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Sep 30, 2025
Tsakos Q3 2025 Earnings Report
Tsakos reported solid Q3 2025 results with increased net income and stable revenue amid strong fleet utilization and vessel performance.
Key Takeaways
Tsakos delivered strong Q3 2025 results driven by consistent TCE rates and a gain on vessel sales. Net income improved notably year-over-year while operating expenses remained controlled. The company declared a $1.00 dividend for common shareholders and continued expanding its newbuilding program.
Q3 2025 revenue reached $186.2 million, supported by stable charter rates.
Net income attributable to common shareholders was $31.3 million or $1.05 per share.
Adjusted EBITDA for Q3 2025 totaled $95.6 million, reflecting operational strength.
Fleet utilization remained high at 95%, aided by long-term contracts and strategic fleet management.
Forward Guidance
Tsakos remains optimistic about future performance, supported by strong fundamentals, a modern fleet, and expanding long-term contracts with oil majors.
Positive Outlook
- Secured long-term charter contracts at attractive rates.
- Took delivery of new eco-friendly tankers with scrubbers.
- Strong cash position of $264.3 million.
- Robust demand for crude and product tankers driven by geopolitical and supply chain dynamics.
- Ongoing divestment of older tonnage improves fleet efficiency.
Challenges Ahead
- Revenue slightly declined YoY due to softer spot market.
- Higher vessel operating costs per day versus prior year.
- Preferred dividend obligations of $6.8 million per quarter.
- G&A expenses, although reduced, remain a fixed overhead.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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