Slide 1: TEN LTD Q3 & 9MO 2022 Earnings Presentation
TEN LTD Q3 & 9MO 2022 Earnings Presentation November 22, 2022
Slide 2: “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these…
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: 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 Dias I 300,000 2020 South Korean DH Scrubber Fitted 37 NB TBN 115,000 2024 South Korean DH
Slide 5: 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 6: Timely Acquisitions => Low Q3 2022 B/E rates
Timely Acquisitions => Low Q3 2022 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ 2 VLCC $200,000,000 $27,889 14 SUEZMAX $175,000,000 $24,478 Spot 19 (1) AFRAMAX $150,000,000 $19,227 AFRAMAX 2 LR2 $20,786 $125,000,000 10 (2) PAN
Slide 7: 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 -$34 $1,450 $1,400 $1,373 $1,350 -$127 $1,325 $1,300 -$428m -$48 2016 2017 20
Slide 8: 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 ❑ Second payment for 2022 50% higher than July 2022 distribution ❑ TEN has always paid a
Slide 9: 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 10: Historical Low NB Orderbook vs. Fleet Over Years Old
Historical Low NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 219 tankers to join the fleet over the next three years vs. 1,708 vessels over 15 years that are expected to depart the competitive fleet in the same timefr
Slide 11: Scrapping Healthy Due to Environmental Regulations and Strong Prices/Ldt
Scrapping Healthy Due to Environmental Regulations and Strong Prices/Ldt _______________________________________________________________ ❑ Upcoming regulations and discussions for alternative propulsion fuels should further propel scrapping activity ❑ In 2018 171 vessels were scrapped of 20.1m dwt ❑
Slide 12: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended Nine months ended September 30 (unaudited) September 30 (unaudited) STATEMENT OF OPERATIONS DATA 2022 2021 2022 2021 Voyage revenues $ 223,742 $ 131,562 $ 590,145 $ 406,991 Voyage expenses 52,813
Slide 13: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended Nine months ended OTHER FINANCIAL DATA September 30 September 30 2022 2021 2022 2021 Net cash provided by operating activities $ 82,136 $ 4,617 $ 155,691 $ 35,204 Net cash (used in) provid
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