TEN: Contracted revenues of 4 billion dollars

Tsakos Energy Navigation recorded minimum contracted revenue of 4 billion dollars secured for the coming years while it has underway a shipbuilding program for 20 tankers.

The NYSE-listed shipping company, led by its founder and CEO, Dr. Nikos Tsakos, presented its financial results for the first nine months of the year, with revenues reaching 577 million dollars and net profits amounting to 103 million dollars.

Adjusted EBITDA stood at 289 million, while the dividend was 1 dollar per common share, following another 0.60 distribution in July 2025.

At the same time, the tanker market is showing strengthened fundamentals, due to market tension and geopolitical developments.

The nine-month period was marked by turmoil due to tariffs and trade restrictions, the company noted, adding that rising global oil demand, low inventories, escalating geopolitical tensions and uncertainty caused by the delay in the decision at the International Maritime Organization on the regulatory framework for decarbonizing shipping have further increased freight rates and vessel values.

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In this dynamic environment, “TEN continues to navigate steadily and safely while recording higher profitability. With the interest of major oil companies for long-term contracts at attractive rates, management is pursuing deals that offer cash flow predictability and outperformance prospects.”

As the company’s president, George Saroglou, emphasized, “with a fleet value of over 6 billion dollars and a dynamic shipbuilding program, TEN is increasing its capacity in the sectors in which it operates, while at the same time disinvesting from first-generation vessels.

With 62 vessels in service and 20 under construction – many of which have long-term employment with major oil groups – TEN will continue to be an attractive option for those wishing to participate in the marine energy transport ecosystem.”