{"success":true,"data":{"pressRelease":{"id":"42352","rtpr_id":"nGNXb5v9hl","ticker":"TEN","exchange":"NYSE","all_tickers":["TEN"],"title":"TEN, Ltd. Reports Profits for First Quarter 2026 and Declares Second Semi-Annual Common Share Dividend of $1.00","author":"Globe Newswire","published_at":"2026-05-21T13:10:00.351Z","article_body":"160% increase from Q1 2025 – Net income at $89 million ($2.72 p.s. v. $1.04\np.s.) \n\n$154 million EBITDA - 55% over Q1 2025\n\nHighest dividend distribution in 10 years - a 36% increase from 2025\nTotal dividends to be paid exceed $1 billion since NYSE stock listing\n\n22 vessel new building program on schedule, totaling 3 million dwt\n\nTotal fleet contracted revenue backlog in excess of $3.5 billion\n\nTEN’s vessel performs breakthrough operation in the E. Mediterranean\n\nTanker market fundamentals remain solid\n\nATHENS, Greece, May 21, 2026 (GLOBE NEWSWIRE) -- TEN, Ltd (“TEN”) (NYSE:\nTEN) (or the “Company”) today reported results (unaudited) for the quarter\nended March 31, 2026.\n\nQ1 2026 SUMMARY RESULTS\nDuring the first quarter of 2026, TEN generated gross revenues of $253.0\nmillion and operating income of $110.0 million, compared to $197.1 million and\n$60.6 million during the 2025 first quarter, respectively, which included a\ngain of $3.5 million from vessel sales.\n\nNet income for the first quarter of 2026 was $89.0 million equating to $2.72\nin earnings per share, compared to $37.7 million and $1.04, respectively, in\nthe first quarter of 2025, a 160% increase.\n\nAdjusted EBITDA for the first quarter of 2026 reached $154.0 million up from\n$99.3 million in the 2025 first quarter representing a 55% increase.\n\nAverage fleet utilization in the first quarter of 2026 increased to 98.3% from\n97.2% in the corresponding period of 2025.\n\nTime charter equivalent earnings (TCE), reflecting the strength of the tanker\nmarkets and the new rates secured through contract renewals, reached $40,960\nper vessel per day.\n\nVessel operating expenses for the first quarter of 2026 totaled $53.3 million,\njust $3.7 million higher from the 2025 first quarter, primarily reflecting the\nslight increase in vessel size over the two quarter periods. Supported by the\ncontinued efforts of our technical managers and the modernity of our fleet,\ndaily operating expenses per vessel remained competitive at $9,952,\nnotwithstanding the larger vessel mix compared to the first quarter of 2025.\n\nVoyage expenses declined by $6.2 million from the 2025 first quarter to $29.8\nmillion, representing a 17% decrease.\n\nDepreciation and amortization combined in the first quarter of 2026 were at\n$44.1 million, reflecting the continued modernization and expansion,\nconsistent with the Company’s ongoing strategy to maintain a versatile and\nup-to-date fleet to meet its clients’ long-term needs.\n\nDuring the first quarter of 2026, associated interest costs, due to the lower\ninterest rate environment and refinancings at lower spreads, were $20.7\nmillion, $3.2 million less from the 2025 first quarter.\n\nInterest income during the first quarter of 2026 amounted to $2.2 million,\nalmost identical to 2025 first quarter levels.\n\nAs of March 31, 2026, the Company’s cash reserves remained solid at about\n$321.4 million.\n\nSUBSEQUENT EVENTS \nOn April 7, 2026, TEN agreed to repurchase two of its 2007-built suezmax\ntankers, currently operating under five-year leases at prices below current\nfair market value.\n\nOn April 23, 2026, TEN announced the employment extension of up to five years\nfor two 2013-built DP2 Shuttle tankers, in direct continuation of their\nexisting charters. The new charters are at an increased rate and are set to\ncommence upon expiration of the vessels current employment, in the second half\nof 2028. They are expected to generate more than $200 million in gross\nrevenues.\n\nOn April 28, 2026, TEN’s vessel “Asahi Princess” completed a\nbreakthrough and challenging operation, loading a full aframax cargo by road\ntrucks, establishing a new energy route in the Mediterranean.\n\nOn May 20, 2026, the Company completed the sale of a 10-year-old VLCC to third\nparty interests. From the sale, TEN generated about $83 million in free cash\nafter repayment of existing debt.  \n\nCORPORATE AFFAIRS – COMMON STOCK DIVIDEND\nIn July 2026, TEN will distribute its second semi-annual dividend of $1.00 per\nshare to common shareholders, with payment and record dates to be announced in\ndue course, bringing aggregate common dividends in calendar year 2026 to $1.50\nper share, compared to $1.10 per share in calendar 2025, marking a 36%\nincrease - the highest dividend in more than 10 years. TEN will have\ndistributed over $1billion in cumulative common and preferred share dividends,\nsince its New York listing in 2002.\n\nCORPORATE STRATEGY\nTEN is maintaining its steady course in the most turbulent geopolitical\nenvironment in recent memory. The year started with the developments in\nVenezuela and escalated with the Strait of Hormuz closure and turmoil in the\nMiddle East.\n\nHowever, the first quarter results are mainly based on strong market\nfundamentals, increased energy demand and balanced tonnage supply. Since\nMarch, geopolitical events have significantly added to the market’s\nstrength.\n\nWith approximately 5.5% of the global tanker fleet still stranded in the\nPersian Gulf, effectively tightening global vessel availability further, Asian\nand Indian refiners, the ones mostly impacted by the standoff and the US naval\nblockade, have increasingly commenced sourcing barrels from alternative\nexporters primarily in the Atlantic basin adding ton-miles, to an already\nstretched, international seaborne oil trade.\n\nOn top of this new paradigm, more compliant tankers are expected to be\ndeployed on previously sanctioned voyages particularly from Venezuela and to\nsome extent Russia, commonly performed by vessels operating in the “dark\nfleet”, thereby further deducting compliant vessel capacity from the market,\nproviding as a result additional support to rates and asset prices.\n\nAgainst this backdrop, TEN remains committed to meeting the long-term needs of\nits clients and will continue to place vessels on long-term contracts at\ncurrently attractive rates, a trait that has characterized TEN over the years.\nOn the other hand, a sizeable portion of the fleet will remain active in\nshort-term trades and profit-sharing contracts positioning TEN to take\nadvantage of the very strong market currently in evidence in the spot market.\n\n“TEN’s diversified fleet is and will continue to further benefit from the\nunprecedented market dislocation. With 26 environmentally friendly new\nvessels, of which four are already delivered, TEN is combining size, quality,\nstability and growth going forward in order to increasingly reward its’\nshareholders,” stated Mr. George Saroglou, President of TEN. “Over the\nyears, TEN has consistently demonstrated that it can deliver solid results and\nreward shareholders. Our contracted revenue backlog of $3.6 billion, the\nquality of our counterparties and the healthy cash reserves on the balance\nsheet, should allow us to follow this model going forward,” Mr. Saroglou\nconcluded.\n\nTEN’s CURRENT NEWBUILDING PROGRAM\n\n # Name Type Delivery (exp) Status Employment \n CONVENTIONAL TANKERS \n 1 Dr Irene Tsakos Suezmax – Scrubber Fitted Q2 2025 DELIVERED Yes \n 2 Silia T Suezmax – Scrubber Fitted Q4 2025 DELIVERED Yes \n 3 Delos T MR – Scrubber Fitted Q1 2026 DELIVERED Yes \n 4 Dion MR – Scrubber Fitted Q1 2026 DELIVERED Yes \n 5 TBN Panamax LR1 – Scrubber Fitted Q2 2027 Under Construction TBA \n 6 TBN Panamax LR1 – Scrubber Fitted Q3 2027 Under Construction TBA \n 7 TBN Panamax LR1 – Scrubber Fitted Q4 2027 Under Construction TBA \n 8 TBN VLCC - Scrubber Fitted Q4 2027 Under Construction TBA \n 9 TBN VLCC - Scrubber Fitted Q1 2028 Under Construction TBA \n 10 TBN VLCC – Scrubber Fitted Q2 2028 Under Construction TBA \n 11 TBN Panamax LR1 – Scrubber Fitted Q3 2028 Under Construction TBA \n 12 TBN Panamax LR1 – Scrubber Fitted Q3 2028 Under Construction TBA \n SHUTTLE TANKERS \n 13 Athens 04 DP2 Shuttle Tanker Q2 2025 DELIVERED Yes \n 14 Paris 24 DP2 Shuttle Tanker Q3 2025 DELIVERED Yes \n 15 Anfield DP2 Shuttle Tanker Q3 2026 Under Construction Yes \n 16 Ipanemas DP DP2 Shuttle Tanker Q3 2027 Under Construction Yes \n 17 Copa DP DP2 Shuttle Tanker Q4 2027 Under Construction Yes \n 18 Selecao DP DP2 Shuttle Tanker Q1 2028 Under Construction Yes \n 19 Maracana DP DP2 Shuttle Tanker Q2 2028 Under Construction Yes \n 20 Leblon DP DP2 Shuttle Tanker Q3 2028 Under Construction Yes \n 21 TBN DP2 Shuttle Tanker Q3 2028 Under Construction Yes \n 22 TBN DP2 Shuttle Tanker Q4 2028 Under Construction Yes \n 23 TBN DP2 Shuttle Tanker Q4 2028 Under Construction Yes \n 24 TBN DP2 Shuttle Tanker Q4 2028 Under Construction Yes \n LNG CARRIERS \n 25 TBN LNG Carrier Q3 2028 Under Construction TBA \n 26 TBN LNG Carrier Q1 2029 Optional Vessel TBA \n\nABOUT TEN LTD. \nFounded in 1993 and celebrating 33 years as a public company, TEN is one of\nthe first and most established public shipping companies in the world. TEN's\ndiversified energy fleet currently consists of 83 vessels, including ten DP2\nshuttle tankers, three VLCCs, five scrubber-fitted LR1 tankers and one LNG\ncarrier under construction, consisting of a mix of crude tankers, product\ntankers and LNG carriers totaling approx. 11 million dwt.\n\nFORWARD-LOOKING STATEMENTS\nExcept for the historical information contained herein, the matters discussed\nin this press release are forward-looking statements that involve risks and\nuncertainties that could cause actual results to differ materially from those\npredicted by such forward-looking statements. TEN undertakes no obligation to\npublicly update any forward-looking statement, whether as a result of new\ninformation, future events, or otherwise.\n\nConference Call Details:\n\nAs announced previously, today, Thursday, May 21, 2026, at 10:00 a.m. Eastern\nTime, TEN will host a conference call to review the results as well as\nmanagement's outlook for the business. The call, which will be hosted by TEN's\nsenior management, may contain information beyond what is included in the\nearnings press release.\n\nParticipants should dial into the call 10 minutes before the scheduled time\nusing the following numbers: 877- 405- 1226 (US Toll-Free Dial In) or +1\n201-689-7823 (US and Standard International Dial In). Please quote\n“Tsakos” to the operator and/or conference ID 13760496. \nClick here for additional participant International Toll-Free access numbers.\n(https://www.globenewswire.com/Tracker?data=-leD3Jk96ChDUWf5DfD5YOgTAGLYmZQssyg6faX9gsQ7vsUJFbOV2z0F3XE9xY_nSmzRW0a6SGHxq9b9szGkoHMC881WTytxu8UC2UfufcneVq8bas-gVcn2OdtVM_rob584f2Jdv-Xmo8YSLuugQpWbbFBQGidXI-G4Xh3RLVH8og6CjCtQmx2kVadZ-BKQCzrxoLJB9abMNGoPxHoUJwDRd_PnGCaGIw1_JihyVY8=)\n\nAlternatively, participants can register for the call using the call me option\nfor a faster connection to join the conference call. You can enter your phone\nnumber and let the system call you right away.  Click here for the call me\noption.\n(https://www.globenewswire.com/Tracker?data=-leD3Jk96ChDUWf5DfD5YI8R6Dc8fdp5WDLf4v3B4Fy1MqL66Rxtq3ZjzUaOwGXU75i1bqV5h4mYk7yvfWWNI5OISyTlTOi8xgMDp3rdFxhG5rlnEFD19S8CRZVs16gfzKBzECthVG37H98-ssF5PRpkjuk02bFLcTERLD6VF2RqPvIx_P7gj65zMw4gIA3PR8z-cZuOHpSJGR3ygGH0YD1vPlrIwfvMjJcIAcPpAPPGXw4pxu21RuLZrKMKJt_i)\n\nSimultaneous Slides and Audio Webcast: \nThere will also be a live, and then archived, webcast of the conference call\nand accompanying slides, available through the Company’s website. To listen\nto the archived audio file, visit our website www.tenn.gr and click on\nWebcasts & Presentations under our Investor Relations page. Participants to\nthe live webcast should register on the website approximately 10 minutes prior\nto the start of the webcast.\n\nFor further information, please contact:\n\nTsakos Energy Navigation Ltd.\nGeorge Saroglou\nPresident & COO\n+30210 94 07 710\ngsaroglou@tenn.gr\n\nInvestor Relations / Media\nCapital Link, Inc.\nNicolas Bornozis/ Markella Kara\n+212 661 7566\nten@capitallink.com\n\n \n TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES \n Selected Consolidated Financial and Other Data \n (In Thousands of U.S. Dollars, except share, per share and fleet data) \n \n Three months ended \n March 31 (unaudited) \n STATEMENT OF OPERATIONS DATA 2026 2025 \n \n Voyage revenues $ 252,963 $ 197,051 \n \n Voyage expenses 29,847 36,063 \n Charter hire expense 3,386 3,282 \n Vessel operating expenses 53,264 49,606 \n Depreciation and amortization 44,147 41,131 \n General and administrative expenses 12,443 9,906 \n Gain on sale of vessels - (3,553 ) \n Total expenses 143,087 136,435 \n \n Operating income 109,876 60,616 \n \n Interest and finance costs, net (20,788 ) (24,002 ) \n Interest income 2,201 2,307 \n Other, net (21 ) (19 ) \n Total other expenses, net (18,608 ) (21,714 ) \n Net income 91,268 38,902 \n \n Less: Net income attributable to the noncontrolling interest (2,425 ) (1,191 ) \n Net income attributable to Tsakos Energy Navigation Limited $ 88,843 $ 37,711 \n \n Effect of preferred dividends (6,750 ) (6,750 ) \n Undistributed and distributed income allocated to non-vested restricted common stock (422 ) (201 ) \n Net income attributable to common stockholders of Tsakos Energy Navigation Limited $ 81,671 $ 30,760 \n Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders $ 2.72 $ 1.04 \n Weighted average number of shares, basic and diluted 29,971,603 29,661,103 \n \n \n BALANCE SHEET DATA March 31 December 31 \n 2026 2025 \n Cash 321,416 298,129 \n Other assets 331,398 197,009 \n Vessels, net 3,145,164 3,156,075 \n Advances for vessels under construction 442,740 301,868 \n Total assets $ 4,240,718 $ 3,953,081 \n \n Debt and other financial liabilities, net of deferred finance costs 2,136,109 1,920,975 \n Other liabilities 156,744 169,101 \n Stockholders' equity 1,947,865 1,863,005 \n Total liabilities and stockholders' equity $ 4,240,718 $ 3,953,081 \n \n \n \n Three months ended \n OTHER FINANCIAL DATA March 31 \n 2026 2025 \n Net cash provided by operating activities $ 97,181 $ 52,150 \n Net cash used in investing activities $ (252,075 ) $ (2,645 ) \n Net cash provided by (used in) financing activities $ 178,181 $ (48,239 ) \n \n TCE per ship per day $ 40,960 $ 30,741 \n \n Operating expenses per ship per day $ 9,952 $ 9,502 \n Vessel overhead costs per ship per day $ 2,180 $ 1,777 \n 12,132 11,279 \n \n FLEET DATA \n \n Average number of vessels during period 63.4 61.9 \n Number of vessels at end of period 64.0 61.0 \n Average age of fleet at end of period Years 10.3 10.4 \n Dwt at end of period (in thousands) 8,003 7,454 \n \n Time charter employment - fixed rate Days 3,808 2,782 \n Time charter and pool employment - variable rate Days 1,288 1,657 \n Period employment coa at market rates Days 0 0 \n Spot voyage employment at market rates Days 513 979 \n Total operating days 5,609 5,418 \n Total available days 5,707 5,575 \n Utilization 98.3 % 97.2 % \n \n Non-GAAP Measures \n Reconciliation of Net income to Adjusted EBITDA \n \n Three months ended \n March 31 \n 2026 2025 \n \n Net income attributable to Tsakos Energy Navigation Limited $ 88,843 $ 37,711 \n Depreciation and amortization 44,147 41,131 \n Interest Expense 20,788 24,002 \n Gain on sale of vessels - (3,553 ) \n Adjusted EBITDA $ 153,778 $ 99,291 \n \n The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP measures used within the financial community may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods as well as comparisons between the performance of Shipping Companies. Management also uses these non-GAAP financial measures in making financial, operating \n and planning decisions and in evaluating the Company’s performance. We are using the following Non-GAAP measures: \n (i) TCE which represents voyage revenue less voyage expenses, is divided by the number of operating days less 74 days lost for the first quarter of 2026 as a result of calculating revenue on a loading to discharge basis, compared to 64 days lost for the first quarter of 2025. \n (ii) Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock compensation expense and Management incentive award. \n (iii) Operating expenses per ship per day which exclude Management fees, General & Administrative expenses, Stock compensation expense and Management incentive award. \n (iv) Adjusted EBITDA. See above for reconciliation to net income. \n Non-GAAP financial measures should be viewed in addition to and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. \n The Company does not incur corporation tax. \n \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/6c3cf3d8-b179-41d6-9b63-be00169559d5)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNXb5v9hl","title":"TEN, Ltd. Reports Profits for First Quarter 2026 and Declares Second Semi-Annual Common Share Dividend of $1.00","author":"Globe Newswire","ticker":"TEN","created":"2026-05-21T13:10:00.351Z","tickers":["TEN"],"exchange":"NYSE","article_body":"160% increase from Q1 2025 – Net income at $89 million ($2.72 p.s. v. $1.04\np.s.) \n\n$154 million EBITDA - 55% over Q1 2025\n\nHighest dividend distribution in 10 years - a 36% increase from 2025\nTotal dividends to be paid exceed $1 billion since NYSE stock listing\n\n22 vessel new building program on schedule, totaling 3 million dwt\n\nTotal fleet contracted revenue backlog in excess of $3.5 billion\n\nTEN’s vessel performs breakthrough operation in the E. Mediterranean\n\nTanker market fundamentals remain solid\n\nATHENS, Greece, May 21, 2026 (GLOBE NEWSWIRE) -- TEN, Ltd (“TEN”) (NYSE:\nTEN) (or the “Company”) today reported results (unaudited) for the quarter\nended March 31, 2026.\n\nQ1 2026 SUMMARY RESULTS\nDuring the first quarter of 2026, TEN generated gross revenues of $253.0\nmillion and operating income of $110.0 million, compared to $197.1 million and\n$60.6 million during the 2025 first quarter, respectively, which included a\ngain of $3.5 million from vessel sales.\n\nNet income for the first quarter of 2026 was $89.0 million equating to $2.72\nin earnings per share, compared to $37.7 million and $1.04, respectively, in\nthe first quarter of 2025, a 160% increase.\n\nAdjusted EBITDA for the first quarter of 2026 reached $154.0 million up from\n$99.3 million in the 2025 first quarter representing a 55% increase.\n\nAverage fleet utilization in the first quarter of 2026 increased to 98.3% from\n97.2% in the corresponding period of 2025.\n\nTime charter equivalent earnings (TCE), reflecting the strength of the tanker\nmarkets and the new rates secured through contract renewals, reached $40,960\nper vessel per day.\n\nVessel operating expenses for the first quarter of 2026 totaled $53.3 million,\njust $3.7 million higher from the 2025 first quarter, primarily reflecting the\nslight increase in vessel size over the two quarter periods. Supported by the\ncontinued efforts of our technical managers and the modernity of our fleet,\ndaily operating expenses per vessel remained competitive at $9,952,\nnotwithstanding the larger vessel mix compared to the first quarter of 2025.\n\nVoyage expenses declined by $6.2 million from the 2025 first quarter to $29.8\nmillion, representing a 17% decrease.\n\nDepreciation and amortization combined in the first quarter of 2026 were at\n$44.1 million, reflecting the continued modernization and expansion,\nconsistent with the Company’s ongoing strategy to maintain a versatile and\nup-to-date fleet to meet its clients’ long-term needs.\n\nDuring the first quarter of 2026, associated interest costs, due to the lower\ninterest rate environment and refinancings at lower spreads, were $20.7\nmillion, $3.2 million less from the 2025 first quarter.\n\nInterest income during the first quarter of 2026 amounted to $2.2 million,\nalmost identical to 2025 first quarter levels.\n\nAs of March 31, 2026, the Company’s cash reserves remained solid at about\n$321.4 million.\n\nSUBSEQUENT EVENTS \nOn April 7, 2026, TEN agreed to repurchase two of its 2007-built suezmax\ntankers, currently operating under five-year leases at prices below current\nfair market value.\n\nOn April 23, 2026, TEN announced the employment extension of up to five years\nfor two 2013-built DP2 Shuttle tankers, in direct continuation of their\nexisting charters. The new charters are at an increased rate and are set to\ncommence upon expiration of the vessels current employment, in the second half\nof 2028. They are expected to generate more than $200 million in gross\nrevenues.\n\nOn April 28, 2026, TEN’s vessel “Asahi Princess” completed a\nbreakthrough and challenging operation, loading a full aframax cargo by road\ntrucks, establishing a new energy route in the Mediterranean.\n\nOn May 20, 2026, the Company completed the sale of a 10-year-old VLCC to third\nparty interests. From the sale, TEN generated about $83 million in free cash\nafter repayment of existing debt.  \n\nCORPORATE AFFAIRS – COMMON STOCK DIVIDEND\nIn July 2026, TEN will distribute its second semi-annual dividend of $1.00 per\nshare to common shareholders, with payment and record dates to be announced in\ndue course, bringing aggregate common dividends in calendar year 2026 to $1.50\nper share, compared to $1.10 per share in calendar 2025, marking a 36%\nincrease - the highest dividend in more than 10 years. TEN will have\ndistributed over $1billion in cumulative common and preferred share dividends,\nsince its New York listing in 2002.\n\nCORPORATE STRATEGY\nTEN is maintaining its steady course in the most turbulent geopolitical\nenvironment in recent memory. The year started with the developments in\nVenezuela and escalated with the Strait of Hormuz closure and turmoil in the\nMiddle East.\n\nHowever, the first quarter results are mainly based on strong market\nfundamentals, increased energy demand and balanced tonnage supply. Since\nMarch, geopolitical events have significantly added to the market’s\nstrength.\n\nWith approximately 5.5% of the global tanker fleet still stranded in the\nPersian Gulf, effectively tightening global vessel availability further, Asian\nand Indian refiners, the ones mostly impacted by the standoff and the US naval\nblockade, have increasingly commenced sourcing barrels from alternative\nexporters primarily in the Atlantic basin adding ton-miles, to an already\nstretched, international seaborne oil trade.\n\nOn top of this new paradigm, more compliant tankers are expected to be\ndeployed on previously sanctioned voyages particularly from Venezuela and to\nsome extent Russia, commonly performed by vessels operating in the “dark\nfleet”, thereby further deducting compliant vessel capacity from the market,\nproviding as a result additional support to rates and asset prices.\n\nAgainst this backdrop, TEN remains committed to meeting the long-term needs of\nits clients and will continue to place vessels on long-term contracts at\ncurrently attractive rates, a trait that has characterized TEN over the years.\nOn the other hand, a sizeable portion of the fleet will remain active in\nshort-term trades and profit-sharing contracts positioning TEN to take\nadvantage of the very strong market currently in evidence in the spot market.\n\n“TEN’s diversified fleet is and will continue to further benefit from the\nunprecedented market dislocation. With 26 environmentally friendly new\nvessels, of which four are already delivered, TEN is combining size, quality,\nstability and growth going forward in order to increasingly reward its’\nshareholders,” stated Mr. George Saroglou, President of TEN. “Over the\nyears, TEN has consistently demonstrated that it can deliver solid results and\nreward shareholders. Our contracted revenue backlog of $3.6 billion, the\nquality of our counterparties and the healthy cash reserves on the balance\nsheet, should allow us to follow this model going forward,” Mr. Saroglou\nconcluded.\n\nTEN’s CURRENT NEWBUILDING PROGRAM\n\n # Name Type Delivery (exp) Status Employment \n CONVENTIONAL TANKERS \n 1 Dr Irene Tsakos Suezmax – Scrubber Fitted Q2 2025 DELIVERED Yes \n 2 Silia T Suezmax – Scrubber Fitted Q4 2025 DELIVERED Yes \n 3 Delos T MR – Scrubber Fitted Q1 2026 DELIVERED Yes \n 4 Dion MR – Scrubber Fitted Q1 2026 DELIVERED Yes \n 5 TBN Panamax LR1 – Scrubber Fitted Q2 2027 Under Construction TBA \n 6 TBN Panamax LR1 – Scrubber Fitted Q3 2027 Under Construction TBA \n 7 TBN Panamax LR1 – Scrubber Fitted Q4 2027 Under Construction TBA \n 8 TBN VLCC - Scrubber Fitted Q4 2027 Under Construction TBA \n 9 TBN VLCC - Scrubber Fitted Q1 2028 Under Construction TBA \n 10 TBN VLCC – Scrubber Fitted Q2 2028 Under Construction TBA \n 11 TBN Panamax LR1 – Scrubber Fitted Q3 2028 Under Construction TBA \n 12 TBN Panamax LR1 – Scrubber Fitted Q3 2028 Under Construction TBA \n SHUTTLE TANKERS \n 13 Athens 04 DP2 Shuttle Tanker Q2 2025 DELIVERED Yes \n 14 Paris 24 DP2 Shuttle Tanker Q3 2025 DELIVERED Yes \n 15 Anfield DP2 Shuttle Tanker Q3 2026 Under Construction Yes \n 16 Ipanemas DP DP2 Shuttle Tanker Q3 2027 Under Construction Yes \n 17 Copa DP DP2 Shuttle Tanker Q4 2027 Under Construction Yes \n 18 Selecao DP DP2 Shuttle Tanker Q1 2028 Under Construction Yes \n 19 Maracana DP DP2 Shuttle Tanker Q2 2028 Under Construction Yes \n 20 Leblon DP DP2 Shuttle Tanker Q3 2028 Under Construction Yes \n 21 TBN DP2 Shuttle Tanker Q3 2028 Under Construction Yes \n 22 TBN DP2 Shuttle Tanker Q4 2028 Under Construction Yes \n 23 TBN DP2 Shuttle Tanker Q4 2028 Under Construction Yes \n 24 TBN DP2 Shuttle Tanker Q4 2028 Under Construction Yes \n LNG CARRIERS \n 25 TBN LNG Carrier Q3 2028 Under Construction TBA \n 26 TBN LNG Carrier Q1 2029 Optional Vessel TBA \n\nABOUT TEN LTD. \nFounded in 1993 and celebrating 33 years as a public company, TEN is one of\nthe first and most established public shipping companies in the world. TEN's\ndiversified energy fleet currently consists of 83 vessels, including ten DP2\nshuttle tankers, three VLCCs, five scrubber-fitted LR1 tankers and one LNG\ncarrier under construction, consisting of a mix of crude tankers, product\ntankers and LNG carriers totaling approx. 11 million dwt.\n\nFORWARD-LOOKING STATEMENTS\nExcept for the historical information contained herein, the matters discussed\nin this press release are forward-looking statements that involve risks and\nuncertainties that could cause actual results to differ materially from those\npredicted by such forward-looking statements. TEN undertakes no obligation to\npublicly update any forward-looking statement, whether as a result of new\ninformation, future events, or otherwise.\n\nConference Call Details:\n\nAs announced previously, today, Thursday, May 21, 2026, at 10:00 a.m. Eastern\nTime, TEN will host a conference call to review the results as well as\nmanagement's outlook for the business. The call, which will be hosted by TEN's\nsenior management, may contain information beyond what is included in the\nearnings press release.\n\nParticipants should dial into the call 10 minutes before the scheduled time\nusing the following numbers: 877- 405- 1226 (US Toll-Free Dial In) or +1\n201-689-7823 (US and Standard International Dial In). Please quote\n“Tsakos” to the operator and/or conference ID 13760496. \nClick here for additional participant International Toll-Free access numbers.\n(https://www.globenewswire.com/Tracker?data=-leD3Jk96ChDUWf5DfD5YOgTAGLYmZQssyg6faX9gsQ7vsUJFbOV2z0F3XE9xY_nSmzRW0a6SGHxq9b9szGkoHMC881WTytxu8UC2UfufcneVq8bas-gVcn2OdtVM_rob584f2Jdv-Xmo8YSLuugQpWbbFBQGidXI-G4Xh3RLVH8og6CjCtQmx2kVadZ-BKQCzrxoLJB9abMNGoPxHoUJwDRd_PnGCaGIw1_JihyVY8=)\n\nAlternatively, participants can register for the call using the call me option\nfor a faster connection to join the conference call. You can enter your phone\nnumber and let the system call you right away.  Click here for the call me\noption.\n(https://www.globenewswire.com/Tracker?data=-leD3Jk96ChDUWf5DfD5YI8R6Dc8fdp5WDLf4v3B4Fy1MqL66Rxtq3ZjzUaOwGXU75i1bqV5h4mYk7yvfWWNI5OISyTlTOi8xgMDp3rdFxhG5rlnEFD19S8CRZVs16gfzKBzECthVG37H98-ssF5PRpkjuk02bFLcTERLD6VF2RqPvIx_P7gj65zMw4gIA3PR8z-cZuOHpSJGR3ygGH0YD1vPlrIwfvMjJcIAcPpAPPGXw4pxu21RuLZrKMKJt_i)\n\nSimultaneous Slides and Audio Webcast: \nThere will also be a live, and then archived, webcast of the conference call\nand accompanying slides, available through the Company’s website. To listen\nto the archived audio file, visit our website www.tenn.gr and click on\nWebcasts & Presentations under our Investor Relations page. Participants to\nthe live webcast should register on the website approximately 10 minutes prior\nto the start of the webcast.\n\nFor further information, please contact:\n\nTsakos Energy Navigation Ltd.\nGeorge Saroglou\nPresident & COO\n+30210 94 07 710\ngsaroglou@tenn.gr\n\nInvestor Relations / Media\nCapital Link, Inc.\nNicolas Bornozis/ Markella Kara\n+212 661 7566\nten@capitallink.com\n\n \n TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES \n Selected Consolidated Financial and Other Data \n (In Thousands of U.S. Dollars, except share, per share and fleet data) \n \n Three months ended \n March 31 (unaudited) \n STATEMENT OF OPERATIONS DATA 2026 2025 \n \n Voyage revenues $ 252,963 $ 197,051 \n \n Voyage expenses 29,847 36,063 \n Charter hire expense 3,386 3,282 \n Vessel operating expenses 53,264 49,606 \n Depreciation and amortization 44,147 41,131 \n General and administrative expenses 12,443 9,906 \n Gain on sale of vessels - (3,553 ) \n Total expenses 143,087 136,435 \n \n Operating income 109,876 60,616 \n \n Interest and finance costs, net (20,788 ) (24,002 ) \n Interest income 2,201 2,307 \n Other, net (21 ) (19 ) \n Total other expenses, net (18,608 ) (21,714 ) \n Net income 91,268 38,902 \n \n Less: Net income attributable to the noncontrolling interest (2,425 ) (1,191 ) \n Net income attributable to Tsakos Energy Navigation Limited $ 88,843 $ 37,711 \n \n Effect of preferred dividends (6,750 ) (6,750 ) \n Undistributed and distributed income allocated to non-vested restricted common stock (422 ) (201 ) \n Net income attributable to common stockholders of Tsakos Energy Navigation Limited $ 81,671 $ 30,760 \n Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders $ 2.72 $ 1.04 \n Weighted average number of shares, basic and diluted 29,971,603 29,661,103 \n \n \n BALANCE SHEET DATA March 31 December 31 \n 2026 2025 \n Cash 321,416 298,129 \n Other assets 331,398 197,009 \n Vessels, net 3,145,164 3,156,075 \n Advances for vessels under construction 442,740 301,868 \n Total assets $ 4,240,718 $ 3,953,081 \n \n Debt and other financial liabilities, net of deferred finance costs 2,136,109 1,920,975 \n Other liabilities 156,744 169,101 \n Stockholders' equity 1,947,865 1,863,005 \n Total liabilities and stockholders' equity $ 4,240,718 $ 3,953,081 \n \n \n \n Three months ended \n OTHER FINANCIAL DATA March 31 \n 2026 2025 \n Net cash provided by operating activities $ 97,181 $ 52,150 \n Net cash used in investing activities $ (252,075 ) $ (2,645 ) \n Net cash provided by (used in) financing activities $ 178,181 $ (48,239 ) \n \n TCE per ship per day $ 40,960 $ 30,741 \n \n Operating expenses per ship per day $ 9,952 $ 9,502 \n Vessel overhead costs per ship per day $ 2,180 $ 1,777 \n 12,132 11,279 \n \n FLEET DATA \n \n Average number of vessels during period 63.4 61.9 \n Number of vessels at end of period 64.0 61.0 \n Average age of fleet at end of period Years 10.3 10.4 \n Dwt at end of period (in thousands) 8,003 7,454 \n \n Time charter employment - fixed rate Days 3,808 2,782 \n Time charter and pool employment - variable rate Days 1,288 1,657 \n Period employment coa at market rates Days 0 0 \n Spot voyage employment at market rates Days 513 979 \n Total operating days 5,609 5,418 \n Total available days 5,707 5,575 \n Utilization 98.3 % 97.2 % \n \n Non-GAAP Measures \n Reconciliation of Net income to Adjusted EBITDA \n \n Three months ended \n March 31 \n 2026 2025 \n \n Net income attributable to Tsakos Energy Navigation Limited $ 88,843 $ 37,711 \n Depreciation and amortization 44,147 41,131 \n Interest Expense 20,788 24,002 \n Gain on sale of vessels - (3,553 ) \n Adjusted EBITDA $ 153,778 $ 99,291 \n \n The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP measures used within the financial community may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods as well as comparisons between the performance of Shipping Companies. Management also uses these non-GAAP financial measures in making financial, operating \n and planning decisions and in evaluating the Company’s performance. We are using the following Non-GAAP measures: \n (i) TCE which represents voyage revenue less voyage expenses, is divided by the number of operating days less 74 days lost for the first quarter of 2026 as a result of calculating revenue on a loading to discharge basis, compared to 64 days lost for the first quarter of 2025. \n (ii) Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock compensation expense and Management incentive award. \n (iii) Operating expenses per ship per day which exclude Management fees, General & Administrative expenses, Stock compensation expense and Management incentive award. \n (iv) Adjusted EBITDA. See above for reconciliation to net income. \n Non-GAAP financial measures should be viewed in addition to and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. \n The Company does not incur corporation tax. \n \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/6c3cf3d8-b179-41d6-9b63-be00169559d5)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-21T13:10:00.40052917Z","server_sent_at_ms":1779369000400},"received_at":"2026-05-21T13:10:00.581Z","source_url":null},"analysis":{"id":"31791","press_release_id":"42352","analysis_json":{"industry":{"label":"Marine","sector":"Industrials"},"redFlags":[],"eventType":"earnings","narrative":"TEN, Ltd. reported Q1 2026 net income of $89 million, a 160% increase year-over-year, driven by strong tanker market fundamentals and a 55% rise in Adjusted EBITDA to $154 million.\n\nThe company declared a second semi-annual dividend of $1.00 per share, bringing the 2026 aggregate to $1.50, a 36% increase over 2025 and the highest in over a decade.\n\nFleet utilization reached 98.3% with time charter equivalent earnings of $40,960 per vessel per day, supported by a contracted revenue backlog exceeding $3.5 billion and solid cash reserves of $321.4 million.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Strong Q1 beat with 160% earnings growth and 36% dividend hike signals robust tanker market tailwinds for TEN."},"keyFigures":{"eps":2.72,"revenue":253000000,"guidance":"None explicitly stated in text, but management cites strong market fundamentals and $3.6B contracted revenue backlog.","revenueYoy":"28.4%","customDimensions":{"ebitda":154000000,"ebitda_yoy":"55%","net_income":89000000,"cash_reserves":321400000,"net_income_yoy":"160%","operating_income":110000000,"fleet_utilization":"98.3%","dividend_per_share":1,"dividend_yoy_increase":"36%","tce_per_vessel_per_day":40960,"contracted_revenue_backlog":3500000000}},"quotedText":"TEN’s diversified fleet is and will continue to further benefit from the unprecedented market dislocation. With 26 environmentally friendly new vessels, of which four are already delivered, TEN is combining size, quality, stability and growth going forward in order to increasingly reward its’ shareholders","namedEntities":{"people":[{"name":"George Saroglou","role":"President & COO"}],"products":["Asahi Princess"],"companies":[{"name":"TEN, Ltd","ticker":"TEN"},{"name":"Tsakos Energy Navigation Ltd.","ticker":"TEN"},{"name":"Capital Link, Inc.","relationship":"Investor Relations"}],"dollarAmounts":[{"amount":"$89 million","context":"Q1 2026 Net income"},{"amount":"$2.72","context":"Q1 2026 EPS"},{"amount":"$154 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$253.0 million","context":"Q1 2026 Gross revenues"},{"amount":"$110.0 million","context":"Q1 2026 Operating income"},{"amount":"$1.00","context":"Second semi-annual dividend per share"},{"amount":"$1.50","context":"Aggregate common dividends for calendar year 2026"},{"amount":"$1 billion","context":"Cumulative dividends since NYSE listing"},{"amount":"$3.5 billion","context":"Total fleet contracted revenue backlog"},{"amount":"$321.4 million","context":"Cash reserves as of March 31, 2026"},{"amount":"$83 million","context":"Free cash from VLCC sale after debt repayment"},{"amount":"$200 million","context":"Expected gross revenues from two shuttle tanker charter extensions"}]},"materialImpact":{"score":4,"reasoning":"Strong Q1 earnings beat with 160% YoY net income growth and 55% EBITDA growth, driven by favorable tanker market fundamentals and high fleet utilization. Dividend increased 36% YoY."},"tickerRelevance":{"others":[],"primary":"TEN"},"globalImportance":45,"audienceRelevance":35,"eventTypeSecondary":["dividend"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"earnings_beat_dividend_increase","sectorWeight":"cyclical_energy_transport","householdBrandBoost":"low","marketCapAdjustment":"neutral","retailFavoriteBoost":"low"}},"event_type":"earnings","event_type_secondary":["dividend"],"sentiment":"bullish","material_impact_score":4,"narrative":"TEN, Ltd. reported Q1 2026 net income of $89 million, a 160% increase year-over-year, driven by strong tanker market fundamentals and a 55% rise in Adjusted EBITDA to $154 million.\n\nThe company declared a second semi-annual dividend of $1.00 per share, bringing the 2026 aggregate to $1.50, a 36% increase over 2025 and the highest in over a decade.\n\nFleet utilization reached 98.3% with time charter equivalent earnings of $40,960 per vessel per day, supported by a contracted revenue backlog exceeding $3.5 billion and solid cash reserves of $321.4 million.","key_figures":{"eps":2.72,"revenue":253000000,"guidance":"None explicitly stated in text, but management cites strong market fundamentals and $3.6B contracted revenue backlog.","revenueYoy":"28.4%","customDimensions":{"ebitda":154000000,"ebitda_yoy":"55%","net_income":89000000,"cash_reserves":321400000,"net_income_yoy":"160%","operating_income":110000000,"fleet_utilization":"98.3%","dividend_per_share":1,"dividend_yoy_increase":"36%","tce_per_vessel_per_day":40960,"contracted_revenue_backlog":3500000000}},"named_entities":{"people":[{"name":"George Saroglou","role":"President & COO"}],"products":["Asahi Princess"],"companies":[{"name":"TEN, Ltd","ticker":"TEN"},{"name":"Tsakos Energy Navigation Ltd.","ticker":"TEN"},{"name":"Capital Link, Inc.","relationship":"Investor Relations"}],"dollarAmounts":[{"amount":"$89 million","context":"Q1 2026 Net income"},{"amount":"$2.72","context":"Q1 2026 EPS"},{"amount":"$154 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$253.0 million","context":"Q1 2026 Gross revenues"},{"amount":"$110.0 million","context":"Q1 2026 Operating income"},{"amount":"$1.00","context":"Second semi-annual dividend per share"},{"amount":"$1.50","context":"Aggregate common dividends for calendar year 2026"},{"amount":"$1 billion","context":"Cumulative dividends since NYSE listing"},{"amount":"$3.5 billion","context":"Total fleet contracted revenue backlog"},{"amount":"$321.4 million","context":"Cash reserves as of March 31, 2026"},{"amount":"$83 million","context":"Free cash from VLCC sale after debt repayment"},{"amount":"$200 million","context":"Expected gross revenues from two shuttle tanker charter extensions"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-05-21T13:10:45.241Z","global_importance":45,"audience_relevance":35,"importance_components":{"tickerTier":"mid-cap","eventGravity":"earnings_beat_dividend_increase","sectorWeight":"cyclical_energy_transport","householdBrandBoost":"low","marketCapAdjustment":"neutral","retailFavoriteBoost":"low"}},"durationMs":30085,"modelName":"george-droid-qwen-72b"}}