Sep 10, 2026 earnings call — Record results, fleet renewal, and profit-sharing gains
First half net income reached $228 million, a 253% increase from last year.
Revenue $0.2B (est $0.2B) · EPS $3.14 (est $2.93)
Key quotes
"We have already taken delivery of 7 of those ships, and the valuation of those ships has already increased by at least 30%."
"Right now, charterers are there to take anything which is 10 years or younger for up to 7 years and their appetite."
"I want to emphasize this because during the calendar year 2026, we paid dividends of $0.60 and $1 for a total of $1.60 per share."
Analyst Q&A 4
Profit-sharing, asset sales, new builds
Q (Poe Fratt · Alliance Global Partners): Analyst asked to confirm the second-quarter profit-sharing amount, the outlook for profit-sharing in the second half, what gains came from August asset sales, and the company's appetite for new builds over the next 12 months.
A: Management said first-half profit-sharing in 2026 was $71 million and second-quarter profit-sharing was $30.5 million. They expect a significant increase in profit-sharing in the second half after renegotiated higher minimums, noting 13 vessels now on profit-sharing, including seven Suezmaxes and two VLs. Management also said the company has a 26-vessel new-building program costing $3.2 billion, with 19 deliveries still to take and three VLs coming.
"In the second quarter of 2026, it was $30.5 million. Correct." — Harrys Kosmatos (CFO)
Dividends and preferred buyback
Q (Climent Molins · Value Investor's Edge): Analyst asked whether management will use asset-sale proceeds for supplemental dividends or increase regular dividends, and whether the company would move to quarterly payments. He also asked about taking out the perpetual preferred.
A: Management said they intend to significantly increase rewards to shareholders and are looking forward to a dividend announcement after their strategy meeting in November. They said special dividends complicate analyst expectations, so they prefer raising the normal semi-annual dividend. They also said taking out the $120 million perpetual preferred at 9.25% is being considered and would add anywhere between $0.30 and $0.40 to the bottom line.
"So we are looking forward for a nice dividend announcement after our strategy meeting in November." — Nikolas Tsakos (CEO)
Question closure
Q (Climent Molins · Value Investor's Edge): Operator asked if that completed the analyst's questions.
A: The analyst confirmed the questions were complete; there was no management answer in this brief exchange.
Carving out long-term ships
Q (Poe Fratt · Alliance Global Partners): Analyst asked for an update on plans to restructure or carve out shuttle tankers or other long-term chartered assets.
A: Management said the company has never restructured in 33 years and prefers to call any change "replanning." They said they might consider, near the end of the new-building program, carving out a small part of the long-term fleet of about 20 vessels but that any such plan would keep those ships within TEN, with TEN maintaining at least 60%–70% of the fleet.
"We will not reduce the size of the fleet. We might consider, again, closer to the end of our new building program, to carve out a small part of our fixed, I would say, the long-term fleet, about 20 vessels, but within TEN." — Nikolas Tsakos (CEO)