Quarterly ResultMay 22, 2026, 04:22 PM
TEN Q1 Net Income $89M (+160%); Declares $1.00 Semi-Annual Dividend
AI Summary
TEN, Ltd. reported strong financial results for the first quarter of 2026, with net income increasing by 160% to $89.0 million, or $2.72 per share, compared to the same period in 2025. Gross revenues rose to $253.0 million and Adjusted EBITDA increased by 55% to $154.0 million. The company also declared a second semi-annual common share dividend of $1.00, bringing the total 2026 dividend to $1.50 per share, a 36% increase and the highest in over 10 years. Operational highlights include a 98.3% fleet utilization, a $40,960 TCE per vessel per day, and a contracted revenue backlog exceeding $3.5 billion, alongside strategic vessel transactions and a newbuilding program on schedule.
Key Highlights
- Q1 2026 Net income was $89.0 million, a 160% increase from Q1 2025.
- Diluted EPS for Q1 2026 was $2.72, compared to $1.04 in Q1 2025.
- Declared a second semi-annual common share dividend of $1.00, totaling $1.50 for 2026.
- Q1 2026 Gross revenues reached $253.0 million, up from $197.1 million in Q1 2025.
- Adjusted EBITDA for Q1 2026 was $154.0 million, a 55% increase over Q1 2025.
- Total fleet contracted revenue backlog is in excess of $3.5 billion.
- Sale of a 10-year-old VLCC generated about $83 million in free cash.
- Employment extension for two DP2 Shuttle tankers expected to generate over $200 million in gross revenues.
Price Impact
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