{
  "id": 6646573,
  "title": "TEN, Ltd. Reports Skyrocketing Results For the First Half and Second Quarter of 2026",
  "url": "https://urgent.news/2026/09/10/ten-ltd-reports-skyrocketing-results-for-the-first-half-and-second-6646573",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-10T21:00:57.000Z",
  "source": {
    "name": "Hellenic Shipping News",
    "slug": "hellenic-shipping-news",
    "url": "https://www.hellenicshippingnews.com/ten-ltd-reports-skyrocketing-results-for-the-first-half-and-second-quarter-of-2026/"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "TEN, Ltd. reported results (unaudited) for the six months and the second quarter ended June 30, 2026. FIRST HALF 2026 SUMMARY RESULTS TEN’s fleet generated record gross revenues of $551.4 million, an increase of $161.0 million compared to the first half of 2025. Adjusted EBITDA for the first half of 2026 was at approximately $324.1 ...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Hellenic Shipping News",
        "title": "TEN, Ltd. Reports Skyrocketing Results For the First Half and Second Quarter of 2026",
        "url": "https://urgent.news/2026/09/10/ten-ltd-reports-skyrocketing-results-for-the-first-half-and-second",
        "published": "2026-09-10T21:00:57.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}