Slide 1: Q1 2019 Earnings Conference Call Presentation
TEN, LTD Q1 2019 Earnings Conference Call Presentation June 6, 2019
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: TEN's Employment Strategy Outperforms Market
TEN’s Employment Strategy Outperforms Market Q1 2019 Q1 2019 2018 2018 TEN TCE* Mkt Spot TEN TCE* Mkt Spot CRUDE TANKERS VLCC $27,696 $30,532 $26,132 $19,871 Suezmax $19,366 $15,078 $17,166 $16,219 Aframax $23,192 $20,374 $18,926 $13,900 PRODUCT TANKERS Panamax $13,152 $13,789 $12,896 $3,387 MR/Hand
Slide 4: Timely Acquisitions => Low Q1 2019 B/E Rates
Timely Acquisitions => Low Q1 2019 B/E Rates* *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 2 VLCC $26,341 $120,000,000 11(1) SUEZMAX $19,540 Spot 17(2) AFRAMAX $100,000,000 $19,091 AFRAMAX 3 LR2 $19,747 $80,000,000 11 PANAMAX LR1 $16,650 Time Charter $60,000,000 HANDYMAX
Slide 5: 60% of Fleet with Upside Potential
60% of Fleet with Upside Potential (including 2019 re-charter vessels) Spot Influenced – 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 N B B N N B B N B 51 vessels out of 68 (75%) in secured revenue contracts (TC, TCPS, COA) Average TC duration (existing fleet): 2.2 year
Slide 6: Demand Strong – Positive Outlook
Demand Strong – Positive Outlook BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2018) ❑ 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 consumption is at extremely low levels and ha
Slide 7: Low Orderbook / Delivery Schedule vs. Fleet > 15 Years Old
Low Orderbook / Delivery Schedule vs. Fleet > 15 Years Old ❑ Total Orderbook of 396 tankers to join the fleet over the next three years vs. 1,048 vessels >15 years of age that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,456 vessels in the 10-14 year ag
Slide 8: Scrapping on the Rebound – Could Increase More Due to IMO2020
Scrapping on the Rebound – Could Increase More Due to IMO2020 ❑ Scrapping levels on the rebound after a slow down in activity due to firming tanker market – Expected to increase to IMO2020 regulations ❑ 178 vessels (>10,000dwt) of 20.8 million total dwt scrapped in 2018 compared to 102 vessels and 4
Slide 9: Favorable Market Prospects
Favorable Market Prospects 9
Slide 10: Financial Highlights
Financial Highlights Three months ended March 31 (unaudited) STATEMENT OF OPERATIONS DATA 2019 2018 Voyage revenues $ 147,046 $ 125,725 Voyage expenses 31,566 27,276 Charter hire expense 2,669 2,678 Vessel operating expenses 43,324 47,535 Depreciation and amortization 35,285 35,811 General and admin
Slide 11: Financial Highlights (cont.)
Financial Highlights (cont.) Three months ended OTHER FINANCIAL DATA March 31 2019 2018 TCE per ship per day $ 21,054 $ 17,771 Operating expenses per ship per day $ 7,522 $ 8,126 Vessel overhead costs per ship per day $ 1,117 $ 1,168 8,639 9,294 FLEET DATA Average number of vessels during period 64.
Slide 12: 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