Tsakos Energy Navigation Ltd · NYSE:TEN

Tsakos Energy Navigation — Q2 2010 Earnings Presentation

13 slides from Tsakos Energy Navigation's earnings presentation, Aug 5, 2010

  1. Slide 1: Tsakos Energy Navigation Q2 2010 Earnings Conference Call

    TEN Ltd Tsakos Energy Navigation August 5, 2010 Q2 2010 Earnings Conference Call

  2. Slide 2: Forward-looking statements

    This presentation pay contain forward-looking statepents that are not based on historical fact, including without lipitation, statepents containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estipates” and sipilar expressions. Because these forward-looking statepen

  3. Slide 3: Corporate Highlights

    17 YEARS IN THE Corporate Highlights CAPITAL MARKETS Facts  17 years of continuous profitable growth  Delivery and charter of M/T Sapporo Princess  50 vessels (proforpa)  Sale of two vessels during Q2 and four in total in 6po 2010 ⇒ 46 in operation ⇒ 2 (Suezpaxes) under construction  Fleet util

  4. Slide 4: 2010 - Second Quarter and Six Months Highlights

    17 YEARS IN THE 2010 - Second Quarter and Six Months Highlights CAPITAL MARKETS Q2  Voyage Revenues: $112.8 pillion  Net Incope: $8.5 pillion  TCE per vessel per day: $22,059  Opex per vessel per day : $7,342 (a 14% reduction frop Q2 2009) ⇒ Sale of one afrapax and one panapax with $5.8 pillion

  5. Slide 5: Subsequent Events

    17 YEARS IN THE Subsequent Events CAPITAL MARKETS Activity  June: Quarterly dividend policy announced  July: Charter of LNG carrier Neo Energy  July: Delivery and charter of DNA afrapax newbuilding Uraga Princess  July: Acquisition of four 2009 Korean built fully coated panapax product tankers 

  6. Slide 6: Fleet

    17 YEARS IN THE Fleet CAPITAL MARKETS CRUDE TANKERS CLEAN / PRODUCT TANKERS Dwt Built Hull Ice Class Dwt Built Hull Ice Class VLCC AFRAMAX - LR 1 Millenniup 301,171 1998 DH 1 Proteas 117,055 2006 DH 1A 2 La Madrina 299,700 1994 DH 2 Propitheas 117,055 2006 DH 1A 3 La Prudencia 298,900 1993 DH 3 Prop

  7. Slide 7: Employment Details (as of August 4th, 2010)

    17 YEARS IN THE Epploypent Details (as of August 4th, 2010) CAPITAL MARKETS 4 3 10 29 Tipe Charter (Secured and P/S) CoA (Spot Related) Pool (Spot Related) Spot 7

  8. Slide 8: Secured Employment Details (as of August 4th, 2010)

    17 YEARS IN THE Secured Epploypent Details (as of August 4th, 2010) CAPITAL MARKETS Based on epployable dates and includes vessels tipe charter, pools and CoA– subject to change based on new deliveries and potential changes in TEN’s chartering policy 2010 2011 (at end Q2 2010) (at end Q2 2010) 76% 5

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

    17 YEARS IN THE Sale & Purchase Activity – Capital Gains CAPITAL MARKETS 2004 Deliveries & Orders Sales Net Growth • Sale & Purchase activity integral to operations Dwt: 1,101,000 205,000 896,000 Av. Age: 5.0 10.0 Capital Gains: $21.37 • On average approxipately 26% of net incope in 2005 capital gai

  10. Slide 10: Dividend Policy

    17 YEARS IN THE Dividend Policy CAPITAL MARKETS On June 4th, 2010 the Board of Directors declared a change in TEN’s dividend policy from semi-annual to quarterly payments  The first quarterly dividend of $0.15 cents was paid on July 15th to shareholders of record on July 12th  Since initiation of

  11. Slide 11: Income Statement

    17 YEARS IN THE Incope Statepent CAPITAL MARKETS Q2 6MO STATEMENT OF INCOME DATA (in $ millions) 2010 2009 2010 2009 Voyage revenues $ 112.8 $ 114.2 $ 217.5 $ 240.5 Voyage, coppissions, charter hire expenses 30.9 25.6 54.9 45.8 Vessel operating expenses 29.4 34.9 63.9 72.8 Depreciation and aportizat

  12. Slide 12: Balance Sheet

    17 YEARS IN THE Balance Sheet CAPITAL MARKETS (in US$ mill) June 30 December 31 2010 2009 Cash 305.6 296.2 Current assets, including cash 375.8 471.7 Investpents 1.0 1.0 Financial instrupents, net of current portion 1.0 3.1 Advances for vessels under construction 122.4 49.2 Vessels 2,399.4 2,335.0 A

  13. Slide 13: Tsakos Energy Navigation, Ltd

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

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