TEN, Ltd Friday reported results (unaudited) for the twelve months and fourth quarter ended December 31, 2025.
TWELVE MONTHS 2025 SUMMARY RESULTS
TEN’s fleet for the twelve months of 2025, generated close to $800 million in gross revenues, and approx. $252 million in operating income inclusive of $12.5 million in capital gains from the sale of four older vessels.
Net income for the twelve months of 2025 was $161 million or $4.45 per share.
Adjusted EBITDA for 2025 was $416 million, compared to $400 million in the twelve-month period of 2024.
Fleet utilization during the twelve months of 2025 increased to 96.6% from 92.5% in the corresponding period of 2024.
The average Time Charter Equivalent (TCE) per vessel per day for the twelve months of 2025, remained at a solid $32,130, similar to 2024 levels.
Voyage expenses for 2025 with an average of 61.8 vessels in the water were at $122.2 million, about $31.0 million lower from the 2024 level.
Total operating expenses per vessel per day remained at a competitive $9,990 in 2025, despite ten vessels undergoing scheduled drydocks. Vessel overhead costs were 7.0% lower from 2024 levels, at $1,866 per vessel per day.
Depreciation and amortization totaled $170 million, compared with $160 million in 2024, driven by the continuous addition of newer and larger vessel classes to the fleet.
Total debt obligations at the end of 2025 stood at $1.9 billion, from $1.7 billion in 2024, as a result of new vessel financings and various refinancings at competitive terms. Interest and finance costs for the twelve-months of 2025 were at $97.8 million, $14.3 million lower from the 2024 corresponding period and generally in line with the decline in global interest rates. Interest income was $10.5 million.
As of December 31, 2025, TEN’s cash position stood at a solid $298 million, after $184 million in scheduled principal payments, $190 million in yard predelivery installments and capitalized expenses, and $27.0 million in preferred share dividend payments during 2025.
Q4 2025 SUMMARY RESULTS
In the fourth quarter of 2025, with an identical number of vessels in operation as in the fourth quarter of 2024, (62), TEN’s gross revenues reached $222.1 million from $188.3 million in the corresponding 2024 period, while operating income almost doubled from the fourth quarter of 2024 and settled at $81.2 million. Neither of these fourth quarters had any capital gains or losses from vessel sales.
Net income in the fourth quarter of 2025 experienced a threefold increase from the fourth quarter of 2024 to $58.0 million, translating to $1.70 per share, compared with $0.42 per share in the fourth quarter of 2024; an increase of approximately $40.0 million.
Preferred dividends for the fourth quarter of 2025 were $6.8 million, unchanged from the fourth quarter of 2024.
Adjusted EBITDA for the fourth quarter of 2025 was $127.6 million from $85.6 million in last year’s fourth quarter, representing an increase of $42 million or 49%.
Fleet utilization during the fourth quarter of 2025 was 97.7% from 93.3% in the fourth quarter of 2024 with only two vessels undergoing scheduled dry dockings during that period.
Average TCE per vessel per day in the fourth quarter of 2025 was $36,300, representing a 20.6% increase from the fourth quarter of 2024 level, reflecting the continuous strength of both spot and term rates in the market during the quarter.
Voyage expenses during the 2025 fourth quarter were $26.8 million from $34.4 million in the fourth quarter of 2024, representing a $7.6 million decrease
Operating expenses per vessel per day in the fourth quarter of 2025 were $10,558, due to various repairs, maintenance works and required spares.
Depreciation and amortization expenses amounted to $44.4 million during the 2025 fourth quarter, in line with the continuous addition of newer and larger vessel classes to the fleet.
SUBSEQUENT EVENTS
On January 12 and February 12, 2026, the new-building MR product tankers, Delos T and Dion were delivered to the Company and chartered for up to twelve-months at accretive rates, to major European energy concerns.
On January 22, 2026, following the timely order of three VLCC’s in Q4 2025, the Company signed a Memorandum of Agreement for the sale of the 2016-built VLCC Ulysses to third parties, with delivery to the buyers end May 2026. From this sale TEN expects to generate about $82 million of free cash.
On February 25, 2026, TEN signed a newbuilding contract with Hyundai Heavy Industries of South Korea for the construction of up to two vessels, 174,000cmb LNG carrier propelled by WINGD engines, with expected delivery in the third quarter of 2028.
CORPORATE AFFAIRS – COMMON SHARE DIVIDEND
Following the $0.50 dividend paid to holders of common stock on February 19, 2026, management will announce in Q2 the dividend for payment in July 2026.
Since the Company’s NYSE listing in 2002, TEN has consistently demonstrated its commitment to rewarding long-standing shareholders, having distributed over $952 million in common and preferred share dividends.
CORPORATE STRATEGY
The strength in the tanker markets, propelled by the ongoing geopolitical events around the globe, has led to historical high rates and TEN is a main beneficiary with 22 vessels taking advantage of the spot markets. In this environment, TEN is also making the most of high second- hand prices by di-investing some of its first-generation vessels for significant capital gains, whilst replacing them with timely new building orders of LNG and VLCCs.
“TEN is maintaining its steady course of dynamic fleet modernization, cash generation and growing market share for its top tier clients,” stated Mr. George Saroglou, President & COO of TEN. “As we navigate these market defining times, we remain confident that TEN will further reward shareholders with increased dividends and value appreciation going forward,” Mr. Saroglou concluded.
Source: TEN Ltd.
