Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q2 2019 Earnings Presentation
12 slides from Tsakos Energy Navigation's earnings presentation, Sep 6, 2019
Slide 1: TEN, LTD Q2 & 6mo 2019 Earnings Conference Call Presentation
TEN, LTD Q2 & 6mo 2019 Earnings Conference Call Presentation September 6, 2019
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: TEN's Employment Strategy Outperforms Market
TEN’s Employment Strategy Outperforms Market 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 37 Proteas 117,055 2006 South Korean DH 1A LR2 2 Ulysses 300,000 2016 South Korean DH 38 Promitheas 117,055 2
Slide 4: Timely Acquisitions => Low Q2 2019 B/E Rates
Timely Acquisitions => Low Q2 2019 B/E Rates* *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 2 VLCC $25,949 $120,000,000 11(1) SUEZMAX $20,785 Spot 17(2) AFRAMAX $100,000,000 $18,744 AFRAMAX 3 LR2 $20,187 $80,000,000 11 PANAMAX LR1 $117,091 Time Charter $60,000,000 HANDYMA
Slide 5: Low Debt Structure and Integral Part of Strategy
Low Debt Structure and Integral Part of Strategy TOTAL LOAN BALANCE $1,763 $1,721 $1,684 $1,635 $1,607 $1,571 $1,542 31.12.17 31.3.18 30.6.18 30.9.18 31.12.18 31.3.19 30.6.19 ❑ $221 million debt reduction in last 18 months ❑ $142 million debt reduction Y-o-Y 5 ❑ Net Debt to Capital (6/30/19): 48.3%
Slide 6: Demand Strong – Positive Outlook
Demand Strong – Positive Outlook BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2018) ❑ 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 ha
Slide 7: Low Orderbook / Delivery Schedule vs. Fleet > Years Old
Low Orderbook / Delivery Schedule vs. Fleet > 15 Years Old ❑ Total Orderbook of 374 tankers to join the fleet over the next three years vs. 1,075 vessels >15 years of age that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,493 vessels in the 10-14 year ag
Slide 8: Scrapping on the Rebound – Could Increase More Due to IMO2020
Scrapping on the Rebound – Could Increase More Due to IMO2020 ❑ Scrapping levels on the rebound after a slowdown in activity due to firming tanker market – Expected to increase to IMO2020 regulations ❑ 178 vessels (>10,000dwt) of 20.8 million total dwt scrapped in 2018 vs. 102 vessels of 9.4 million
Slide 9: Favorable Market Prospects
Favorable Market Prospects 9
Slide 10: Financial Highlights
Financial Highlights Three months ended Six months ended June 30 (unaudited) June 30 (unaudited) STATEMENT OF OPERATIONS DATA 2019 2018 2019 2018 Voyage revenues $ 144,020 $ 123,927 $ 291,064 $ 249,651 Voyage expenses 35,191 29,407 66,755 56,683 Charter hire expense 2,698 2,698 5,367 5,376 Vessel op
Slide 11: Financial Highlights (cont.)
Financial Highlights (cont.) Three months ended Six months ended OTHER FINANCIAL DATA June 30 June 30 2019 2018 2019 2018 Net cash from operating activities $ 45,366 $ 14,109 $ 84,604 $ 38,691 Net cash (used in) provided by investing activities $ (12,014) $ 6,859 $ (32,844) $ 6,418 Net cash (used in
Slide 12: 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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