Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q4 2023 Earnings Presentation
16 slides from Tsakos Energy Navigation's earnings presentation, Mar 27, 2024
Slide 1: Q4 & YE2023 Earnings Presentation
Q4 & YE2023 Earnings Presentation March 27, 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 9 8 7 6 Million (dwt) 5 4 3 2 1 0 3
Slide 4: 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 5: 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 Korean DH 41 Ithaki DF 115,000 2024 South Korean DH LNG Powered
Slide 6: Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth
Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Companies Transporter of Choice for Major Oil Companies Equinor TEN’s Largest Charterer 6
Slide 7: Timely Acquisitions => Q4 2023 B/E rates
Timely Acquisitions => Q4 2023 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ VLCC $200,000,000 $31,793 SUEZMAX $175,000,000 $25.281 Spot AFRAMAX $21,607 $150,000,000 AFRAMAX LR2 $125,000,000 $22,000 PANAMAX LR1 $100,000,000 $17
Slide 8: Managing Bank Debt an Integral Part of Strategy
Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ $1,800 $1,753 $1,751 $1,750 -$2m $1,700 $1,650 $1,595 $1,600 -$156m In millions $1,534 $1,550 -$61m $1,500 New loan for acquisition $1,500 of VLCC Dias I at end November 2022 -$34 $1,450 $
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 • 9 vessels sold • 16 vessels contracted/acquired – 1 x Suezmax – 2 x NB Suezmax – 6 x MR Product – 3 x NB DP2 Shuttle – 2 x Handy Pr
Slide 10: 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), re
Slide 11: Global Oil Demand Strong
Global Oil Demand Strong _______________________________________________________________ BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2022) ❑ Strong potential of China and India with a combined population of 2.5 billion in a world of 7.0 billion. Their per
Slide 12: Historical Low NB Orderbook vs. Fleet Over Years Old
Historical Low NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 453 tankers to join the fleet over the next three years vs. 2,293 vessels over 15 years in a global tanker fleet of 5,683 vessels that are expected to depar
Slide 13: 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 14: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended Year ended December 31 (unaudited) December 31 (unaudited) STATEMENT OF OPERATIONS DATA 2023 2022 2023 2022 Voyage revenues $ 220,241 $ 270,255 $ 889,566 $ 860,400 Voyage expenses 36,674 46,137 15
Slide 15: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended Year ended OTHER FINANCIAL DATA December 31 December 31 2023 2022 2023 2022 Net cash provided by operating activities $ 92,204 $ 132,836 $ 395,279 $ 288,529 Net cash used in investing acti
Slide 16: Tsakos Energy Navigation, Ltd contact details
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
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