Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q3 2023 Earnings Presentation
16 slides from Tsakos Energy Navigation's earnings presentation, Nov 21, 2023
Slide 1: TEN LTD Q3 & 9mo 2023 Earnings Presentation
TEN LTD Q3 & 9mo 2023 Earnings Presentation November 21, 2023
Slide 2: Forward-looking statements
This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these forward-looking statemen
Slide 3: Crisis-Resistant Growth Model Spanning Four Decades
Crisis-Resistant Growth Model Spanning Four Decades _______________________________________________________________ Covid Ukrainian Far East Crisis 9/11 Crisis Credit Crisis Crisis Crisis 9 8 7 6 Million (dwt) 5 4 3 2 1 0 3
Slide 4: Capital Markets Access – Successful Countercyclical Growth
Capital Markets Access – Successful Countercyclical Growth _______________________________________________________________ 1 yr VLCC TC Rates $92m $105m 1993-1996 $100,000 $86m $85m $130m + $28m $90,000 $65m $35m Jul. 15 $125m $80,000 $50m $115m $70,000 Oct. 10 Fleet from 4 May. 04 $50m vessels in 1
Slide 5: Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other 1 Ulysses 300,000 2016 South Korean DH 39 Ithaki DF 115,000 2024 South Korean DH LNG Powered
Slide 6: Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth
Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Companies Transporter of Choice for Major Oil Companies Equinor is TEN’s Largest Charterer
Slide 7: Timely Acquisitions => Q3 2023 B/E rates
Timely Acquisitions => Q3 2023 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ VLCC $175,000,000 $30,839 SUEZMAX $24,860 $150,000,000 Spot AFRAMAX $21,050 $125,000,000 AFRAMAX LR2 $23,596 $100,000,000 PANAMAX LR1 $18,350 Time Cha
Slide 8: Managing Bank Debt an Integral Part of Strategy
Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ -$2m -$156m In millions -$61m New loan for acquisition of VLCC Dias I at end -$34 November 2022 +$37m -$127m -$12m ❑ $355 million total debt reduction since Dec. 2016 peak ❑ $188 million a
Slide 9: Historical Solid Performance – Healthy Liquidity
Historical Solid Performance – Healthy Liquidity _______________________________________________________________ Expressed in million USD 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Av. Number of Vessels 27.3 26.1 33.8 41.7 44.1 46.6 46.1 47.8 47.9 47.5 Total Revenues $318 $296 $428 $501 $623
Slide 10: Healthy Dividends Through Market Cyclicality and Growth
Healthy Dividends Through Market Cyclicality and Growth _______________________________________________________________ ❑ Common Stock Dividend Continuity – Management aims on semi-annual dividend distributions ❑ 2023 dividend payment (including special distribution), reflecting 2022 performance, at
Slide 11: Global Oil Demand on the Rebound
Global Oil Demand on the Rebound _______________________________________________________________ BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2022) ❑ Strong potential of China and India with a combined 25 population of 2.5 billion in a world of 7.0 billion.
Slide 12: Historical Low NB Orderbook vs. Fleet Over Years Old
Historical Low NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 356 tankers to join the fleet over the next three years vs. 2,004 vessels over 15 years in a global tanker fleet of 5,335 vessels that are expected to depar
Slide 13: Scrapping Activity Pick-up Amid Elevated Scrap Prices
Scrapping Activity Pick-up Amid Elevated Scrap Prices _______________________________________________________________ ❑ Upcoming regulations and ongoing debate for alternative propulsion fuels and continuous strong scrap prices are beginning to increase scrapping activity ❑ Older vessels are getting
Slide 14: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended Nine months ended September 30 (unaudited) September 30 (unaudited) STATEMENT OF OPERATIONS DATA 2023 2022 2023 2022 Voyage revenues $ 186,659 $ 223,742 $ 669,325 $ 590,145 Voyage expenses 34,260
Slide 15: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended Nine months ended OTHER FINANCIAL DATA September 30 September 30 2023 2022 2023 2022 Net cash provided by operating activities $ 44,573 $ 82,136 $ 303,075 $ 155,691 Net cash used in by inv
Slide 16: Tsakos Energy Navigation, Ltd contact details
Tsakos Energy Navigation, Ltd For more information please contact: 367 Syngrou Avenue George Saroglou: Athens 175 64 President & Chief Operating Officer Greece gsaroglou@tenn.gr Tel: +30210 94 07 710 Harrys Kosmatos: Fax: +30210 94 07 716 Corporate Development Officer Email: ten@tenn.gr hkosmatos@te
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