察科斯能源導航 (TEN) 2026 年第二季財報電話會議：營收達 2.98 億美元

Tsakos Energy Navigation (NYSE: TEN) 公布 2026 年第二季及上半年獲利大幅成長，主要受惠於油輪運價上漲、利潤分享協議以及高船隊利用率帶動營收提升。管理層預計下半年利潤分享收入將大幅增加，並表示全年營收預計將突破 10 億美元。

重點速覽

• 2026 年第二季營收年增 1.05 億美元至 2.98 億美元；淨利達 1.393 億美元，其中包括 3,800 萬美元的資本利得。
• 第二季每股盈餘（EPS）由 0.67 美元成長 557% 至 4.40 美元，調整後 EBITDA 成長 81% 至 1.704 億美元。
• 上半年營收達 5.51 億美元，增加 1.61 億美元，主要受惠於日平均期租等值運價（TCE）成長 41% 至 43,503 美元。
• 上半年利潤分享營收自去年同期的 1,000 萬美元增至 7,100 萬美元。在重新談判取得更高的最低運價與更具優勢的分成條款後，管理層預計下半年該項收入將大幅成長。
• 截至 2026 年 6 月 30 日，TEN 擁有 4.66 億美元現金。管理層估計備考船隊的公允市場價值約為 49 億美元，對應 20 億美元債務，淨債務對資本比率約為 44.5%。
• 公司在 2026 日曆年內已發放每股 1.60 美元的股利。管理層計劃在 11 月策略會議後考慮提高定期半年股利，惟須視董事會批准及市場狀況而定。

關鍵財務數據

若扣除兩期的資本利得，2026 年上半年淨利年增 112%（即增加 1.29 億美元）。儘管財務債務由 18 億美元增至 21 億美元，利息與財務費用仍減少了 560 萬美元。

業務與營運表現

TEN 的備考船隊共有 81 艘船，包括傳統原油輪與成品油輪、4 艘 LNG 船及 16 艘穿梭油輪。目前營運中的船隊共有 62 艘船，而上半年的平均船隊規模為 63.5 艘。

公司表示，營運船隊中有 52 艘船（佔 84%）已獲得鎖定營收合約的保障。市場暴露部分包括 10 艘現貨油輪及 13 艘帶有利潤分享條款的期租船舶。在 13 艘利潤分享船舶中，有 9 艘為較大型的蘇伊士極限型（Suezmax）或超大型原油輪（VLCC）。

管理層指出，根據目前暴露於現貨或利潤分享運價的 23 艘船舶計算，現貨運價每日每增加 1,000 美元，估計將對年度每股盈餘帶來 0.11 美元的正面效益。

TEN 於 7 月 28 日接收了 DP2 穿梭油輪 Anfields。該船舶已開始執行與一家美國大型石油公司的 10 年期租約，並帶有可延長至服役 20 週年的選擇權。管理層表示，若行使所有選擇權，總營收可能接近 5 億美元。

公司包含 26 艘船舶的新造船計畫預計成本為 31 億至 32 億美元。目前已有 7 艘交付，尚有 19 艘未交付。管理層估計，反映當前較高的新造船價格，該計畫的資產價值已升值至少 30%。

船隊更新仍是首要任務。自 2023 年 1 月 1 日以來，TEN 已出售 20 艘平均船齡為 17.3 歲的船舶，並以 35 艘合約訂造或收購的船舶（平均船齡 0.5 歲）進行替換。公司還宣布出售兩艘 2006 年建造的蘇伊士極限型油輪，淨售價為 1 億美元。

管理層展望

執行長 Nikolas Tsakos 表示，TEN 預計 2026 年營收將大幅超過 10 億美元。他並指出下半年表現將強於前六個月，同時強調業績仍對市場與地緣政治局勢敏感。

管理層預計下半年利潤分享的貢獻將顯著增加。此展望反映了更高的合約最低運價、更優渥的分成條款，以及透過 13 艘利潤分享船舶所帶來的效益。

TEN 打算在 11 月的策略會議後評估提高常態性半年股利。管理層傾向於調升經常性股利而非發放特別股利，不過任何決定仍需獲得董事會批准。

公司亦正考慮贖回 1.2 億美元、股息率為 9.25% 的 E 系列永續特別股。管理層表示，消除特別股股利可為每股盈餘貢獻約 0.30 至 0.40 美元，但目前尚未做最終決定。

在吸收當前計畫中剩餘的 19 艘船舶期間，TEN 並未廣泛尋求新增造船計畫。管理層表示，如果有具增值效應的長期合約支持，仍會考慮特殊用途船舶（包括穿梭油輪）。

風險與關注事項

• 鑑於中東衝突以及霍爾木茲海峽周邊的嚴重干擾，管理層將當前的營運環境形容為「營運地雷區」。
• TEN 繼續避開霍爾木茲海峽，將船員、船舶與環境安全放在首位。
• 儘管地緣政治干擾支撐了油輪運價與噸海里需求，但原油與成品油價格上漲已對全球石油需求造成影響。
• 上半年航程費用從 6,800 萬美元增至約 8,200 萬美元，主要是因為影響現貨船舶的燃油價格上漲了約 25%。
• 公司必須為其創紀錄的船隊擴張計畫中剩餘的 19 艘新造船提供資金並進行整合。

分析師問答焦點

利潤分享：管理層確認第二季利潤分享營收為 3,050 萬美元，並預計下半年將有顯著成長。較高的最低期租運價與改善的船東分成參與率是主要驅動因素。

資產出售：作為船隊更新策略的一部分，TEN 計劃繼續處置較老舊的船舶。管理層指出，儘管一艘 2003 年左右建造的船舶仍受僱於大型租船商，但它可能會是下一個出售的資產。

股利政策：相比於按季發放或發放特別股利，管理層更傾向發放金額較高的半年股利。潛在的股利調升將在 11 月策略會議後討論。

潛在長期船隊分拆計畫：TEN 最終可能會允許少數投資人參與包含約 20 艘簽有長期合約的船舶資產組合。然而，董事長表示該提案並非近期首要任務。若實施，TEN 預計將保留 60% 至 70% 的權益，並將這些資產留在公司內部。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.