Tsakos Energy Navigation Ltd · NYSE:TEN

Tsakos Energy Navigation — Q2 2017 Earnings Presentation

14 slides from Tsakos Energy Navigation's earnings presentation, Sep 15, 2017

  1. Slide 1: Tsakos Energy Navigation Q2 & 6 months 2017 Earnings Conference Call

    TEN Ltd Tsakos Energy Navigation September 15, 2017 Q2 & 6 months 2017 Earnings Conference Call

  2. 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

  3. Slide 3: Corporate Facts (June 2017)

    Corporate Facts (June 2017) Pro forma Fleet: 65 vsls Av. TEN Fleet Age: 7.6yrs Secured Contracts: 49 Min. revenues secured: ex. Shuttle tanker option $1.4 billion – Potential Ice-class capabilities: 25 vsls Av. World Fleet Age: 10.1yrs Av. Employment: 2.5 yrs additional revenues from profit sharing

  4. Slide 4: Q2 & 6mo 2017 Highlights

    Q2 & 6mo 2017 Highlights Q2 2017 Voyage Revenues: $132.2 million 6mo 2017 Voyage Revenues: $270.4 million Q2 2017 Operating Income: $19.3 million 6mo 2017 Operating Income: $49.1 million Q2 2017 Net Income: $3.6 million 6mo 2017 Net Income: $21.1 million Q2 2017 EPS (after pref. dividends): $(0.03)

  5. Slide 5: Fleet Composition – 65 vessels (pro-forma)

    Fleet Composition – 65 vessels (pro-forma) CRUDE TRADING PRODUCTS DP2/LNG 47 13 5 6.0m dwt 0.6m dwt 0.7m dwt VLCC Suezmax Aframax Aframax LR Panamax Handymax Handysize DP2 Shuttle LNG One World Trade 1,100 900 850 850 750 615’ 570’ 900 750 1,775 300,000dwt 160,000dwt 100,000dwt 100,000dwt 74

  6. Slide 6: Long-Term Strategic Alliances

    Long-Term Strategic Alliances Top Customers (in alphabetical order) 1. CHENIERE 2. CHEVRON 3. EXXONMOBIL 4. FLOPEC 5. HMM 6. LITASCO 7. PETROBRAS 8. SHELL 9. STATOIL 10. VITOL Long-term, blue-chip, recurring customer base consisting of major global energy companies Transporter of Choice for Major Oi

  7. Slide 7: Strong Secured Coverage – Upside Potential

    Strong Secured Coverage – Upside Potential N B N B N B N B N B N N B B N N B B N N B B N N B B TBD N N B B 49 vessels in 65 (75%) in secured revenue contracts (TC, TCPS, COA) 34 vessels (TCPS, COA, Spot contracts) with ability to capture market upside immediately 7 Average TC duration: 2.5 years – M

  8. Slide 8: Timely Acquisitions => Low Q2 2017 B/E Rates - Flexible Employment

    Timely Acquisitions => Low Q2 2017 B/E Rates* - Flexible Employment *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 3 VLCC $24,175 13 SUEZMAX $18,431 17 AFRAMAX $17,938 AFRAMAX 3 LR2 $20,029 11 PANAMAX LR1 $15,956 HANDYMAX 6 MR $16,063 7 HANDYSIZE $14,644 2 LNG $34,859 3 DP

  9. Slide 9: Demand Strong – Positive L/T Outlook

    Demand Strong – Positive L/T Outlook BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2016)  Strong potential of China and India with a combined population of 2.5 billion in a world of 7.0 billion. Their per capita oil 25 22 consumption is at extremely low lev

  10. Slide 10: Tanker Orderbook/Delivery Schedule vs. Fleet >15 years

    Tanker Orderbook/Delivery Schedule vs. Fleet >15 years  Total Orderbook of 462 tankers to join the fleet over the next three years vs. 810 vessels in fleet over 15 years of age (This does NOT include vessels in the 10-14 year age bracket some of which will be around the 15 year mark by 2018/19, a g

  11. Slide 11: Solid Growth Through Cycles - Secured Dividend Payments

    Solid Growth Through Cycles - Secured Dividend Payments  TEN has always paid a dividend irrespective of market cycles; $10.56 per share in total dividends since inception  Long-term nature of Company’s employment policy provides cash flow sustainability and visibility Average Yield Since NYSE List

  12. Slide 12: Income Statement – Balance Sheet

    Income Statement – Balance Sheet Three months ended Six months ended June 30 (unaudited) June 30 (unaudited) STATEMENT OF OPERATIONS DATA 2017 2016 2017 2016 Voyage revenues $ 132,180 $ 119,851 $ 270,421 $ 241,942 Voyage expenses 28,121 25,020 58,204 47,473 Vessel operating expenses 43,894 36,198 83

  13. Slide 13: Other Financial / Fleet Data

    Other Financial / Fleet Data Three months ended Six months ended OTHER FINANCIAL DATA June 30 June 30 2017 2016 2017 2016 Net cash from operating activities $ 56,456 $ 39,553 $ 110,908 $ 93,262 Net cash used in investing activities $ (74,586) $ (159,392) $ (221,221) $ (256,124) Net cash provided by

  14. Slide 14: Tsakos Energy Navigation, Ltd

    TSAKOS ENERGY NAVIGATION, LTD For more information please contact: Paul Durham: Chief Financial Officer pdurham@tenn.gr George Saroglou: Chief Operating Officer gsaroglou@tenn.gr Harrys Kosmatos: Corporate Development Officer hkosmatos@tenn.gr Tsakos Energy Navigation, Ltd 367 Syngrou Avenue Athens

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