Slide 1: Q4 & YE 2024 Earnings Presentation
TEN, Ltd. Q4 & YE 2024 Earnings Presentation March 27, 2025
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: Why TEN: One of the Largest & Most Established Energy Transporters
WHY TEN: One Of The Largest & Most Established Energy Transporters Worldwide 1 561mbbls Transported in 2024 – About 12.5 days of US Consumption 2 32 years in the Public Markets (NYSE Since 2002) – Uninterrupted Dividends 3 Big Modern Diversified Fleet – One-Stop-Ship – Industrial Shipping Highest Ca
Slide 4: Crisis-Resistant Growth Model Spanning Four Decades
Crisis-Resistant Growth Model Spanning Four Decades _______________________________________________________________ Covid Ukrainian ME OPA 90 Far East Crisis 9/11 Crisis Credit Crisis Crisis War Crisis 10 9 8 7 Million (dwt) 6 5 4 3 2 1 0 4
Slide 5: Capital Markets Access – Successful Countercyclical Growth
Capital Markets Access – Successful Countercyclical Growth _______________________________________________________________ 1 yr VLCC TC Rates $92m $105m $86m 1993-1996 $65m $130m + $100,000 $85m $28m $50m $35m $90,000 Jul. 15 $125m $115m $80,000 $50m Fleet from 4 $70,000 vessels in 1993 $150m (start
Slide 6: Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Conventional _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other 1 Ulysses 300,000 2016 South Korea DH 37 Ithaki DF 115,000 2024 South Korea DH
Slide 7: Diversified Fleet - Specialized Vessels
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Specialized _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other 3 LNG 1 Maria Energy 86,000 2016 South Korea DH 174,000m (1) 3 2 Tenergy 81,479 2021 South Korea DH 174,000m 3 Porto
Slide 8: Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth
Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ http://merchantmarinepilots.com/wp-content/uploads/2013/12/flopec.jpg Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Concerns Transporter
Slide 9: Timely Acquisitions - Efficient Vessel Management
Timely Acquisitions - Efficient Vessel Management Q4 & 2024 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ Q4 2024 2024 $180,000,000 EUAs Q4 2024 Performance $160,000,000 VLCC $28,930 $30,209 Spot $140,000,000 SUEZMAX $24,106 $2
Slide 10: Managing Bank Debt an Integral Part of Strategy
Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ 60.0% 2.00 52.5% 50.9% 47.9% 49.2% 49.3% 1.80 47.8% 50.0% 45.6% 44.9% 42.0% 1.60 1.40 40.0% 1.20 30.0% 1.00 0.80 20.0% 0.60 0.40 10.0% 0.20 0.0% 0.00 2016 2017 2018 2019 2020 2021 2022 202
Slide 11: Fleet Renewal and Greenship Growth
Fleet Renewal and Greenship Growth _______________________________________________________________ Since 1/1/2023: Divestments Growth • 14 vessels Sold • 30 vessels Contracted/Acquired – 1 x LNG Carrier – 12 x NB DP2 Shuttle – 3 x Suezmax – 2 x NB Suezmax – 2 x Aframax – 5 x NB LR1 Panamax – 6 x MR
Slide 12: 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 13: 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 ❑ 2024 total dividend payment at $1.50 per common share ($0.60 in July and $0.90 in Decem
Slide 14: Global Oil Demand Strong
Global Oil Demand Strong _______________________________________________________________ BARRELS OF OIL PER CAPITA PER ANNUM (Source: Energy Outlook Statistical Review of World Energy - June 2024) ❑ Strong potential of China and India with a combined population of 2.8 billion in a world of 8.0 billi
Slide 15: Low NB Orderbook vs. Fleet Over Years Old
Low NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 776 tankers to join the fleet over the next three years vs. 2,506 vessels over 15 years, in a global tanker fleet of 5,405 vessels, that are expected to depart the com
Slide 16: Scrapping Activity Picking Up
Scrapping Activity Picking Up _______________________________________________________________ ❑ Scrapping activity picked-up as tanker markets continue to be healthy. BUT… ✓ Upcoming regulations and ongoing debate for alternative propulsion fuels should lead to increased scrapping particularly as sc
Slide 17: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended Year ended December 31 (unaudited) December 31 (unaudited) STATEMENT OF OPERATIONS DATA 2024 2023 2024 2023 Voyage revenues $ 188,260 $ 220,241 $ 804,061 $ 889,566 Voyage expenses 34,393 36,674 15
Slide 18: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended Year ended OTHER FINANCIAL DATA December 31 December 31 2024 2023 2024 2023 Net cash provided by operating activities $ 87,805 $ 92,204 $ 307,684 $ 395,279 Net cash used in investing activ
Slide 19: Tsakos Energy Navigation, Ltd contact information
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 Co-Chief Financial Officer Email: ten@tenn.gr hkosmatos@tenn.gr