Tsakos Energy Navigation Ltd · NYSE:TEN

Tsakos Energy Navigation — Q1 2012 Earnings Presentation

14 slides from Tsakos Energy Navigation's earnings presentation, May 25, 2012

  1. Slide 1: Q1 2012 Earnings Conference Call

    TEN Ltd Tsakos Energy Navigation May 25, 1 2012 Q1 2012 Earnings Conference Call

  2. 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

  3. Slide 3: Strong Platform - Fleet Composition

    Strong Platform - Fleet Composition Crude LNG Product 25 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  54 vessels (pro forma incl. options)  Active fleet utilization in Q1 2012 at 97%  48 in operation  2x DP2 shuttle tanker  65% of remaining 2012 and 45% of 2013 available suezmaxes under construction days in secured revenue contracts  1x LNG under construction plus  Accum

  5. Slide 5: Q1 2012 Highlights

    Q1 2012 Highlights Q1 2012  Voyage Revenues: $102.2 million  Operating Income: $1.0 million  Net Income / (Loss): $(8.8) million  Av. TCE per vessel per day: $17,129  Av. Opex per vessel per day : $8,308  Commencement of five new charters securing minimum revenues of $172 million over their re

  6. Slide 6: Fleet (as of May 25, 2012)

    Fleet (as of May 25, 2012) CLEAN / PRODUCT TANKERS CRUDE TANKERS Dwt Built Hull Ice Class Dwt Built Hull Ice Class AFRAMAX - LR VLCC 1 Millennium 301,171 1998 DH 1 Proteas 117,055 2006 DH 1A 2 Promitheas 117,055 2006 DH 1A 2 La Madrina (4) 299,700 1994 DH (4) 3 Propontis 117,055 2006 DH 1A 3 La Prud

  7. Slide 7: Employment Details (as of May 25, 2012)

    Employment Details (as of May 25, 2012) Secured 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 Q1) 2013 65% 45% 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 $9.375 per share to i

  11. Slide 11: Income Statement

    Income Statement Three months ended March 31 STATEMENT OF INCOME DATA 2012 2011 Voyage revenues $ 102,230 $ 99,196 Commissions 3,669 3,356 Voyage expenses 32,312 23,533 Vessel operating expenses 35,541 31,596 Depreciation 23,684 24,235 Amortization of deferred dry-docking costs 1,057 1,108 Managemen

  12. Slide 12: Balance Sheet

    Balance Sheet March 31 December 31 March 31 2012 2011 2011 Cash and cash equivalents 185,623 175,708 259,626 Current assets, including cash 297,092 287,633 337,523 Investments 1,000 1,000 1,000 Financial instruments, net of current portion - - 1,396 Advances for vessels under construction 38,012 37,

  13. Slide 13: Other Financial / Fleet Data

    Other Financial / Fleet Data Three months ended OTHER FINANCIAL DATA March 31 2012 2011 Net cash from operating activities $ 18,361 $ 27,718 Net cash (used in)/from investing activities $ (1,010) $ 6,921 Net cash used in financing activities $ (7,436) $ (51,650) TCE per ship per day $ 17,129 $ 17,96

  14. Slide 14: Tsakos Energy Navigation, Ltd contact information

    TSAKOS ENERGY NAVIGATION, LTD For more information please contact: ● Paul Durham: pdurham@tenn.gr Chief Financial Officer ● George Saroglou: gsaroglou@tenn.gr Chief Operating Officer ● Harrys Kosmatos: hkosmatos@tenn.gr Corporate Development Officer Tsakos Energy Navigation, Ltd 367 Syngrou Avenue A

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