TEN, Ltd. Reports Profits for First Quarter 2026 and Declares Second Semi-Annual Common Share Dividend of $1.00

160% increase from Q1 2025 – Net income at $89 million ($2.72 p.s. v. $1.04 p.s.) 

$154 million EBITDA - 55% over Q1 2025

Highest dividend distribution in 10 years - a 36% increase from 2025
Total dividends to be paid exceed $1 billion since NYSE stock listing

22 vessel new building program on schedule, totaling 3 million dwt

Total fleet contracted revenue backlog in excess of $3.5 billion

TEN’s vessel performs breakthrough operation in the E. Mediterranean

Tanker market fundamentals remain solid

ATHENS, Greece, May 21, 2026 (GLOBE NEWSWIRE) -- TEN, Ltd (“TEN”) (NYSE: TEN) (or the “Company”) today reported results (unaudited) for the quarter ended March 31, 2026.

Q1 2026 SUMMARY RESULTS
During the first quarter of 2026, TEN generated gross revenues of $253.0 million and operating income of $110.0 million, compared to $197.1 million and $60.6 million during the 2025 first quarter, respectively, which included a gain of $3.5 million from vessel sales.

Net income for the first quarter of 2026 was $89.0 million equating to $2.72 in earnings per share, compared to $37.7 million and $1.04, respectively, in the first quarter of 2025, a 160% increase.

Adjusted EBITDA for the first quarter of 2026 reached $154.0 million up from $99.3 million in the 2025 first quarter representing a 55% increase.

Average fleet utilization in the first quarter of 2026 increased to 98.3% from 97.2% in the corresponding period of 2025.

Time charter equivalent earnings (TCE), reflecting the strength of the tanker markets and the new rates secured through contract renewals, reached $40,960 per vessel per day.

Vessel operating expenses for the first quarter of 2026 totaled $53.3 million, just $3.7 million higher from the 2025 first quarter, primarily reflecting the slight increase in vessel size over the two quarter periods. Supported by the continued efforts of our technical managers and the modernity of our fleet, daily operating expenses per vessel remained competitive at $9,952, notwithstanding the larger vessel mix compared to the first quarter of 2025.

Voyage expenses declined by $6.2 million from the 2025 first quarter to $29.8 million, representing a 17% decrease.

Depreciation and amortization combined in the first quarter of 2026 were at $44.1 million, reflecting the continued modernization and expansion, consistent with the Company’s ongoing strategy to maintain a versatile and up-to-date fleet to meet its clients’ long-term needs.

During the first quarter of 2026, associated interest costs, due to the lower interest rate environment and refinancings at lower spreads, were $20.7 million, $3.2 million less from the 2025 first quarter.

Interest income during the first quarter of 2026 amounted to $2.2 million, almost identical to 2025 first quarter levels.

As of March 31, 2026, the Company’s cash reserves remained solid at about $321.4 million.

SUBSEQUENT EVENTS
On April 7, 2026, TEN agreed to repurchase two of its 2007-built suezmax tankers, currently operating under five-year leases at prices below current fair market value.

On April 23, 2026, TEN announced the employment extension of up to five years for two 2013-built DP2 Shuttle tankers, in direct continuation of their existing charters. The new charters are at an increased rate and are set to commence upon expiration of the vessels current employment, in the second half of 2028. They are expected to generate more than $200 million in gross revenues.

On April 28, 2026, TEN’s vessel “Asahi Princess” completed a breakthrough and challenging operation, loading a full aframax cargo by road trucks, establishing a new energy route in the Mediterranean.

On May 20, 2026, the Company completed the sale of a 10-year-old VLCC to third party interests. From the sale, TEN generated about $83 million in free cash after repayment of existing debt.  

CORPORATE AFFAIRS – COMMON STOCK DIVIDEND
In July 2026, TEN will distribute its second semi-annual dividend of $1.00 per share to common shareholders, with payment and record dates to be announced in due course, bringing aggregate common dividends in calendar year 2026 to $1.50 per share, compared to $1.10 per share in calendar 2025, marking a 36% increase - the highest dividend in more than 10 years. TEN will have distributed over $1billion in cumulative common and preferred share dividends, since its New York listing in 2002.

CORPORATE STRATEGY
TEN is maintaining its steady course in the most turbulent geopolitical environment in recent memory. The year started with the developments in Venezuela and escalated with the Strait of Hormuz closure and turmoil in the Middle East.

However, the first quarter results are mainly based on strong market fundamentals, increased energy demand and balanced tonnage supply. Since March, geopolitical events have significantly added to the market’s strength.

With approximately 5.5% of the global tanker fleet still stranded in the Persian Gulf, effectively tightening global vessel availability further, Asian and Indian refiners, the ones mostly impacted by the standoff and the US naval blockade, have increasingly commenced sourcing barrels from alternative exporters primarily in the Atlantic basin adding ton-miles, to an already stretched, international seaborne oil trade.

On top of this new paradigm, more compliant tankers are expected to be deployed on previously sanctioned voyages particularly from Venezuela and to some extent Russia, commonly performed by vessels operating in the “dark fleet”, thereby further deducting compliant vessel capacity from the market, providing as a result additional support to rates and asset prices.

Against this backdrop, TEN remains committed to meeting the long-term needs of its clients and will continue to place vessels on long-term contracts at currently attractive rates, a trait that has characterized TEN over the years. On the other hand, a sizeable portion of the fleet will remain active in short-term trades and profit-sharing contracts positioning TEN to take advantage of the very strong market currently in evidence in the spot market.

“TEN’s diversified fleet is and will continue to further benefit from the unprecedented market dislocation. With 26 environmentally friendly new vessels, of which four are already delivered, TEN is combining size, quality, stability and growth going forward in order to increasingly reward its’ shareholders,” stated Mr. George Saroglou, President of TEN. “Over the years, TEN has consistently demonstrated that it can deliver solid results and reward shareholders. Our contracted revenue backlog of $3.6 billion, the quality of our counterparties and the healthy cash reserves on the balance sheet, should allow us to follow this model going forward,” Mr. Saroglou concluded.

TEN’s CURRENT NEWBUILDING PROGRAM

ABOUT TEN LTD. 
Founded in 1993 and celebrating 33 years as a public company, TEN is one of the first and most established public shipping companies in the world. TEN's diversified energy fleet currently consists of 83 vessels, including ten DP2 shuttle tankers, three VLCCs, five scrubber-fitted LR1 tankers and one LNG carrier under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approx. 11 million dwt.

FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Conference Call Details:

As announced previously, today, Thursday, May 21, 2026, at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877- 405- 1226 (US Toll-Free Dial In) or +1 201-689-7823 (US and Standard International Dial In). Please quote “Tsakos” to the operator and/or conference ID 13760496.
Click here for additional participant International Toll-Free access numbers.

Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away.  Click here for the call me option.

Simultaneous Slides and Audio Webcast:
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.tenn.gr and click on Webcasts & Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

For further information, please contact:

Tsakos Energy Navigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
gsaroglou@tenn.gr

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis/ Markella Kara
+212 661 7566
ten@capitallink.com