Tsakos Energy Navigation reports $161M profit on tanker strength

Tsakos Energy Navigation (NYSE:TEN) posted a sharp rise in full-year profitability for 2025, as the Greek tanker major capitalized on high fleet utilization and a strategic push into the LNG and specialized vessel markets.

TEN reported on March 6, 2026, that gross revenues for the 2025 fiscal year reached $800 million, resulting in a net income of $161 million, or $4.45 per diluted share.

The results were underscored by a robust fourth quarter, where net income climbed to $58 million and adjusted EBITDA reached $127.6 million, a 49% increase compared to the fourth quarter of 2024.

The company’s performance was driven by a fleet utilization rate that strengthened to 96.6% for the year, supported by a diverse mix of spot market exposure and long-term charters.

Average Time Charter Equivalent (TCE) rates for the fourth quarter rose to $36,300 per day, a 20.6% year-over-year improvement reflecting the sustained tightness in global energy transportation markets.

Parallel to its financial performance, TEN continued a multi-year fleet renewal program.

The company recently took delivery of the MR product tankers Delos T and Dion in early 2026 and signed a significant newbuilding contract with Hyundai Heavy Industries for two 174,000 cbm LNG carriers.

To further optimize its balance sheet, TEN expects to generate approximately $82 million in free cash from the sale of the 2016-built VLCC Ulysses, scheduled for delivery to its new owners in May 2026.

TEN concluded the year with a cash position of $298 million and total debt of $1.9 billion.