Slide 1: TEN LTD Q1 2023 Earnings Presentation
TEN LTD Q1 2023 Earnings Presentation May 30, 2023
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 _______________________________________________________________ Covid Ukrainian Far East Crisis 9/11 Crisis Credit Crisis Crisis Crisis 9 8 7 6 Million (dwt) 5 4 3 2 1 0 3
Slide 4: Capital Markets Access – Successful Countercyclical Growth
Capital Markets Access – Successful Countercyclical Growth _______________________________________________________________ 1 yr VLCC TC Rates $92m $100,000 $105m $86m $85m 1993-1996 $90,000 $35m $65m $80,000 $28m $130m + $125m $50m $115m $70,000 Jul. 15 $60,000 $50m May. 04 Fleet from 4 Sep. 19 $150
Slide 5: Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other 1 Ulysses 300,000 2016 South Korean DH 39 NB TBN 115,000 2024 South Korean DH Dual - Fuel LN
Slide 6: Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth
Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Companies Transporter of Choice for Major Oil Companies Equinor is TEN’s Largest Charterer
Slide 7: Timely Acquisitions => Q1 2023 Breakeven Rates
Timely Acquisitions => Q1 2023 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ VLCC $550,000,000 $30,029 $525,000,000 Spot SUEZMAX $500,000,000 $26,957 $475,000,000 $450,000,000 AFRAMAX $20,401 $425,000,000 $400,000,000 AFRAMAX $
Slide 8: Managing Bank Debt an Integral Part of Strategy
Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ $1,800 $1,753 $1,751 $1,750 -$2m $1,700 $1,650 $1,595 $1,600 In millions -$156m New loan for $1,534 $1,550 acquisition of $1,500 VLCC Dias I at $1,500 -$61m end November -$34 2022 $1,450 $
Slide 9: Historical Solid Performance – Healthy Liquidity
Historical Solid Performance – Healthy Liquidity _______________________________________________________________ Expressed in million USD 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Av. Number of Vessels 27.3 26.1 33.8 41.7 44.1 46.6 46.1 47.8 47.9 47.5 Total Revenues $318 $296 $428 $501 $623
Slide 10: Healthy Dividends Through Market Cyclicality and Growth
Healthy Dividends Through Market Cyclicality and Growth _______________________________________________________________ ❑ Common Stock Dividend Continuity – Management aims on semi-annual dividend distributions ❑ 2023 dividend payment reflecting YE2022 performance 140% higher than total distribution
Slide 11: Global Oil Demand on the Rebound
Global Oil Demand on the Rebound _______________________________________________________________ BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2022) ❑ Strong potential of China and India with a combined 25 population of 2.5 billion in a world of 7.0 billion.
Slide 12: Historical Low NB Orderbook vs. Fleet Over Years Old
Historical Low NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 257 tankers to join the fleet over the next three years vs. 1,872 vessels over 15 years that are expected to depart the competitive fleet in the same timefr
Slide 13: Scrapping Activity Slower Due to Strong Tanker Market
Scrapping Activity Slower Due to Strong Tanker Market _______________________________________________________________ ❑ Upcoming regulations and discussions for alternative propulsion fuels and strong scrap prices should propel scrapping activity ❑ In 2018 171 vessels were scrapped of 20.1m dwt ❑ In
Slide 14: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended March 31 (unaudited) STATEMENT OF OPERATIONS DATA 2023 2022 Voyage revenues $ 261,212 $ 149,704 Voyage expenses 45,898 48,202 Charter hire expense 6,792 8,615 Vessel operating expenses 48,275 43,1
Slide 15: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended OTHER FINANCIAL DATA March 31 2023 2022 Net cash provided by operating activities $ 115,006 $ 24,284 Net cash provided by (used in) investing activities $ 86,323 $ (158,197) Net cash (used
Slide 16: Tsakos Energy Navigation, Ltd contact details
Tsakos Energy Navigation, Ltd For more information please contact: 367 Syngrou Avenue George Saroglou: Athens 175 64 Chief Operating Officer Greece gsaroglou@tenn.gr Tel: +30210 94 07 710 Harrys Kosmatos: Fax: +30210 94 07 716 Corporate Development Officer Email: ten@tenn.gr hkosmatos@tenn.gr