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Record profitability: First-half net income rose to $228 million, or $7.12 per share, while second-quarter net income reached $139.3 million. Adjusted EBITDA increased 68% in the first half to $324 million, supported by stronger tanker rates and profit-sharing revenue.
Strong tanker demand and contracted coverage: First-half time-charter-equivalent rates climbed 41% to $43,503 per vessel per day, and profit-sharing revenue surged to $71 million. TEN reported approximately $3.5 billion in forward committed earnings, with 84% of its operating fleet covered by time-charter arrangements.
Fleet renewal and shareholder returns: TEN's newbuilding program has appreciated by at least 30%, while the company maintains approximately $4.9 billion in fleet value against $2 billion of debt. Management is considering a higher regular dividend and potentially redeeming $120 million of high-coupon preferred shares, but any fleet-investment structure involving outside investors remains preliminary.