Slide 1: Q1 2024 Earnings Presentation
Q1 2024 Earnings Presentation June 20, 2024
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: Crisis-Resistant Growth Model Spanning Four Decades
Crisis-Resistant Growth Model Spanning Four Decades _______________________________________________________________ Covid Ukrainian Far East Crisis 9/11 Crisis Credit Crisis Crisis Crisis 10 9 8 7 Million (dwt) 6 5 4 3 2 1 0 3
Slide 4: Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other 1 Ulysses 300,000 2016 South Korea DH 38 Ithaki DF 115,000 2024 South Korea DH LNG Powered V
Slide 5: Capital Markets Access – Successful Countercyclical Growth
Capital Markets Access – Successful Countercyclical Growth _______________________________________________________________ 1 yr VLCC TC Rates $92m $105m $86m $85m 1993-1996 $100,000 $65m $35m $130m + $90,000 $125m $50m $28m $115m $80,000 Jul. 15 Oct. 10 $70,000 $50m May. 04 $150m $60,000 Sep. 19 Mar
Slide 6: Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth
Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ http://merchantmarinepilots.com/wp-content/uploads/2013/12/flopec.jpg Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Companies Transporte
Slide 7: Timely Acquisitions => Q1 2024 Break-Even Rates
Timely Acquisitions => Q1 2024 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ VLCC EUAs $175,000,000 $31,304 Spot SUEZMAX $23,998 $150,000,000 AFRAMAX $21,408 $125,000,000 AFRAMAX LR2 $21,789 $100,000,000 PANAMAX Time Charter LR
Slide 8: Managing Bank Debt and Fleet Growth an Integral Part of Strategy
Managing Bank Debt and Fleet Growth an Integral Part of Strategy _______________________________________________________________ $1,800 $1,753 $1,751 $1,750 -$2m $1,700 $1,650 -$156m $1,595 $1,600 In millions $1,534 $1,550 -$61m $1,500 $1,503 $1,500 -$34 +$99m $1,450 $1,410 $1,404 $1,400 $1,373 +$37
Slide 9: Sale & Purchase Activity Cornerstone of TEN’s Fleet Renewal Efforts
Sale & Purchase Activity Cornerstone of TEN’s Fleet Renewal Efforts _______________________________________________________________ Since 1/1/2023: Divestments Growth • 13 vessels Sold • 21 vessels Contracted/Acquired – 1 x LNG Carrier – 3 x NB DP2 Shuttle – 2 x Suezmax – 2 x NB Suezmax – 2 x Aframa
Slide 10: Historical Solid Performance – Healthy Liquidity
Historical Solid Performance – Healthy Liquidity _______________________________________________________________ Expressed in million USD 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Av. Number of Vessels 27.3 26.1 33.8 41.7 44.1 46.6 46.1 47.8 47.9 47.5 Total Revenues $318 $296 $428 $501 $623
Slide 11: Healthy Dividends Through Market Cyclicality and Growth
Healthy Dividends Through Market Cyclicality and Growth _______________________________________________________________ ❑ Common Stock Dividend Continuity – Management aims on semi-annual dividend distributions ❑ 2023 total dividend payment (including $0.40 per common share special distribution) at
Slide 12: Global Oil Demand Strong
Global Oil Demand Strong _______________________________________________________________ BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2023) ❑ Strong potential of China and India with a combined population of 2.5 billion in a world of 7.0 billion. Their per
Slide 13: Historical Low NB Orderbook vs. Fleet Over Years Old
Historical Low NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 577 tankers to join the fleet over the next three years vs. 2,397 vessels over 15 years in a global tanker fleet of 5,694 vessels that are expected to depar
Slide 14: Scrapping Activity Contained Amid Strong Market - Scrap Prices High
Scrapping Activity Contained Amid Strong Market - Scrap Prices High _______________________________________________________________ ❑ Upcoming regulations and ongoing debate for alternative propulsion fuels should lead to increased scrapping activity particularly as scrap prices remain elevated (des
Slide 15: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended March 31 (unaudited) STATEMENT OF OPERATIONS DATA 2024 2023 Voyage revenues $ 201,589 $ 261,212 Voyage expenses 42,020 45,898 Charter hire expense 6,013 6,792 Vessel operating expenses 48,626 48,2
Slide 16: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended OTHER FINANCIAL DATA March 31 2024 2023 Net cash provided by operating activities $ 74,958 $ 115,006 Net cash (used in) provided by investing activities $ (197,016) $ 86,323 Net cash provi
Slide 17: Tsakos Energy Navigation, Ltd contact information
Tsakos Energy Navigation, Ltd For more information please contact: 367 Syngrou Avenue George Saroglou: Athens 175 64 Chief Operating Officer Greece gsaroglou@tenn.gr Tel: +30210 94 07 710 Harrys Kosmatos: Fax: +30210 94 07 716 Corporate Development Officer Email: ten@tenn.gr hkosmatos@tenn.gr