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TEN, Ltd. Reports Profits for the Second Quarter and First Half of 2025

1. TEN reported Q2 2025 net income of $26.8 million or $0.67/share. 2. Fleet utilization reached 96.9%, driven by term contracts and fewer dry-dockings. 3. Company maintains a strong cash position with $287.2 million as of June 2025. 4. TEN ordered three new scrubber-fitted VLCCs, enhancing fleet modernity. 5. A minimum of $3.7 billion in contracted revenue ensures future cash flow.

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Why Bullish?

TEN's strong financial performance and strategic fleet expansion indicate solid growth potential, resembling trends seen in competitive firms like Teekay Corporation.

How important is it?

The article outlines TEN's strong financials and fleet expansion, which are pivotal for future investor confidence and stock performance.

Why Long Term?

TEN's well-secured future earnings, expansion plans, and market fundamentals support sustained growth over time, similar to historical recoveries in shipping profitability post-tariff scenarios.

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$3.7 billion in minimum contracted revenue Dynamic renewal program – 21 new buildings under construction, incl. 3 new South Korean VLCC orders TEN’s fleet carrying capacity reaches 11 dwt $0.60 common stock dividend paid in July 2025 Tanker Market Fundamentals Remain Strong ATHENS, Greece, Sept. 10, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE: TEN) (the “Company”) today reported results (unaudited) for the six months and the second quarter ended June 30, 2025. FIRST HALF 2025 SUMMARY RESULTSTEN’s fleet generated $390.4 million in gross revenues resulting to approx. $111.0 million in operating income, inclusive of $3.6 million of capital gains. Adjusted EBITDA for the first half of 2025 was $193.2 million. The net income for the first half of 2025 was $64.5 million or $1.70 per share. Fleet utilization increased to 96.9% in the first half of 2025 as a result of higher number of vessels under term contracts and fewer vessels in dry-dockings. The average Time Charter Equivalent (TCE) per vessel per day for the 2025 first half remained healthy at $30,754. Vessel operating expenses rose modestly and in line with expectations to $102.3 million, driven by a higher number of vessels and larger average vessel size. Total operating expenses per vessel per day were a competitive $9,743. The fleet’s voyage expenses declined by $15.4 million and settled to $68.0 million. General and administrative expenses at $23.1 million reflected a management compensation and stock-incentive plan. Depreciation and amortization totaled $83.2 million, reflecting the addition of newer and larger vessel classes to the fleet. Interest and finance costs for the first half of 2025 were at $49.0 million. At the end of June 2025, TEN’s cash position was $287.2 million. Q2 2025 SUMMARY RESULTSTEN’s gross revenues reached $193.3 million in the second quarter of 2025. Adjusted EBITDA for the second quarter of 2025 was $93.9 million. Operating income, with no gains or losses from sale of vessels compared to capital gains of $32.5 million in the second quarter of 2024, settled at about $50.0 million which resulted in a second quarter 2025 net income of $26.8 million, or $0.67 per share. Average TCE per vessel per day in the second quarter of 2025 was $30,767. Fleet operating expenses at $52.7 million were just $3.0 million higher from the second quarter of 2024, primarily attributable to the larger average vessel size in the fleet, shuttle tanker vessels upgrades and well documented ongoing inflationary pressures. As a result, and due to efficient vessel management by TEN’s technical managers, operating expenses per vessel per day were at $9,982 in the second quarter of 2025. Depreciation and amortization expenses during the second quarter of 2025 were in line with the increased number of vessels in the fleet at $42.1 million. SUBSEQUENT EVENTS TEN placed an order for three scrubber-fitted VLCCs with Hanwha Ocean in South Korea, with an option for a fourth, scheduled for delivery in 2027 and 2028. At the same time, the Company sold three older vessels, adding $60.0 million to cash reserves and a $9.0 million capital gain to be reported in the Company’s third quarter 2025 financials. On August 14, 2025, TEN took delivery from Samsung Heavy Industries of South Korea of the DP2 suezmax shuttle tanker Paris 24 which entered a seven-year employment to an oil major. On October 1, 2025, TEN expects to take delivery, from HD Hyundai Ocean Services of South Korea, of the eco scrubber-fitted suezmax tanker Silia T which is scheduled to enter a minimum three-year employment to a US major oil concern. CORPORATE AFFAIRS - DIVIDENDIn July 2025, TEN distributed to common shareholders its semi-annual dividend of $0.60 per share and intends to announce the second semi-annual payment in November 2025. Since the Company’s NYSE listing in 2002, TEN has consistently demonstrated its commitment to reward shareholders, having distributed over $900 million in common and preferred share dividends. CORPORATE STRATEGYThe first half of the year was affected by the imposition of steep global tariffs, creating turmoil that impacted investors’ psychology and ultimately the valuation of tanker stocks. This reaction was excessive as tanker market fundamentals remained healthy, with both freight rates and asset values at firm levels. Rising global oil demand, low inventories, and the unwinding of OPEC+ voluntary production cuts further strengthened tanker market prospects, in conjunction with measured newbuilding activity. Meanwhile, geopolitical tensions continue to shape seaborne trade flows, effectively dividing the global tanker fleet between compliant and non-compliant tonnage and limiting the number of vessels available to service core markets. In addition, the renewed hostilities in the Middle East and the Red Sea are supporting long-haul voyages, further tightening vessel supply. Against this backdrop, TEN remains steadfast to its strategy to expand its fleet by divesting from its first-generation vessels and ordering new ones, the majority secured on attractive long-term contracts. This dynamic and responsible fleet growth focuses on specialized vessels with long-term employment. In addition, the recent VLCC order rebalances TEN’s fleet in the larger crude carrier sector. The modernity and the earning capacity of the fleet remains a priority in management’s approach. “With the fleet operating at near full capacity, with secured minimum forward earnings of US$3.7 billion, we remain confident that TEN provides the value both charterers and investors are looking for positioning themselves in the tanker space,” Mr. George Saroglou, President & COO commented. TEN’s CURRENT NEWBUILDING PROGRAM #NameTypeDelivery (exp)StatusEmploymentCONVENTIONAL TANKERS1Dr Irene TsakosSuezmax – Scrubber Fitted Q2 2025DELIVEREDYes2Silia TSuezmax – Scrubber FittedQ4 2025Notice To DeliverYes3TBNMR – Scrubber FittedQ1 2026Under ConstructionTBA4TBNMR – Scrubber FittedQ1 2026Under ConstructionTBA5TBNPanamax LR1 – Scrubber FittedQ2 2027Under ConstructionTBA6TBNPanamax LR1 – Scrubber FittedQ3 2027Under ConstructionTBA7TBNPanamax LR1 – Scrubber FittedQ4 2027Under ConstructionTBA8TBNVLCC - Scrubber FittedQ4 2027Under ConstructionTBA9TBNVLCC - Scrubber FittedQ1 2028Under ConstructionTBA10TBNVLCC – Scrubber FittedQ2 2028Under ConstructionTBA11TBNPanamax LR1 – Scrubber FittedQ3 2028Under ConstructionTBA12TBNPanamax LR1 – Scrubber FittedQ3 2028Under ConstructionTBASHUTTLE TANKERS13Athens 04DP2 Shuttle TankerQ2 2025DELIVEREDYes14Paris 24DP2 Shuttle TankerQ3 2025DELIVEREDYes15AnfieldDP2 Shuttle TankerQ3 2026Under ConstructionYes16TBNDP2 Shuttle TankerQ3 2027Under ConstructionYes17TBNDP2 Shuttle TankerQ4 2027Under ConstructionYes18TBNDP2 Shuttle TankerQ1 2028Under ConstructionYes19TBNDP2 Shuttle TankerQ2 2028Under ConstructionYes20TBNDP2 Shuttle TankerQ3 2028Under ConstructionYes21TBNDP2 Shuttle TankerQ3 2028Under ConstructionYes22TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes23TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes24TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes ABOUT TEN LTD. Founded in 1993 and celebrating 32 years as a public company, TEN is one of the first and most established public shipping companies in the world. TEN's diversified energy fleet currently consists of 82 vessels, including ten DP2 shuttle tankers, three VLCCs, one scrubber fitted suezmax vessel, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approx. 11 million dwt. FORWARD-LOOKING STATEMENTSExcept for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Conference Call Details:As announced previously, today, Wednesday, September 10, 2025, at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877-405-1226 (US Toll-Free Dial In) or +1 201- 689-7823 (US and Standard International Dial In). Please quote “Tsakos” to the operator and/or conference ID 13755603. Click here for additional participant International Toll Free access numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Simultaneous Slides and Audio Webcast:There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.tenn.gr and click on Webcasts & Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. For further information, please contact: Tsakos Energy Navigation Ltd.George SaroglouPresident & COO+30210 94 07 710gsaroglou@tenn.gr Investor Relations / MediaCapital Link, Inc.Nicolas Bornozis/ Markella Kara+212 661 7566ten@capitallink.com                 TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES Selected Consolidated Financial and Other Data (In Thousands of U.S. Dollars, except share, per share and fleet data)                    Three months ended  Six months ended    June 30 (unaudited)  June 30 (unaudited)  STATEMENT OF OPERATIONS DATA 2025    2024   2025    2024                   Voyage revenues$193,309   $214,055  $390,360   $415,644                   Voyage expenses 31,917    41,403   67,980    83,423   Charter hire expense 3,321    5,095   6,603    11,108   Vessel operating expenses 52,704    49,704   102,310    98,328   Depreciation and amortization 42,089    39,494   83,220    77,020   General and administrative expenses 13,237    7,904   23,143    15,230   Gain on sale of vessels -    (32,495)  (3,553)   (48,662)  Total expenses 143,268    111,105   279,703    236,447                   Operating income 50,041    102,950   110,657    179,197                   Interest and finance costs, net (24,978)   (30,053)  (48,980)   (55,198)  Interest income 3,231    4,687   5,538    7,935   Other, net (4)   4   (23)   75   Total other expenses, net (21,751)   (25,362)  (43,465)   (47,188)  Net income 28,290    77,588   67,192    132,009                   Less: Net income attributable to the noncontrolling interest (1,457)   (1,202)  (2,648)   (1,587)  Net income attributable to Tsakos Energy Navigation Limited$26,833   $76,386  $64,544   $130,422                   Effect of preferred dividends (6,750)   (6,750)  (13,500)   (13,500)  Undistributed income allocated to non-vested restricted common stock (313)   -   (513)   -   Net income attributable to common stockholders of Tsakos Energy Navigation Limited$19,770   $69,636  $50,531   $116,922   Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders$0.67   $2.36  $1.70   $3.96   Weighted average number of shares, basic and diluted 29,661,103    29,505,603   29,661,103    29,505,603                   BALANCE SHEET DATA June 30   December 31           2025    2024          Cash 287,220    348,312          Other assets 242,271    192,035          Vessels, net 2,998,919    2,919,783          Advances for vessels under construction 279,247    246,392          Total assets$3,807,657   $3,706,522                          Debt and other financial liabilities, net of deferred finance costs 1,821,033    1,747,094          Other liabilities 179,864    192,231          Stockholders' equity 1,806,760    1,767,197          Total liabilities and stockholders' equity$3,807,657   $3,706,522                                                                            Three months ended  Six months ended  OTHER FINANCIAL DATA June 30  June 30    2025    2024   2025    2024   Net cash provided by operating activities$63,794   $84,651  $115,944   $160,222   Net cash used in investing activities$(233,479)  $(159,496) $(236,124)  $(356,512)  Net cash provided by financing activities$107,327   $112,772  $59,088   $201,517                   TCE per ship per day$30,767   $34,235  $30,754   $33,830                   Operating expenses per ship per day$9,982   $9,347  $9,743   $9,367   Vessel overhead costs per ship per day$2,347   $1,392  $2,063   $1,358     12,329    10,739   11,806    10,725                   FLEET DATA                               Average number of vessels during period 62.0    62.4   62.0    61.6   Number of vessels at end of period 63.0    62.0   63.0    62.0   Average age of fleet at end of periodYears10.2    9.7   10.2    9.7   Dwt at end of period (in thousands) 7,766    7,612   7,766    7,612                   Time charter employment - fixed rateDays2,969    2,855   5,841    5,485   Time charter and pool employment - variable rateDays1,771    1,361   3,518    2,753   Spot voyage employment at market ratesDays708    1,033   1,507    2,068   Total operating days 5,448    5,249   10,866    10,306   Total available days 5,641    5,678   11,216    11,217   Utilization 96.6%   92.4%  96.9%   91.9%                  Non-GAAP Measures  Reconciliation of Net income to Adjusted EBITDA                    Three months ended  Six months ended    June 30  June 30    2025    2024   2025    2024                   Net income attributable to Tsakos Energy Navigation Limited$26,833   $76,386  $64,544   $130,422   Depreciation and amortization 42,089    39,494   83,220    77,020   Interest Expense 24,978    30,053   48,980    55,198   Gain on sale of vessels -    (32,495)  (3,553)   (48,662)  Adjusted EBITDA$93,900   $113,438  $193,191   $213,978                   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 and planning decisions and in evaluating the Company’s performance. We are using the following Non-GAAP measures:     (i) TCE which represents voyage revenue less voyage expenses is divided by the number of operating days less 84 days lost for the second quarter and 148 days for the first half of 2025 and 99 days for the prior year quarter of 2024 and 270 days for first half of 2024, respectively, as a result of calculating revenue on a loading to discharge basis.  (ii) Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock compensation expense and Management incentive award.  (iii) Operating expenses per ship per day which exclude Management fees, General & Administrative expenses, Stock compensation expense and Management incentive award.  (iv) Adjusted EBITDA. See above for reconciliation to net income.  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.  The Company does not incur corporation tax.                       

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