Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q2 2007 Earnings Presentation
16 slides from Tsakos Energy Navigation's earnings presentation, Aug 3, 2007
Slide 1: Tsakos Energy Navigation Q2 2007 Earnings Conference Call
TEN, Ltd Tsakos Energy Navigation August 3, 2007 Q2 2007 Earnings Conference Call Supplemental Information
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: Fleet Details (as of August 3, 2007)
Fleet Details (as of August 3, 2007) TOTAL FLEET (incl. vessels under construction) Ships: 52 Dwt: 5,553,259 Double Hull: 100% Average Age: 5.3 years Average Age of World Fleet: 10.7 years Ice-class vessels: 23 Ice-class dwt: 2,010,579 CRUDE FLEET CLEAN / PRODUCT FLEET Ships: 27 Ships: 25 Dwt: 4,011
Slide 4: Fleet Composition
Fleet Composition CRUDE TANKERS CLEAN / PRODUCT TANKERS Dwt Built Hull Ice Class Dwt Built Hull Ice Class VLCC AFRAMAX - LR 1 Millennium 301,171 1998 DH 1 Proteas 117,055 2006 DH 1A 2 La Madrina 299,700 1994 DH 2 Promitheas 117,055 2006 DH 1A 3 La Prudencia 298,900 1993 DH 3 Propontis 117,055 2006 D
Slide 5: Earnings Visibility
Earnings Visibility 2007 2008 Name Type TCE Terms J F M A M JN JL A S O N D J F M A M JN JL A S O N D 1 Millennium VLCC $ 40,000 BB $25,500pd (To 09/13) 2 Cape Baker SZX $ 36,000 To 10/09 3 Cape Balboa SZX $ 36,000 To 11/09 4 Euronike SZX $ 37,000 To 09/09 5 6 Silia T Neo Energy SZX LNG $ 34,000 Pri
Slide 6: Worldwide Coverage
Worldwide Coverage London Odessa New York ATHENS HQ Ulsan Houston Shanghai Manila Montevideo Still to join the fleet (2007-2010) Product Crude Spot TC TC w/PS COA 6
Slide 7: Fleet Growth
Fleet Growth ! A deadweight CAGR of 25% since inception (1993) ! Net income of $3.9m in 2002 (NYSE listing) - $196m in 2006 - Fiftyfold increase… June 2007 ! 145% deadweight increase since NYSE listing (May 2002) 53 vessels 6.0 5.6m dwt 5.0 4.0 March 2002 (IPO) 26 vessels 3.0 2.3m dwt 2.0 4 vessels
Slide 8: Secured Revenues
Secured Revenues (Based on employable days remaining and assuming current operational fleet of 43 vessels) 2007 % Days fixed Revenues 87% $160m 2008 % Days fixed Revenues 67% $226m 33 vessels with TC and TC with profit sharing agreements (assuming only min. rates) have secured: 971 months forward co
Slide 9: Newbuilding Program
Newbuilding Program 2007 2008 2009 2010 1 Neo Energy 1 Maria Princess 1 Ise Princess 1 Uraga Princess 2 Arctic 2 Nikkon Princess 2 Asahi Princess 3 Antarctic 3Sapporo Princess 4 Izumo Princess 5 Sakoura Princess 6 Selecao 7 Socrates 8 Andromeda Delivered LNG 1 Suezmax 9 Aegeas Natural Gas 1 Aframax
Slide 10: Financial Highlights
Financial Highlights 2006 YE 2006 (Q2) 2007 (Q2) Average # of Vessels 33.8 33.9 42.3 TCE Rev. net (mill) $359 $84.3 $111.9 Net Income $196.4 $33.0 $37.5 Capital gains $63.3 $- $- EPS, diluted $10.30 $1.73 $1.96 ROE 32.3% n/a n/a EBITDA $303 $54.9 $74.0 (1) 2003 gain on sale and leaseback amortized o
Slide 11: Financial Highlights (cont.)
Financial Highlights (cont.) (In US$ Mill) 2006 YE 2006 (Q2) 2007 (Q2) Assets Cash 175 81 144 Vessels Book Value, net 1,459 1,354 1,914 Total Assets 1,970 1,811 2,350 Liabilities Total Debt 1,134 1,084 1,445 Equity Total Shareholder’s Equity 755 655 806 Net Debt/Capital 56% 60% 62% 11
Slide 12: Financial Highlights (cont.)
Financial Highlights (cont.) Net Income (in US$mill) EBITDA (in US$mill) 196.4 303 161.8 143.3 215 198 152 81.0 112 59.1 74 37.5 33.0 55 44 3.9 2002 2003 2004 2005 2006 2007 2007 2006 2002 2003 2004 2005 2006 2007 2007 2006 6mo Q2 Q2 6mo Q2 Q2 Earnings Per Share, diluted 10.30 7.51 8.17 4.24 3.44 1.
Slide 13: Dividend Distributions
Dividend Distributions - Paid in 2 semi-annual installments - Between 25-50% of Net Income 2002 2003 2004 2005 2006 Net Income $3,894 $59,052 $143,290 $161,755 $196,404 Installment 1 (October) $0.50 $0.50 $0.70 $1.00 $1.25 Installment 2 (April following year) $0.20 $0.50 $0.95 $1.10 $1.50 Total Divi
Slide 14: Market Outperform
Market Outperform ! Total returns to investors who subscribed to the IPO in March 2002 and reinvested their dividends has been 40.7% p.a. compounded. For the equivalent period returns for the S&P were 6.1% and for the Dow Jones 4.2% 14
Slide 15: Tsakos Energy Navigation, Ltd
TSAKOS ENERGY NAVIGATION, LTD For more information please contact: !Paul Durham: pdurham@tenn.gr Chief Financial Officer !George Saroglou: gsaroglou@tenn.gr Chief Operating Officer !Harrys Kosmatos: hkosmatos@tenn.gr Senior Manager Corporate Development Tsakos Energy Navigation, Ltd 367 Syngrou Aven
Slide 16: Gr er!!!
e c e e Gr er!!! r o m m s f u m s h e e s w i n i c e s t e a B a v … h
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