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

TEN, Ltd. announced record-breaking financial results for the first half and second quarter of 2026. The fleet generated $551.4 million in gross revenues, a significant $161.0 million increase compared to the same period in 2025. Adjusted EBITDA for the first half of 2026 reached approximately $324.1 million, up from $193.2 million in 2025.

Net income for the first half of 2026 was $228.1 million, including $38 million in capital gains, resulting in $7.12 per share earnings, a 318% increase from the $1.70 per share in 2025. 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 demand.

Vessel operating expenses increased modestly to $111.0 million, primarily due to scheduled drydocking for six vessels, including one LNG carrier. Total operating expenses per vessel per day remained competitive at $10,298. Total bank debt as of June 30, 2026, was $2.0 billion, up from $1.8 billion in December 2025, reflecting fleet growth.

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 in 2026, $5.6 million lower than in 2025, benefiting from lower spreads and global interest rates. Interest income received was $5.6 million. During the second quarter, gross revenues surged to $298.4 million, a 54% increase over the same period in 2025.

Adjusted EBITDA increased to $170.4 million, 81% higher than in the second quarter of 2025. Net income reached $139.3 million (including $38 million in capital gains), equivalent to $4.40 per share, up 500% from the $0.67 per share in 2025. Average TCE per vessel per day increased to $46,100, 50% higher than in the second quarter of 2025, supported by nearly 95% fleet utilization rates.

Fleet operating expenses were $57.7 million, just $5.0 million above the 2025 second quarter level, due to four vessels undergoing drydocking. Depreciation and amortization expenses were in line with the increased vessel fleet at $46.3 million. Interest and finance costs in the second quarter decreased by $2.3 million to $22.6 million, benefiting from favorable rates.

The company distributed $1.50 per share in dividends in 2026, following a $1.00 per share payment in February. The company expects to announce the first semi-annual dividend payment of 2027 in November. The company has consistently rewarded shareholders since its NYSE listing in 2002, with over $1.0 billion in cumulative dividends distributed.