TEN, Ltd. Reports Profits for the First Half and Second Quarter of 2026
300% plus increase in six-month net income to $7.12 per share
Record revenues of $550 million in first half of 2026
Net income of $4.40 per share in Q2 2026
$3.6 billion in minimum contracted revenue
Dynamic growth of 26 vessels under construction, seven of which already delivered
$1.50 in common stock dividends paid in 2026
Tanker Market Fundamentals Remain Strong
ATHENS, Greece, Sept. 10, 2026 (GLOBE NEWSWIRE) — TEN, Ltd (NYSE: TEN) (the “Company”) today reported results (unaudited) for the six months and the second quarter ended June 30, 2026.
FIRST HALF 2026 SUMMARY RESULTS
TEN’s fleet generated record gross revenues of $551.4 million, an increase of $161.0 million compared to the first half of 2025.
Adjusted EBITDA for the first half of 2026 was at approximately $324.1 million from $193.2 million in the first six months of 2025.
The net income for the first half of 2026 reached $228.1 million (including $38 million in capital gains), equivalent to $7.12 per share from $1.70 per share in the equivalent 2025 six-month period, an increase of 318%.
Fleet utilization remained unchanged from the corresponding period in 2025 at 96.5%.
The average Time Charter Equivalent (TCE) per vessel per day for the first half of 2026 rose to $43,503, compared with $30,754 in the first half of 2025, representing a 41% increase, driven by the continued strength of the tanker markets.
Vessel operating expenses rose modestly and in line with expectations to $111.0 million, from $102.3 million in the first half of 2025, primarily due to six vessels undergoing scheduled drydocking’s, one being an LNG carrier during the first half of 2026.
Total operating expenses per vessel per day remained at a still competitive $10,298.
Depreciation and amortization totaled $90.4 million, attributable to the operation of newer and larger vessel classes to the fleet.
Total bank debt as of June 30, 2026 was $2.0 billion from $1.8 billion at December 31, 2025, reflecting fleet growth. TEN’s cash balances increased to $466.1 million, $168.0 million higher than the end of December 2025.
Interest and finance costs for the first half of 2026 amounted to $43.4 million, $5.6 million lower than the 2025 first-half level, the result of lower spreads and lower global interest rates achieved on new and refinanced loans. These costs were partially offset by interest income received in the first half of 2026 of $5.6 million.
Q2 2026 SUMMARY RESULTS
TEN’s gross revenues during the second quarter of 2026 reached $298.4 million, an increase of $105.1 million, or 54%, over the corresponding period in 2025.
Adjusted EBITDA for the second quarter of 2026 increased to $170.4 million, 81% higher than the 2025 second quarter level.
Net income in the second quarter of 2026 reached $139.3 million (inclusive of $38 million capital gains), equivalent to $4.40 per share, from $0.67 per share in the second quarter of 2025 which had no capital gains, an increase of 500% plus.
Average TCE per vessel per day in the second quarter of 2026 reached $46,100, 50% higher than the equivalent 2025 period, supported by high fleet utilization rates of nearly 95% amid favorable market fundamentals and geopolitical disruptions.
Fleet operating expenses amounted to $57.7 million, just $5.0 million above the second quarter 2025 level, primarily due to four vessels, including two suezmax tankers, undergoing scheduled drydocking’s during the quarter, compared with three in the corresponding 2025 period.
As a result, operating expenses per vessel per day in the second quarter of 2026 were $10,640.
Depreciation and amortization expenses during the second quarter of 2026 were in line with the increased number of vessels in the fleet at $46.3 million.
Consistent with the first half trend, interest and finance costs in the second quarter of 2026 decreased by $2.3 million from the corresponding 2025 period to settle at $22.6 million, benefiting from lower borrowing spreads and lower global interest rates, while interest income totaled $3.4 million.
SUBSEQUENT EVENTS
As previously announced, on July 28, 2026, TEN took delivery of the DP2 suezmax shuttle tanker Anfield DP from Samsung Heavy Industries Co., Ltd in South Korea, the third in a series of 12 DP2 shuttle tankers under construction at that yard. The vessel commenced a 10-year employment to a US oil major, with charter options to extend the charter until the vessel’s 20th year anniversary. Assuming charterers employ the vessel to the maximum duration, the expected gross revenues should approach $500 million.
As part of its ongoing fleet renewal program, in August 2026 TEN concluded the sale of two 2006-built suezmax tankers, the Alaska and Archangel, for net proceeds of $100 million.
CORPORATE AFFAIRS – COMMON STOCK DIVIDEND
In July 2026, TEN distributed to common shareholders a second semi-annual dividend, amounting to $1.00 per share, following a $0.50 per share payment in February 2026. A total distribution of $1.50 per share in 2026. The Company intends to announce the first semi-annual dividend payment of 2027 in November 2026.
Since the Company’s NYSE listing in 2002, TEN has consistently demonstrated its commitment to reward shareholders, and will have distributed, until the end of 2026 over $1.0 billion in cumulative common and preferred share dividends.
CORPORATE AFFAIRS – SERIES E PREFERRED SHARES
The Company’s 9.25% Series E Preferred Shares become redeemable at the election of the Company on May 28, 2027, and the Company currently expects that it may elect to redeem, all or a portion of, such Series E Preferred Shares on the above stated date. This disclosure does not constitute a notice of redemption, and there can be no assurance as to the amount, if any, of the Series E Preferred Shares that will be redeemed.
CORPORATE STRATEGY
Geopolitical developments around the globe continue to dictate the pace of the ongoing tanker rally which, coupled with favorable market fundamentals, is creating promising conditions for a sustained healthy market going forward.
Taking advantage of the increased ton-mile demand dislocations TEN secured attractive long-term employment to meet client requirements while solidifying the Company’s significant revenue backlog.
In addition, and in line with the stated fleet renewal strategy and considering the size of the new building program, the majority of which ordered against long-term employment, TEN continues to divest from older vessels. The sale of the 2016-built VLCC Ulysses and the two 2006-built suezmax tankers Alaska and Archangel, are a testament to that approach.
With a substantial cash balance of $466 million as of June 30, 2026, which has continued to grow thereafter, the Company remains well positioned to continue its fleet renewal and increasingly reward its shareholders.
“These results underscore the strength of TEN’s diversified fleet and flexible employment strategy which along with vessel sales, affords us the ability to generate healthy cash flows to reward our shareholders, while continuing our dynamic fleet modernization,” stated Mr. George Saroglou, President of TEN. “The company’s well-timed growth program, the largest in its history, will propel TEN going forward and solidify its position as a first-choice partner to the major energy concerns,” Mr. Saroglou concluded.
TEN’s CURRENT NEWBUILDING PROGRAM
| # | Name | Type | Delivery (exp) | Status | Employment |
| CONVENTIONAL TANKERS | |||||
| 1 | Dr Irene Tsakos | Suezmax – Scrubber Fitted | Q2 2025 | DELIVERED | Yes |
| 2 | Silia T | Suezmax – Scrubber Fitted | Q4 2025 | DELIVERED | Yes |
| 3 | Delos T | MR – Scrubber Fitted | Q1 2026 | DELIVERED | Yes |
| 4 | Dion | MR – Scrubber Fitted | Q1 2026 | DELIVERED | Yes |
| 5 | AMAZONA | 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 | CHAIRMAN DJS | VLCC – Scrubber Fitted | Q4 2027 | Under Construction | TBA |
| 9 | TBN | VLCC – Scrubber Fitted | Q1 2028 | Under Construction | TBA |
| 10 | TBN | VLCC – Scrubber Fitted | Q2 2028 | Under Construction | TBA |
| 11 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2028 | Under Construction | TBA |
| 12 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2028 | Under Construction | TBA |
| SHUTTLE TANKERS | |||||
| 13 | Athens 04 | DP2 Shuttle Tanker | Q2 2025 | DELIVERED | Yes |
| 14 | Paris 24 | DP2 Shuttle Tanker | Q3 2025 | DELIVERED | Yes |
| 15 | Anfield DP | DP2 Shuttle Tanker | Q3 2026 | DELIVERED | Yes |
| 16 | ARIANO SUASSUNA DP | DP2 Shuttle Tanker | Q3 2027 | Under Construction | Yes |
| 17 | ELZA SOARES DP | DP2 Shuttle Tanker | Q4 2027 | Under Construction | Yes |
| 18 | MARIA FIRMINA DP | DP2 Shuttle Tanker | Q1 2028 | Under Construction | Yes |
| 19 | CAROLINA DE JESUS DP | DP2 Shuttle Tanker | Q2 2028 | Under Construction | Yes |
| 20 | IPANEMAS DP | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes |
| 21 | MARACANA DP | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes |
| 22 | CORINTHIANS DP | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
| 23 | DR SOCRATES DP | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
| 24 | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
| LNG CARRIERS | |||||
| 25 | NY KNICKS | LNG Carrier | Q3 2028 | Under Construction | TBA |
| 26 | TBN | LNG Carrier | Q1 2029 | Under Construction | TBA |
ABOUT TEN LTD.
Founded in Bermuda in 1993 and celebrating 33 years as a public company, 24 of which on the NYSE, TEN is one of the first and most established public shipping companies in the world. TEN’s diversified pro-forma energy fleet currently consists of 81 vessels, totaling approx. 10.5 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, Thursday, September 10, 2026, 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 13762392.
Click here for additional participant International Toll-Free access numbers.
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. Click here for the call me option.
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:
Tsakos Energy Navigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis/ Markella Kara
+212 661 7566
ten@capitallink.com
| 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) | |||||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||||
| June 30 (unaudited) | June 30 (unaudited) | ||||||||||||||||||
| STATEMENT OF OPERATIONS DATA | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Voyage revenues | $ | 298,405 | $ | 193,309 | $ | 551,367 | $ | 390,360 | |||||||||||
| Voyage expenses | 52,126 | 31,917 | 81,972 | 67,980 | |||||||||||||||
| Charter hire expense | 2,646 | 3,321 | 6,032 | 6,603 | |||||||||||||||
| Vessel operating expenses | 57,690 | 52,704 | 110,954 | 102,310 | |||||||||||||||
| Depreciation and amortization | 46,295 | 42,089 | 90,443 | 83,220 | |||||||||||||||
| General and administrative expenses | 14,792 | 13,237 | 27,236 | 23,143 | |||||||||||||||
| Gain on sale of vessels | (37,870 | ) | – | (37,870 | ) | (3,553 | ) | ||||||||||||
| Total expenses | 135,679 | 143,268 | 278,767 | 279,703 | |||||||||||||||
| Operating income | 162,726 | 50,041 | 272,600 | 110,657 | |||||||||||||||
| Interest and finance costs, net | (22,643 | ) | (24,978 | ) | (43,430 | ) | (48,980 | ) | |||||||||||
| Interest income | 3,405 | 3,231 | 5,606 | 5,538 | |||||||||||||||
| Other, net | (12 | ) | (4 | ) | (33 | ) | (23 | ) | |||||||||||
| Total other expenses, net | (19,250 | ) | (21,751 | ) | (37,857 | ) | (43,465 | ) | |||||||||||
| Net income | 143,476 | 28,290 | 234,743 | 67,192 | |||||||||||||||
| Less: Net income attributable to the noncontrolling interest | (4,176 | ) | (1,457 | ) | (6,601 | ) | (2,648 | ) | |||||||||||
| Net income attributable to Tsakos Energy Navigation Limited | $ | 139,300 | $ | 26,833 | $ | 228,142 | $ | 64,544 | |||||||||||
| Effect of preferred dividends | (6,750 | ) | (6,750 | ) | (13,500 | ) | (13,500 | ) | |||||||||||
| Undistributed and distributed income allocated to non-vested restricted common stock | (684 | ) | (313 | ) | (1,108 | ) | (513 | ) | |||||||||||
| Net income attributable to common stockholders of Tsakos Energy Navigation Limited | $ | 131,866 | $ | 19,770 | $ | 213,534 | $ | 50,531 | |||||||||||
| Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders | $ | 4.40 | $ | 0.67 | $ | 7.12 | $ | 1.70 | |||||||||||
| Weighted average number of shares, basic and diluted | 29,972,103 | 29,661,103 | 29,972,103 | 29,661,103 | |||||||||||||||
| BALANCE SHEET DATA | June 30 | December 31 | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||
| Cash | 466,143 | 298,129 | |||||||||||||||||
| Other assets | 286,240 | 197,009 | |||||||||||||||||
| Vessels, net | 3,155,282 | 3,156,075 | |||||||||||||||||
| Advances for vessels under construction | 470,050 | 301,868 | |||||||||||||||||
| Total assets | $ | 4,377,715 | $ | 3,953,081 | |||||||||||||||
| Debt and other financial liabilities, net of deferred finance costs | 2,102,177 | 1,920,975 | |||||||||||||||||
| Other liabilities | 220,881 | 169,101 | |||||||||||||||||
| Stockholders’ equity | 2,054,657 | 1,863,005 | |||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 4,377,715 | $ | 3,953,081 | |||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||||
| OTHER FINANCIAL DATA | June 30 | June 30 | |||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net cash provided by operating activities | $ | 183,986 | $ | 63,794 | $ | 281,167 | $ | 115,944 | |||||||||||
| Net cash provided by (used in) investing activities | $ | 3,763 | $ | (233,479 | ) | $ | (248,312 | ) | $ | (236,124 | ) | ||||||||
| Net cash (used in) provided by financing activities | $ | (43,022 | ) | $ | 107,327 | $ | 135,159 | $ | 59,088 | ||||||||||
| TCE per ship per day | $ | 46,100 | $ | 30,767 | $ | 43,503 | $ | 30,754 | |||||||||||
| Operating expenses per ship per day | $ | 10,640 | $ | 9,982 | $ | 10,298 | $ | 9,743 | |||||||||||
| Vessel overhead costs per ship per day | $ | 2,558 | $ | 2,347 | $ | 2,370 | $ | 2,063 | |||||||||||
| 13,198 | 12,329 | 12,668 | 11,806 | ||||||||||||||||
| FLEET DATA | |||||||||||||||||||
| Average number of vessels during period | 63.5 | 62.0 | 63.5 | 62.0 | |||||||||||||||
| Number of vessels at end of period | 64.0 | 63.0 | 64.0 | 63.0 | |||||||||||||||
| Average age of fleet at end of period | Years | 10.5 | 10.2 | 10.5 | 10.2 | ||||||||||||||
| Dwt at end of period (in thousands) | 7,702 | 7,766 | 7,702 | 7,766 | |||||||||||||||
| Time charter employment – fixed rate | Days | 3,569 | 2,969 | 7,197 | 5,841 | ||||||||||||||
| Time charter and pool employment – variable rate | Days | 1,263 | 1,771 | 2,731 | 3,518 | ||||||||||||||
| Period employment coa at market rates | Days | 0 | 0 | 0 | 0 | ||||||||||||||
| Spot voyage employment at market rates | Days | 652 | 708 | 1,165 | 1,507 | ||||||||||||||
| Total operating days | 5,484 | 5,448 | 11,093 | 10,866 | |||||||||||||||
| Total available days | 5,783 | 5,641 | 11,490 | 11,216 | |||||||||||||||
| Utilization | 94.8 | % | 96.6 | % | 96.5 | % | 96.9 | % | |||||||||||
| Non-GAAP Measures | |||||||||||||||||||
| Reconciliation of Net income to Adjusted EBITDA | |||||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||||
| June 30 | June 30 | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net income attributable to Tsakos Energy Navigation Limited | $ | 139,300 | $ | 26,833 | $ | 228,142 | $ | 64,544 | |||||||||||
| Depreciation and amortization | 46,295 | 42,089 | 90,443 | 83,220 | |||||||||||||||
| Interest Expense | 22,643 | 24,978 | 43,430 | 48,980 | |||||||||||||||
| Gain on sale of vessels | (37,870 | ) | – | (37,870 | ) | (3,553 | ) | ||||||||||||
| Adjusted EBITDA | $ | 170,368 | $ | 93,900 | $ | 324,145 | $ | 193,191 | |||||||||||
| 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 63 days lost for the second quarter and 137 days for the first half of 2026 as a result of calculating revenue on a loading to discharge basis, compared to 84 days lost for the second quarter and 148 days for the first half of 2025. | |||||||||||||||||||
| (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. | |||||||||||||||||||
