Tsakos Energy Navigation Ltd. (NYSE: TEN) reported second-quarter earnings that surged 557% year-over-year, driven by elevated tanker rates and strong fleet utilization.
Net income attributable to common stockholders reached $131.9 million, or $4.40 per share, compared with $19.8 million, or $0.67 per share, in the same period last year. Voyage revenues rose 54% to $298.4 million from $193.3 million, while operating income more than tripled to $162.7 million from $50.0 million. Total expenses declined slightly to $135.7 million from $143.3 million.
Adjusted EBITDA climbed 81% to $170.4 million from $93.9 million. Time Charter Equivalent earnings reached $46,100 per ship per day, up 50% from $30,767 a year earlier, even as operating expenses per ship per day rose modestly to $10,640 from $9,982. Fleet utilization stood at 94.8% in the quarter and 96.5% for the first half.
For the six-month period ended June 30, total revenues increased 41% to $551.4 million. Net income reached $213.5 million, or $7.12 per share, versus $50.5 million, or $1.70 per share, in the first half of 2025. Adjusted EBITDA totaled $324.1 million, up 68% from $193.2 million.
The company posted $466.1 million in cash and cash equivalents as of June 30, up from $298.1 million at year-end 2025. Total assets were $4.38 billion, including $3.16 billion in net book value for vessels and $470.1 million in advances for vessels under construction. Total debt and financial liabilities rose to $2.10 billion from $1.92 billion at year-end 2025, excluding a $136.4 million financial lease obligation. The net debt-to-capital ratio improved to 44.5% from 46.7%, and the EBITDA-to-interest coverage ratio was 4.3x.
Tsakos Energy raised its 2026 common stock dividend by 36% to $1.50 per share, comprising a $0.50 payment made in February and a $1.00 payment in July. Total preferred and common dividend payments are expected to exceed $1.0 billion by year-end. Cumulative common dividends paid since the company's 2002 NYSE listing total $652 million.
The company has $3.6 billion in minimum secured revenues with an average duration of approximately two years. Its fleet fair market value stands at $4.9 billion against $2.1 billion in total debt.
As of June 30, Tsakos Energy's fleet comprised 64 vessels totaling roughly 7.7 million deadweight tons. Since January 2023, the company has sold 20 vessels averaging 17.3 years old, totaling 2.0 million dwt, while contracting or acquiring 35 newer vessels averaging just 0.5 years old, totaling 4.8 million dwt. Eighty-four percent of the operational fleet is secured under time charter or time charter with profit-sharing arrangements.
On the industry side, the International Energy Agency projects global oil demand at 103.0 million barrels per day in 2026. The global tanker orderbook stood at 19.9% of the world fleet as of August 2026, with 1,140 vessels scheduled for delivery over the next three years. Meanwhile, 2,889 vessels — 50.6% of the global fleet — are over 15 years old. An estimated 900 to 1,500 vessels, representing 16% to 26% of the total tanker fleet, operate as part of a shadow fleet transporting sanctioned oil. Through August 2026, 44 vessels totaling 3.6 million deadweight tons had been scrapped.
Tsakos Energy said every $1,000 per day increase in spot rates creates a $0.11 positive impact on annual earnings per share. The company's largest customers include ExxonMobil, Equinor, Shell, Chevron, TotalEnergies, and BP.
