Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q4 2019 Earnings Presentation
13 slides from Tsakos Energy Navigation's earnings presentation, Mar 24, 2020
Slide 1: Q4 & YE2019 Earnings Presentation
TEN, LTD Q4 & YE2019 Earnings Presentation March 24, 2020
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 Diversified Fleet - Secured Revenues – Market Upside
TEN’s Diversified Fleet - Secured Revenues – Market Upside 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 36 Proteas 117,055 2006 South Korean DH 1A LR2 2 Ulysses 300,000 2016 South Korean DH 37 Promit
Slide 4: 2020 Charter Renewals Well Spread To Capture Expected Strong Rates
2020 Charter Renewals Well Spread To Capture Expected Strong Rates SUEZMAX SUEZMAX HANDYMAX SUEZMAX AFRAMAX HANDYMAX PANAMAX HANDYMAX HANDYMAX SUEZMAX SUEZMAX AFRAMAX Vessel Openings Per Quarter SUEZMAX HANDYMAX Q1 Q2 Q3 Q4 HANDYMAX 2 8 5 1 PANAMAX January-20 February-20 March-20 April-20 May-20 Jun
Slide 5: Timely Acquisitions => Low 2019 B/E Rates
Timely Acquisitions => Low 2019 B/E Rates* *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 2 VLCC $500,000,000 $25,999 Spot $450,000,000 12(1) SUEZMAX $20,867 $400,000,000 19 AFRAMAX $18,809 $350,000,000 AFRAMAX 3 LR2 $20,117 $300,000,000 11 PANAMAX LR1 $16,271 Time Charter
Slide 6: Reducing Debt Structure an Integral Part of Strategy
Reducing Debt Structure an Integral Part of Strategy TOTAL LOAN BALANCE $1,763 $1,607 -$156 $1,545 -$62m 31.12.17 31.12.18 31.12.19 ❑ $218 million total debt reduction since 31 Dec. 2017 ❑ $50 million full repayment of Series B Preferred Shares in 2019 ❑ Net Debt to Capital (31/12/19): 47.8% 6
Slide 7: Demand Strong – Positive Outlook
Demand Strong – Positive Outlook BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2019) ❑ Strong potential of China and India with a combined population of 2.5 billion in a world of 7.0 billion. Their per capita 25 23 oil consumption is at extremely low levels
Slide 8: Low Orderbook / Delivery Schedule vs. Fleet > 15 Years Old
Low Orderbook / Delivery Schedule vs. Fleet > 15 Years Old ❑ Total Orderbook of 373 tankers to join the fleet over the next three years vs. 1,169 vessels >15 years of age that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,530 vessels in the 10-14 year ag
Slide 9: 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 ❑ 48 vessels of 3.3 million dwt scrapped in 2019 vs. 175 vessels of 21.9 million dwt scrapped in 201
Slide 10: Market Prospects Remain Favorable
Market Prospects Remain Favorable 10
Slide 11: Financial Highlights
Financial Highlights Three months ended Year ended December 31 (unaudited) December 31 (unaudited) STATEMENT OF OPERATIONS DATA 2019 2018 2019 2018 Voyage revenues $ 175,386 $ 153,755 $ 597,452 $ 529,879 Voyage expenses 28,914 34,790 125,802 125,350 Charter hire expense 2,728 2,719 10,822 10,822 Ves
Slide 12: Financial Highlights (cont.)
Financial Highlights (cont.) Three months ended Year ended OTHER FINANCIAL DATA December 31 December 31 2019 2018 2019 2018 Net cash from operating activities $ 62,976 $ 39,000 $ 184,349 $ 73,945 Net cash used in investing activities $ (41,908) $ (5,552) $ (102,205) $ (179) Net cash used in financin
Slide 13: 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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