Tsakos Energy Navigation reported a surge in its first-quarter earnings, driven by strong tanker market fundamentals and high energy demand. Net income for the quarter ended March 31, 2026, rose to $89 million from $37.7 million in the corresponding period of 2025.
During the quarter, TEN generated gross revenues of $253 million and operating income of $110 million, compared to $197.1 million and $60.6 million respectively in the first quarter of 2025. Average fleet utilisation increased to 98.3 per cent.
Vessel operating expenses for the quarter grew to $53.3 million, which TEN attributed to a slight increase in vessel size. In contrast, voyage expenses declined by 17 per cent to $29.8 million, representing a drop of $6.2 million compared to the same period in 2025.
Subsequent to the quarter, TEN agreed on April 7 to repurchase two Suezmax tankers built in 2007 that are currently operating under five-year leases. The company also announced on April 23 the employment extension of up to five years for two shuttle tankers built in 2013, which are projected to generate more than $200 million in gross revenues.
TEN subsequently completed the sale of a 10-year-old very large crude carrier on May 20, generating approximately $83 million in free cash after repaying outstanding debt.
George Saroglou, President of TEN, stated that the company possesses a contracted revenue backlog of $3.6 billion and healthy cash reserves. He added that its diversified fleet continues to benefit from market dislocations.