Hmm! … TNK’s results were released after-hours
- Rev of $229M
- Adj EBITDA of $64.3m
- Net Income of $92.1m
- TCE avg: Suezmax $33404 daily Aframax/LR2 $30861 daily, VLCC $33285 daily
- Q3 dividend 25c/sh
- Some vessel transactions
TNK experienced a week result for its lone VLCC @ 43285 daily in Q3 2025. It looks like during Q4 2025, the single VLCC operating in the spot market is doing a lot better ($63700 daily 54% of Q4 done ). Improvement of TCE in the two other categories too.
Footnote (5) is also interesting. Only half the fleet is unencumbered. With such a large cash balance, I would have expected more vessels to be unencumbered. How much debt are we talking? LT debt is only $66M. No indication on any significant fleet expansion. Maybe it comes up during the earnings call?