Tsakos Energy Navigation reports higher Q1 profit on strong tanker market

Tsakos Energy Navigation reported a surge in its first-quarter earnings, driven by strong tanker market fundamentals and high energy demand. Net income for the quarter ended March 31, 2026, rose to $89 million from $37.7 million in the corresponding period of 2025.

During the quarter, TEN generated gross revenues of $253 million and operating income of $110 million, compared to $197.1 million and $60.6 million respectively in the first quarter of 2025. Average fleet utilisation increased to 98.3 per cent.

Vessel operating expenses for the quarter grew to $53.3 million, which TEN attributed to a slight increase in vessel size. In contrast, voyage expenses declined by 17 per cent to $29.8 million, representing a drop of $6.2 million compared to the same period in 2025.