Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q2 2018 Earnings Presentation
14 slides from Tsakos Energy Navigation's earnings presentation, Sep 7, 2018
Slide 1: Q2 & 6mo 2018 Earnings Conference Call Presentation
Q2 & 6mo 2018 Earnings Conference Call Presentation September 7, 2018
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: Corporate Facts (September 2018)
Corporate Facts (September 2018) Fleet (Pro forma): 66 vsls Av. TEN Fleet Age: 7.9yrs Secured Contracts: 50 Min. revenues secured: Ice-class capabilities: 25 vsls $1.2 billion – Potential of Av. World Fleet Age: 10.3yrs Av. Employment: 2.5 yrs additional revenues from profit sharing arrangements Wor
Slide 4: Pro-Forma Fleet Composition – 66 vessels
Pro-Forma Fleet Composition – 66 vessels CRUDE TRADING PRODUCTS DP2/LNG 48 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 74,0
Slide 5: Long-Term Strategic Alliances
Long-Term Strategic Alliances Top 10 Customers (in alphabetical order) 1. BP 2. CHEVRON 3. EQUINOR (ex-Statoil) 4. FLOPEC 72% 5. HMM 6. HYUNDAI GLOVIS 7. KOCH 8. LUKOIL 9. PETROBRAS 10. SHELL Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Companies Transporter of Choice for Ma
Slide 6: 76% Secured Coverage – 56% of Fleet with Upside Potential
76% Secured Coverage – 56% of Fleet with Upside Potential Upside Potential N N B B N N B B N N B B N N B B N N B B N B N B N N B B N B N B N B 50 vessels out of 66 (76%) in secured revenue contracts (TC, TCPS, COA) 37 vessels (TCPS, COA, Spot) with ability to capture market upside immediately Averag
Slide 7: Timely Acquisitions => Low 6mo 2018 B/E Rates
Timely Acquisitions => Low 6mo 2018 B/E Rates* *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 2(1) VLCC $120,000,000 $21,226 Depr/Amort 13(2) SUEZMAX $19,015 $100,000,000 Spot 17(3) AFRAMAX $18,072 AFRAMAX $80,000,000 3 LR2 $19,015 11 PANAMAX LR1 $17,021 $60,000,000 Time C
Slide 8: Demand Strong – Positive LT Outlook
Demand Strong – Positive LT Outlook BARRELS OF OIL PER CAPITA PER ANNUM ❑ Strong potential of China and India with a combined population (Source: BP Statistical Review of World Energy June 2018) of 2.5 billion in a world of 7.0 billion. Their per capita oil consumption is at extremely low levels and
Slide 9: Low Orderbook/Delivery Schedule vs. Fleet >15 years
Low Orderbook/Delivery Schedule vs. Fleet >15 years ❑ Total Orderbook of 473 tankers to join the fleet over the next three years vs. 876 vessels in fleet over 15 years of age that are expected to depart the competitive fleet in the same timeframe (This does NOT include vessels in the 10-14 year age
Slide 10: Vessel Scrapping on the Increase
Vessel Scrapping on the Increase ❑ Scrapping levels, in terms of dwt, at 10yr highs ❑ 124 vessels (>10,000dwt) of 16.5 million total dwt scrapped until July 2018 compared to 102 vessels and 40 vessels of 9.4 and 2.5 million dwt for 2017 and 2016 respectively # of Ships Mill. Dwt 35 4.50 4.00 30 3.50
Slide 11: Income Statement
Income Statement Three months ended Six months ended June 30 (unaudited) June 30 (unaudited) STATEMENT OF OPERATIONS DATA 2018 2017 2018 2017 Voyage revenues $ 123,927 $ 132,180 $ 249,651 $ 270,421 Voyage expenses 29,407 28,121 56,683 58,204 Charter hire expense 2,698 - 5,376 - Vessel operating expe
Slide 12: Income Statement cont.
Income Statement cont. Non-GAAP Measures Reconciliation of Net (loss) income to Adjusted Net (loss) Income Three months ended Six months ended June 30 June 30 2018 2017 2018 2017 Net (loss) income attributable to common stockholders of Tsakos Energy Navigation Limited (16,266) (2,949) (34,823) 10,56
Slide 13: Balance Sheet & Other Financial/Fleet Data
Balance Sheet & Other Financial/Fleet Data BALANCE SHEET DATA June 30 December 31 2018 2017 Cash 282,425 197,773 Other assets 141,978 186,210 Vessels, net 2,961,188 2,677,061 Advances for vessels under construction 12,123 216,531 Total assets $ 3,397,714 $ 3,277,575 Debt, net of deferred finance cos
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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