Quarterly ResultMay 21, 2026, 09:12 AM
TEN Q1 Net Income Up 160% to $89M; Dividend Up 36% to $1.50/Share
AI Summary
Tsakos Energy Navigation (TEN) reported a strong first quarter for 2026, with net income surging 160% to $89.0 million, or $2.72 per share, and adjusted EBITDA increasing 55% to $154.0 million. The company announced a significant dividend increase, with total common dividends for 2026 reaching $1.50 per share, marking a 36% rise from 2025 and the highest in over 10 years. TEN also highlighted its $3.5 billion contracted revenue backlog, ongoing 22-vessel newbuilding program, and recent strategic activities including vessel sales and charter extensions, all supported by solid tanker market fundamentals.
Key Highlights
- Net income for Q1 2026 increased 160% to $89.0 million ($2.72 EPS) from $37.7 million ($1.04 EPS) in Q1 2025.
- Adjusted EBITDA for Q1 2026 rose 55% to $154.0 million from $99.3 million in Q1 2025.
- Gross revenues for Q1 2026 were $253.0 million, up from $197.1 million in Q1 2025.
- Total common dividends for calendar year 2026 are $1.50 per share, a 36% increase from $1.10 in 2025.
- Total fleet contracted revenue backlog exceeds $3.5 billion.
- Cash reserves stood at $321.4 million as of March 31, 2026.
- Time charter equivalent (TCE) earnings reached $40,960 per vessel per day.
- Sale of a 10-year-old VLCC generated approximately $83 million in free cash after debt repayment.
Price Impact
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