TEN, Ltd (TEN) 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.
Source: TEN Ltd.