The shipping company listed on the NYSE, led by its founder and CEO, Dr. Nikos Tsakos, presented its financial results for the nine months of the year, with revenues reaching $577 million and net profits at $103 million.
The adjusted EBITDA for the same period was $289 million, while the dividend of one dollar per common share, was preceded by another distribution of $0.6 dollars in July 2025.
Meanwhile, the tanker market is showing strengthened fundamentals, due to market tightness, but also geopolitical developments.
The nine-month period was characterized by turmoil due to tariffs and trade restrictions, the company notes, and adds that increasing global oil demand, low inventories, escalating geopolitical tensions, and the uncertainty caused by the delay in the International Maritime Organization’s decision on the regulatory framework for shipping decarbonization, have further strengthened freight rates and vessel values.
In this dynamic environment, “TEN continues to navigate steadily, safely and with increasing profitability. With the interest of major oil companies in long-term contracts at attractive rates strengthening, management is pursuing agreements that offer cash flow predictability as well as prospects for excess returns.”
As the company’s President and COO, George Saroglou, characteristically emphasizes, “with a fleet value of over $6 billion and a dynamic newbuilding program, TEN is increasing its strength in the sectors where it operates, while simultaneously divesting from its first-generation vessels.
With 62 vessels in operation and 20 under construction -many of which are on long-term employment with major oil groups- TEN will continue to be an attractive choice for those wishing to participate in the seaborne energy transportation ecosystem.”
At the end of September 2025, TEN’s cash position amounted to $264.3 million, after scheduled principal repayments of $134.6 million, payments to shipyards and capitalized expenditures of $178 million, as well as preferred dividend payments of $20.3 million during the nine-month period.
At the third quarter 2025 level, TEN’s revenues amounted to $186.2 million, while operating income, after $9 million in gains from the sale of three older vessels, was $60.5 million.
Net profits in the third quarter of 2025 reached $38.3 million, corresponding to $1.05 per share, compared to $26.5 million and $0.67 per share in the third quarter of 2024, recording an increase of $11.8 million.
Preferred share dividends for the third quarter of 2025 amounted to $6.8 million, remaining at the same levels as the corresponding period in 2024.
Adjusted EBITDA for the third quarter of 2025 was $95.6 million, while fleet utilization for the third quarter of 2025 was 95%, with the average Time Charter Equivalent (TCE) rate per vessel, per day, being $30,601.
On October 1, 2025, TEN took delivery from HD Hyundai Heavy Industries in South Korea of the scrubber-fitted evo suezmax tanker, Silia T, which simultaneously commenced a minimum three-year employment with a major American oil company.
On October 24, 2025, Nikolas P.
Tsakos, founder & CEO of TEN, was honored at the annual “Chrysanthemum Ball” Gala in New York – a premier social and philanthropic event.
This year’s event recognized N. Tsakos’s enduring contribution to the international shipping industry and his dedication to philanthropy, education, and social contribution.
Also this month, TEN proceeded with a two-year extension, with an extension option, of the employment of the VLCC Dias I with a major American company, with an increased minimum rate and an additional profit-sharing leg.
