Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q2 2024 Earnings Presentation
17 slides from Tsakos Energy Navigation's earnings presentation, Sep 11, 2024
Slide 1: Q2 & 6mo 2024 Earnings Presentation
TEN, Ltd. Q2 & 6mo 2024 Earnings Presentation September 11, 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 $100,000 $86m 1993-1996 $85m $90,000 $65m $35m $130m + $80,000 $125m $28m $50m $115m $70,000 Jul. 15 Oct. 10 $50m May. 04 Fleet from 4 $60,000 $150
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 => Q2 2024 B/E rates
Timely Acquisitions => Q2 2024 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ EUAs VLCC $180,000,000 $31,442 Spot SUEZMAX $160,000,000 $25,841 AFRAMAX $140,000,000 $22,656 AFRAMAX $120,000,000 LR2 $23,602 PANAMAX $100,000,000 Ti
Slide 8: Managing Bank Debt an Integral Part of Strategy
Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ 60.0% 2.00 52.5% 50.9% 47.9% 47.8% 49.2% 49.3% 1.80 50.0% 45.6% 42.0% 42.4% 1.60 1.40 40.0% 1.20 30.0% 1.00 0.80 20.0% 0.60 0.40 10.0% 0.20 0.0% 0.00 2016 2017 2018 2019 2020 2021 2022 202
Slide 9: Fleet Renewal and Greenship Growth
Fleet Renewal and Greenship Growth _______________________________________________________________ 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 Aframax – 5 x NB LR1 Panamax – 6 x MR P
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 ❑ 2024 total dividend payment at $1.50 per common share vs. $1.00 for 2023 operations - 5
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: Low NB Orderbook vs. Fleet Over Years Old
Low NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 706 tankers to join the fleet over the next three years vs. 2,360 vessels over 15 years in a global tanker fleet of 5,371 vessels that are expected to depart the compe
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 Six months ended June 30 (unaudited) June 30 (unaudited) STATEMENT OF OPERATIONS DATA 2024 2023 2024 2023 Voyage revenues $ 214,055 $ 221,454 $ 415,644 $ 482,667 Voyage expenses 41,403 38,892 83,4
Slide 16: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended Six months ended OTHER FINANCIAL DATA June 30 June 30 2024 2023 2024 2023 Net cash provided by operating activities $ 84,651 $ 143,496 $ 160,222 $ 258,502 Net cash (used in) provided by in
Slide 17: Tsakos Energy Navigation, Ltd
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 Co-Chief Financial Officer Email: ten@tenn.gr hkosmatos@tenn.gr
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