Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q1 2007 Earnings Presentation
15 slides from Tsakos Energy Navigation's earnings presentation, May 22, 2007
Slide 1: Q1 2007 Earnings Conference Call
May 22, 2007 Q1 2007 Earnings Conference Call TEN Ltd Supplemental Information
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: Fleet Details (as of May 22, 2007)
Fleet Details (as of May 22, 2007) TOTAL FLEET (incl. vessels under construction) Ships: 53 Dwt: 5,660,575 Double Hull: 100% Average Age: 5.3 years Average Age of World Fleet: 10.9 years Ice-class vessels: 23 Ice-class dwt: 2,010,579 CRUDE FLEET CLEAN / PRODUCT FLEET Ships: 28 Ships: 25 Dwt: 4,118,6
Slide 4: Fleet Growth
Fleet Growth ! A deadweight CAGR of 25% since inception (1993) ! Net income of $3.9m in 2002 (NYSE listing) - $196m in 2006 - Fiftyfold increase… ! 145% deadweight increase since NYSE listing (May 2002) March 2007 53 vessels 6.0 5.7m dwt 5.0 4.0 March 2002 26 vessels 3.0 2.3m dwt 2.0 1.0 4 vessels N
Slide 5: Fleet Composition
Fleet Composition CRUDE TANKERS CLEAN / PRODUCT TANKERS Dwt Built Hull Ice Class Dwt Built Hull Ice Class VLCC LR - AFRAMAX 1 Millennium 301,171 1998 DH 1 Proteas 116,000 2006 DH 1A 2 La Madrina 299,700 1994 DH 2 Promitheas 116,000 2006 DH 1A 3 La Prudencia 298,900 1993 DH 3 Propontis 116,000 2006 D
Slide 6: Earnings Visibility
Earnings Visibility 2007 2008 Name Type TCE Terms J F M A M JN JL A S O N D J F M A M JN JL A S O N D 1 Millennium VLCC $ 40,000 BB $25,500pd (To 09/13) 2 Cape Baker SZX $ 36,000 To 11/09 3 Cape Balboa SZX $ 36,000 To 10/09 4 5 Euronike Silia T SZX SZX $ 37,000 $ 34,000 To 10/09 To 09/11 Time Charte
Slide 7: Secured Revenues
Secured Revenues (Based on employable days remaining and assuming current operational fleet of 43 vessels) 2007 % Days fixed Revenues 80% $215m 2008 % Days fixed Revenues 62% $210m Vessels under profit sharing agreements have secured: 730 months forward coverage ! $700 million in minimum revenues 7
Slide 8: Newbuilding Program
Newbuilding Program 2007 2008 2009 2010 1 Neo Energy 1 DNA (tbn) 1 DNA (tbn) 1 DNA (tbn) 2 Arctic 2 DNA (tbn) 2 DNA (tbn) 3 Antarctic 3 DNA (tbn) 4 Izumo Princess 5 Sakoura Princess 6 Selecao 7 Socrates 8 Andromeda Delivered LNG 1 Suezmax Natural Gas 9 Aegeas 1 Aframax Product 10 Bosporos 1 Crude Pa
Slide 9: Sale & Purchase Activity
Sale & Purchase Activity Q1 Q2 Q3 Q4 La Madrina* Between 2004 and Jan. 2007 Aegeas Andromeda Aframax-DNA 887,000dwt were disposed Arion Delos* Antarctic DELIVERIES & Antares LNG Arctic Aframax - Wide (14yrs average age) and 3.3 2004 NB ORDERS 446,000dwt 112,000dwt 430,000dwt 113,000dwt million dwt (
Slide 10: Financial Highlights
Financial Highlights 2002 2003 2004 2005 2006 2006 (Q1) 2007 (Q1) Average # of Vessels 22.0 25.7 27.3 26.1 33.8 27.1 37.7 TCE Rev., net (mill) $105 $193 $276 $260 $359 $79.2 $100.6 Net Income $3.9 $59.1 $143.3 $161.8 $196.4 $41.8 $43.5 Capital gains $- $16.0 (1) $21.4 $45.3 $63.3 $- $6.4 EPS, dilute
Slide 11: Financial Highlights (cont.)
Financial Highlights (cont.) Net Income (in US$mill) EBITDA (in US$mill) 196.4 303 161.8 143.3 215 198 112 59.1 41.8 43.5 77.9 57.5 44 3.9 2002 2003 2004 2005 2006 2006 2007 2002 2003 2004 2005 2006 2006 2007 Q1 Q1 Q1 Q1 Earnings Per Share, diluted 10.30 7.51 8.17 3.44 2.19 2.28 0.25 2002 2003 2004
Slide 12: Dividend Distributions
Dividend Distributions - Paid in 2 semi-annual installments - Between 25-50% of Net Income 2002 2003 2004 2005 2006 Net Income $3,894 $59,052 $143,290 $161,755 $196,404 Installment 1 (October) $0.50 $0.50 $0.70 $1.00 $1.25 Installment 2 (April following year) $0.20 $0.50 $0.95 $1.10 $1.50 Total Divi
Slide 13: Market Outperform
Market Outperform ! Total returns to investors who subscribed to the IPO in March 2002 and reinvested their dividends has been 36.9% p.a. compounded. For the equivalent period the returns for the S&P were 7.2% and for the Dow Jones 4.9% 13
Slide 14: Tsakos Energy Navigation, Ltd
TSAKOS ENERGY NAVIGATION, LTD For more information please contact: Paul Durham: pdurham@tenn.gr Chief Financial Officer George Saroglou: gsaroglou@tenn.gr Chief Operating Officer Harrys Kosmatos: hkosmatos@tenn.gr Senior Manager – Corporate Development Tsakos Energy Navigation, Ltd 367 Syngrou Avenu
Slide 15: See you in our AGM on May 31st, 2007
See you in our AGM on May 31st, 2007 at 14.00 hours – Megaron Makedonia, 367 Syngrou Avenue, Athens / Greece
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