# TEN-PE earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/TEN-PE) · [Earnings tab](https://www.lopjlb.com/stock/TEN-PE?tab=earnings)

Updated: 2026-09-10T05:59:31

Quarters analyzed: 8

## Cross-quarter narrative

Across 8 calls for TEN-PE, management tone moved from +0.70 (2024 Q2) to +0.70 (2026 Q1). Latest guidance stance: vague. Latest desk line: TEN reported a strong Q1 2026 with record revenues, high fleet utilization and continued dividend payouts despite geopolitical disruptions.

## Latest CallCard · Q1

TEN reported a strong Q1 2026 with record revenues, high fleet utilization and continued dividend payouts despite geopolitical disruptions.

**Guidance:** vague — Management expects a stronger second quarter but provided no specific guidance numbers.

**Tone:** mgmt 0.7 · Q&A pressure 0.4 · divergence 0.3

Prepared remarks highlighted a successful, productive quarter, sustainable profitability and strong market fundamentals.

### Demand visibility

Demand driven by strong fundamentals and geopolitical dislocation

Venezuela events, the war in Iran and Hormuz closure increased ton‑miles and shifted trade routes, boosting tanker demand.

### Margins / costs

Model leverages spot‑rate upside and low breakeven costs

All‑in breakeven cost slide shows low cost base; each $1,000/day spot‑rate rise adds $0.13 to EPS; operating expense per ship $9,952/day.

### Capital allocation

> $350 m cash buffer maintained while funding fleet renewal

Sold 18 old vessels, acquired 34 newer, pursuing a 26‑ship newbuilding program and buying assets via sale‑leasebacks at <50% market value.

### Milestones

- **Newbuilding program 26 vessels** [on_track]: Four vessels delivered (2 late last year, 2 early this year)
- **Sale and leaseback of 10‑year‑old VLCC** [delivered]: Agreement to buy until end of July 2‑in‑the‑money 2007‑built Suezmax
- **Option for second LNG newbuild** [new]: Decision expected within the quarter per AGM timing
- **Shuttle tanker deliveries** [delivered]: Athens 04 and Paris 24 taken delivery last year and on long‑term charters
- **Fleet utilization** [on_track]: Reached 98.3% utilization in Q1 2026

### Fears / risks

- **Geopolitical**: Hormuz closure and regional conflicts threaten vessel movements and crew safety
- **Market volatility**: Spot‑rate fluctuations can impact earnings despite profit‑sharing exposure
- **Currency**: A weaker dollar raises euro‑denominated expenses
- **Execution**: Newbuilding program could face shipyard capacity constraints
- **Regulatory/Environmental**: Transition to dual‑fuel and greener vessels requires capital and technology
- **Leverage**: Net debt to capex at 48.4% indicates moderate financial risk
- **Canal transit**: Possible delays on Panama Canal if tensions persist
- **Asset pricing**: Sale‑leaseback purchases at discounted prices may affect future resale value

### Key quotes

> “It's even another time when the TEN model has proved it works in good and in bad markets. That's the way structured. It's been run as a portfolio of vessels rather than a number of individual vessels. This has led to sustainable” — Efstratios‑Georgios Arapoglou

> “We maintain a steady course in the most turbulent geopolitical environment in recent memory.” — George Saroglou

> “If things do not normalize in the next 3 months, we will be seeing more delays also happening on that side, on this canal.” — Nikolas Tsakos

## Quarter one-liners

- **2026 Q1:** TEN reported a strong Q1 2026 with record revenues, high fleet utilization and continued dividend payouts despite geopolitical disruptions.
- **2025 Q4:** —
- **2025 Q3:** TEN reported strong Q3 2025 results with higher utilization, $4bn contracted backlog, dividend payout and a 20‑vessel newbuild program slated to start Q1 2026, while noting geopolitical and market headwinds.
- **2025 Q2:** TEN reports profitable Q2 with $3.7B contracted revenue backlog, fleet renewal via 3+1 VLCCs and 9 shuttle tankers, dividend expected in November, and explores structural options to unlock shareholder value.
- **2025 Q1:** TEN reported solid Q1 earnings with strong charter backlog, fleet renewal and dividend continuity, while noting geopolitical uncertainty and exploring a potential LNG/shuttle tanker spin‑off.
- **2024 Q4:** —
- **2024 Q3:** TEN reported strong Q3 2024 results with 92% fleet utilization, higher dividends, ongoing fleet renewal and $1.8 bn backlog, while noting profit‑taking in the share price and a one‑off G&A rise.
- **2024 Q2:** TEN reported solid Q2 2024 results, highlighted a 50% dividend increase, fleet expansion with dual‑fuel vessels and new LR1 orders, low net‑debt, and reaffirmed confidence in demand from major oil companies.

## Theme arcs

- **Management tone** (stable): Δ mgmt=+0.00

## Fear persistence

- **geopolitical** [recurring]: 2024 Q2, 2025 Q3, 2026 Q1
- **fleet age** [resolved]: 2024 Q2
- **order book scarcity** [resolved]: 2024 Q2
- **stock illiquidity** [resolved]: 2024 Q2
- **market volatility** [recurring]: 2024 Q2, 2025 Q1, 2025 Q3, 2026 Q1
- **debt levels** [resolved]: 2024 Q2
- **valuation risk** [resolved]: 2024 Q3
- **client concentration** [resolved]: 2024 Q3
- **operational risk** [resolved]: 2024 Q3
- **financial risk** [resolved]: 2024 Q3

## Guidance path

2024 Q2:maintained → 2024 Q3:maintained → 2024 Q4:vague → 2025 Q1:vague → 2025 Q2:vague → 2025 Q3:maintained → 2025 Q4:vague → 2026 Q1:vague

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Research context only. Not personalized investment advice.

API: `GET /bff/api/bigfive/earnings-intel/TEN-PE`