TEN, Ltd. Reports Profits for the Twelve-Months and Fourth Quarter Ended December 31, 2025 in Hellenic Shipping News 07/03/2026 TEN, Ltd Friday reported results (unaudited) for the twelve months and fourth quarter ended December 31, 2025. TWELVE MONTHS 2025 SUMMARY RESULTS TEN’s fleet for the twelve months of 2025, generated close to $800 million in gross revenues, and approx. $252 million in operating income inclusive of $12.5 million in capital gains from the sale of four older vessels. Net income for the twelve months of 2025 was $161 million or $4.45 per share. Adjusted EBITDA for 2025 was $416 million, compared to $400 million in the twelve-month period of 2024. Fleet utilization during the twelve months of 2025 increased to 96.6% from 92.5% in the corresponding period of 2024. The average Time Charter Equivalent (TCE) per vessel per day for the twelve months of 2025, remained at a solid $32,130, similar to 2024 levels. Voyage expenses for 2025 with an average of 61.8 vessels in the water were at $122.2 million, about $31.0 million lower from the 2024 level. Total operating expenses per vessel per day remained at a competitive $9,990 in 2025, despite ten vessels undergoing scheduled drydocks. Vessel overhead costs were 7.0% lower from 2024 levels, at $1,866 per vessel per day. Depreciation and amortization totaled $170 million, compared with $160 million in 2024, driven by the continuous addition of newer and larger vessel classes to the fleet. Total debt obligations at the end of 2025 stood at $1.9 billion, from $1.7 billion in 2024, as a result of new vessel financings and various refinancings at competitive terms. Interest and finance costs for the twelve-months of 2025 were at $97.8 million, $14.3 million lower from the 2024 corresponding period and generally in line with the decline in global interest rates. Interest income was $10.5 million. As of December 31, 2025, TEN’s cash position stood at a solid $298 million, after $184 million in scheduled principal payments, $190 million in yard predelivery installments and capitalized expenses, and $27.0 million in preferred share dividend payments during 2025. Q4 2025 SUMMARY RESULTS In the fourth quarter of 2025, with an identical number of vessels in operation as in the fourth quarter of 2024, (62), TEN’s gross revenues reached $222.1 million from $188.3 million in the corresponding 2024 period, while operating income almost doubled from the fourth quarter of 2024 and settled at $81.2 million. Neither of these fourth quarters had any capital gains or losses from vessel sales. Net income in the fourth quarter of 2025 experienced a threefold increase from the fourth quarter of 2024 to $58.0 million, translating to $1.70 per share, compared with $0.42 per share in the fourth quarter of 2024; an increase of approximately $40.0 million. Preferred dividends for the fourth quarter of 2025 were $6.8 million, unchanged from the fourth quarter of 2024. Adjusted EBITDA for the fourth quarter of 2025 was $127.6 million from $85.6 million in last year’s fourth quarter, representing an increase of $42 million or 49%. Fleet utilization during the fourth quarter of 2025 was 97.7% from 93.3% in the fourth quarter of 2024 with only two vessels undergoing scheduled dry dockings during that period. Average TCE per vessel per day in the fourth quarter of 2025 was $36,300, representing a 20.6% increase from the fourth quarter of 2024 level, reflecting the continuous strength of both spot and term rate