Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 100

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 100
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Item 5. Operating and Financial Review and Prospects

Company Overview

As of April 4, 2025, the fleet consisted of 61 double-hull vessels with an average age of 10.4 years, comprised of 55 conventional tankers, two LNG carriers and four DP2 suezmax shuttle tankers providing world-wide marine transportation services for national, major and other independent oil companies and refiners under long, medium and short-term charters. We also have twelve DP2 suezmax shuttle tankers, two MR tankers, two suezmax tankers and five LR1 tankers under construction with expected deliveries in 2025, 2026, 2027 and 2028. The current operational fleet consists of three VLCCs, sixteen suezmaxes (including four DP2 suezmax shuttle tankers), twenty-six aframaxes, two aframax LR2s, nine panamax LR1s, four handysize tankers and two LNG carriers. All vessels are owned by our subsidiaries, other than two suezmax tankers, one aframax tanker and one LNG carrier, which are bareboat chartered-in by our subsidiaries. The charter rates that we obtain for these services are determined in a highly competitive global tanker charter market. The tankers operate in markets that have historically exhibited both cyclical and seasonal variations in demand and corresponding fluctuations in charter rates. Tanker markets are typically stronger in the winter months because of increased oil consumption in the northern hemisphere. In addition, unpredictable weather conditions in the winter months in various regions around the world tend to disrupt vessel scheduling. The oil price volatility resulting from these factors has historically led to increased oil trading activities. Changes in the availability of vessel supply are also a contributing factor in affecting the cyclicality and overall volatility present in the tanker sector which is reflected both in charter rates and asset values.

Results from Operations - 2024

The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this Annual Report. This discussion includes forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under “ Risk Factors” and elsewhere in this Annual Report our actual results may differ materially from those anticipated in these forward-looking statements.

In 2024, the Company continued to be positively impacted by the shifts in trade flows created by the armed conflict in Ukraine and the severe sanctions imposed by the Western world on Russian seaborne