Poe Fratt

- **TEN Cool**, the temperature-controlled trailer division of **TEN (Transportation Equipment Network)**, has been awarded a **U.S. utility patent (No. 12,409,770)** for its innovative **Bumper System**.  **[1166663_4d70f38d30814ac68a436b19e493ff8e_0]** 
- This patented system enhances refrigerated trailers and heated vans by improving **airflow**, increasing **load capacity by up to 11%**, and providing **better cargo protection**, allowing for easy conversion for specialized cargo transport.  **[1166663_4d70f38d30814ac68a436b19e493ff8e_0]** **[1166663_4d70f38d30814ac68a436b19e493ff8e_1]** 
- Fleets utilizing the Bumper System have reported significant efficiency gains, with one large transportation provider achieving **over $1 million in annual savings** operating 59 refrigerated trailers, primarily due to increased load capacity and reduced fuel consumption.  **[1166663_4d70f38d30814ac68a436b19e493ff8e_0]** **[1166663_4d70f38d30814ac68a436b19e493ff8e_1]** 
- The system also contributes to environmental efficiency by reducing reefer engine run time to **18% versus turn-on time**, which leads to improved fuel efficiency and lower emissions.  **[1166663_4d70f38d30814ac68a436b19e493ff8e_0]**

TEN Cool Awarded U.S. Patent for Bumper System

- Tsakos Energy Navigation Limited (TEN) reported a **9.7% decrease** in voyage revenues to **$193.3 million** for the second quarter of 2025, leading to a significant drop in net income attributable to common stockholders to **$19.770 million** (or **$0.67 per share**) compared to $69.636 million (or $2.36 per share) in Q2 2024.  **[1166663_0001193125-25-225057_d79040d6k.htm:0]** **[1166663_0001193125-25-225057_d79040d6k.htm:17]**  This decline was primarily driven by weaker tanker market rates.  **[1166663_0001193125-25-225057_d79040d6k.htm:0]** 
- Operating income for Q2 2025 decreased to **$50.0 million** from $103.0 million in Q2 2024, mainly due to lower net voyage revenues and reduced gains on vessel sales.  **[1166663_0001193125-25-225057_d79040d6k.htm:9]** 
- The company's net cash used in investing activities for Q2 2025 was **$233.5 million**, primarily for the acquisition of the DP2 shuttle tanker _Athens 04_ and the suezmax tanker _Dr Irene Tsakos_, along with advances for ten DP2 shuttle tankers and two MR tankers under construction.  **[1166663_0001193125-25-225057_d79040d6k.htm:13]** 
- Interest and finance costs, net, decreased by **16.9%** to **$25.0 million** in Q2 2025, as the average interest rate on outstanding debt fell to **5.74%** from 7.09% in Q2 2024.  **[1166663_0001193125-25-225057_d79040d6k.htm:9]** **[1166663_0001193125-25-225057_d79040d6k.htm:26]**

TSAKOS ENERGY NAVIGATION (TEN)