Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 122

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 122
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, driven by lower expenses for routine repairs and main engine overhauls, as well as a significant drop in global inflation throughout the world economy in 2024. In addition, the increase is also attributed to an increase in Company’s insurances during 2024, as a commensurate increase in relevant premiums has been applied, which contributed to an overall increase of 7.4% in the Company’s insurances compared to 2023. In addition, the corresponding increase was counterbalanced by a 9.9% decrease in lubricants, attributable to the decreased crude oil prices compared to the equivalent period in 2023, while quality and safety, communication, and legal expenses remained unchanged, resulting in no impact on the variation of operating expenses.

Average daily operating expenses decreased by $267 to $9,350 for 2024 from $9,617 in the corresponding period of 2023, a decrease of 2.8%, mainly attributable to an increase in available operating days, while the U. S. dollar remained stable compared to the prior year levels.

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Charter hire expense

Charter hire expense amounted to $18.0 million in 2024 compared to $24.7 million in 2023, a decrease of $6.7 million, or 27.1%. The decrease being due to the reduced number of vessels being chartered-in compared to the prior year.

Depreciation and Amortization

Depreciation and amortization charges totaled $159.9 million in 2024 compared to $144.2 million in 2023, a 10.9% increase.

Depreciation amounted to $138.4 million in 2024 compared to $122.8 million in 2023, an increase of $15.6 million, or 12.7%. The increase being due to the acquisition of the suezmax tankers Archangeland Alaska, previously classified as operating leases, incurring no depreciation, the acquisition of the aframax tankersChios DF, Ithaki DF, DF Montmartre, DF Mystras, Alpes, Aspenand the suezmax tanker Popi Sazakliswhich was counterbalanced by the sale of the two suezmax vessels, Eurochampion 2004, Euronike, the aframax tankersIzumo Princess, Nippon Princessand the LNG carrier Neo Energy.

The costs of dry docking of each ship are amortized over the period