Tsakos Energy Navigation Ltd · NYSE:TEN

Tsakos Energy Navigation — Q2 2012 Earnings Presentation

14 slides from Tsakos Energy Navigation's earnings presentation, Aug 3, 2012

  1. Slide 1: Q2 & 6mo 2012 Earnings Conference Call

    TEN Ltd Tsakos Energy Navigation August 3, 2012 1 Q2 & 6mo 2012 Earnings Conference Call

  2. Slide 2: 2 not

    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

  3. Slide 3: Strong Platform - Fleet Composition

    Strong Platform - Fleet Composition Crude LNG Product 23 3 26 Empire State VLCC Suezmax Aframax LNG Aframax Panamax Handymax Handysize 1,250 1,100 900 850 750 850 750 615’ 570’ Indicative 100,000dwt capacity: 300,000dwt 160,000dwt 100,000dwt 85,000dw 70,000dwt 50,000dwt 37,000dwt (1) (2) No.

  4. Slide 4: Corporate Highlights

    Corporate Highlights  52 vessels (pro forma incl. option)  Active fleet utilization in Q2 2012 at 98%  48 in operation  2x DP2 shuttle tanker  68% of remaining (Q3 & Q4) 2012 and 54% of 2013 suezmaxes under construction available days in secured revenue contracts  1x LNG under construction plu

  5. Slide 5: 2012 Highlights

    2012 Highlights Q2 2012  Voyage Revenues: $99.0 million  Operating Income: $10.1 million  Net Income / (Loss): $(5.7) million  Av. TCE per vessel per day: $17,714  Av. Opex per vessel per day : $7,505  Total of four new charters with future minimum gross revenues of $62.0 million  Dividend of

  6. Slide 6: Fleet (as of August 3, 2012)

    Fleet (as of August 3, 2012) CLEAN / PRODUCT TANKERS CRUDE TANKERS Dwt Built Hull Ice Class Dwt Built Hull Ice Class AFRAMAX - LR VLCC 1 Proteas 117,055 2006 DH 1A 1 Millennium 301,171 1998 DH 2 Promitheas 117,055 2006 DH 1A (3) 3 Propontis 117,055 2006 DH 1A 2 La Madrina 299,700 1994 DH (3) PANAMAX

  7. Slide 7: Employment Details (as of August 3, 2012)

    Employment Details (as of August 3, 2012) 4 14 16 14 2 TC (Fixed) TC (Fixed) - Shuttles TC (P/S) Pool (Spot Related) Spot Secured Employment Flexible Employment 7

  8. Slide 8: Secured Revenues (including TC, TC w/PS, Pool)

    Secured Revenues (including TC, TC w/PS, Pool) Based on employable dates and includes vessels time charter, pools – subject to change based on new deliveries and potential changes in TEN’s chartering policy Remaining 2012 (end of Q2) 2013 68% 54% Fixed Fixed Minimum Revenues Minimum Revenues (Expect

  9. Slide 9: Sale & Purchase Activity – Capital Gains

    Sale & Purchase Activity – Capital Gains  Sale & Purchase activity integral to operations – Close to 100 transactions - realizing actual value  Since 2003 TEN has generated capital gains from its sale & purchase activity close to $280 million  $29 million average per year in capital gains since N

  10. Slide 10: Continuous Dividend Payments

    Continuous Dividend Payments On June 4th, 2010 the Board of Directors declared a change in TEN’s dividend policy from semi-annual to quarterly payments  Since initiation of dividend payments and including the recently announced quarterly payment, TEN has distributed a total of $9.525 per share to i

  11. Slide 11: Income Statement

    Income Statement Three months ended Six months ended June 30 June 30 STATEMENT OF INCOME DATA 2012 2011 2012 2011 Voyage revenues $ 99,046 $ 101,309 $ 201,276 $ 200,505 Commissions 1,503 3,718 5,172 7,073 Voyage expenses 25,576 33,707 57,888 57,240 Vessel operating expenses 32,110 33,139 67,650 64,7

  12. Slide 12: Balance Sheet

    Balance Sheet BALANCE SHEET DATA June 30 December 31 June 30 2012 2011 2011 Cash and cash equivalents 212,679 175,708 227,472 Current assets, including cash 315,599 287,633 300,175 Investments 1,000 1,000 1,000 Financial instruments, net of current portion 0 0 959 Advances for vessels under construc

  13. Slide 13: Other Financial / Fleet Data

    Other Financial / Fleet Data FLEET DATA Average number of vessels during period 48.0 47.5 48.0 47.7 Number of vessels at end of period 48.0 47.0 48.0 47.0 Average age of fleet at end of period Years 7.5 6.7 7.5 6.7 Dwt at end of period (in thousands) 5,073 4,915 5,073 4,915 Time charter employment -

  14. Slide 14: 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

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