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Tsakos Energy Navigation Ltd (TEN) (NYSE: TEN) reported record first-half financial results for the period ended June 30, 2026, on September 10, 2026, with gross revenue, net income and adjusted EBITDA all surpassing year-earlier levels. The fleet generated record gross revenues of $551.4 million, an increase of $161.0 million from the first half of 2025.
Net income reached $228.1 million, which includes $38 million in capital gains, equivalent to $7.12 per share against $1.70 a year earlier, an increase of 318%. Adjusted EBITDA came to $324.1 million, up from $193.2 million in the corresponding period.
Gross revenues reached $298.4 million in the second quarter of 2026, up $105.1 million or 54% year on year. Net income came to $139.3 million, inclusive of the capital gains, or $4.40 per share against $0.67 in the second quarter of 2025. Adjusted EBITDA rose 81% to $170.4 million.
Higher Rates, Steady Utilization, Contained Cost Growth
The average TCE rate per vessel per day reached $46,100 in the second quarter 2026, a 50% increase, while fleet utilization remained strong at 95%. Over the first half of 2026, the TCE rate came to $43,503 per day against $30,754, a rise of 41%, and utilization held at 96.5%, unchanged from the first half of 2025.
Profit sharing arrangements contributed $71 million of revenue during the first half of 2026, a sharp rise from $10 million in the prior-year period. The increase was achieved despite fewer operating days under market-related contracts, as time available days under fixed-rate time charters rose over the comparison.
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