TEN, Ltd. reported results (unaudited) for the quarter ended March 31, 2026.
Q1 2026 SUMMARY RESULTS During the first quarter of 2026, TEN generated gross revenues of $253.0 million and operating income of $110.0 million, compared to $197.1 million and $60.6 million during the 2025 first quarter, respectively, which included a gain of $3.5 million from vessel sales.
Net income for the first quarter of 2026 was $89.0 million equating to $2.72 in earnings per share, compared to $37.7 million and $1.04, respectively, in the first quarter of 2025, a 160% increase.
Adjusted EBITDA for the first quarter of 2026 reached $154.0 million up from $99.3 million in the 2025 first quarter representing a 55% increase.
Average fleet utilization in the first quarter of 2026 increased to 98.3% from 97.2% in the corresponding period of 2025.
Time charter equivalent earnings (TCE), reflecting the strength of the tanker markets and the new rates secured through contract renewals, reached $40,960 per vessel per day.
Vessel operating expenses for the first quarter of 2026 totaled $53.3 million, just $3.7 million higher from the 2025 first quarter, primarily reflecting the slight increase in vessel size over the two quarter periods. Supported by the continued efforts of our technical managers and the modernity of our fleet, daily operating expenses per vessel remained competitive at $9,952, notwithstanding the larger vessel mix compared to the first quarter of 2025.
Voyage expenses declined by $6.2 million from the 2025 first quarter to $29.8 million, representing a 17% decrease.
Depreciation and amortization combined in the first quarter of 2026 were at $44.1 million, reflecting the continued modernization and expansion, consistent with the Company’s ongoing strategy to maintain a versatile and up-to-date fleet to meet its clients’ long-term needs.
During the first quarter of 2026, associated interest costs, due to the lower interest rate environment and refinancings at lower spreads, were $20.7 million, $3.2 million less from the 2025 first quarter.
Interest income during the first quarter of 2026 amounted to $2.2 million, almost identical to 2025 first quarter levels.
As of March 31, 2026, the Company’s cash reserves remained solid at about $321.4 million.
SUBSEQUENT EVENTS
On April 7, 2026, TEN agreed to repurchase two of its 2007-built suezmax tankers, currently operating under five-year leases at prices below current fair market value.
On April 23, 2026, TEN announced the employment extension of up to five years for two 2013 built DP2 Shuttle tankers, in direct continuation of their existing charters. The new charters are at an increased rate and are set to commence upon expiration of the vessels current employment, in the second half of 2028. They are expected to generate more than $200 million in gross revenues.
On April 28, 2026, TEN’s vessel “Asahi Princess” completed a breakthrough and challenging operation, loading a full aframax cargo by road trucks, establishing a new energy route in the Mediterranean.
On May 20, 2026, the Company completed the sale of a 10-year-old VLCC to third party interests. From the sale, TEN generated about $83 million in free cash after repayment of existing debt.
CORPORATE AFFAIRS – COMMON STOCK DIVIDEND
In July 2026, TEN will distribute its second semi-annual dividend of $1.00 per share to common shareholders, with payment and record dates to be announced in due course, bringing aggregate common dividends in calendar year 2026 to $1.50 per share, compared to $1.10 per share in calendar 2025, marking a 36% increase – the highest dividend in more than 10 years. TEN will have distributed over $1billion in cumulative common and preferred share dividends, since its New York listing in 2002.
CORPORATE STRATEGY
TEN is maintaining its steady course in the most turbulent geopolitical environment in recent memory. The year started with the developments in Venezuela and escalated with the Strait of Hormuz closure and turmoil in the Middle East.
However, the first quarter results are mainly based on strong market fundamentals, increased energy demand and balanced tonnage supply. Since March, geopolitical events have significantly added to the market’s strength.
With approximately 5.5% of the global tanker fleet still stranded in the Persian Gulf, effectively tightening global vessel availability further, Asian and Indian refiners, the ones mostly impacted by the standoff and the US naval blockade, have increasingly commenced sourcing barrels from alternative exporters primarily in the Atlantic basin adding ton-miles, to an already stretched, international seaborne oil trade.
On top of this new paradigm, more compliant tankers are expected to be deployed on previously sanctioned voyages particularly from Venezuela and to some extent Russia, commonly performed by vessels operating in the “dark fleet”, thereby further deducting compliant vessel capacity from the market, providing as a result additional support to rates and asset prices.
Against this backdrop, TEN remains committed to meeting the long-term needs of its clients and will continue to place vessels on long-term contracts at currently attractive rates, a trait that has characterized TEN over the years. On the other hand, a sizeable portion of the fleet will remain active in short-term trades and profit-sharing contracts, positioning TEN to take advantage of the very strong market currently in evidence in the spot market.
“TEN’s diversified fleet is and will continue to further benefit from the unprecedented market dislocation. With 26 environmentally friendly new vessels, of which four are already delivered, TEN is combining size, quality, stability and growth going forward in order to increasingly reward its’ shareholders,” stated Mr. George Saroglou, President of TEN. “Over the years, TEN has consistently demonstrated that it can deliver solid results and reward shareholders. Our contracted revenue backlog of $3.6 billion, the quality of our counterparties and the healthy cash reserves on the balance sheet, should allow us to follow this model going forward,” Mr. Saroglou concluded.