NYSE-listed shipping company Tsakos Energy Navigation (TEN), owned by Dr. Nikolaos Tsakos, has posted another quarter of strong profitability, cementing its position as one of the leading players in tankers.
With minimal contracted revenues exceeding 3.7 billion dollars, TEN has guaranteed profit visibility through 2028, providing credibility to both shareholders and charterers.
In the first half of 2025, TEN reported gross revenues of 390.4 million and net earnings of 64.5 million, or 1.70 dollars per share.
The time charter rate (TCE) remained healthy at 30,754 per day per vessel, while fleet utilization reached 96.9%.
In the second quarter, revenues amounted to 193.3 million, with net earnings of 26.8 million dollars.
The company’s strategy focuses on dynamic fleet renewal. It currently has 82 vessels with a total capacity of 11 million dwt, while it has a program of 21 newbuildings, including three VLCCs recently ordered in South Korea, with an option for a fourth.
Strong liquidity is another pillar of stability for TEN. At the end of June 2025, cash and cash equivalents amounted to 287.2 million, providing the company with significant flexibility to implement its investment program and meet its financial obligations.
A dividend of 0.60 dollars per share was paid in July 2025, with management planning a second distribution in November.
TEN’s ability to finance new orders, repay loans and at the same time return dividends to shareholders demonstrates its sound capital structure.
