ツァコス・エナジー・ナビゲーション（TEN）2026年第2四半期決算説明会：売上高は2億9800万ドルに到達

Tsakos Energy Navigation（NYSE：TEN）は、タンカー運賃の上昇、利益分配協定、高い船隊稼働率が収益を押し上げ、2026年第2四半期および上半期の業績の大幅な増益を発表した。経営陣は下半期に利益分配収入が大幅に増加すると見込んでおり、通期売上高は10億ドルを超えると述べた。

要点

• 2026年第2四半期の売上高は前年同期比1億500万ドル増の2億9800万ドルとなり、純利益は3800万ドルの資産売却益を含めて1億3930万ドルに達した。
• 第2四半期の1株あたり利益（EPS）は前年同期の0.67ドルから557%増の4.40ドルとなり、調整後EBITDAは81%増の1億7040万ドルとなった。
• 上半期の売上高は、1日あたりの定期チャーター等価（TCE）運賃が41%増の4万3503ドルに上昇したことに支えられ、1億6100万ドル増の5億5100万ドルに達した。
• 上半期の利益分配売上高は前年同期の1000万ドルから7100万ドルに増加した。経営陣は、より高い最低運賃および有利な分配条件の再交渉を経て、下半期にはさらに大幅な増加を見込んでいる。
• TENは2026年6月30日時点で4億6600万ドルの現金を保有していた。経営陣は、プロフォーマ船隊の公正市場価値を20億ドルの負債に対し約49億ドルと見積もっており、純負債資本比率は約44.5%となっている。
• 同社は2026年暦年に1株あたり1.60ドルの配当を支払った。経営陣は、取締役会の承認および市場状況を前提として、11月の戦略会議後に通常の定例半期配当の増額を検討する計画である。

主要財務データ

両期間の資産売却益を除外すると、2026年上半期の純利益は前年同期比で112%（1億2900万ドル）増加した。金融債務が18億ドルから21億ドルに増加したにもかかわらず、支払利息および財務費用は560万ドル減少した。

事業および運航実績

TENのプロフォーマ船隊は、従来の原油・石油製品タンカー、LNG船4隻、シャトルタンカー16隻を含む81隻で構成されている。現在の運航船隊は62隻で、上半期の平均運航船隊数は63.5隻であった。

同社は、運航船隊の84%に相当する52隻が収益の確定した契約でカバーされていると発表した。市場変動の影響を受ける船隊には、スポットタンカー10隻および利益分配条項付き定期貸船契約の13隻が含まれる。利益分配対象の13隻のうち9隻は、より大型のスエズマックスまたはVLCCタンカーであった。

経営陣は、現在スポット運賃または利益分配運賃にさらされている23隻を基準にすると、スポット運賃が1日あたり1,000ドル上昇するごとに、年間の1株あたり利益（EPS）に約0.11ドルのプラス効果をもたらすと試算した。

TENは7月28日、DP2シャトルタンカーAnfieldsの引き渡しを受けた。同船は米大手石油メジャーとの10年間の定期貸船契約を開始しており、就航20年目までの延長オプションが付いている。経営陣は、すべてのオプションが行使されれば、総売上高は5億ドルに迫る可能性があると述べた。

同社の26隻の新造船プログラムの推計費用は31億〜32億ドルである。すでに7隻が引き渡され、19隻が残っている。経営陣は、現在の新造船価格の上昇を反映し、本プログラムの価値が少なくとも30%上昇したと見積もっている。

船隊の若返りは引き続き最優先事項である。2023年1月1日以降、TENは平均船齢17.3年の船舶20隻を売却し、平均船齢0.5年の契約済みまたは取得済みの船舶35隻へと入れ替えた。また、2006年建造のスエズマックスタンカー2隻を売却し、1億ドルの手取り資金（純売却額）を得たと発表した。

経営陣の見通し

ニコラス・ツァコス最高経営責任者（CEO）は、TENの2026年の売上高が10億ドルを大幅に上回ると予想していると語った。また、下半期は上半期よりも強含みになると述べつつも、業績は市場環境や地政学的状況の影響を受けやすいと強調した。

経営陣は、下半期に利益分配による収益貢献が大幅に増加すると見込んでいる。この見通しは、契約上の最低運賃の引き上げ、より有利な分配条件、および13隻の利益分配対象船を通じた市場機会を反映している。

TENは11月の戦略会議後に、定例の半期配当の増額を検討する意向である。経営陣は特別配当の支払よりも継続的な配当の引き上げを好んでいるが、いかなる決定も取締役会の承認を前提とする。

同社はまた、年利9.25%のシリーズE永続優先株1億2000万ドルの償還も検討している。経営陣は、優先配当をなくすことで1株あたり純利益に約0.30〜0.40ドルのプラス効果をもたらす可能性があると述べたが、決定はまだ下されていない。

TENは、現在のプログラムで残る19隻を順次受け入れている間、追加の新造船を幅広く追求することはない。経営陣は、収益拡大に寄与する長期契約によって裏付けられている場合には、シャトルタンカーを含む特殊船の導入を検討する可能性があると語った。

リスクおよび注視事項

• 経営陣は、中東での紛争やホルムズ海峡周辺での深刻な混乱のため、運航環境を「運用上の地雷原」と表現した。
• TENは乗組員、船舶、および環境の安全を最優先し、ホルムズ海峡の回避を継続している。
• 地政学的な混乱がタンカー運賃率やトンマイル需要を支えている一方で、原油および石油製品の価格上昇が世界的な石油需要に影響を与えている。
• 上半期の航海費用は前年同期の6800万ドルから約8200万ドルに増加した。これは主に、スポット船に影響を与えるバンカー油（燃料油）価格が約25%上昇したためである。
• 同社は、過去最大規模の船隊拡大プログラムの下、残る19隻の新造船の資金調達と船隊への組み入れを進める必要がある。

アナリスト質疑応答の要点

利益分配：経営陣は第2四半期の利益分配売上高が3050万ドルであったことを確認し、下半期には大幅な増加を見込んでいる。最低定期貸船運賃の引き上げと船主の分配参加率の改善が主な要因である。

資産売却：TENは船隊若返り戦略の一環として老朽船の売却を継続する計画である。経営陣は、大手傭船者との契約が継続しているものの、2003年頃に建造された船舶が次に売却される資産となる可能性があると示した。

配当方針：経営陣は、四半期配当や特別配当よりも半期支払額の増額を希望している。増配の可能性については11月の戦略会議後に協議される予定である。

長期契約船隊のカーブアウトの可能性：TENは将来的に、長期契約に就航している約20隻の船隊グループに少数株主投資家が参加することを認める可能性がある。ただし会長は、この提案は短期的な優先事項ではないと述べた。実施された場合、TENは推定60%〜70%の権益を保持し、資産を自社内に留めることになる。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Tsakos Energy Navigation Conference Call on the Second Quarter 2026 Financial Results. We have with us Mr. Takis Arapoglou, Chairman of the Board; Mr. Nikolas Tsakos, Founder and CEO; Mr. George Saroglou, President and Chief Operating Officer; and Mr. Harrys Kosmatos, CFO of the company. [Operator Instructions] I must advise you that this conference is being recorded today.

And now I pass the floor to Mr. Nicolas Bornozis, President of Capital Link and Investor Relations Adviser to Tsakos Energy Navigation Ltd. Please go ahead, sir.

Nicolas Bornozis

Thank you very much, and good morning to all of our participants. I am Nicolas Bornozis, President of Capital Link and Investor Relations Adviser to Tsakos Energy Navigation.

This morning, the company publicly released its financial results for the 6 months and second quarter ended June 30, 2026. In case you do not have a copy of today's earnings release, please call us at (212) 661-7566 or e-mail us at ten@capitallink.com, and we will have a copy for you e-mailed right away.

Please note that parallel to today's conference call, there is also a live audio and slide webcast, which can be accessed on the company's website on the front page at www.tenn.gr. The conference call will follow the presentation slides, so please, we urge you to access the presentation slides on the company's website.

Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call. Also, please note that the slides of the webcast presentation are user controlled, and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own.

And at this time, I would like to read the safe harbor statement. This conference call and slide presentation of the webcast contain certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties which may affect TEN's business prospects and results of operations.

And at this moment, I would like to pass the floor to Mr. Arapoglou, the Chairman of Tsakos Energy Navigation. And before doing that, I'd like to congratulate the company for the record revenue performance, and it seems that you are on course to break the $1 billion revenue target for the year. So Mr. Arapoglou, the floor is yours.

Efstratios-Georgios Arapoglou

So thank you, Nicolas. Good morning and good afternoon to all. Thank you for joining our call today presenting second quarter first half results of TEN. And of course, once again, congratulations to Nikos Tsakos and the team for the stellar results, as briefly described by Mr. Bornozis. Our model, TEN's model has proven that it works even in weak markets, so no surprise that it works so well also in this market where current market conditions are very favorable. And it's a great opportunity for TEN to continue generating cash from operations, to continue from selling all the vessels to renew the field, the fleet and generate more cash, to fund a record order book, as you have seen in the press release, and keep cash for contingencies. Perhaps if the Board decides repay, redeem the Series E preferred, nobody knows, it's a next year issue. And more importantly, rewarding our investors.

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. And it's obvious that this can only go higher if approved by the Board and if current conditions are maintained. This is a solid yield of very close to 4%, and it's a generous payout compared to other companies in the sector. So we want to underline that we want to reward our shareholders for staying with us who have actually benefited also from a nearly doubling of the stock price in the last 2 years.

Finally, TEN is making use of the strong market and of the high time charter rates to lock in high returns for its fleet. And up to now, the total of forward committed earnings is approximately $3.5 billion. So this is a great cushion and a great base to look forward to continued success in the next 2 to 3 years.

So once again, congratulations to Nikos Tsakos and the team for the stellar results, and sincere wishes for continued success. Thank you very much. And now, Nikos Tsakos, the floor is yours. I pass on the floor to you. Thank you.

Nikolas Tsakos

Chairman, thank you very much for your kind words. And hopefully, we will continue this trend. Before that, of course, from all of us here in TEN and the family, we all remember 9/11. We are all -- been living in the U.S. and New York since -- for the last 45 years. Many of us around this table were there 25 years ago. Our office, our original office in New York is just on Rector Street, 2 blocks south of ground zero.

And just to remind you that we were the first company to go public after 9/11. We went public in March 2002. And we were actually starting our roadshow in -- after Labor Day originally in 2001 before these terrible events. So it's, I would say, very much into our mind and in our hearts, and we do not forget 9/11.

Well, on a happier note, I have to say that this is a record-breaking period for our results in many segments. But it's not only -- but it's not looking back at it. It seems that even after the first 6 months, which have been very profitable, we are -- the second part is actually doing -- is even stronger.

The appetite of the major oil companies and all the charter is unprecedented. I've never seen that in my 30-plus years in business. A year ago, I would be happy when we said we had business for 1, 2 or 3 years for our existing ships. Right now, charterers are there to take anything which is 10 years or younger for up to 7 years and their appetite. So we are actually balancing this luxury problem to have, together with our commercial department, we are making sure that TEN is taking advantage of the highs and at the same time, secures long-term employment for when things become for a rainy day, as they say.

It is actually also very rewarding to see that we had our largest newbuilding program of 26 vessels started 2 years ago. We have already taken delivery of 7 of those ships. And the valuation of those ships has already increased by at least 30%. So I think our $3 billion newbuilding program is close to -- value today, close to $3.8 billion, $3.9 billion and growing on a monthly basis. So we are very well in the money. We took the decision to rebuild a big part of our fleet at a time where values -- newbuilding values were, I would say, more logical.

So looking forward, we're looking for a good year. As the Chairman said, we're looking to increase the dividend for our shareholders. And we always make this announcement after our strategy meeting in November, so looking forward for an increase of that. And hopefully, the market will maintain its strength right now.

And for more details, I will ask Mr. Saroglou, our President, to give us what has happened in the first 6 months and subsequent events.

George Saroglou

Thank you, Nikos. We are very pleased today to report another profitable quarter. Excluding capital gains, this is a record-breaking quarter and first half for net income. We maintained a steady course in the most turbulent geopolitical environment in recent memory.

The year started with the political development in Venezuela and escalated with the war in the Middle East and the closure of the Strait of Hormuz. The Strait of Hormuz experienced its most severe disruption in modern history, effectively halting normal global oceangoing commerce. The war was hoping for a resolution following the signing of a ceasefire agreement, which quickly unraveled halfway through the 60-day period was supposed to last.

There is a U.S. naval blockade that tries to manage the safe passage of tankers in and out of this narrow, high-risk area. We have attacks on oceangoing vessels that attempt to cross the Strait on their own or with the protection of the U.S. Navy. Vessels have been attacked, and seafarers serving onboard have been injured and killed while trying to do their job and keep the world and global commerce going. Our company continues to avoid the Strait of Hormuz. Our thoughts and prayers are with all the seafarers that are stranded inside the area and have to endure every day, the unnecessary stress and psychological mental fatigue for which they are not responsible.

Tanker market fundamentals were strong even before geopolitics took center stage at the end of February. 2026 was forecasted to be another year with growth in global oil demand, while tonnage supply remained very balanced. The effect of the war in the Middle East and the ongoing closure in the Strait of Hormuz resulted in elevated crude and product prices that affected global oil demand.

Despite higher prices, these geopolitical events have significantly added to the market strength, and the tanker market -- the tanker freight market has gone from strength to strength. And TEN's diversified fleet, with each new charter renewal and the fleet's market exposure to spot and profit sharing rates, will continue to further benefit from this unprecedented market dislocation. And this is basically what we have done in the 33-year history we have as a public company. And this is what basically we say in Slide #1 on Page 4, that we managed since 1993 to turn every crisis the world has faced into a growth opportunity.

Today, we have an 81-vessel fleet, and we are one of the largest energy transporters in the world with a very young, diversified and versatile pro forma fleet of 81 vessels. In Slide 4, we list this pro forma fleet of all conventional tankers, both crude and product carriers. The red color shows the vessels that trade in the spot market, and we have currently 10 tankers trading spot, and our newbuildings under construction. With light blue, we have the vessels that are on time charter with profit sharing, we have 13 vessels. And with dark blue, the vessels that are on fixed-rate time charters. We have 39 vessels.

In the next slide, we list the pro forma diversified fleet, which consists of our 4 LNG vessels, 2 in the water, plus 2 newbuildings, and our 16-vessel shuttle tanker fleet. We are one of the largest shuttle tanker operators in the world with a fleet [indiscernible] and technologically advanced vessels.

On July 28, we took delivery of the 2 DP shuttle tanker Anfields from Samsung Heavy Industries in South Korea, the third in a series of 12 DP2 shuttle tankers under construction at that yard. The vessel commenced a 10-year employment to a U.S. oil major with charter options to extend until the vessel's 20th year anniversary. Assuming charterers employ the vessel to the maximum duration, the expected gross revenue should approach $500 million.

Following the Anfield delivery, we have 7 chartered tankers in full operation. If we combine the 2 slides and account only for the current operating fleet of 62 vessels, we have 23 vessels or 37% of the operating fleet with market exposure, spot and time charter with profit sharing, while 52 vessels or 84% of the fleet is in secured revenue, which is time charters and time charters with profit sharing. In the next slide, we list our clients with whom we do repeat business through the years, thanks to our industrial model. ExxonMobil is the largest revenue client. Equinor, Shell, Chevron, TotalEnergies and BP follow.

The left side of the next slide presents the all-in breakeven cost for the various vessel types we operate in TEN. Our operating model is very simple. We try to have our time charter vessels generate revenue to cover the company's cash expenses, paying for the vessel operating as finance expenses for overheads, chartering costs and commissions and net revenue from the spot and profit sharing trading vessels to contribute to the profitability of the company.

Thanks to the profit sharing element, for every $1,000 per day increase in spot rate, we have $0.11 positive impact on the annual earnings per share based on the number of vessels that currently the company has exposure to spot rates, which is 23 vessels. We have a solid balance sheet with strong cash reserves. The fair market value of the pro forma of the fleet is approximately $4.9 billion against $2 billion debt, and net debt to cap is around 44.5%.

Fleet renewal and investing in eco-friendly vessels has been key to our operating vessel model. Since January 1, 2023, we have further upgraded the quality of the fleet by divesting from our first-generation conventional tankers, replacing them with more energy-efficient newbuildings and modern secondhand tankers, including, of course, dual-fuel vessels. In summary, we sold 20 vessels with an average age of 17.3 years and capacity of 2 million deadweight ton and replaced them with 35 contracted and modern acquired vessels with an average age of 0.5 years and 4.8 million deadweight ton.

We announced today the sale of 2 2006-built Suezmax tankers to independent third parties for net proceeds of $100 million. Prior to the sale and as previously reported, the vessels were part of the sale and leaseback structure, then repurchased them for cash upon maturity of their lease at a significant discount to fair market value.

And as we continue to transition our fleet to greener and dual-fuel vessel, we must note of our well-timed newbuilding program and how well is in the money today. Our 26 newbuilding vessels that were contracted in 2003 are today at much lower levels than current newbuilding prices. In a newbuilding program of approximately $3.1 billion cost, we have today at least a 30% appreciation in value, even before some of these vessels are delivered to the company.

Tanker market fundamentals have remained strong, with the global order book still at a level equal to about 40% of the number of vessels that are 50 years of age or older, and shipyards operate at full capacity, while at the same time, geopolitical conflicts continue to increase ton-mile dislocation, and that provides further support to an already robust tanker market.

And with that, I will pass the floor to Harrys Kosmatos, who will walk us through the financial performance of the first half. Harrys?

Harrys Kosmatos

Thank you. Thank you, George. So let me start with a brief summary of our 6-month results. So favorable tanker market fundamentals, continuous geopolitical tensions, along with the over trading inefficiencies that have been created continue to propel the market to levels that, on the one hand, incentivize owners with a long-term outlook to fix for longer periods as demand for term tonnage remains unabated, while on the other, encourage the divestment of vessels of all ages for lofty profits.

TEN, since the beginning of the year, has been active on both fronts and has reaped the benefits of such an extraordinary confluence of circumstances. The results of the first half and second quarter of 2026 are a vivid reflection of that. Benefiting from a modern, versatile and efficiently operated fleet catering in its majority to the long-term needs of our clients, fleet utilization in the first 6 months of 2026 was almost identical to the 2025 first half level at 96.5% despite having 6 ships undergoing scheduled dry docks from 5 in last year's first half.

As a result of the fleet operating at almost full capacity with an employment policy inclined towards long-term charters with upside optionality through vessels operating under spot and profit sharing contracts, gross revenues during the first half of 2026 increased to well over $0.5 billion, $551 million to be exact, or $161 million above the 2025 first half level. This was accomplished with an average fleet of 63.5 vessels, just 1.5 vessels above the 2025 first half fleet, quite an achievement.

Of interest, profit-sharing arrangements contributed $71 million of revenue during the first half of 2026 compared to $10 million in the 2025 same period. This substantial increase occurred despite a 22% decline in actual operating days under market-related contracts, while available days on fixed time -- fixed-rate time charters rose by 23% over the corresponding periods.

The time charter equivalent rate per ship per day impacting the above results, and by extension, reflecting the continuous robustness of the tanker market and operational efficiency of the fleet reached $43,503 per day from $30,754 per day in the 2025 first half, a 41% increase. Fleet voyage expenses in the first half of 2026 climbed to about $82 million from $68 million in last year's first half, the result, to a large extent, of increases in [ bunker ] prices of about 25% impacting vessels operating spot.

Vessel operating expenses during the 2026 first half reached $111 million from $102 million in the 2025 same period, a modest and expected increase, the result of the slightly bigger fleet, higher dry docking expenses and the customary inflationary pressures. On a per ship per day basis, this translated to $10,298, about 1/4 of the TCE rate mentioned above.

Depreciation and amortization expenses, again driven by the increased size of the fleet, which included the delivery of 2 MR product tankers and the repatriation of 2 Suezmax tankers from 5-year operating leases, came in at $90 million from $83 million in last year's first half. General and administrative expenses at $27 million from $23 million in the 2025 first half reflected a somewhat higher management performance-based compensation from the 2025 first half level and inflationary pressures.

As a result of all the above, TEN for the first half of 2026 generated operating income of $273 million from $111 million in last year's first half, inclusive of $38 million and $3.6 million of capital gains, respectively, an increase of 146%. Despite an increase in our financial obligations related to the growth of the fleet, $2.1 billion at the end of June 2026 from $1.8 billion at the end of June 2025, interest and finance costs fell by $5.6 million, the result of lower global interest rates and lower spreads on new and refinanced loans. Interest income, on the other hand, remained similar to last year's equivalent period at $5.6 million.

Reflecting the performance outlined above, the result of commercial and operational efficiencies as well as positive market fundamentals, the net income generated by the company reached one of the highest levels in recent memory, $228 million from $64.5 million in the equivalent 2025 first half, a 253% increase. Now if we were to exclude the capital gains recorded in both 2026 and 2025 first half period, as some of you are accustomed in doing, the 2026 first half net income experienced a 112% increase from the 2025 first half, or in dollar terms, $129 million more.

In terms of EPS, earnings per share of $7.12 in the first half of this year from $1.70 in last year's first half. In other words, a 318% increase. Adjusted EBITDA for the period was higher by $131 million from the 2025 first 6 months and reached $324 million, a 68% increase. Cash at the end of June 2026 stood at $466 million, $179 million above the June 30, 2025 level and $168 million above cash balances at year-end of 2025.

And now let's go quickly on our Q2 results. Following the above pattern and again, by operating the fleet of 63.5 vessels from 62 in last year's second quarter, with 4 vessels on dry dock to 3 in the 2025 same period, gross revenues climbed to $298 million from $193 million in the 2025 second quarter, a $105 million increase. Project expenses during the second quarter of 2026 increased to $52 million from $32 million in the corresponding 2025 quarter -- second quarter, primarily reflecting higher bunker prices affecting vessels operating in the spot market. Spot market employment accounted for approximately 12% of total fleet operating days during the 2026 second quarter.

Operating expenses on the 63.5 vessels in the fleet were $57.7 million, or a $5 million reduction from the 2025 second quarter, primarily due to the slightly larger fleet and an extra vessel over the 3 that underwent special surveys in the second quarter of 2025. Depreciation and amortization expenses for the 2026 second quarter period were $46.3 million from $42.1 million in the 2025 second quarter, the result of the marginally larger fleet and the reintroduction of the 2 Suezmaxes mentioned earlier.

General and administrative expenses during the 2026 second quarter reached $14.8 million from $13.2 million in the 2025 second quarter, a marginal $1.6 million increase. Interest and finance costs in the second quarter came in lower from the 2025 second quarter, $22.6 million from $25 million, or a $2.3 million reduction. On the other hand, interest income during the 2026 second quarter was marginally higher than the 2025 equivalent period at $3.4 million.

Reflecting the above performance, the net income for the second quarter of 2026 after a $38 million capital gain climbed to $139.3 million from $26.8 million in last year's second quarter, which, unlike this one, had no gains or losses recorded. In terms of EPS, the above figures translate to $4.40 for this year's second quarter compared to $0.67 in last year's second quarter, a 557% increase. In ending, adjusted EBITDA for the second quarter of 2026 was 81% higher from the 2025 second quarter to reach $170.4 million, or $76.5 million higher.

And with this, I'll pass it back to Nikos. Thank you.

Nikolas Tsakos

Thank you, Harrys. I think that has been a very detailed presentation of the growth of the company. I mean, we've been operating a similar size ship if you go back, George, to the slide over the years. And you will see that we have been operating a fleet of similar size for the last 10 years, where you see the financial statistics of where you go.

So I think we've been operating a fleet of around 60 to 65 vessels for the last 10 years. And of course, there, you can see the big effect, the growth of -- the cash growth of earnings, the growth of EBITDA. And hopefully, 2026 will be a milestone year for -- I think as Nic Bornozis said, the company will be exceeding revenues of $1 billion significantly, and of course, a very strong EBITDA.

And with this, I would like to open the floor for any questions.

Operator

[Operator Instructions] Our first question comes from the line of Poe Fratt with Alliance Global Partners.

質疑応答

Charles Fratt

Harrys, I would just like to clarify the profit sharing contribution for the second quarter. I think I heard you say that the first half contribution was $71 million, and I had the first quarter contribution of $40 million. So was the second quarter contribution $31 million?

Harrys Kosmatos

No, you rightly heard. The contribution for the first half of '26 was $71 million. While last year, it was $10 million, $4.5 million and kind of $5.6 million. That was the profit share we received at the same period last year. So effectively, we generated 7x more the profit sharing that we did this time last year.

And an interesting tidbit is that for the entire 2025 period, the profit share was at $46 million. So you can imagine at $70 million in the first half that things are looking rosier.

Charles Fratt

Yes. I just wanted to clarify what the contribution was in the second quarter?

Harrys Kosmatos

Sorry. In the second quarter of '26, it was $30.5 million, correct.

Charles Fratt

Okay. Great. And then...

Harrys Kosmatos

[ 30.5 ].

Charles Fratt

Yes, that's helpful. And then can you help me understand the outlook for the second half of the year from a profit sharing standpoint? It looks like some of the [ Vs ] may have moved on to profit sharing agreements. And so relative to the second quarter, should we see the profit sharing contribution increase or stay about the same? Just any color would be helpful on the profit sharing contribution.

Nikolas Tsakos

Well, we're expecting significant increase in profit sharing for the second half of the year. We have renegotiated drastic increases in minimums. And also, the profit sharing arrangements are much more favorable to the owners. As I said, the charters are very eager to employ good quality vessels, and so they are much more giving.

And of course, at the same time, it's a win-win situation because, as you know, the refinery margins are on all-time highs. So our clients, and we're very happy about that, are making very good returns. So they are not stingy in sharing some of the returns with us, the transporters.

Harrys Kosmatos

No, it's very positive, Poe, because we have 13 vessels today on profit sharing arrangements, 9 of which are of the bigger sizes, Suezmaxes and VLs. So we have 7 Suezmaxes and 2 VLs in profit sharing arrangements. So as you can imagine, we expect that the profit sharing will be quite meaningful going forward.

Nikolas Tsakos

We'll be able to offer turkey for Thanksgiving it seems this year.

Charles Fratt

I hope with a lot of stuffing. When you look at the asset sales program, you sold 2 in August. Can you just highlight the gain that you're going to report in the third quarter from those sales? And then more importantly, what other assets might you sell over the second half of the year, looking into the first half of '27?

Nikolas Tsakos

Well, as I said, we look at those vessels, all the vessels that are in the list have been bid by then on behalf of our clients. We're still the same, the actions, the [indiscernible] 20 years ago or 15 years ago. So they are very good quality ships. I have to drag them out of our newbuilding department because they get sentimental with this.

But actually, the next phase is going to be -- I would be sentimental also because it's a vessel that is older than my kids. So I think it's one of our older ships beyond this, which was built around 2003. So she's going to be the next one to go.

And of course, for further trading. She's been trading for one of the big majors since she was built. And the major wants the vessel up to now, keeps on chartering the vessel up to now at very, very healthy rates. But I think there's always a time to -- when someone becomes of legal age of 21 and over, we let them go.

Charles Fratt

Got you. And then can you just talk about your appetite for newbuilds? I thought I heard you say that newbuild pricing has moved up where it's less -- maybe -- I thought I heard you say less reasonable than it was. What should we expect on the newbuilding side as we look out over the next 12 months?

Nikolas Tsakos

Well, for us as a company, we are actually very busy right now absorbing one of our largest growth, I think a big milestone of 26 vessels with a cost of $3.2 billion. And we still have to take over 19. And I think we're going to see a huge effect to our earnings, to our revenues because 3 VLs are coming in.

And of course, our VLs, we just -- less than a year ago, we contracted them, and they have almost, I would say, doubled the price since then. So today, we decided not to sell them. As contracts, we would almost double the price that we ordered them. And the same goes for all our 26 newbuildings.

So I think we are not right now -- and we are actually -- to be correct, we are looking again at vessels with long employment, specialized vessels like the shuttle tankers against accretive long-term contracts. But I think we are very well placed. We're in a good place, and we still have 19 newbuildings that are well into the money to take delivery of.

Charles Fratt

Great. Yes, I think you said that 30% higher than your $3.1 billion stated program, so closer to market value of $4 billion.

Operator

[Operator Instructions] Our next question comes from the line of Climent Molins with Value Investor's Edge.

Climent Molins

You hinted that higher distribution going forward, which makes sense considering your financial position and the free cash flow you're currently generating. In the past, you had mentioned potentially declaring, let's say, supplemental dividends as net proceeds from asset sales roll in. Could you give us an update on this front? It's obviously a discussion for the Board, but any color you can give us?

Nikolas Tsakos

Sure. Well, I think our intention is to significantly reward or increase the reward to our shareholders because I think, as our Chairman said, we like to share. Being the major shareholders ourselves, we'd like to share the upside with them. So we're looking forward for a nice dividend announcement after our strategy meeting in November.

And on the special dividend, we did it a couple of times, but we were told off by the analysts because it complicates -- and nothing likely so. It complicates -- they do not know if this is something is going to be recurrent or not. So I'd rather add or increase the normal semiannual dividends because we need to keep our analysts happy and less confused rather than doing a special dividend. They felt that, that was something that was a onetime event and got wasted, whereas when you have a company that has significant cash flow, significant cash -- I mean, as Harrys, I think, referred to, our cash since the 6 months has also grown in a big way.

And down the road, we have our perpetual preferred, which is $120 million at 9.25%. And we are considering that actually taking this out. It's not an obligation, but I think it will be a very good use of cash. It will add anywhere between $0.30 and $0.40 to the bottom line just by saving on the high coupon. So I think this is -- and of course, continue to invest in our newbuilding program.

Climent Molins

Yes. Taking off the preferred definitely makes sense. And the special dividend is not that confusing, but obviously, it's a Board decision.

So I have another question on the dividend. Is there any appetite to potentially move to a quarterly payment schedule? I mean, all your peers follow that model. So I was wondering whether this is something you'd consider?

Nikolas Tsakos

Well, we actually have moved, I think, about 10 years ago from a quarterly dividend to a semiannual dividend because for many reasons, for logistical purposes -- I mean, shipping is operationally a more complicated business. We are not land block, we're not land-based. It's not like we have 5 or 10 factories in various states that they produce. We have ships all over. I mean, sometimes a voyage takes more than a quarter. So I think it's more appropriate for shipping.

And I think even the President of the United States referred to it about a year ago, saying that the quarterly dividends takes a lot of time, from management time, CFO time. And also, it's not actually -- does not portray the actuality of the business. So I think the short answer is we would maintain the semiannual dividend because I'd rather be able to give a big semiannual dividend just rather than smaller quarterly ones.

Operator

Does that complete your question?

Climent Molins

Yes.

Operator

Our next question comes from the line of Poe Pratt with Alliance Global Partners.

Charles Fratt

Nikos, on the last couple of calls, you've talked about potentially doing a restructuring of the company and maybe carving out the shuttle tankers or other assets that are in long-term charters. Can you update us on any progress on that plan?

Nikolas Tsakos

Well, I think restructuring is something that our company, for 33 years, we have never had to do. So I think perhaps replanning could be the word because I guess I'm taking the opportunity from what you said to see that TEN is perhaps one of the very few companies that we have never restructured or renegotiated any of our loans in the last 33 years. So we've been paying our obligation, paying dividend continuously, paying our lenders continuously and then maintaining a steady ship.

I mean, the company is looking at ways to add more value. We will not reduce the size of the fleet. We might consider, again, closer to the end of our newbuilding program to carve out a small part of our fixed, I would say, the long-term fleet, about 20 vessels. But within TEN, it will be within TEN.

I mean, we are approached by a lot of investors who would like to participate in what we said. I think it's on Page 5, which is -- it's called TEN special. It's like a pizza. So it is -- you see the 20 vessels there. And those ships have very long employment and 10, 15, 20 years. And they could -- they appeal to some shareholders that would like to invest into that. But everything would happen within TEN. TEN would maintain at least 60%, 70% of the fleet. So it's not really the ships will not be out of the company.

Operator

We have no further questions at this time. Mr. Tsakos, I'd like to turn the floor back over to you for closing comments.

Efstratios-Georgios Arapoglou

Nikolas, on the last comment, I'd like to just add, if I may, that this is not at the top of our list right now. It's not something that is in the near future.

Nikolas Tsakos

Exactly. Exactly. It's not on the top of our list, but it is another way that we consider to prove the hidden value of those ships that have a very long employment. But always, if something happens, it will be within TEN. So really, TEN shareholders will not be affected at all. The fleet will maintain its big size, but perhaps a big shareholder will specifically invest as a minority holder in these assets. But again, as the Chairman said, this is more food for thought at this stage. Thank you, Chairman.

And with that, again, I would like to wish everybody a good beginning of the new season. We're looking at a healthy period from now to the end of the year. It is -- we are actually literally operating in a operational minefield. So not only we have to maintain a steady course, but geopolitical events, mainly in the Middle East, are making the daily business change as we speak. And the decisions we have to make, always with responsibility to our seafarers, I mean, our crews and of course, the safety of the vessel, the safety of the environment because those ships are carrying huge quantities of oil and we don't want to put them in danger.

Saying these circumstances have created an unprecedented strong market. I think the rates right now in the Gulf area, which as you know, has been also attacked by the [ hotness ], or it sounds like a movie, the [ hoodies ] are close to $800,000 a day, approaching $1 million a day for a VLCC in the Gulf. So this is unchartered territory which we are taking advantage of carefully and steadily.

We all would like the world to be completely peaceful even if we didn't make the returns that we are making because it will make the sustainability of our business going forward much better. And in the meantime, we are taking advantage of the situations. We are one of the biggest companies in Venezuela. Our vessel was the first vessel to lift legal cargoes finally from Venezuela. The Russian situation also is putting almost 25% of the world fleet out of the market. So we are looking at least for the next year, at good and growing prospects.

And we will be attending -- the management will be attending the Capital Link and other events at the end of the month. So we would like to be able to make -- to see as many of you live in the United States and also Europe.

And with that, we would like again to thank you for your support. And I have, as we said, always remember 9/11 as a very special day for the world and of course, for us and the company. Thank you very much.

Operator

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.