Shares of Tsakos Energy Navigation Limited (TEN) soared 6.83% in pre-market trading on Tuesday, following the release of its strong first-quarter 2025 financial results and the announcement of a dividend payment. The Greek oil tanker company reported earnings that surpassed analysts' expectations, driving investor optimism.

TEN reported first-quarter earnings per share (EPS) of $1.04, significantly beating the analysts' forecast of $0.48. Despite a slight decrease in voyage revenues to $197.1 million from $201.6 million in the same period last year, the company maintained robust profitability with a net income of $38.9 million. In a move that further pleased shareholders, TEN declared its first semi-annual common share dividend of $0.60.

Adding to the positive sentiment, TEN announced a major business development. The company has been awarded a contract by Brazil's Transpetro/Petrobras to build nine DP2 Shuttle Tankers, which are expected to generate minimum revenues of $2 billion over their long-term employment. This new contract has boosted TEN's total fleet contracted revenue backlog to approximately $3.7 billion, providing investors with confidence in the company's future earnings potential. The strong quarterly results, dividend announcement, and significant new contract have collectively contributed to the stock's pre-market surge, reflecting investors' optimism about Tsakos Energy Navigation's financial health and growth prospects.