Shipping World News, Greek tanker owner Tsakos Energy Navigation (hereinafter referred to as “TEN” or the company) announced its unaudited financial results for the third quarter and the first three quarters of 2025 on November 20.
George Saroglou, President and Chief Operating Officer of TEN, stated, “In the first three quarters of this year, tariffs and trade restrictions have led to market volatility. Rising global oil demand, low inventories, heightened geopolitical tensions, and uncertainty caused by the delayed vote on the ‘IMO Net Zero Framework’ have further pushed up freight rates and asset prices.”
He pointed out, “In this exciting market environment, TEN continues to navigate steadily and safely while maintaining profitable growth. As oil majors show increasing interest in attractive long-term contracts, TEN’s management is seeking to invest in fixed assets that offer cash flow visibility and upside potential.”
Specifically, in the third quarter of 2025, TEN achieved operating revenue of $190 million, a year-on-year decrease of 7.0%; adjusted EBITDA was $95.566 million, a year-on-year decrease of 4.5%; operating profit reached $60.457 million, a year-on-year increase of 6.2%; and net profit was $38.871 million, a year-on-year increase of 38.8%.
The average daily TCE for the TEN fleet in the third quarter reached $30,601, a year-on-year decrease of 6.0%; the average daily operating cost per vessel for the fleet was $9,904. The fleet’s operational utilization rate in the third quarter was 94.8%.
For the first three quarters of 2025, TEN achieved operating revenue of $580 million, a year-on-year decrease of 6.4%; adjusted EBITDA was $290 million, a year-on-year decrease of 8.1%; operating profit reached $170 million, a year-on-year decrease of 27.5%; and net profit was $110 million, a year-on-year decrease of 33.7%.
The average daily TCE for the TEN fleet in the first three quarters of this year reached $30,703, a year-on-year decrease of 8.0%; the average daily operating cost per vessel for the fleet was $9,797. The fleet’s operational utilization rate in the first three quarters was 96.2%.
Fleet Update
The financial report disclosed that TEN has increased the number of 320,000 dwt VLCCs ordered from Hanwha Ocean to three, scheduled for delivery in 2027 and 2028. Additionally, TEN holds an option for a fourth VLCC.
This move is part of TEN’s “Dynamic Renewal Program.” TEN is committed to meeting customer needs by building high-specification, environmentally friendly vessels, and “Fleet Growth” is a core pillar of TEN’s strategy.
Previously, TEN ordered nine DP2 shuttle tankers from Samsung Heavy Industries and signed a 15-year bareboat charter contract with Transpetro, a subsidiary of Petrobras, which was one of the largest tanker transactions this year.
Founded in 1993, TEN is one of the world’s earliest and most mature listed shipping companies. TEN currently operates a diversified fleet of 82 vessels in the crude oil, product tanker, and LNG carrier segments, totaling approximately 11 million dwt.
In October, TEN took delivery of the “Silia T” from HD Hyundai Heavy Industries. To date, TEN’s newbuilding count has increased to 20 vessels, including 10 shuttle tankers, 7 product tankers, and 3+1 VLCCs.
It is particularly noteworthy that George Saroglou, President and Chief Operating Officer of TEN, concluded, “TEN currently operates 62 vessels, with 20 vessels under construction, the vast majority of which are backed by long-term contracts with oil majors. TEN will continue to offer attractive propositions for those wishing to participate in the future of energy transportation.
