# EDGAR Filing Document

**Accession Number:** 0001166663
**File Stem:** 0001193125-25-146128
**Filing Date:** 2025-6
**Character Count:** 19429
**Document Hash:** eb219cd8aedf8d0a346b3c524b07ab39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-146128.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001193125-25-146128

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250625

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TSAKOS ENERGY NAVIGATION LTD
- **CENTRAL INDEX KEY:** 0001166663
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31236
- **FILM NUMBER:** 251070858

**BUSINESS ADDRESS:**
- **STREET 1:** 367 SYNGROU AVENUE
- **CITY:** ATHENS
- **STATE:** J3
- **ZIP:** 00000

**MAIL ADDRESS:**
- **STREET 1:** 367 SYNGROU AVE 175 64
- **CITY:** ATHENS
- **STATE:** J3
- **ZIP:** 00000

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of June 2025** 

**Commission File Number 001-31236** 

## TSAKOS ENERGY NAVIGATION LIMITED
**(Translation of registrant's name into English)** 

**367 Syngrou Avenue, 175 64 P.** 

**Faliro, Athens, Greece** 

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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**EXHIBIT INDEX** 

99.1 Tsakos Energy Navigation Limited press release, dated June 17, 2025, announcing results for the three months ended March 31, 2025

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: June 25, 2025

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| | |
|:---|:---|
| TSAKOS ENERGY NAVIGATION LIMITED | TSAKOS ENERGY NAVIGATION LIMITED |
| By: | /s/ George Saroglou |
|  | George Saroglou |
|  | President and Chief Operating Officer |

---

## Exhibit 99.1

**Exhibit 99.1** 

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| | |
|:---|:---|
| ![LOGO](g76474g92n45.jpg) | **TEN, Ltd.**<br> 367 Syngrou Avenue, 175 64 P. Faliro, Hellas<br> **Tel:** 30210 94 07 710-3, **Fax:** 30210 94 07 716, **e-mail:** ten@tenn.gr<br> **Website:** http://www.tenn.gr |

---

Press Release

**June 17, 2025** 

**TEN, LTD. REPORTS PROFITS FOR FIRST QUARTER 2025 AND DECLARES** 

**FIRST SEMI-ANNUAL COMMON SHARE DIVIDEND OF $0.60** 

***Q1 2025 EBITDA at $103 million and net income of $38 million - equivalent to $1.04 eps***

***Dividends exceed $900 million since Company's NYSE listing in 2002***

***TEN awarded by Brazil's Transpetro/Petrobras to build nine DP2 Shuttle Tankers on***

***long-term employment with revenues of minimum $2 billion***

***Total fleet contracted revenue backlog reaches approx. $3.7 billion***

***Robust 21-vessel eco growth program underway***

***Dr Irene Tsakos & Athens 04 delivered in Q2***

**June 17, 2025** – TEN, Ltd ("TEN") (NYSE: TEN) (or the "Company") today reported results (unaudited) for the quarter ended March 31, 2025.

**<u>Q1 2025 SUMMARY RESULTS</u>**

TEN generated revenues of $197.1 million and operating income of $60.6 million.

Net income reached $37.7 million and earnings per share of $1.04 in the first quarter of 2025.

EBITDA for the first quarter of 2025 was $103 million.

With just two vessels on scheduled drydocks and a higher number of days under fixed employment contracts, average fleet utilization in the first quarter of 2025 increased to 97.2%, from 91.3% in the same period of 2024.

Time charter equivalent earnings (TCE), despite the market fluctuations, reached a healthy $30,741 per ship per day.

Vessel operating expenses for the first quarter of 2025 totaled $49.6 million, remaining broadly in line with the first quarter of 2024, reflecting only a slight increase in the size of the fleet. Thanks to continued efforts by our technical managers, daily operating expenses per vessel settled at a competitive $9,502.

*Visit our company website at:* **http://www.tenn.gr**

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Voyage expenses, on the other hand, declined to $36.1 million in the first quarter of 2025 from $42.0 million in the same period of 2024, a 14.2% reduction primarily due to the Company's reduced exposure to spot-related trades.

Depreciation and amortization combined in the first quarter of 2025 were at $41.1 million, in line with the higher number and the addition of modern vessels to the fleet, consistent with the Company's ongoing strategy to maintain a versatile and up to date fleet structure. Despite the increase in fleet size compared to the first quarter of 2024, bank debt at the end of the first quarter of 2025 was slightly lower at $1.7 billion, compared to the year-end of 2024. During the first quarter of 2025, interest costs, reflecting both the lower bank debt and the lower interest rate environment compared to the first quarter of 2024 were at $24.0 million, about $1.1 million under the level incurred in the 2024 first quarter.

Interest income during this period amounted to $2.3 million.

As of March 31, 2025, the Company's cash reserves remained solid at approximately $350 million, $1.3 million higher than the year end of 2024.

**<u>SUBSEQUENT EVENTS</u>**

On April 28, 2025, TEN took delivery of the DP2 Suezmax Shuttle Tanker "Athens 04" from Samsung Heavy Industries in South Korea with a minimum seven-year employment to an oil major. The charterer maintains options to extend such employment until the vessel's 15th year anniversary.

On June 5, 2025, TEN took delivery of the eco scrubber-fitted Suezmax tanker "Dr Irene Tsakos" from Hyundai Heavy Industries in South Korea with a minimum five-year employment with profit-sharing provisions to an oil major

In August 2025 and September 2025, the Company expects to take delivery from Samsung Heavy Industries and from Hyundai Heavy Industries of the Suezmax DP2 Shuttle Tanker "Paris 24"and the eco scrubber-fitted Suezmax crude carrier "Silia T" both on long-term contracts oil majors. The combined gross revenues of those four deliveries bring the minimum fixed future revenues to $3.7 billion.

**<u>CORPORATE AFFAIRS - DIVIDEND</u>**

On July 18, 2025, TEN will distribute to common shareholders a first semi-annual dividend of $0.60 per share to shareholders of record on July 14, 2025. Inclusive of this upcoming payment, TEN has distributed over $900 million of common and preferred share dividends, since the Company's 2002 NYSE listing.

**<u>CORPORATE STRATEGY</u>**

The tanker market has demonstrated resilience, continuing to deliver strong rates and solid asset prices that support both profitable operations and vessel divestments, regardless of recently announced tariffs and port charges. The appetite of major oil companies for long-term employment is robust and growing. The continuing geopolitical turmoil and the grey fleet further support healthy rates for modern and quality vessels.

*Visit our company website at:* **http://www.tenn.gr**

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Moreover, the recent decision to unwind portions of the Opec + production cuts can only be seen as a positive development that will offer additional support to freight rates going forward.

In such an apparent positive environment for tanker trades, TEN remains focused on strengthening its long-standing relationships with charterers and building vessels tailored for their long-term needs. In response to sustained demand, the Company has embarked on its largest growth program in its history, comprising 21 new-buildings and growing, across various vessel classes, two of which already been delivered. The core for its strategic growth program is the recent award to build nine DP2 shuttle tankers for Transpetro/Petrobras which propel TEN, with a 16-vessel proforma shuttle fleet, to becoming one of the largest shuttle tanker owners in the Brazilian offshore sector.

"The results of the first quarter 2025 provides us with the comfort that TEN can deliver sustainable growth across all sectors in which it operates, and reward its shareholders regardless of market fluctuations. TEN's industrial model has provided uninterrupted dividends and consistent expansion throughout its 30+ year history," Mr. George Saroglou, President & COO of TEN, commented.

**TEN's CURRENT NEWBUILDING PROGRAM** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **#** | **Name** | **Type** | **Delivery<br>(exp)** | **Status** | **Employment** |
| **CONVENTIONAL TANKERS** | **CONVENTIONAL TANKERS** | **CONVENTIONAL TANKERS** | **CONVENTIONAL TANKERS** | **CONVENTIONAL TANKERS** | **CONVENTIONAL TANKERS** |
| **1** | **Dr Irene Tsakos** | **Suezmax – Scrubber Fitted** | **Q2 2025** | **DELIVERED** | **Yes** |
| **2** | Silia T | Suezmax – Scrubber Fitted | Q3 2025 | Notice To Deliver | Yes |
| **3** | TBN | MR – Scrubber Fitted | Q1 2026 | Under Construction | TBA |
| **4** | TBN | MR – Scrubber Fitted | Q1 2026 | Under Construction | TBA |
| **5** | TBN | Panamax LR1 – Scrubber Fitted | Q2 2027 | Under Construction | TBA |
| **6** | TBN | Panamax LR1 – Scrubber Fitted | Q3 2027 | Under Construction | TBA |
| **7** | TBN | Panamax LR1 – Scrubber Fitted | Q4 2027 | Under Construction | TBA |
| **8** | TBN | Panamax LR1 – Scrubber Fitted | Q3 2028 | Under Construction | TBA |
| **9** | TBN | Panamax LR1 – Scrubber Fitted | Q3 2028 | Under Construction | TBA |
| **SHUTTLE TANKERS** | **SHUTTLE TANKERS** | **SHUTTLE TANKERS** | **SHUTTLE TANKERS** | **SHUTTLE TANKERS** | **SHUTTLE TANKERS** |
| **10** | **Athens 04** | **DP2 Shuttle Tanker** | **Q2 2025** | **DELIVERED** | **Yes** |
| **11** | Paris 24 | DP2 Shuttle Tanker | Q3 2025 | Notice to Deliver | Yes |
| **12** | Anfield | DP2 Shuttle Tanker | Q3 2026 | Under Construction | Yes |
| **13** | TBN | DP2 Shuttle Tanker | Q3 2027 | Under Construction | Yes |
| **14** | TBN | DP2 Shuttle Tanker | Q4 2027 | Under Construction | Yes |
| **15** | TBN | DP2 Shuttle Tanker | Q1 2028 | Under Construction | Yes |
| **16** | TBN | DP2 Shuttle Tanker | Q2 2028 | Under Construction | Yes |
| **17** | TBN | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes |
| **18** | TBN | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes |
| **19** | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
| **20** | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
| **21** | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |

---

*Visit our company website at:* **http://www.tenn.gr**

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**<u>ABOUT TSAKOS ENERGY NAVIGATION</u>**

Founded in 1993 and celebrating 32 years as a public company, TEN is one of the first and most established public shipping companies in the world. TEN's diversified energy fleet currently consists of 82 vessels, including twelve DP2 shuttle tankers, two scrubber fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers, totaling 10.1 million dwt.

**FORWARD-LOOKING STATEMENTS** 

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

**Conference Call Details:** 

As announced previously, today, Tuesday, June 17, 2025 at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877-405-1226 (US Toll-Free Dial In) or +1 201-689-7823 (US and Standard International Dial In). Please quote "Tsakos" to the operator and/or conference ID 13753901. <u>Click here for additional participant International Toll-Free access numbers.</u>

Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. <u>Click here for the call me option.</u>

**Simultaneous Slides and Audio Webcast:** 

There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company's website. To listen to the archived audio file, visit our website www.tenn.gr and click on Webcasts & Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

For further information, please contact:

Company

**Tsakos Energy Navigation Ltd.** 

George Saroglou

President & COO

+30210 94 07 710

gsaroglou@tenn.gr

*Visit our company website at:* **http://www.tenn.gr**

------

**Investor Relations / Media** 

Capital Link, Inc.

Nicolas Bornozis/ Markella Kara

+212 661 7566

ten@capitallink.com

*Visit our company website at:* **http://www.tenn.gr**

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**TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES** 

Selected Consolidated Financial and Other Data

(In Thousands of U.S. Dollars, except share, per share and fleet data)

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| | | |
|:---|:---|:---|
|  | **Three months ended**<br>**March 31 (unaudited)** | **Three months ended**<br>**March 31 (unaudited)** |
| **STATEMENT OF OPERATIONS DATA** | **2025** | **2024** |
|  **Voyage revenues** | $197051 | $201589 |
|  Voyage expenses | 36063 | 42020 |
|  Charter hire expense | 3282 | 6013 |
|  Vessel operating expenses | 49606 | 48626 |
|  Depreciation and amortization | 41131 | 37526 |
|  General and administrative expenses | 9906 | 7326 |
|  Gain on sale of vessels | (3553) | (16167) |
|  Total expenses | 136435 | 125344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Operating income** | **60616** | **76245** |
|  Interest and finance costs, net | (24002) | (25145) |
|  Interest income | 2307 | 3248 |
|  Other, net | (19) | 70 |
|  Total other expenses, net | (21714) | (21827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income** | **38902** | **54418** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Net income attributable to the non-controlling interest | (1191) | (384) |
|  **Net income attributable to Tsakos Energy Navigation Limited** | $**37711** | $**54034** |
|  Effect of preferred dividends | (6750) | (6750) |
|  Undistributed income allocated to non-vested restricted common stock | (201) |  |
|  **Net income attributable to common stockholders of Tsakos Energy Navigation Limited** | $**30760** | $**47284** |
|  Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders | $1.04 | $1.60 |
|  Weighted average number of common shares, basic and diluted | 29661103 | 29505603 |
| **BALANCE SHEET DATA** | **March 31<br>2025** | **December 31<br>2024** |
|  Cash | 349578 | 348312 |
|  Other assets | 195502 | 192035 |
|  Vessels, net | 2850047 | 2919783 |
|  Advances for vessels under construction and acquisitions | 278257 | 246392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $3673384 | $3706522 |
|  Debt and other financial liabilities, net of deferred finance costs | 1706609 | 1747094 |
|  Other liabilities | 183685 | 192231 |
|  Stockholders' equity | 1783090 | 1767197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and stockholders' equity** | $3673384 | $3706522 |

---

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| | | | |
|:---|:---|:---|:---|
|  | | **Three months ended<br>March 31** | **Three months ended<br>March 31** |
| **OTHER FINANCIAL DATA** |  | **2025** | **2024** |
|  Net cash provided by operating activities |  | $52150 | $74958 |
|  Net cash used in investing activities |  | $(2645) | $(197016) |
|  Net cash (used in) provided by financing activities |  | $(48239) | $89358 |
|  TCE per ship per day |  | $30741 | $33403 |
|  Operating expenses per ship per day |  | $9502 | $9387 |
|  Vessel overhead costs per ship per day |  | $1777 | $1323 |
|  |  | 11279 | 10710 |
|  **FLEET DATA** |  |  |  |
|  Average number of vessels during period |  | 61.9 | 60.9 |
|  Number of vessels at end of period |  | 61.0 | 62.0 |
|  Average age of fleet at end of period | Years | 10.4 | 10.3 |
|  Dwt at end of period (in thousands) |  | 7454 | 7581 |
|  Time charter employment - fixed rate | Days | 2782 | 2630 |
|  Time charter and pool employment - variable rate | Days | 1657 | 1392 |
|  Period employment coa at market rates | Days | 0 | 0 |
|  Spot voyage employment at market rates | Days | 979 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating days |  | 5418 | 5057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total available days |  | 5575 | 5539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilization |  | *97.2 %* | *91.3 %* |

---

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**Non-GAAP Measures** 

**Reconciliation of Net income to Adjusted EBITDA** 

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| | | |
|:---|:---|:---|
|  | **Three months ended**<br>**March 31** | **Three months ended**<br>**March 31** |
|  | **2025** | **2024** |
|  Net income attributable to Tsakos Energy Navigation Limited | $37711 | $54034 |
|  Depreciation and amortization | 41131 | 37526 |
|  Interest Expense | 24002 | 25145 |
|  Gain on sale of vessels | (3553) | (16167) |
|  Adjusted EBITDA | $99291 | $100538 |

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The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP measures used within the financial community may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods as well as comparisons between the performance of Shipping Companies. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. We are using the following Non-GAAP measures:

(i) TCE which represents voyage revenue less voyage expenses is divided by the number of operating days less 64
days lost for the first quarter of 2025 as a result of calculating revenue on a loading to discharge basis, compared to 171 days lost for the first quarter of 2024.

(ii) Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock
compensation expense and Management incentive award.

(iii) Operating expenses per ship per day which exclude Management fees, General & Administrative expenses,
Stock compensation expense and Management incentive award.

(iv) Adjusted EBITDA. See above for reconciliation to net income.

Non-GAAP financial measures should be viewed in addition to and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

The Company does not incur corporation tax.