Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q4 2017 Earnings Presentation
14 slides from Tsakos Energy Navigation's earnings presentation, Mar 12, 2018
Slide 1: Q4 & YE2017 Earnings Conference Call
TEN Ltd March 12, 2018 Q4 & YE2017 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: Corporate Facts (March 2018)
Corporate Facts (March 2018) Fleet: 65 vsls Av. TEN Fleet Age: 7.7 yrs Secured Contracts: 50 Min. revenues secured: ex. Shuttle tanker option $1.3 billion – Potential of Ice-class capabilities: 25 vsls Av. World Fleet Age: 10.3 yrs Av. Employment: 2.6 yrs additional revenues from profit sharing arra
Slide 4: Q4 & 12mo 2017 Highlights
Q4 & 12mo 2017 Highlights Q4 2017 Voyage Revenues: $134.5 million 12mo 2017 Voyage Revenues: $529.2 million Q4 2017 Operating Income (1): $15.9 million 12mo 2017 Operating Income: $76.3 million Q4 2017 Net Income (1): $2.7million 12mo 2017 Net Income: $20.4million Q4 2017 EBITDA: $52.9 million 12mo
Slide 5: Fleet Composition – 65 vessels
Fleet Composition – 65 vessels CRUDE TRADING PRODUCTS DP2/LNG 47 13 5 6.0m dwt 0.6m dwt 0.7m dwt VLCC Suezmax Aframax Aframax LR Panamax Handymax Handysize DP2 Shuttle LNG One World Trade 1,100 900 850 850 750 615’ 570’ 900 750 1,775 300,000dwt 160,000dwt 100,000dwt 100,000dwt 74,000dwt 50,0
Slide 6: Long-Term Strategic Alliances
Long-Term Strategic Alliances Top Customers (in alphabetical order) 1. BP 2. CHEVRON 3. FLOPEC 4. HYUNDAI GLOVIS 72% 5. HMM 6. KOCH 7. LUKOIL 8. PETROBRAS 9. SHELL 10. STATOIL Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Companies Transporter of Choice for Major Oil Companie
Slide 7: Strong Secured Coverage – Upside Potential
Strong Secured Coverage – Upside Potential Upside Potential N N B B N N B B N N B B N N B B N N B B N B N B N B N B N B 50 vessels out of 65 (77%) in secured revenue contracts (TC, TCPS, COA) 38 vessels (TCPS, COA, Spot) with ability to capture market upside immediately Average TC duration: 2.6 year
Slide 8: Newbuilding Program Completed – 30% Fleet Growth
Newbuilding Program Completed – 30% Fleet Growth # Vessel Name Type Dwt Delivery Status LT Contracts 1 Ulysses VLCC 300,000 May 2016 Delivered Yes 2 Elias Tsakos Aframax 112,700 June 2016 Delivered Yes 3 Thomas Zafiras Aframax 112,700 Aug 2016 Delivered Yes 4 Leontios H Aframax 112,700 Oct 2016 Deli
Slide 9: Timely Acquisitions => Low 2017 B/E Rates
Timely Acquisitions => Low 2017 B/E Rates* *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 3 VLCC $120,000,000 $22,098 Spot 13 SUEZMAX $18,706 $100,000,000 Depr. 17 AFRAMAX $17,366 AFRAMAX $80,000,000 3 LR2 $18,868 11 PANAMAX Time Charter LR1 $15,769 $60,000,000 HANDYMAX 6
Slide 10: Demand Strong – Positive LT Outlook
Demand Strong – Positive LT Outlook BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2017) 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 consumption is at extremely low levels and
Slide 11: Tanker Orderbook/Delivery Schedule vs. Fleet >15 years
Tanker Orderbook/Delivery Schedule vs. Fleet >15 years Total Orderbook of 466 tankers to join the fleet over the next three years vs. 837 vessels in fleet over 15 years of age that are expected to depart the competitive fleet in the same timeframe (This does NOT include vessels in the 10-14 year a
Slide 12: Solid Dividend Payments Through Cycles
Solid Dividend Payments Through Cycles TEN has always paid a dividend irrespective of market cycles; $10.66 per share in total dividends since NYSE listing in 2002 Long-term nature of Company’s employment policy to known industrial concerns provides cash flow sustainability and visibility Averag
Slide 13: Other Financial / Fleet Data
Other Financial / Fleet Data Three months ended Year ended OTHER FINANCIAL DATA December 31 (unaudited) December 31 2017 2016 2017 2016 Net cash from operating activities $ 30,772 $ 32,204 $ 170,340 $ 170,354 Net cash provided by (used in) investing activities $ 15,489 $ (224,160) $ (241,830) $ (576
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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