TEN, Ltd. Reports Profits for the Second Quarter and First Half of 2025

Rhea-AI Summary

TEN Ltd (NYSE:TEN) reported strong financial results for Q2 and H1 2025. The company generated $390.4 million in gross revenues and $64.5 million in net income ($1.70 per share) for H1 2025. Fleet utilization reached 96.9% with a healthy TCE of $30,754 per vessel per day.

The company maintains a robust $3.7 billion minimum contracted revenue and is executing a significant fleet expansion with 21 new vessels under construction, including 3 new VLCC orders from South Korea. TEN distributed a $0.60 per share dividend in July 2025, maintaining its commitment to shareholder returns with over $900 million distributed since 2002.

Positive

• $3.7 billion in minimum contracted revenue secured
• Fleet utilization increased to 96.9% in H1 2025
• Strong H1 2025 net income of $64.5 million ($1.70 per share)
• Healthy cash position of $287.2 million
• 21 new vessels under construction expanding fleet capacity
• Consistent dividend payments with $0.60 per share in July 2025

Negative

• Operating expenses rose to $102.3 million due to fleet expansion and inflation
• General and administrative expenses increased to $23.1 million
• Interest and finance costs remained significant at $49.0 million in H1 2025
• Q2 2025 earnings declined compared to Q2 2024 due to absence of vessel sale gains

Insights

Maritime Financial Analyst

TEN reports strong H1 2025 with $64.5M net income, $3.7B contracted revenue, and significant fleet expansion despite softening Q2 results.

TEN delivered solid financial results in H1 2025 with $390.4 million in gross revenues and $64.5 million in net income ($1.70 per share). Q2 results showed some moderation with $26.8 million in net income ($0.67 EPS), down from Q2 2024 when the company benefited from $32.5 million in vessel sale gains.

The company's operational performance remains robust with fleet utilization increasing to 96.9% in H1 2025, driven by more vessels under term contracts and fewer dry-dockings. The average Time Charter Equivalent (TCE) rate of $30,754 per vessel per day demonstrates healthy market conditions, though slightly below the $33,830 achieved in H1 2024.

TEN's strategic fleet expansion is impressive, with 21 vessels under construction including three newly ordered VLCCs from Hanwha Ocean. This modernization effort balances vessel sales, with three older vessels recently divested, generating $60 million in cash and $9 million in capital gains for Q3 2025.

The company's financial stability is evidenced by $287.2 million in cash as of June 2025 and $3.7 billion in minimum contracted revenue, providing exceptional visibility. The $0.60 semi-annual dividend paid in July demonstrates management's commitment to shareholder returns, with over $900 million distributed since its NYSE listing.

Despite some market headwinds noted in H1 2025, including global tariffs affecting investor sentiment, TEN's management emphasizes that tanker market fundamentals remain healthy. Rising global oil demand, low inventories, OPEC+ production cut unwinding, and geopolitical tensions creating longer shipping routes all support positive sector dynamics.

TEN's balanced approach of maintaining modern tonnage with long-term contracts while strategically expanding in specialized vessel segments positions the company well to navigate market fluctuations while providing steady returns to investors.

Shipping Industry Strategist

TEN executes strategic fleet renewal with 21 newbuilds while securing long-term contracts amidst favorable tanker market conditions.

TEN's fleet transformation strategy is notably ambitious and well-timed. The company is executing a dual-track approach: divesting first-generation vessels while simultaneously investing in 21 newbuilds across strategic vessel classes. This renewal program has significant structural implications for their revenue stability and competitive positioning.

The vessel mix diversification is particularly noteworthy. By adding three VLCCs, specialized DP2 shuttle tankers, and scrubber-fitted vessels, TEN is creating a fleet optimized for both the current regulatory environment and emerging trade patterns. The shuttle tanker expansion is especially strategic as these vessels command premium rates due to their specialized capabilities and typically operate under long-term contracts with oil majors.

TEN has secured $3.7 billion in minimum contracted revenue, demonstrating exceptional forward visibility rare in the volatile shipping sector. This contracted revenue base forms a stable foundation while still allowing upside potential through their spot market exposure. Most impressively, the recent delivery of the DP2 shuttle tanker Paris 24 came with a seven-year contract to an oil major, exemplifying the company's ability to secure long-duration charters.

The geopolitical environment is creating favorable dynamics for tanker operators. Ongoing Middle East tensions and Red Sea disruptions are forcing longer shipping routes, effectively reducing available vessel supply. Meanwhile, the bifurcation between compliant and non-compliant tonnage (likely referring to vessels willing to transport sanctioned cargoes) further tightens the supply of vessels available to core markets. Combined with rising global oil demand and unwinding of OPEC+ production cuts, these factors create a constructive backdrop for sustained rate strength.

TEN's approach of targeting 96.9% fleet utilization while maintaining a balanced charter portfolio (mix of fixed-rate, variable-rate, and spot exposure) enables them to maximize revenue while preserving optionality to capitalize on rate spikes. This sophisticated portfolio management distinguishes TEN from competitors who might be overexposed to either spot market volatility or locked into long-term contracts at suboptimal rates.

$3.7 billion in minimum contracted revenue

Dynamic renewal program – 21 new buildings under construction, incl. 3 new South Korean VLCC orders

TEN’s fleet carrying capacity reaches 11 dwt

$0.60 common stock dividend paid in July 2025

Tanker Market Fundamentals Remain Strong

ATHENS, Greece, Sept. 10, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE: TEN) (the “Company”) today reported results (unaudited) for the six months and the second quarter ended June 30, 2025.

FIRST HALF 2025 SUMMARY RESULTS
TEN’s fleet generated $390.4 million in gross revenues resulting to approx. $111.0 million in operating income, inclusive of $3.6 million of capital gains.

Adjusted EBITDA for the first half of 2025 was $193.2 million.

The net income for the first half of 2025 was $64.5 million or $1.70 per share.

Fleet utilization increased to 96.9% in the first half of 2025 as a result of higher number of vessels under term contracts and fewer vessels in dry-dockings.

The average Time Charter Equivalent (TCE) per vessel per day for the 2025 first half remained healthy at $30,754.

Vessel operating expenses rose modestly and in line with expectations to $102.3 million, driven by a higher number of vessels and larger average vessel size. Total operating expenses per vessel per day were a competitive $9,743.

The fleet’s voyage expenses declined by $15.4 million and settled to $68.0 million.

General and administrative expenses at $23.1 million reflected a management compensation and stock-incentive plan.

Depreciation and amortization totaled $83.2 million, reflecting the addition of newer and larger vessel classes to the fleet.

Interest and finance costs for the first half of 2025 were at $49.0 million.

At the end of June 2025, TEN’s cash position was $287.2 million.

Q2 2025 SUMMARY RESULTS
TEN’s gross revenues reached $193.3 million in the second quarter of 2025.

Adjusted EBITDA for the second quarter of 2025 was $93.9 million.

Operating income, with no gains or losses from sale of vessels compared to capital gains of $32.5 million in the second quarter of 2024, settled at about $50.0 million which resulted in a second quarter 2025 net income of $26.8 million, or $0.67 per share.

Average TCE per vessel per day in the second quarter of 2025 was $30,767.

Fleet operating expenses at $52.7 million were just $3.0 million higher from the second quarter of 2024, primarily attributable to the larger average vessel size in the fleet, shuttle tanker vessels upgrades and well documented ongoing inflationary pressures. As a result, and due to efficient vessel management by TEN’s technical managers, operating expenses per vessel per day were at $9,982 in the second quarter of 2025.

Depreciation and amortization expenses during the second quarter of 2025 were in line with the increased number of vessels in the fleet at $42.1 million.

SUBSEQUENT EVENTS
TEN placed an order for three scrubber-fitted VLCCs with Hanwha Ocean in South Korea, with an option for a fourth, scheduled for delivery in 2027 and 2028. At the same time, the Company sold three older vessels, adding $60.0 million to cash reserves and a $9.0 million capital gain to be reported in the Company’s third quarter 2025 financials.

On August 14, 2025, TEN took delivery from Samsung Heavy Industries of South Korea of the DP2 suezmax shuttle tanker Paris 24 which entered a seven-year employment to an oil major.

On October 1, 2025, TEN expects to take delivery, from HD Hyundai Ocean Services of South Korea, of the eco scrubber-fitted suezmax tanker Silia T which is scheduled to enter a minimum three-year employment to a US major oil concern.

CORPORATE AFFAIRS - DIVIDEND
In July 2025, TEN distributed to common shareholders its semi-annual dividend of $0.60 per share and intends to announce the second semi-annual payment in November 2025.

Since the Company’s NYSE listing in 2002, TEN has consistently demonstrated its commitment to reward shareholders, having distributed over $900 million in common and preferred share dividends.

CORPORATE STRATEGY
The first half of the year was affected by the imposition of steep global tariffs, creating turmoil that impacted investors’ psychology and ultimately the valuation of tanker stocks. This reaction was excessive as tanker market fundamentals remained healthy, with both freight rates and asset values at firm levels.

Rising global oil demand, low inventories, and the unwinding of OPEC+ voluntary production cuts further strengthened tanker market prospects, in conjunction with measured newbuilding activity.

Meanwhile, geopolitical tensions continue to shape seaborne trade flows, effectively dividing the global tanker fleet between compliant and non-compliant tonnage and limiting the number of vessels available to service core markets. In addition, the renewed hostilities in the Middle East and the Red Sea are supporting long-haul voyages, further tightening vessel supply.

Against this backdrop, TEN remains steadfast to its strategy to expand its fleet by divesting from its first-generation vessels and ordering new ones, the majority secured on attractive long-term contracts. This dynamic and responsible fleet growth focuses on specialized vessels with long-term employment. In addition, the recent VLCC order rebalances TEN’s fleet in the larger crude carrier sector.

The modernity and the earning capacity of the fleet remains a priority in management’s approach.

“With the fleet operating at near full capacity, with secured minimum forward earnings of US$3.7 billion, we remain confident that TEN provides the value both charterers and investors are looking for positioning themselves in the tanker space,” Mr. George Saroglou, President & COO commented.

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	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	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	DP2 Shuttle Tanker	Q3 2026	Under Construction	Yes
16	TBN	DP2 Shuttle Tanker	Q3 2027	Under Construction	Yes
17	TBN	DP2 Shuttle Tanker	Q4 2027	Under Construction	Yes
18	TBN	DP2 Shuttle Tanker	Q1 2028	Under Construction	Yes
19	TBN	DP2 Shuttle Tanker	Q2 2028	Under Construction	Yes
20	TBN	DP2 Shuttle Tanker	Q3 2028	Under Construction	Yes
21	TBN	DP2 Shuttle Tanker	Q3 2028	Under Construction	Yes
22	TBN	DP2 Shuttle Tanker	Q4 2028	Under Construction	Yes
23	TBN	DP2 Shuttle Tanker	Q4 2028	Under Construction	Yes
24	TBN	DP2 Shuttle Tanker	Q4 2028	Under Construction	Yes

ABOUT TEN LTD.
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 ten DP2 shuttle tankers, three VLCCs, one scrubber fitted suezmax vessel, 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 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, Wednesday, September 10, 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 13755603. 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		2025					2024				2025					2024
	Voyage revenues	$	193,309				$	214,055			$	390,360				$	415,644
	Voyage expenses		31,917					41,403				67,980					83,423
	Charter hire expense		3,321					5,095				6,603					11,108
	Vessel operating expenses		52,704					49,704				102,310					98,328
	Depreciation and amortization		42,089					39,494				83,220					77,020
	General and administrative expenses		13,237					7,904				23,143					15,230
	Gain on sale of vessels		-					(32,495	)			(3,553	)				(48,662	)
	Total expenses		143,268					111,105				279,703					236,447
	Operating income		50,041					102,950				110,657					179,197
	Interest and finance costs, net		(24,978	)				(30,053	)			(48,980	)				(55,198	)
	Interest income		3,231					4,687				5,538					7,935
	Other, net		(4	)				4				(23	)				75
	Total other expenses, net		(21,751	)				(25,362	)			(43,465	)				(47,188	)
	Net income		28,290					77,588				67,192					132,009
	Less: Net income attributable to the noncontrolling interest		(1,457	)				(1,202	)			(2,648	)				(1,587	)
	Net income attributable to Tsakos Energy Navigation Limited	$	26,833				$	76,386			$	64,544				$	130,422
	Effect of preferred dividends		(6,750	)				(6,750	)			(13,500	)				(13,500	)
	Undistributed income allocated to non-vested restricted common stock		(313	)				-				(513	)				-
	Net income attributable to common stockholders of Tsakos Energy Navigation Limited	$	19,770				$	69,636			$	50,531				$	116,922
	Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders	$	0.67				$	2.36			$	1.70				$	3.96
	Weighted average number of shares, basic and diluted		29,661,103					29,505,603				29,661,103					29,505,603
	BALANCE SHEET DATA		June 30					December 31
			2025					2024
	Cash		287,220					348,312
	Other assets		242,271					192,035
	Vessels, net		2,998,919					2,919,783
	Advances for vessels under construction		279,247					246,392
	Total assets	$	3,807,657				$	3,706,522
	Debt and other financial liabilities, net of deferred finance costs		1,821,033					1,747,094
	Other liabilities		179,864					192,231
	Stockholders' equity		1,806,760					1,767,197
	Total liabilities and stockholders' equity	$	3,807,657				$	3,706,522
			Three months ended									Six months ended
	OTHER FINANCIAL DATA		June 30									June 30
			2025					2024				2025					2024
	Net cash provided by operating activities	$	63,794				$	84,651			$	115,944				$	160,222
	Net cash used in investing activities	$	(233,479	)			$	(159,496	)		$	(236,124	)			$	(356,512	)
	Net cash provided by financing activities	$	107,327				$	112,772			$	59,088				$	201,517
	TCE per ship per day	$	30,767				$	34,235			$	30,754				$	33,830
	Operating expenses per ship per day	$	9,982				$	9,347			$	9,743				$	9,367
	Vessel overhead costs per ship per day	$	2,347				$	1,392			$	2,063				$	1,358
			12,329					10,739				11,806					10,725
	FLEET DATA
	Average number of vessels during period		62.0					62.4				62.0					61.6
	Number of vessels at end of period		63.0					62.0				63.0					62.0
	Average age of fleet at end of period	Years	10.2					9.7				10.2					9.7
	Dwt at end of period (in thousands)		7,766					7,612				7,766					7,612
	Time charter employment - fixed rate	Days	2,969					2,855				5,841					5,485
	Time charter and pool employment - variable rate	Days	1,771					1,361				3,518					2,753
	Spot voyage employment at market rates	Days	708					1,033				1,507					2,068
	Total operating days		5,448					5,249				10,866					10,306
	Total available days		5,641					5,678				11,216					11,217
	Utilization		96.6	%				92.4	%			96.9	%				91.9	%
	Non-GAAP Measures
	Reconciliation of Net income to Adjusted EBITDA
			Three months ended									Six months ended
			June 30									June 30
			2025					2024				2025					2024
	Net income attributable to Tsakos Energy Navigation Limited	$	26,833				$	76,386			$	64,544				$	130,422
	Depreciation and amortization		42,089					39,494				83,220					77,020
	Interest Expense		24,978					30,053				48,980					55,198
	Gain on sale of vessels		-					(32,495	)			(3,553	)				(48,662	)
	Adjusted EBITDA	$	93,900				$	113,438			$	193,191				$	213,978
	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 84 days lost for the second quarter and 148 days for the first half of 2025 and 99 days for the prior year quarter of 2024 and 270 days for first half 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.

FAQ

What were TEN's earnings per share for H1 2025?

TEN reported earnings of $1.70 per share for the first half of 2025, with net income of $64.5 million.

How many new vessels does TEN have under construction?

TEN has 21 new vessels under construction, including 3 new VLCC orders from South Korea's Hanwha Ocean, scheduled for delivery in 2027 and 2028.

What is TEN's current minimum contracted revenue?

TEN has secured $3.7 billion in minimum contracted revenue from its fleet operations.

How much dividend did TEN pay in July 2025?

TEN distributed a semi-annual dividend of $0.60 per share to common shareholders in July 2025.

What was TEN's fleet utilization rate in H1 2025?

TEN achieved a 96.9% fleet utilization rate in H1 2025, driven by higher number of vessels under term contracts and fewer dry-dockings.

What is the total size of TEN's fleet?

TEN's fleet consists of 82 vessels totaling approximately 11 million dwt, including shuttle tankers, VLCCs, crude tankers, product tankers and LNG carriers.