TEN 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.