TEN reported results (unaudited) for the nine months and third quarter ended September 30, 2025.
NINE MONTHS 2025 SUMMARY RESULTS
TEN’s fleet generated $577 million in gross revenues resulting in approx. $171 million in operating income inclusive of $12.5 million in capital gains from the sale of four older vessels.
The net income for the first nine months of 2025 was $103 million or $2.75 per share.
Adjusted EBITDA for the first nine months of 2025 was $289 million.
Fleet utilization in the first nine months of 2025 increased to 96.2% from 92.2% in the corresponding period of 2024 due to the aforementioned recalibration of fleet employment.
The average Time Charter Equivalent (TCE) per vessel per day for the nine months of 2025 remained at a solid $30,703.
Total operating expenses per vessel per day, however, remained competitive at $9,797.
Depreciation and amortization totaled $125.6 million, reflecting the continuous addition of newer and larger vessel classes to the fleet.
Total debt obligations at the end of the 2025 nine-months stood at $1.9 billion.
Interest and finance costs for the nine-months of 2025 were $15 million lower from the 2024 corresponding period, at $72.7 million principally due to lower global interest rates.
At the end of September 2025, TEN’s cash position stood at a healthy $264.3 million after $134.6 million in scheduled principal payments, $178 million in yard predelivery installments and capitalized expenses and $20.3 million in preferred share dividend payments during the first nine months of 2025.
Q3 2025 SUMMARY RESULTS
In the third quarter of 2025, TEN’s gross revenues reached $186.2 million while operating income, after $9 million in gains from the sale of three older vessels, was at $60.5 million.
Net income in the third quarter of 2025 increased to $38.3 million translating to $1.05 per share from $26.5 million and $0.67 per share in the third quarter of 2024. A $11.8 million increase.
Preferred dividends for the third quarter of 2025 were $6.8 million, identical to the levels of the 2024 third quarter.
Adjusted EBITDA for the third quarter of 2025 was at $95.6 million.
Fleet utilization during the third quarter of 2025 was 95%.
Average TCE per vessel per day in the third quarter of 2025 was $30,601.
Operating expenses per vessel per day in the third quarter of 2025 remained at a competitive $9,904, the result of efficient vessel management by TEN’s technical managers.
General and administrative expenses in the third quarter of 2025 experienced a $5.0 million drop from the 2024 third quarter levels and settled at $9.2 million.
Depreciation and amortization expenses during the third quarter of 2025 were in line with the continuous addition of newer and larger vessel classes to the fleet at $42.4 million.
SUBSEQUENT EVENTS
On October 1, 2025, TEN took delivery, from HD Hyundai Heavy Industries of South Korea, of the eco scrubber suezmax tanker Silia T which simultaneously entered a minimum three-year employment to a major US oil concern.
On October 24, 2025, Nikolas P. Tsakos, Founder & CEO of TEN was honored at the annual “Chrysanthemum Ball” Gala in New York, a leading social and philanthropic event. This year’s event paid tribute to Mr. Tsakos’s enduring contribution to the global maritime industry and his lifelong dedication to philanthropy, education, and community welfare.
In November 2025, TEN extended for a minimum two years, its VLCC Dias I to a US major concern with an accretive minimum rate and profit-sharing features.
CORPORATE AFFAIRS – COMMON SHARE DIVIDEND
The Company’s Board of Directors approved a dividend distribution to holders of TEN’s common stock of $1.00 per share, $0.50 of which to be paid on December 19, 2025 to shareholders of record as of December 15, 2025, and $0.50 on February 19, 2026 to shareholders of record as of February 11, 2026.
On July 18, 2025, TEN paid a dividend of $0.60 per share to common shareholders.
Since the Company’s NYSE listing in 2002, TEN has consistently demonstrated its commitment to reward long-standing shareholders, having distributed over $945 million in common and preferred share dividends.
CORPORATE STRATEGY
The first nine months of the year have been marked by the turmoil created by tariffs and trade restrictions. The rising global oil demand, low inventories, increasing geopolitical tensions and the uncertainty created by the IMO delayed decision, has further strengthened freight rates and asset prices.
In this exciting environment, TEN continues to navigate steadily, safely and increasingly profitably. With growing interest from oil majors for long-term contracts at attractive rates, management is pursuing fixtures that offer cash flow visibility and upside potential.
“With a fleet value in excess of $6 billion including an aggressive new-building program, TEN is increasing its critical mass in the areas it operates as it divests from its first-generation assets,” Mr. George Saroglou, President & COO commented. “With 62 vessels in the water and 20 under construction, many on long-term employment to major oil concerns, TEN will continue to provide an attractive proposition to those looking to participate in the energy transportation universe going forward,” Mr. Saroglou concluded.