Slide 1: Q4 & YE 2008 Earnings Conference Call
March 19, 2009) Q4 & YE 2008 Earnings Conference Call
Slide 2: Forward-looking statements disclaimer
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 March 19, 2008)
Fleet Details (as of March 19, 2008) TOTAL FLEET (incl. vessels under construction) Ships: 50 Dwt: 5,341,862 Double Hull: 100% Average Age (existing): 6.3 years Average Age of World Fleet: 9.9 years Ice-class vessels: 23 Ice-class dwt: 2,010,837 CRUDE FLEET CLEAN / PRODUCT FLEET Ships: 25 Ships: 25
Slide 4: Fleet Composition (as of March 19, 2008)
Fleet Composition (as of March 19, 2008) 4 * Sale & Leaseback (1) 51% ownership
Slide 5: Blue Chip Clientele
- Blue Chip Clientele
Slide 6: Employment Details
Employment Details As of March 19, 2009 (subject to change based to upcoming charter renewals) •! Secured Employment includes vessels on Time-Charter with Profit Share (23), Time-charter with Fixed Rate (10), CoA with Min-Max rates (2) and Bareboat (1) 6
Slide 7: Secured Employment
Secured Employment Based on employable dates – subject to change based on new deliveries and potential changes to in chartering policy 2009 (remaining days) 2010 (so far) Minimum Revenues (guaranteed) Minimum Revenues (guaranteed) $210m $176m 36 vessels with period employment (profit-share vessels o
Slide 8: 2008 Highlights
2008 Highlights ! Voyage revenues of $632.0 million – a 25% increase from 2007 ! Net income of $202.90 million – an 11% increase from 2007 ! 44.1 tankers in operation vs. 41.7 in 2007 – a 6% increase from 2007 ! 97.3% utilization versus 96.6% in 2007 – a 1% increase from 2007 ! Paid total divid
Slide 9: Q4 2008 Highlights
Q4 2008 Highlights ! Voyage revenues of $156.0 million – a 19% increase from 2007 ! Net income (no capital gains) of $27.6 million vs. $52.2 million (with a $30.7 million gain) in Q4 2007 ! 46 tankers in operation vs. 43 in Q4 2007 ! 97.5% utilization versus 97.3% in Q4 2007 ! Took delivery of
Slide 10: Remaining Newbuilding Schedule
Remaining Newbuilding Schedule Aframax DWT Hull Type / Design Delivery 1. Ise Princess 105,000 Double Hull / DNA July 17, 2009 2. Asahi Princess 105,000 Double Hull / DNA September 15, 2009 3. Sapporo Princess 105,000 Double Hull / DNA January 8, 2010 4. Uraga Princess 105,000 Double Hull / DNA Q2 2
Slide 11: Financial Highlights – Balance Sheet
Financial Highlights – Balance Sheet Expressed in thousands US dollars 2005 2006 2007 2008 Cash & Cash equivalents $145,769 $174,567 $181,447 $312,169 Total Current Assets (incl. cash) $191,734 $222,493 $276,053 $370,781 Advances for vessels under construction $150,428 $261,242 $169,739 $53,715 Vess
Slide 12: Financial Highlights (cont.)
Financial Highlights (cont.) Expressed in million US dollars 2003 2004 2005 2006 2007 2008 Q4 2008 Av. Number of Vessels 25.7 27.3 26.1 33.8 41.7 44.1 45.3 Total Revenues $241 $318 $296 $428 $501 $623 $156 TCE Revenues, net (2) $193 $276 $260 $359 $429 $540 $136 Net Income $59.1 $143.3 $161.8 $196.4
Slide 13: Financial Highlights (cont.)
Financial Highlights (cont.) Dividend Payments (split adjusted) 2002 2003 2004 2005 2006 2007 2008 Installment 1 $0.25 $0.25 $0.35 $0.50 $0.63 $0.83 $0.90 Installment 2 $0.10 $0.25 $0.48 $0.55 $0.75 $0.90 $0.85 TOTAL: $0.35 $0.50 $0.83 $1.05 $1.37 $1.73 $1.75 Share Buyback Total Shares repurchased s
Slide 14: For more information please contact
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 Corporate Development Officer Tsakos Energy Navigation, Ltd 367 Syngrou Avenue Athens 175 64 Greece Tel: +3021