Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q4 2013 Earnings Presentation
18 slides from Tsakos Energy Navigation's earnings presentation, Mar 17, 2014
Slide 1: Q4 & YE 2013 Earnings Conference Call
T EN Lt d Tsa kos Ene rgy N avigat ion March 17, 2014 1 Q4 & YE 2013 Earnings Conference Call
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: Fleet Composition
21 Years in the Fleet Composition Capital Markets CRUDE Crude LNG PRODUCTS 28 3 DP2 Shuttle 28 VLCC Suezmax Aframax LNG Suezmax Aframax Panamax Handymax Handysize One World Trade 1,100′ 900′ 850′ 750′ 900′ 850′ 750′ 615’ 570’ 1,776′ 300,000dwt 160,000dwt 100,000dwt 85,000dwt 160,000dwt 100,000dwt 70
Slide 4: Positive Long-Term Demand
21 Years in the Positive Long-Term Demand Capital Markets BARRELS OF OIL PER CAPITA PER ANNUM Global Demand (Source: BP Statistical Review of World Energy June 2012 Strong potential of China and India with a combined population of 2.5 billion in a world of 7.0 billion. Their per capita oil consumpt
Slide 5: Favorable Supply Fundamentals
21 Years in the Favorable Supply Fundamentals Capital Markets Total Orderbook of 605 tankers vs. 589 vessels in fleet over 15 years of age 600 550 Expected to be phased out over the next two/three years 500 450 400 Number of Ships 605 350 300 589 250 200 150 100 50 0 2014 (Feb) 2014 2015 2016 2017
Slide 6: Corporate Facts
21 Years in the Corporate Facts Capital Markets 58 vessels (pro forma) Active fleet utilization in YE 2013 at 97.8% ⇒ 48 in operation ⇒ 9 x Aframax crude carriers under As at YE2014, 60.0% of 2014, 38% of 2015 and 25.0% of construction 2016 available days in secured revenue contracts (includin
Slide 7: Year End 2013 Highlights
21 Years in the Year End 2013 Highlights Capital Markets Voyage revenues of $418 million ($394 million in 2012) Adjusted EBITDA of $134.2 million (15.0% increase from 2012) $33.2 million in operating income vs. $14.9 million in 2012 (123% increase) Adjusted Net Income/(Loss) attributable to
Slide 8: Fleet (as of March 14, 2014)
21 Years in the Fleet (as of March 14, 2014) Capital Markets CRUDE TANKERS CLEAN/PRODUCT TANKERS Dwt Built Hull Ice Class/Other Dwt Built Hull Ice Class/Other VLCC SUEZMAX - SHUTTLE 1 Millennium 301,171 1998 DH 1 Rio 2016 157,000 2013 DH DP2 SUEZMAX 2 Brasil 2014 157,000 2013 DH DP2 1 Spyros K 158,0
Slide 9: Repeat Customers – Blue Chip Clientele
20 Years in the Repeat Customers – Blue Chip Clientele Capital Markets Top Customers Rating (1) % of 2013E Revenue Petrobras A3 / BBB 22.50% Exxon Aaa / AAA 13.81% Statoil (2) Aa2/AA- 10.50% Flopec NR / NR 9.54% Shell Aa1 / AA 8.19% HMM A- / A- 6.64% BG A2 / A 6.18% BP A2 / A 5.41% Long-term, blue-c
Slide 10: Employment Details (as of March 14, 2014)
21 Years in the Employment Details (as of March 14, 2014) Capital Markets 9 3 1 15 20 TC (Fixed) TC (P/S) CoA (Spot Related) Pool (Spot Related) Spot Secured Employment Flexible Employment 10
Slide 11: Secured Revenues (including TC, TC w/PS, Pool)
21 Years in the Secured Revenues (including TC, TC w/PS, Pool) Capital Markets Based on employable dates and includes vessels under time charter, time charter with profit share (only minimum rate) and Pool/CoAs (Subject to deliveries and potential changes in TEN’s chartering policy ) 2014 (as at YE2
Slide 12: Sale & Purchase Activity – Capital Gains
21 Years in the Sale & Purchase Activity – Capital Gains Capital Markets 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 $28 million average p
Slide 13: Continuous Dividend Payments
21 Years in the Continuous Dividend Payments Capital Markets Dividend payments far in excess of original IPO price of $7.50/share Today investors have gotten $9.775/share in dividends (incl. May distribution), 30% higher over their original $7.50 IPO investment plus…. Close to $1 billion total
Slide 14: Income Statement
21 Years in the Income Statement Capital Markets Three months ended Year ended December 31 December 31 STATEMENT OF OPERATIONS DATA 2013 2012 2013 2012 Voyage revenues $ 105,030 $ 100,303 $ 418,379 $ 393,989 Commissions 4,001 3,668 16,019 12,215 Voyage expenses 30,478 29,097 116,980 111,797 Vessel o
Slide 15: Balance Sheet
21 Years in the Balance Sheet Capital Markets BALANCE SHEET DATA December 31 December 31 2013 2012 Cash, restricted cash and marketable securities 171,764 162,153 Other assets 80,546 80,889 Vessels, net 2,173,068 2,088,358 Advances for vessels under construction 58,521 119,484 Total assets $ 2,483,8
Slide 16: Other Financial / Fleet Data
21 Years in the Other Financial / Fleet Data Capital Markets Three months ended Year ended OTHER FINANCIAL DATA December 31 December 31 2013 2012 2013 2012 Net cash from operating activities $ 13,694 $ 21,405 $ 117,923 $ 60,862 Net cash (used in)/from investing activities $ (1,659) $ 10,071 $ (144,4
Slide 17: Reconciliations
21 Years in the Reconciliations Capital Markets Non-GAAP Measures Reconciliation of Net Loss to Adjusted Net Loss Three months ended Year ended December 31 December 31 2013 2012 2013 2012 Net loss attributable to Tsakos Energy Navigation Limited (35,593) (24,401) (37,462) (49,263) Impairment loss 28
Slide 18: 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
Tsakos Energy Navigation — Q4 2013 Earnings Presentation on 6ix