21,879  
  Average TCE per vessel per day                                                      32,550         36,822         30,399  

Russian-Ukraine Conflict

The ongoing war in Ukraine has had a significant direct and indirect impact on the trade of crude oil and refined petroleum products. This conflict has resulted in the United States, United Kingdom, and the European Union, among other countries, implementing sanctions and executive orders against individuals, entities, and activities connected to Russia. Some of these sanctions and executive orders target the Russian oil sector, including a prohibition on the import of oil from Russia to the United States or the United Kingdom, and the European Union's recent ban on Russian crude oil and petroleum products which took effect in December 2022 and February 2023, respectively.

The carriage of Russian crude oil and refined petroleum products to non-EU, US or UK destinations is still permitted by the current sanctions and other restrictions subject to compliance with Price Cap Framework rules. Russia’s invasion of Ukraine also led to a disruption in supply chains