Slide 1: Q4 & YE2016 Earnings Conference Call
TEN Ltd Tsakos Energy Navigation March 17, 2017 Q4 & YE2016 Earnings Conference Call
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 (March 2017)
Corporate Facts (March 2017) Pro forma Fleet: 65 vsls Av. Fleet Age: 7.5yrs Secured Contracts: 47 Minimum revenues secured: ex. Shuttle tanker option World Average: 10.0yrs Av. Forward Employment: 2.7 $1.4 billion – Potential Ice-class capabilities: 25 vsls years additional revenues from profit shar
Slide 4: Q4 & YE2016 Highlights
Q4 & YE2016 Highlights 2016 Voyage Revenues of $482 million 2016 Operating Income of $90 million 2016 Net Income of $56 million or $0.47 per basic and diluted share 2016 EBITDA: $205 million 2016 Opex per vessel per day reduction of from 2015 at 2.1% Q4 Voyage Revenues of $131 million Q4 Operating I
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
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
Slide 7: Strong Secured Coverage – Upside Potential
Strong Secured Coverage – Upside Potential 47 vessels in 65 in secured revenue contracts (TC, TCPS, COA) 29 vessels (TCPS, COA, Spot contracts) with ability to capture market upside immediately 7 Average TC duration: 2.7 years – Minimum Secured Revenues: $1.4 billion 7 Time-Charter Contracts Spot Co
Slide 8: Timely Acquisitions => Low 2016 B/E Rates - Flexible Employment
Timely Acquisitions => Low 2016 B/E Rates* - Flexible Employment *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 3 VLCC $23,541* 63% secured revenue contracts 13 SUEZMAX $17,820 17 AFRAMAX 50% flexible revenue contracts $17,746 AFRAMAX 3 LR2 $19,203 11 PANAMAX LR1 $15,167 H
Slide 9: Demand Strong – Positive L/T Outlook
Demand Strong – Positive L/T 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 2016) of 2.5 billion in a world of 7.0 billion. Their per capita oil consumption is at extremely low levels an
Slide 10: Tanker Orderbook/Delivery Schedule vs. Fleet >15 years
Tanker Orderbook/Delivery Schedule vs. Fleet >15 years Total Orderbook of 527 tankers to join the fleet over the next three years vs. 770 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
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; $10.46 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
Slide 12: Income Statement – Balance Sheet
Income Statement – Balance Sheet Three months ended Year ended December 31 (unaudited) December 31 (unaudited) STATEMENT OF OPERATIONS DATA 2016 2015 2016 2015 Voyage revenues $ 130,664 $ 143,092 $ 481,790 $ 587,715 Voyage expenses 31,585 30,213 106,403 131,878 Vessel operating expenses 38,959 33,10
Slide 13: Other Financial / Fleet Data
Other Financial / Fleet Data Three months ended Year ended OTHER FINANCIAL DATA December 31 December 31 2016 2015 2016 2015 Net cash from operating activities $ 32,206 $ 67,920 $ 170,356 $ 234,407 Net cash used in investing activities $ (224,160) $ (83,245) $ (576,075) $ (174,752) Net cash provided
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