TEN TEN Ltd.

NYSE
$42.71

TEN, Ltd. Reports Profits for the Twelve-Months and Fourth Quarter Ended December 31, 2025

Friday, March 6, 2026 · 8:50 AM ET GlobeNewswire

200% Q-O-Q increase in net income to $58 million in Q4 2025 

$800 million of gross revenues and $161 million of net income for 2025 ($4.45 per share)

$416 million in adj. EBITDA in 2025

TEN benefitting from historical high tanker rates. Timely NB orders of LNG & VLCCs

$4 billion in Minimum Contracted Revenue

ATHENS, Greece, March 06, 2026 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE: TEN) (the “Company”) today reported results (unaudited) for the twelve months and fourth quarter ended December 31, 2025.

TWELVE MONTHS 2025 SUMMARY RESULTS
TEN’s fleet for the twelve months of 2025, generated close to $800 million in gross revenues, and approx. $252 million in operating income inclusive of $12.5 million in capital gains from the sale of four older vessels.

Net income for the twelve months of 2025 was $161 million or $4.45 per share.

Adjusted EBITDA for 2025 was $416 million, compared to $400 million in the twelve-month period of 2024.

Fleet utilization during the twelve months of 2025 increased to 96.6% from 92.5% in the corresponding period of 2024.

The average Time Charter Equivalent (TCE) per vessel per day for the twelve months of 2025, remained at a solid $32,130, similar to 2024 levels.

Voyage expenses for 2025 with an average of 61.8 vessels in the water were at $122.2 million, about $31.0 million lower from the 2024 level.

Total operating expenses per vessel per day remained at a competitive $9,990 in 2025, despite ten vessels undergoing scheduled drydocks. Vessel overhead costs were 7.0% lower from 2024 levels, at $1,866 per vessel per day.

Depreciation and amortization totaled $170 million, compared with $160 million in 2024, driven by the continuous addition of newer and larger vessel classes to the fleet.

Total debt obligations at the end of 2025 stood at $1.9 billion, from $1.7 billion in 2024, as a result of new vessel financings and various refinancings at competitive terms. Interest and finance costs for the twelve-months of 2025 were at $97.8 million, $14.3 million lower from the 2024 corresponding period and generally in line with the decline in global interest rates. Interest income was $10.5 million.

As of December 31, 2025, TEN’s cash position stood at a solid $298 million, after $184 million in scheduled principal payments, $190 million in yard predelivery installments and capitalized expenses, and $27.0 million in preferred share dividend payments during 2025.

Q4 2025 SUMMARY RESULTS
In the fourth quarter of 2025, with an identical number of vessels in operation as in the fourth quarter of 2024, (62), TEN’s gross revenues reached $222.1 million from $188.3 million in the corresponding 2024 period, while operating income almost doubled from the fourth quarter of 2024 and settled at $81.2 million. Neither of these fourth quarters had any capital gains or losses from vessel sales.

Net income in the fourth quarter of 2025 experienced a threefold increase from the fourth quarter of 2024 to $58.0 million, translating to $1.70 per share, compared with $0.42 per share in the fourth quarter of 2024; an increase of approximately $40.0 million.

Preferred dividends for the fourth quarter of 2025 were $6.8 million, unchanged from the fourth quarter of 2024.

Adjusted EBITDA for the fourth quarter of 2025 was $127.6 million from $85.6 million in last year’s fourth quarter, representing an increase of $42 million or 49%.

Fleet utilization during the fourth quarter of 2025 was 97.7% from 93.3% in the fourth quarter of 2024 with only two vessels undergoing scheduled dry dockings during that period.

Average TCE per vessel per day in the fourth quarter of 2025 was $36,300, representing a 20.6% increase from the fourth quarter of 2024 level, reflecting the continuous strength of both spot and term rates in the market during the quarter.

Voyage expenses during the 2025 fourth quarter were $26.8 million from $34.4 million in the fourth quarter of 2024, representing a $7.6 million decrease

Operating expenses per vessel per day in the fourth quarter of 2025 were $10,558, due to various repairs, maintenance works and required spares.

Depreciation and amortization expenses amounted to $44.4 million during the 2025 fourth quarter, in line with the continuous addition of newer and larger vessel classes to the fleet.

SUBSEQUENT EVENTS
On January 12 and February 12, 2026, the new-building MR product tankers, Delos T and Dion were delivered to the Company and chartered for up to twelve-months at accretive rates, to major European energy concerns.

On January 22, 2026, following the timely order of three VLCC’s in Q4 2025, the Company signed a Memorandum of Agreement for the sale of the 2016-built VLCC Ulysses to third parties, with delivery to the buyers end May 2026. From this sale TEN expects to generate about $82 million of free cash.

On February 25, 2026, TEN signed a newbuilding contract with Hyundai Heavy Industries of South Korea for the construction of up to two vessels, 174,000cmb LNG carrier propelled by WINGD engines, with expected delivery in the third quarter of 2028.

CORPORATE AFFAIRS – COMMON SHARE DIVIDEND

Following the $0.50 dividend paid to holders of common stock on February 19, 2026, management will announce in Q2 the dividend for payment in July 2026.

Since the Company’s NYSE listing in 2002, TEN has consistently demonstrated its commitment to rewarding long-standing shareholders, having distributed over $952 million in common and preferred share dividends.

CORPORATE STRATEGY
The strength in the tanker markets, propelled by the ongoing geopolitical events around the globe, has led to historical high rates and TEN is a main beneficiary with 22 vessels taking advantage of the spot markets. In this environment, TEN is also making the most of high second- hand prices by di-investing some of its first-generation vessels for significant capital gains, whilst replacing them with timely new building orders of LNG and VLCCs.

“TEN is maintaining its steady course of dynamic fleet modernization, cash generation and growing market share for its top tier clients,” stated Mr. George Saroglou, President & COO of TEN. “As we navigate these market defining times, we remain confident that TEN will further reward shareholders with increased dividends and value appreciation going forward,” Mr. Saroglou concluded.

TEN’s CURRENT NEWBUILDING PROGRAM

#NameTypeDelivery (exp)StatusEmployment
CONVENTIONAL TANKERS
1Dr Irene TsakosSuezmax – Scrubber FittedQ2 2025DELIVEREDYes
2Silia TSuezmax – Scrubber FittedQ4 2025DELIVEREDYes
3Delos TMR – Scrubber FittedQ1 2026DELIVEREDYes
4DionMR – Scrubber FittedQ1 2026DELIVEREDYes
5TBNPanamax LR1 – Scrubber FittedQ2 2027Under ConstructionTBA
6TBNPanamax LR1 – Scrubber FittedQ3 2027Under ConstructionTBA
7TBNPanamax LR1 – Scrubber FittedQ4 2027Under ConstructionTBA
8TBNVLCC - Scrubber FittedQ4 2027Under ConstructionTBA
9TBNVLCC - Scrubber FittedQ1 2028Under ConstructionTBA
10TBNVLCC – Scrubber FittedQ2 2028Under ConstructionTBA
11TBNPanamax LR1 – Scrubber FittedQ3 2028Under ConstructionTBA
12TBNPanamax LR1 – Scrubber FittedQ3 2028Under ConstructionTBA
SHUTTLE TANKERS
13Athens 04DP2 Shuttle TankerQ2 2025DELIVEREDYes
14Paris 24DP2 Shuttle TankerQ3 2025DELIVEREDYes
15AnfieldDP2 Shuttle TankerQ3 2026Under ConstructionYes
16Ipanemas DPDP2 Shuttle TankerQ3 2027Under ConstructionYes
17Copa DPDP2 Shuttle TankerQ4 2027Under ConstructionYes
18Selecao DPDP2 Shuttle TankerQ1 2028Under ConstructionYes
19Maracana DPDP2 Shuttle TankerQ2 2028Under ConstructionYes
20Leblon DPDP2 Shuttle TankerQ3 2028Under ConstructionYes
21TBNDP2 Shuttle TankerQ3 2028Under ConstructionYes
22TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes
23TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes
24TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes
LNG CARRIERS
25TBNLNG CarrierQ3 2028Under ConstructionTBA
26TBNLNG CarrierQ1 2029Optional VesselTBA


ABOUT TEN LTD.
Founded in 1993 and celebrating 33 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 83 vessels, including ten DP2 shuttle tankers, three VLCCs, five scrubber-fitted LR1 tankers and one LNG carrier under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approx. 11 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, Friday, March 6, 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 13758914.
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  Year ended
  December 31 (unaudited)  December 31 (unaudited)
STATEMENT OF OPERATIONS DATA 2025    2024   2025    2024 
              
Voyage revenues$222,101   $188,260  $798,689   $804,061 
              
Voyage expenses 26,819    34,393   122,184    152,875 
Charter hire expense 3,566    3,355   13,551    17,966 
Vessel operating expenses 56,384    50,632   210,960    198,049 
Depreciation and amortization 44,418    41,547   170,054    159,902 
General and administrative expenses 9,718    15,920   42,079    45,373 
Gain on sale of vessels -    -   (12,456)   (48,662)
Total expenses 140,905    145,847   546,372    525,503 
              
Operating income 81,196    42,413   252,317    278,558 
              
Interest and finance costs, net (25,148)   (24,744)  (97,839)   (112,151)
Interest income 2,827    3,972   10,492    15,124 
Other, net (2)   (22)  (26)   99 
Total other expenses, net (22,323)   (20,794)  (87,373)   (96,928)
Net income 58,873    21,619   164,944    181,630 
              
Less: Net income attributable to the noncontrolling interest (862)   (2,348)  (4,040)   (5,399)
Net income attributable to Tsakos Energy Navigation Limited$58,011   $19,271  $160,904   $176,231 
              
Effect of preferred dividends (6,750)   (6,750)  (27,000)   (27,000)
Undistributed and distributed income allocated to non-vested restricted common stock (529)   -   (1,602)   (959)
Net income attributable to common stockholders of Tsakos Energy Navigation Limited$50,732   $12,521  $132,302   $148,272 
Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders$1.70   $0.42  $4.45   $5.03 
Weighted average number of shares, basic 29,816,603    29,505,603   29,739,492    29,505,603 
Weighted average number of shares, diluted 29,816,603    29,628,104   29,739,492    29,505,603 
              
BALANCE SHEET DATA December 31   December 31       
  2025
   2024
       
Cash 298,129    348,312        
Other assets 197,009    192,035        
Vessels, net 3,156,075    2,919,783        
Advances for vessels under construction 301,868    246,392        
Total assets$3,953,081   $3,706,522        
              
Debt and other financial liabilities, net of deferred finance costs 1,920,975    1,747,094        
Other liabilities 169,101    192,231        
Stockholders' equity 1,863,005    1,767,197        
Total liabilities and stockholders' equity$3,953,081   $3,706,522        
              
              
              
              
  Three months ended  Year ended
OTHER FINANCIAL DATA December 31  December 31
  2025    2024   2025    2024 
Net cash provided by operating activities$96,218   $87,805  $297,622   $307,684 
Net cash used in investing activities$(55,021)  $(18,745) $(458,118)  $(441,606)
Net cash (used in) provided by financing activities$(7,392)  $(66,649) $110,313   $105,540 
              
TCE per ship per day$36,300   $30,107  $32,130   $32,550 
              
Operating expenses per ship per day$10,558   $9,480  $9,990   $9,350 
Vessel overhead costs per ship per day$1,704   $2,791  $1,866   $2,005 
  12,262    12,271   11,856    11,355 
              
FLEET DATA             
              
Average number of vessels during period 62.0    62.0   61.8    61.8 
Number of vessels at end of period 62.0    62.0   62.0    62.0 
Average age of fleet at end of periodYears10.1    10.2   10.1    10.2 
Dwt at end of period (in thousands) 7,903    7,613   7,903    7,613 
              
Time charter employment - fixed rateDays3,649    2,946   12,930    11,475 
Time charter and pool employment - variable rateDays1,468    1,507   6,455    5,744 
Period employment coa at market ratesDays0    123   0    123 
Spot voyage employment at market ratesDays454    747   2,392    3,582 
Total operating days 5,571    5,323   21,777    20,924 
Total available days 5,704    5,704   22,554    22,625 
Utilization 97.7%   93.3%  96.6%   92.5%
              
Non-GAAP Measures
Reconciliation of Net income to Adjusted EBITDA
              
  Three months ended  Year ended
  December 31  December 31
  2025    2024   2025    2024 
              
Net income attributable to Tsakos Energy Navigation Limited$58,011   $19,271  $160,904   $176,231 
Depreciation and amortization 44,418    41,547   170,054    159,902 
Interest Expense 25,148    24,744   97,839    112,151 
Gain on sale of vessels -    -   (12,456)   (48,662)
Adjusted EBITDA$127,577   $85,562  $416,341   $399,622 
              
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 90 days lost for the fourth quarter and 267 days for the twelve-month of 2025 and 90 days for the prior year quarter of 2024 and 468 days for twelve-month period of 2024, respectively, as a result of calculating revenue on a loading to discharge basis
(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.      
              



Primary Logo

Source: Tsakos Energy Navigation
← Back to TEN news