TEN, Ltd reported results (unaudited) for the quarter ended March 31, 2025.
Q1 2025 SUMMARY RESULTS
TEN generated revenues of $197.1 million and operating income of $60.6 million.
Net income reached $37.7 million and earnings per share of $1.04 in the first quarter of 2025.
EBITDA for the first quarter of 2025 was $103 million.
With just two vessels on scheduled drydocks and a higher number of days under fixed employment contracts, average fleet utilization in the first quarter of 2025 increased to 97.2%, from 91.3% in the same period of 2024.
Time charter equivalent earnings (TCE), despite the market fluctuations, reached a healthy $30,741 per ship per day.
Vessel operating expenses for the first quarter of 2025 totaled $49.6 million, remaining broadly in line with the first quarter of 2024, reflecting only a slight increase in the size of the fleet. Thanks to continued efforts by our technical managers, daily operating expenses per vessel settled at a competitive $9,502.
Voyage expenses, on the other hand, declined to $36.1 million in the first quarter of 2025 from $42.0 million in the same period of 2024, a 14.2% reduction primarily due to the Company’s reduced exposure to spot-related trades.
Depreciation and amortization combined in the first quarter of 2025 were at $41.1 million, in line with the higher number and the addition of modern vessels to the fleet, consistent with the Company’s ongoing strategy to maintain a versatile and up to date fleet structure. Despite the increase in fleet size compared to the first quarter of 2024, bank debt at the end of the first quarter of 2025 was slightly lower at $1.7 billion, compared to the year-end of 2024. During the first quarter of 2025, interest costs, reflecting both the lower bank debt and the lower interest rate environment compared to the first quarter of 2024 were at $24.0 million, about $1.1 million under the level incurred in the 2024 first quarter.
Interest income during this period amounted to $2.3 million.
As of March 31, 2025, the Company’s cash reserves remained solid at approximately $350 million, $1.3 million higher than the year end of 2024.
SUBSEQUENT EVENTS
On April 28, 2025, TEN took delivery of the DP2 Suezmax Shuttle Tanker “Athens 04” from Samsung Heavy Industries in South Korea with a minimum seven-year employment to an oil major. The charterer maintains options to extend such employment until the vessel’s 15th year anniversary.
On June 5, 2025, TEN took delivery of the eco scrubber-fitted Suezmax tanker “Dr Irene Tsakos” from Hyundai Heavy Industries in South Korea with a minimum five-year employment with profit-sharing provisions to an oil major
In August 2025 and September 2025, the Company expects to take delivery from Samsung Heavy Industries and from Hyundai Heavy Industries of the Suezmax DP2 Shuttle Tanker “Paris 24”and the eco scrubber-fitted Suezmax crude carrier “Silia T” both on long-term contracts oil majors. The combined gross revenues of those four deliveries bring the minimum fixed future revenues to $3.7 billion.
CORPORATE AFFAIRS – DIVIDEND
On July 18, 2025, TEN will distribute to common shareholders a first semi-annual dividend of $0.60 per share to shareholders of record on July 14, 2025. Inclusive of this upcoming payment, TEN has distributed over $900 million of common and preferred share dividends, since the Company’s 2002 NYSE listing.
CORPORATE STRATEGY
The tanker market has demonstrated resilience, continuing to deliver strong rates and solid asset prices that support both profitable operations and vessel divestments, regardless of recently announced tariffs and port charges. The appetite of major oil companies for long-term employment is robust and growing. The continuing geopolitical turmoil and the grey fleet further support healthy rates for modern and quality vessels.
Moreover, the recent decision to unwind portions of the Opec + production cuts can only be seen as a positive development that will offer additional support to freight rates going forward.
In such an apparent positive environment for tanker trades, TEN remains focused on strengthening its long-standing relationships with charterers and building vessels tailored for their long-term needs. In response to sustained demand, the Company has embarked on its largest growth program in its history, comprising 21 new-buildings and growing, across various vessel classes, two of which already been delivered. The core for its strategic growth program is the recent award to build nine DP2 shuttle tankers for Transpetro/Petrobras which propel TEN, with a 16-vessel proforma shuttle fleet, to becoming one of the largest shuttle tanker owners in the Brazilian offshore sector.
“The results of the first quarter 2025 provides us with the comfort that TEN can deliver sustainable growth across all sectors in which it operates, and reward its shareholders regardless of market fluctuations. TEN’s industrial model has provided uninterrupted dividends and consistent expansion throughout its 30+ year history,” Mr. George Saroglou, President & COO of TEN, commented.
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Source: TEN Ltd.