Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q2 2011 Earnings Presentation
12 slides from Tsakos Energy Navigation's earnings presentation, Jul 28, 2011
Slide 1: 6mo & Q2 2011 Earnings Conference Call
TEN Ltd Tsakos Energy Navigation July 28, 1 2011 6mo & Q2 2011 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 statements involve kno
Slide 3: Corporate Highlights
Corporate Highlights 18 years of continuous profitable growth One year fixture of Maria Princess to Chinese concerns 50 vessels (proforma) Fleet utilization in first half 2011 at 98% ⇒ 47 in operation 68% of remaining available days in 2011 and 46% ⇒ 1 conventional suezmax under in 2012, s
Slide 4: 6mo 2011 & Q2 2011 Highlights
6mo 2011 & Q2 2011 Highlights 6mo 2011 Voyage Revenues: $200.5 million Net Income / (Loss): $(8.8) million TCE per vessel per day: $17,203 Opex per vessel per day : $7,654 Sale of two aframax tankers (Opal Queen and Vergina II) with $5.0 million capital gains Eleven and twelve year chart
Slide 5: Fleet (as of July 28, 2011)
Fleet (as of July 28, 2011) CLEAN / PRODUCT TANKERS CRUDE TANKERS Dwt Built Hull Ice Class Dwt Built Hull Ice Class AFRAMAX - LR VLCC 1 Proteas 117,055 2006 DH 1A 1 Millennium 301,171 1998 DH 2 Promitheas 117,055 2006 DH 1A 2 La Madrina 299,700 1994 DH 3 Propontis 117,055 2006 DH 1A 3 La Prudencia 2
Slide 6: Employment Details (as of July 28th, 2011)
Employment Details (as of July 28th , 2011) 6 12 1 28 Time Charter (Secured and P/S) CoA (Spot Related) Pool (Spot Related) Spot Secured Employment 6
Slide 7: Secured Revenues (including TC, TC w/PS, Pool, CoA)
Secured Revenues (including TC, TC w/PS, Pool, CoA) Based on employable dates and includes vessels time charter, pools and CoA– subject to change based on new deliveries and potential changes in TEN s chartering policy 2011 (remaining 6mos) 2012 (so far) 68% 46% Fixed Fixed Minimum Revenues Minimum
Slide 8: Sale & Purchase Activity – Capital Gains
Sale & Purchase Activity – Capital Gains Sale & Purchase activity integral to operations – Close to 100 transactions - realizing actual value Since 2003 TEN has generated capital gains from its sale & purchase activity close to $282 million $29 million average per year in capital gains since N
Slide 9: Continuous Dividend Payments
Continuous Dividend Payments On June 4th, 2010 the Board of Directors declared a change in TEN s dividend policy from semi-annual to quarterly payments Total dividends for 2010: $0.60/share First dividend for 2011: $0.15/share Since initiation of dividend payments and including the recently an
Slide 10: Income Statement
Income Statement Q2 6mo STATEMENT OF INCOME DATA (in $ millions) 2011 2010 2011 2010 Voyage revenues $ 101.3 $ 112.8 $ 200.5 $ 217.5 Voyage, commissions, charter hire expenses 37.5 30.9 64.4 54.9 Vessel operating expenses 33.1 29.4 64.7 63.9 Depreciation and amortization 26.0 23.4 51.4 46.3 Overhead
Slide 11: Balance Sheet
Balance Sheet (in US$ mill) June 30 June 30 2011 2010 Cash 227.5 305.6 Current assets, including cash 300.2 377.9 Investments 1.0 1.0 Financial instruments, net of current portion 1.0 1.0 Advances for vessels under construction 77.1 122.4 Vessels 2,704.9 2,399.4 Accumulated Depreciation (452.5) (369
Slide 12: 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 Corporate Development Officer Tsakos Energy Navigation, Ltd 367 Syngrou Avenue A
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