Maritime, Commodities & Energy, Capital Link

Capital Link

Maritime, Commodities & Energy

Capital Link is a strategic advisory, investor relations and financial communications firm focusing on the maritime, energy and commodities sectors, Closed-End Funds & ETFs and emerging markets (Greece).

Equity Bottom-Up

Tsakos Energy Navigation / Equity Bottom-Up

<ul>
<li>TEN Ltd. (NYSE: TEN) reported record first-half financial results for the period ended June 30, 2026, on September 10, 2026, with gross revenue, net income and adjusted EBITDA all surpassing year-earlier levels.</li>
<li>The fleet generated record gross revenues of $551.4 million, an increase of $161.0 million from the first half of 2025.</li>
<li>Net income reached $228.1 million, which includes $38 million in capital gains, equivalent to $7.12 per share against $1.70 a year earlier, an increase of 318%.</li>
</ul>


TEN Ltd. (NYSE: TEN) reported record first-half financial results for the period ended June 30, 2026, on September 10, 2026, with gross revenue, net income and adjusted EBITDA all surpassing year-earlier levels.
The fleet generated record gross revenues of $551.4 million, an increase of $161.0 million from the first half of 2025.
Net income reached $228.1 million, which includes $38 million in capital gains, equivalent to $7.12 per share against $1.70 a year earlier, an increase of 318%.


TEN Reports Record First-Half 2026 Financial Results as Second-Quarter Net Income Surges

<ul>
<li>Tanker markets appear to be entering one of the most volatile and potentially profitable periods in recent memory.</li>
<li>Following robust financial results for the full year and fourth quarter of 2025, Dr. Nikolas P.</li>
<li>Tsakos, Founder and CEO of Tsakos Energy Navigation Ltd. (NYSE: TEN), was recently interviewed by Bloomberg and the Schwab Network, where he discussed heightened geopolitical tensions, shifting global oil trade flows, and surging freight rates that are reshaping the maritime energy transportation landscape.</li>
</ul>


Tanker markets appear to be entering one of the most volatile and potentially profitable periods in recent memory.
Following robust financial results for the full year and fourth quarter of 2025, Dr. Nikolas P.
Tsakos, Founder and CEO of Tsakos Energy Navigation Ltd. (NYSE: TEN), was recently interviewed by Bloomberg and the Schwab Network, where he discussed heightened geopolitical tensions, shifting global oil trade flows, and surging freight rates that are reshaping the maritime energy transportation landscape.


TEN Founder and CEO Dr. Nikolas P. Tsakos on Middle East Tensions Reshaping Oil Shipping

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

VanEck Oil Services ETF / Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>As long as last Wednesday's (Aug. 12) bullish gaps remain unfilled and hold as support on semiconductors (SOXX, SMH), generative A.I. (CHAT), memory(DRAM), neoclouds(NCLD), and momentum(MTUM), bulls are in control</li>
<li>Specifically, we are bullish as long as price is above last Tuesday's highs on the aforementioned ETFs. On SPX, we will remain bullish as long as support at 7580-7629 holds.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
As long as last Wednesday's (Aug. 12) bullish gaps remain unfilled and hold as support on semiconductors (SOXX, SMH), generative A.I. (CHAT), memory(DRAM), neoclouds(NCLD), and momentum(MTUM), bulls are in control
Specifically, we are bullish as long as price is above last Tuesday's highs on the aforementioned ETFs. On SPX, we will remain bullish as long as support at 7580-7629 holds.


Energy Improving; Levels to Watch on A.I. And Technology $SOXX $CHAT $DRAM $MTUM

TSMC (Taiwan Semiconductor Manufacturing) / Technical Analysis

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5700-5785 (up from 5500).</li>
<li>We continue to be buyers in the 5700-5785 range, and we would also be buyers at 5804-5854 gap support. We are expecting all-time highs soon on SPX.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5700-5785 (up from 5500).
We continue to be buyers in the 5700-5785 range, and we would also be buyers at 5804-5854 gap support. We are expecting all-time highs soon on SPX.


Semiconductors and Technology Leading the Way; IWM Holding Above $209; Still Firmly Bullish

<ul>
<li>The SPX gapped-up to reverse its 1-month downtrend on 5/3/24, followed by another upside gap on 5/6/24, and yet another on 5/15/24 on the breakout to all-time highs</li>
<li>All of these gaps remain unfilled which signals upside power, a very bullish sign. These gaps at 5250-5263, 5127-5142, and 5073-5101 are now areas to expect short-term support, if tested.</li>
<li>Market dynamics remain healthy and the S&amp;P 500, Nasdaq 100, and DJI are all breaking out to new all-time highs, helping validate our bullish outlook.</li>
</ul>


The SPX gapped-up to reverse its 1-month downtrend on 5/3/24, followed by another upside gap on 5/6/24, and yet another on 5/15/24 on the breakout to all-time highs
All of these gaps remain unfilled which signals upside power, a very bullish sign. These gaps at 5250-5263, 5127-5142, and 5073-5101 are now areas to expect short-term support, if tested.
Market dynamics remain healthy and the S&amp;P 500, Nasdaq 100, and DJI are all breaking out to new all-time highs, helping validate our bullish outlook.


New All-Time Highs Validates Our Bullish Outlook; Risk-On Signals Abound. Buys in Aluminum, Shippers

United States

Tsakos Energy Navigation Ltd. owns and operates a fleet of tankers. The Company offers VLCC, suezmax, aframax, panamax, and handymax tankers suitable for transporting crude oil, refined petroleum products, and other liquids. Tsakos Energy Navigation serves clients worldwide

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Tsakos Energy Navigation (TEN US)

TEN Reports Record First-Half 2026 Financial Results as Second-Quarter Net Income Surges

TEN Ltd. (NYSE: TEN) reported record first-half financial results for the period ended June 30, 2026, on September 10, 2026, with gross revenue,...

Capital Link

TEN Founder and CEO Dr. Nikolas P. Tsakos on Middle East Tensions Reshaping Oil Shipping

Escalating tensions across the Middle East, coupled with instability affecting key oil shipping corridors, have forced ships to reroute while...

Capital Link

Energy Improving; Levels to Watch on A.I. And Technology $SOXX $CHAT $DRAM $MTUM

Energy $XLE $OIH $IEO Improving; Levels to Watch in A.I. and Technology Areas $CHAT $SOXX $MTUM $DRAM. Still bullish $SPX, but some reason for...

Vermilion Research

Semiconductors and Technology Leading the Way; IWM Holding Above $209; Still Firmly Bullish

Semiconductors and Technology Leading the Way; IWM Holding Above $209; Still Firmly Bullish and Risk-On. $SMH $SOXX $TSM $NVDA $ARM $MU $KLAC $LRCX...

Vermilion Research

New All-Time Highs Validates Our Bullish Outlook; Risk-On Signals Abound. Buys in Aluminum, Shippers

New All-Time Highs Validates Our Bullish Outlook $SPX $QQQ $DJI; Risk-On Signals Abound. Three SPX upside gaps in May signals bulls firmly in...

Vermilion Research

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