Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q3 2021 Earnings Presentation
14 slides from Tsakos Energy Navigation's earnings presentation, Dec 16, 2021
Slide 1: TEN LTD Q3 & 9MO 2021 Earnings Presentation
TEN LTD Q3 & 9MO 2021 Earnings Presentation December 16, 2021
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 Far East Crisis 9/11 Crisis Credit Crisis Meets… COVID Crisis 8 7 6 5 Million (dwt) 4 3 2 1 0 3
Slide 4: Diversified Fleet - Secured Revenues – Market Upside
Diversified Fleet - Secured Revenues – Market Upside CRUDE TANKERS COATED TANKERS Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other VLCC 1 Hercules 300,000 2017 South Korean DH 36 TBN 115,000 2024 South Korean DH Dual - Fuel LNG AFRA LR2 DUAL FUEL 2 Ulysses 300,000 2016 South K
Slide 5: Timely Acquisitions => Low 9mo 2021 B/E Rates
Timely Acquisitions => Low 9mo 2021 B/E Rates* *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 2 VLCC $275,000,000 $26,337 $250,000,000 Spot 14 SUEZMAX $22,795 $225,000,000 19 AFRAMAX $17,684 $200,000,000 AFRAMAX 3 LR2 $18,025 $175,000,000 10 PANAMAX LR1 $150,000,000 $14,74
Slide 6: Reducing Bank Debt an Integral Part of Strategy
Reducing Bank Debt an Integral Part of Strategy $1,800 $1,753 $1,751 $1,750 -$2 $1,700 $1,650 $1,595 $1,600 In millions -$156 $1,534 $1,550 $1,500 $1,500 -$61 $1,450 -$34 $1,386 $1,400 $1,350 -$115 $1,300 2016 2017 2018 2019 2020 2021 9MO ❑ $368 million total debt reduction since Dec. 2016 peak ❑ pl
Slide 7: Healthy Dividends of Approx. $500m Through Market Cyclicality and Growth
Healthy Dividends of Approx. $500m Through Market Cyclicality and Growth ❑ Common Stock Dividend Continuity – Management aims on semi-annual dividend distributions - $0.10 paid on July 20th, 2021 ❑ TEN has always paid a dividend reflective of market irrespective of cyclicality; About half a billion
Slide 8: Impact of Covid-19 on Global Demand Waning in 2021
Impact of Covid-19 on Global Demand Waning in 2021 BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2021) ❑ Strong potential of China and India with a combined population of 2.5 billion in a world of 7.0 billion. Their per capita 25 oil consumption is at extrem
Slide 9: Very Low NB Orderbook vs. Fleet over Years Old
Very Low NB Orderbook vs. Fleet over 15 Years Old ❑ Total NB Orderbook of 339 tankers to join the fleet over the next three years vs. 1,505 vessels 15 years or older that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,596 vessels in the 10-14-year age bra
Slide 10: Scrapping Rebounding Strongly after Covid-19 & Upcoming Environmental Regulations
Scrapping Rebounding Strongly after Covid-19 & Upcoming Environmental Regulations ❑ Upcoming regulations and discussions for alternative propulsion fuels should further propel scrapping activity ❑ In 2018 181 vessels were scrapped of 21.9m dwt ❑ In 2019 56 vessel were scrapped of 3.9m dwt ❑ In 2020
Slide 11: Financial Highlights
Financial Highlights Three months ended Nine months ended September 30 (unaudited) September 30 (unaudited) STATEMENT OF OPERATIONS DATA 2021 2020 2021 2020 Voyage revenues $ 131,562 $ 142,834 $ 406,991 $ 512,503 Voyage expenses 54,113 37,242 148,979 105,363 Charter hire expense 8,806 5,471 21,250 1
Slide 12: Financial Highlights (cont.)
Financial Highlights (cont.) Three months ended Nine months ended OTHER FINANCIAL DATA September 30 September 30 2021 2020 2021 2020 Net cash from operating activities $ 4,617 $ 45,098 $ 35,204 $ 187,179 Net cash (used in) provided by investing activities $ (1,890) $ (86,375) $ 18,676 $ (70,274) Net
Slide 13: Stay Safe – Stay Healthy
To all our seafarers, onshore colleagues and friends a BIG THANK YOU for all your help and support during these extraordinary times STAY SAFE – STAY HEALTHY Tsakos Energy Navigation, Ltd – 367 Syngrou Av. , Athens 175 64, Greece Tel: +30210 940 7710, Fax: +30210 940 7716 email: ten@tenn.gr
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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