TEN, Ltd. Reports Skyrocketing Results For the First Half and Second Quarter of 2026

TEN, Ltd. announced impressive financial results for the first six months and second quarter of 2026. The company's fleet generated record gross revenues of $551.4 million, marking a significant increase of $161.0 million compared to the same period in 2025. Adjusted EBITDA reached approximately $324.1 million, up from $193.2 million a year earlier.

Net income amounted to $228.1 million for the first half of 2026, including $38 million in capital gains, resulting in $7.12 per share from $1.70 per share in 2025. The company's fleet utilization remained steady at 96.5%. Average TCE per vessel per day rose to $43,503, a 41% increase, driven by strong tanker market conditions. Fleet operating expenses increased modestly to $111.0 million, primarily due to scheduled drydocking for six vessels.

Total operating expenses per vessel per day remained competitive at $10,298. Depreciation and amortization totaled $90.4 million due to the company's newer and larger vessel fleet. As of June 30, 2026, TEN's total bank debt was $2.0 billion, reflecting growth in fleet size. Cash balances increased to $466.1 million, $168.0 million higher than at the end of December 2025.

Interest and finance costs decreased to $43.4 million, $5.6 million lower than the first half of 2025, thanks to lower spreads and global interest rates. Dividends were distributed to shareholders, totaling $1.50 per share for the year 2026. The company continues to focus on its fleet renewal strategy, divesting older vessels like the 2016-built VLCC Ulysses and two 2006-built suezmax tankers, while securing long-term employment for new builds.