Ten ltd. announces second LNG Carrier order in Hyundai Heavy Industries
TEN Ltd. (NYSE: TEN) (“TEN” or the “Company”), a leading diversified tanker and LNG operator, announced the order of a second LNG carrier at Hyundai Heavy Industries in South Korea, with expected delivery in the first quarter of 2029.
With this order, TEN’s newbuilding program reaches 20 vessels, the first of which, the Anfield DP, a DP2 Shuttle tanker, is scheduled for delivery in late July 2026 with a minimum 10-year employment to a U.S. oil major, which, through extension options could stretch to 20 years.
“We are delighted to expand our presence in the ever-evolving LNG sector, a market we are actively participating in since 2007. The growing global energy demand fueled by geopolitical developments has increased the need for LNG as an alternative source,” Mr. George Saroglou, TEN’s President & COO stated.
TEN Ltd. Declares Dividend on its Series F Cumulative Redeemable Perpetual Preferred Share
TEN Ltd. (NYSE: TEN) (“TEN” or the “Company”), a leading diversified tanker and LNG operator, yesterday announced that its Board of Directors declared the regular quarterly cash dividend of approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares (the “Series F Preferred Shares”; NYSE: TENPRF).
The dividend on the Series F Preferred Shares is for the period from the most recent dividend payment date on April 30, 2026, through July 29, 2026.
The dividend on the Series F Preferred Shares will be paid on July 30, 2026, to all holders of record of Series F Preferred Shares as of July 27, 2026. Dividends on the Series F Preferred Shares are payable quarterly in arrears on the 30th day (unless the 30th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of January, April, July and October of each year, when, as and if declared by TEN’s board of directors. This is the 32nd dividend on the Series F Preferred Shares since their commencement of trading on the New York Stock Exchange.
TEN has 6,747,147 Series F Preferred Shares outstanding as of the date of this press release (2nd of July, 2026).
TEN Ltd. Announces an up to five-year charter extension of two DP2 shuttle tankers
TEN Ltd. has announced the employment extension for two DP2 shuttle tankers, in direct continuation of the existing charters which commenced at delivery back in 2013, for up to five years each. These new charters are scheduled to come into effect upon expiration of the existing 15-year contracts around mid-2028 and are expected to generate gross revenues in excess of $200 million over their duration.
“Since our entry into the shuttle tanker market in 2013 with these two vessels, TEN has become one of the largest operators in that segment with a proforma fleet of 16 modern vessels and growing,” stated Mr. George Saroglou, President & COO of TEN. “TEN continues its tested policy of long partnership with major oil concerns that secure future cash flow growth, strong balance sheet and continuous dividends to reward its shareholders,” Mr. Saroglou concluded.
TEN, Ltd. Reports Profits for the Twelve-Months and Fourth Quarter Ended December 31, 2025
TEN, Ltd reported results (unaudited) for the twelve months and fourth quarter ended December 31, 2025.
TWELVE MONTHS 2025 SUMMARY RESULTS
TEN’s fleet for the twelve months of 2025, generated close to $800 million in gross revenues, and approx. $252 million in operating income inclusive of $12.5 million in capital gains from the sale of four older vessels.
Net income for the twelve months of 2025 was $161 million or $4.45 per share.
Adjusted EBITDA for 2025 was $416 million, compared to $400 million in the twelve-month period of 2024.
Fleet utilization during the twelve months of 2025 increased to 96.6% from 92.5% in the corresponding period of 2024.
The average Time Charter Equivalent (TCE) per vessel per day for the twelve months of 2025, remained at a solid $32,130, similar to 2024 levels.
Voyage expenses for 2025 with an average of 61.8 vessels in the water were at $122.2 million, about $31.0 million lower from the 2024 level.
Total operating expenses per vessel per day remained at a competitive $9,990 in 2025, despite ten vessels undergoing scheduled drydocks. Vessel overhead costs were 7.0% lower from 2024 levels, at $1,866 per vessel per day.
Depreciation and amortization totaled $170 million, compared with $160 million in 2024, driven by the continuous addition of newer and larger vessel classes to the fleet.
Total debt obligations at the end of 2025 stood at $1.9 billion, from $1.7 billion in 2024, as a result of new vessel financings and various refinancings at competitive terms. Interest and finance costs for the twelve-months of 2025 were at $97.8 million, $14.3 million lower from the 2024 corresponding period and generally in line with the decline in global interest rates. Interest income was $10.5 million.
As of December 31, 2025, TEN’s cash position stood at a solid $298 million, after $184 million in scheduled principal payments, $190 million in yard predelivery installments and capitalized expenses, and $27.0 million in preferred share dividend payments during 2025.
Q4 2025 SUMMARY RESULTS
In the fourth quarter of 2025, with an identical number of vessels in operation as in the fourth quarter of 2024, (62), TEN’s gross revenues reached $222.1 million from $188.3 million in the corresponding 2024 period, while operating income almost doubled from the fourth quarter of 2024 and settled at $81.2 million. Neither of these fourth quarters had any capital gains or losses from vessel sales.
Net income in the fourth quarter of 2025 experienced a threefold increase from the fourth quarter of 2024 to $58.0 million, translating to $1.70 per share, compared with $0.42 per share in the fourth quarter of 2024; an increase of approximately $40.0 million.
Preferred dividends for the fourth quarter of 2025 were $6.8 million, unchanged from the fourth quarter of 2024.
Adjusted EBITDA for the fourth quarter of 2025 was $127.6 million from $85.6 million in last year’s fourth quarter, representing an increase of $42 million or 49%.
Fleet utilization during the fourth quarter of 2025 was 97.7% from 93.3% in the fourth quarter of 2024 with only two vessels undergoing scheduled dry dockings during that period.
Average TCE per vessel per day in the fourth quarter of 2025 was $36,300, representing a 20.6% increase from the fourth quarter of 2024 level, reflecting the continuous strength of both spot and term rates in the market during the quarter.
Voyage expenses during the 2025 fourth quarter were $26.8 million from $34.4 million in the fourth quarter of 2024, representing a $7.6 million decrease
Operating expenses per vessel per day in the fourth quarter of 2025 were $10,558, due to various repairs, maintenance works and required spares.
Depreciation and amortization expenses amounted to $44.4 million during the 2025 fourth quarter, in line with the continuous addition of newer and larger vessel classes to the fleet.
SUBSEQUENT EVENTS
On January 12 and February 12, 2026, the new-building MR product tankers, Delos T and Dion were delivered to the Company and chartered for up to twelve-months at accretive rates, to major European energy concerns.
On January 22, 2026, following the timely order of three VLCC’s in Q4 2025, the Company signed a Memorandum of Agreement for the sale of the 2016-built VLCC Ulysses to third parties, with delivery to the buyers end May 2026. From this sale TEN expects to generate about $82 million of free cash.
On February 25, 2026, TEN signed a newbuilding contract with Hyundai Heavy Industries of South Korea for the construction of up to two vessels, 174,000cmb LNG carrier propelled by WINGD engines, with expected delivery in the third quarter of 2028.
CORPORATE AFFAIRS – COMMON SHARE DIVIDEND
Following the $0.50 dividend paid to holders of common stock on February 19, 2026, management will announce in Q2 the dividend for payment in July 2026.
Since the Company’s NYSE listing in 2002, TEN has consistently demonstrated its commitment to rewarding long-standing shareholders, having distributed over $952 million in common and preferred share dividends.
CORPORATE STRATEGY
The strength in the tanker markets, propelled by the ongoing geopolitical events around the globe, has led to historical high rates and TEN is a main beneficiary with 22 vessels taking advantage of the spot markets. In this environment, TEN is also making the most of high second- hand prices by di-investing some of its first-generation vessels for significant capital gains, whilst replacing them with timely new building orders of LNG and VLCCs.
“TEN is maintaining its steady course of dynamic fleet modernization, cash generation and growing market share for its top tier clients,” stated Mr. George Saroglou, President & COO of TEN. “As we navigate these market defining times, we remain confident that TEN will further reward shareholders with increased dividends and value appreciation going forward,” Mr. Saroglou concluded.
TEN’s CURRENT NEWBUILDING PROGRAM
#
Name
Type
Delivery (exp)
Status
Employment
CONVENTIONAL TANKERS
1
Dr Irene Tsakos
Suezmax – Scrubber Fitted
Q2 2025
DELIVERED
Yes
2
Silia T
Suezmax – Scrubber Fitted
Q4 2025
DELIVERED
Yes
3
Delos T
MR – Scrubber Fitted
Q1 2026
DELIVERED
Yes
4
Dion
MR – Scrubber Fitted
Q1 2026
DELIVERED
Yes
5
TBN
Panamax LR1 – Scrubber Fitted
Q2 2027
Under Construction
TBA
6
TBN
Panamax LR1 – Scrubber Fitted
Q3 2027
Under Construction
TBA
7
TBN
Panamax LR1 – Scrubber Fitted
Q4 2027
Under Construction
TBA
8
TBN
VLCC – Scrubber Fitted
Q4 2027
Under Construction
TBA
9
TBN
VLCC – Scrubber Fitted
Q1 2028
Under Construction
TBA
10
TBN
VLCC – Scrubber Fitted
Q2 2028
Under Construction
TBA
11
TBN
Panamax LR1 – Scrubber Fitted
Q3 2028
Under Construction
TBA
12
TBN
Panamax LR1 – Scrubber Fitted
Q3 2028
Under Construction
TBA
SHUTTLE TANKERS
13
Athens 04
DP2 Shuttle Tanker
Q2 2025
DELIVERED
Yes
14
Paris 24
DP2 Shuttle Tanker
Q3 2025
DELIVERED
Yes
15
Anfield
DP2 Shuttle Tanker
Q3 2026
Under Construction
Yes
16
Ipanemas DP
DP2 Shuttle Tanker
Q3 2027
Under Construction
Yes
17
Copa DP
DP2 Shuttle Tanker
Q4 2027
Under Construction
Yes
18
Selecao DP
DP2 Shuttle Tanker
Q1 2028
Under Construction
Yes
19
Maracana DP
DP2 Shuttle Tanker
Q2 2028
Under Construction
Yes
20
Leblon DP
DP2 Shuttle Tanker
Q3 2028
Under Construction
Yes
21
TBN
DP2 Shuttle Tanker
Q3 2028
Under Construction
Yes
22
TBN
DP2 Shuttle Tanker
Q4 2028
Under Construction
Yes
23
TBN
DP2 Shuttle Tanker
Q4 2028
Under Construction
Yes
24
TBN
DP2 Shuttle Tanker
Q4 2028
Under Construction
Yes
LNG CARRIERS
25
TBN
LNG Carrier
Q3 2028
Under Construction
TBA
26
TBN
LNG Carrier
Q1 2029
Optional Vessel
TBA
TEN Ltd. Receives Best Deal of the Year Award at the 2025 Lloyds List Greek Shipping Awards
TEN Ltd. (NYSE: TEN) (“TEN” or the “Company”), a leading diversified crude, product and LNG tanker operator, announced that it has received the ‘Best Deal’ Award in recognition of its landmark expansion into the shuttle tanker space. With a pro-forma fleet of 16 vessels, 10 of which are currently being constructed in South Korea, TEN has over the recent past become one of the largest shuttle tanker owners in the world with current revenue backlog of approximately $3.0 billion.
The annual event which took place on December 5, 2025, included a select group of high-caliber industry leaders, executives, and stakeholders. Mr. George Saroglou, President and COO and Mr. Panagiotis Tsakos Jr. accepted the award on behalf of the Company. TEN’s counterparties, and its seafarers underscore the collective commitment, dedication, and excellence that define the organization’s longstanding industry presence and performance.
TEN, Ltd. Reports Profits for the Nine Months and Third Quarter Ended September 30, 2025
TEN has reported results (unaudited) for the nine months and third quarter ended September 30, 2025.
NINE MONTHS 2025 SUMMARY RESULTS
TEN’s fleet generated $577 million in gross revenues resulting in approx. $171 million in operating income inclusive of $12.5 million in capital gains from the sale of four older vessels.
The net income for the first nine months of 2025 was $103 million or $2.75 per share.
Adjusted EBITDA for the first nine months of 2025 was $289 million.
Fleet utilization in the first nine months of 2025 increased to 96.2% from 92.2% in the corresponding period of 2024 due to the aforementioned recalibration of fleet employment.
The average Time Charter Equivalent (TCE) per vessel per day for the nine months of 2025 remained at a solid $30,703.
Total operating expenses per vessel per day, however, remained competitive at $9,797.
Depreciation and amortization totaled $125.6 million, reflecting the continuous addition of newer and larger vessel classes to the fleet.
Total debt obligations at the end of the 2025 nine-months stood at $1.9 billion.
Interest and finance costs for the nine-months of 2025 were $15 million lower from the 2024 corresponding period, at $72.7 million principally due to lower global interest rates.
At the end of September 2025, TEN’s cash position stood at a healthy $264.3 million after $134.6 million in scheduled principal payments, $178 million in yard predelivery installments and capitalized expenses and $20.3 million in preferred share dividend payments during the first nine months of 2025.
Q3 2025 SUMMARY RESULTS
In the third quarter of 2025, TEN’s gross revenues reached $186.2 million while operating income, after $9 million in gains from the sale of three older vessels, was at $60.5 million.
Net income in the third quarter of 2025 increased to $38.3 million translating to $1.05 per share from $26.5 million and $0.67 per share in the third quarter of 2024. A $11.8 million increase.
Preferred dividends for the third quarter of 2025 were $6.8 million, identical to the levels of the 2024 third quarter.
Adjusted EBITDA for the third quarter of 2025 was at $95.6 million.
Fleet utilization during the third quarter of 2025 was 95%.
Average TCE per vessel per day in the third quarter of 2025 was $30,601.
Operating expenses per vessel per day in the third quarter of 2025 remained at a competitive $9,904, the result of efficient vessel management by TEN’s technical managers.
General and administrative expenses in the third quarter of 2025 experienced a $5.0 million drop from the 2024 third quarter levels and settled at $9.2 million.
Depreciation and amortization expenses during the third quarter of 2025 were in line with the continuous addition of newer and larger vessel classes to the fleet at $42.4 million.
SUBSEQUENT EVENTS
On October 1, 2025, TEN took delivery, from HD Hyundai Heavy Industries of South Korea, of the eco scrubber suezmax tanker Silia T which simultaneously entered a minimum three-year employment to a major US oil concern.
On October 24, 2025, Nikolas P. Tsakos, Founder & CEO of TEN was honored at the annual “Chrysanthemum Ball” Gala in New York, a leading social and philanthropic event. This year’s event paid tribute to Mr. Tsakos’s enduring contribution to the global maritime industry and his lifelong dedication to philanthropy, education, and community welfare.
In November 2025, TEN extended for a minimum two years, its VLCC Dias to a US major concern with an accretive minimum rate and profit-sharing features.
CORPORATE AFFAIRS – COMMON SHARE DIVIDEND
The Company’s Board of Directors approved a dividend distribution to holders of TEN’s common stock of $1.00 per share, $0.50 of which to be paid on December 19, 2025 to shareholders of record as of December 15, 2025, and $0.50 on February 19, 2026 to shareholders of record as of February 11, 2026.
On July 18, 2025, TEN paid a dividend of $0.60 per share to common shareholders.
Since the Company’s NYSE listing in 2002, TEN has consistently demonstrated its commitment to reward long-standing shareholders, having distributed over $945 million in common and preferred share dividends.
CORPORATE STRATEGY
The first nine months of the year have been marked by the turmoil created by tariffs and trade restrictions. The rising global oil demand, low inventories, increasing geopolitical tensions and the uncertainty created by the IMO delayed decision, has further strengthened freight rates and asset prices.
In this exciting environment, TEN continues to navigate steadily, safely and increasingly profitably. With growing interest from oil majors for long-term contracts at attractive rates, management is pursuing fixtures that offer cash flow visibility and upside potential.
“With a fleet value in excess of $6 billion including an aggressive new-building program, TEN is increasing its critical mass in the areas it operates as it divests from its first-generation assets,” Mr. George Saroglou, President & COO, commented. “With 62 vessels in the water and 20 under construction, many on long-term employment to major oil concerns, TEN will continue to provide an attractive proposition to those looking to participate in the energy transportation universe going forward,” Mr. Saroglou concluded.
TEN’s CURRENT NEWBUILDING PROGRAM
#
Name
Type
Delivery (exp)
Status
Employment
CONVENTIONAL TANKERS
1
Dr Irene Tsakos
Suezmax – Scrubber Fitted
Q2 2025
DELIVERED
Yes
2
Silia T
Suezmax – Scrubber Fitted
Q4 2025
DELIVERED
Yes
3
Delos T
MR – Scrubber Fitted
Q1 2026
Under Construction
TBA
4
Dilon
MR – Scrubber Fitted
Q1 2026
Under Construction
TBA
5
TBN
Panamax LR1 – Scrubber Fitted
Q2 2027
Under Construction
TBA
6
TBN
Panamax LR1 – Scrubber Fitted
Q3 2027
Under Construction
TBA
7
TBN
Panamax LR1 – Scrubber Fitted
Q4 2027
Under Construction
TBA
8
TBN
VLCC – Scrubber Fitted
Q4 2027
Under Construction
TBA
9
TBN
VLCC – Scrubber Fitted
Q1 2028
Under Construction
TBA
10
TBN
VLCC – Scrubber Fitted
Q2 2028
Under Construction
TBA
11
TBN
Panamax LR1 – Scrubber Fitted
Q3 2028
Under Construction
TBA
12
TBN
Panamax LR1 – Scrubber Fitted
Q3 2028
Under Construction
TBA
SHUTTLE TANKERS
13
Athens 04
DP2 Shuttle Tanker
Q2 2025
DELIVERED
Yes
14
Paris 24
DP2 Shuttle Tanker
Q3 2025
DELIVERED
Yes
15
Anfield
DP2 Shuttle Tanker
Q3 2026
Under Construction
Yes
16
TBN
DP2 Shuttle Tanker
Q3 2027
Under Construction
Yes
17
TBN
DP2 Shuttle Tanker
Q4 2027
Under Construction
Yes
18
TBN
DP2 Shuttle Tanker
Q1 2028
Under Construction
Yes
19
TBN
DP2 Shuttle Tanker
Q2 2028
Under Construction
Yes
20
TBN
DP2 Shuttle Tanker
Q3 2028
Under Construction
Yes
21
TBN
DP2 Shuttle Tanker
Q3 2028
Under Construction
Yes
22
TBN
DP2 Shuttle Tanker
Q4 2028
Under Construction
Yes
23
TBN
DP2 Shuttle Tanker
Q4 2028
Under Construction
Yes
24
TBN
DP2 Shuttle Tanker
Q4 2028
Under Construction
Yes
Ten, Ltd. Reports profits for the second quarter and first half of 2025
TEN, Ltd (TEN) (NYSE: TEN) (the “Company”) has reported results (unaudited) for the six months and the second quarter ended June 30, 2025.
FIRST HALF 2025 SUMMARY RESULTS
TEN’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 RESULTS
TEN’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 – DIVIDEND
In 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 STRATEGY
The 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 longterm 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.
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Euroseas Ltd. Announces Time Charter Contract for its Fuel-Efficient 2,800 teu Feeder Containership, M/V Tender Soul, to be delivered in February 2024
Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced it has entered into a time charter contract for M/V TENDER SOUL, a newbuilding fuel-efficient 2,800 teu feeder containership currently under construction, for a minimum period of eight to a maximum period of ten months at the option of the charterer, at a gross daily rate of $17,000. The new charter will commence within February 2024, upon delivery of the vessel from the shipyard.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that we have chartered our upcoming newbuilding vessel, the third in a series of nine, with one of the largest liner companies, at a profitable rate level in a period when new vessel deliveries are at a historical high and, as a result, containership rates are under pressure. This charter is expected to contribute about $2.4 million of EBITDA for the minimum contracted period; it boosts our 2024 charter coverage to about 70%. “We continue working in chartering out the remaining of our newbuildings and completing their debt financing arrangements. Our strong cash position and contracted cash flow provide us with comfort and flexibility in not only funding the equity portion of our newbuilding program but also continuing to return funds to our shareholders via dividends and share buybacks.”
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TEN Ltd. Reports Record Profits for Fourth Quarter and Year-End 2022 and Declares Annual Dividend of $0.60 Per Common Share
TEN, Ltd. (TEN) reports results (unaudited) for the fourth quarter and the year ended December 31, 2022.
FINANCIAL RESULTS FOR THE YEAR 2022
Positive market fundamentals and the ongoing geopolitical events have maintained a strong market throughout 2022 and have resulted in TEN’s fleet generating $860 million of voyage revenues or $314 million higher than in 2021. With total expenses at just 4% higher from the 2021 level, the resulting operating income for 2022 was $256 million or $290 million better than the prior year level.
In line with the above trend, net income climbed to $204.2 million or $6.02 per share.
With an almost identical average number of vessels as in 2021, roughly 66, the average daily Time Charter Equivalent (TCE) per vessel for 2022 averaged $30,399, 78% higher than the 2021 average of $17,037.
Fleet operating expenses experienced inflation related pressures, primarily in crew, insurances and lubricant costs amounting to about 10%, which were absorbed by the positive cash flow generated by revenues and by other sources of cash, including redemption of interest rate swaps.
Daily operating expenses per vessel remained competitive at $8,467.
Voyage expenses in 2022 increased correspondingly as a significant number of vessels continued to operate in the spot market, in order to benefit from the strong rates at a cost of higher global bunker prices.
Depreciation and amortization were somewhat lower compared to 2021 at $141 million. There were no material non-cash impairment charges in 2022, unlike 2021 where such charges amounted to $86.4 million.
Interest and finance costs increased by about $19million as a result of global interest rates increases necessary to tackle the impact of inflation.
Adjusted EBITDA in the year amounted to about $396 million, resulting in a 240% increase compared to the $115 million Adjusted EBIDTA of 2021.
FINANCIAL RESULTS FOR THE FOURTH QUARTER OF 2022
In the 2022 fourth quarter, with essentially the same number of vessels as the 2021 fourth quarter, TEN generated voyage revenues of $270 million, almost doubling the revenues generated in the 2021 fourth quarter.
Operating income in the fourth quarter of 2022 amounted to $122.4 million, compared to an operating loss of $6.5 million in the fourth quarter of 2021, which excludes an impairment charge of $86.4 million in the 2021 period.
Net income attributable to TEN in the fourth quarter of 2022 amounted to $101.1 million, or $3.17 per share, the company’s best quarter since its inception in 1993.
Adjusted EBITDA for the fourth quarter 2022 was $159.4 million, nearly an increase of 450% from the comparable quarter in 2021, assisting in the considerable accumulation of free cash on the balance sheet.
Interest and finance costs increased by about $12.2 million principally due to the rally in global interest rates and the new debt raised towards the end of 2022 for the acquisition of the 2020-built scrubber-fitted VLCC Dias I.
The average daily Time Charter Equivalent (TCE) rate per vessel in the fleet reached $39,776 a 135% increase over the 2021 fourth quarter which stood at $16,891.
DIVIDEND – CORPORATE AFFAIRS
The Company will pay an annual dividend of $0.60 per common share, 50% of which will be paid in June 2023 and 50% in December 2023. This will bring the total dividend amount paid since the NYSE listing in 2002 to over $500 million.
During the fourth quarter of 2022, the Company issued 569,207 common shares through its ATM program for net proceeds of $10.4 million. As of December 31, 2022, there were outstanding 29,505,603 common shares and 15,010,155 NYSE-listed preferred shares.
SUBSEQUENT EVENTS
In the first quarter of 2023, TEN sold six 2005-built MR and two 2007-built Handysize tankers on an en-bloc basis to third party interests and generated $117 million of free cash after repaying related debt. A capital gain of $80.4 million from these sales will be recorded in the first quarter of 2023.
In February 2023, TEN repurchased two 2005-built Suezmax tankers that were under sale-and-leaseback agreements, the Eurochampion 2004 and Euronike, for a price that is today well under their fair market value. Currently these vessels operate in the strong spot market and management is actively exploring opportunities.
In December 2022 and January 2023, the Company placed orders for the construction of two scrubber-fitted environmentally designed Suezmax tankers in South Korea with expected delivery in 2025. Management is in discussions with various high-end charterers to employ the vessels on long-term contracts upon delivery.
In March 2023, the 2016-built LNG carrier Maria Energy was fixed for a minimum of 12-years to a leading Asian natural gas operator at a rate reflective of current market conditions in the LNG sector. The vessel is expected to be delivered to her new charterer upon completion of the existing contract in April 2026 and is expected to generate a minimum of $350 million in gross revenues.
STRATEGY & OUTLOOK
In what has been TEN’s 20th anniversary year on NYSE, ie. TEN@20, long-term market fundamentals and geopolitical events have resulted in very strong rates for our diversified fleet. This has resulted to a record year and positive forward-looking prospects for 2023.
The first quarter of 2023 has been the most active sales & purchase period since the Company’s inception in 1993 and proves that TEN moves swiftly when opportunities arise in order to maintain the modernity of its fleet. Following the sale of eight vessels, with an average age of 17 years, the Company is renewing its fleet with an active newbuilding program in South Korean yards with four dual-fuel LNG Aframaxes, two DP2 shuttle tankers and two Suezmaxes for deliveries starting in the third quarter of 2023.
With Chinese oil imports anticipated to reach and possibly surpass the pre-Covid levels of 10.8mbpd and oil consumption expected by many analysts to expand significantly in 2023, the strength of the current oil market, enhanced by geopolitical events and additional ton miles, seems to be on solid foundations going forward. The tanker sector is set to be a prime beneficiary of this trend as the orderbook stands at just 4% of the existing global fleet, of which 35% is over 15 years of age making these vessels less attractive to high-end oil concerns particularly for longer-term contracts.
In this market environment, TEN continues its proven model of a diversified fleet with spot and profit-sharing arrangements serving first class clients, that has secured its successful growth and uninterrupted dividend distributions since inception.
Healthy cash reserves will remain an important element of the Company’s strategy going forward and management will assess ways to reward shareholders by efficiently utilizing its strong and healthy liquidity.
“Having a record year on our 20th anniversary on the New York Stock Exchange, we look forward for even better days as we celebrate TEN@30, thirty years since our establishment back in 1993”, Mr George Saroglou, Chief Operating Officer of TEN commented.
TEN Ltd. Declares Dividend on its Series D and Series E Cumulative Perpetual Preferred Shares
TEN Ltd., a leading diversified crude, product and LNG tanker operator, today announced that its Board of Directors declared the regular quarterly cash dividend of $0.546875 per share for its Series D Cumulative Perpetual Preferred Shares (the “Series D Preferred Shares”; NYSE; TNPPRD) and the regular quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the “Series E Preferred Shares”; NYSE; TNPPRE).
The dividend on the Series D and Series E is for the period from the most recent dividend payment date of May 28, 2022 through August 27, 2022.
The dividend on the Series D and E Preferred Shares will be paid on August 29, 2022 to all holders of record of Series D and E Preferred Shares as of August 24, 2022. Dividends on the Series D and E Preferred Shares are payable quarterly in arrears on the 28th day (unless the 28th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of February, May, August and November of each year, when, as and if declared by TEN’s board of directors. This is the 29th dividend on the Series D and the 22nd dividend on the Series E since their commencement of trading on the New York Stock Exchange.
TEN has 3,517,061 Series D and 4,745,947 Series E Preferred Shares outstanding as of the date of this press release.