Athens-based shipping company Tsakos Energy Navigation (TEN) reported its financial results for the second quarter and first half of 2025, announcing a profit of $64.5 million for the six months ending June 30.
The company attributed this performance to strong tanker market fundamentals and the company's strategic fleet renewal program.
For the first half of 2025, TEN's fleet generated $390.4 million in gross revenues, leading to an operating income of approximately $111 million.
The company's fleet utilization increased to 96.9 per cent, driven by a higher number of vessels under long-term contracts and fewer vessels undergoing dry-docking maintenance.
The average daily time charter equivalent (TCE) for the period remained healthy at $30,754.
In the second quarter alone, TEN’s gross revenues reached $193.3 million, with a net income of $26.8 million. The company said its robust fleet management resulted in competitive operating expenses per vessel per day, which were $9,982 for the quarter, only a modest increase from the same period in 2024.
A key part of the company's strategy is its ongoing fleet renewal. Subsequent to the second quarter, TEN placed an order for three new VLCCs in South Korea, with a delivery schedule in 2027 and 2028.
TEN said this move helped rebalance the company's presence in the larger crude carrier sector. Additionally, TEN sold three older vessels, adding a $9 million capital gain to its third-quarter financials and increasing its cash reserves.
The company noted that its strategic approach is aimed at long-term value creation. According to President and COO George Saroglou, the fleet is operating at "near full capacity" and has secured a minimum of $3.7 billion in forward earnings.
