Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q2 2008 Earnings Presentation
13 slides from Tsakos Energy Navigation's earnings presentation, Aug 1, 2008
Slide 1: Q2 2008 Earnings Conference Call Supplemental Information
TEN Ltd Tsakos Energy Navigation August 1, 2008 Q2 2008 Earnings Conference Call Supplemental Information
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 August 1, 2008)
Fleet Details (as of August 1, 2008) TOTAL FLEET (incl. vessels under construction) Ships: 50 Dwt: 5,338,897 Double Hull: 100% Average Age (existing): 5.5 years Average Age of World Fleet: 10.6 years Ice-class vessels: 23 Ice-class dwt: 2,010,579 CRUDE FLEET CLEAN / PRODUCT FLEET Ships: 25 Ships: 25
Slide 4: Fleet Composition
Fleet Composition CRUDE TANKERS CLEAN / PRODUCT TANKERS Dwt Built Hull Ice Class Dwt Built Hull Ice Class VLCC AFRAMAX - LR 1 Millennium 301,171 1998 DH 1 Proteas 117,055 2006 DH 1A 2 Promitheas 117,055 2006 DH 1A 2 La Madrina 299,700 1994 DH 3 Propontis 117,055 2006 DH 1A 3 La Prudencia 298,900 199
Slide 5: Worldwide Coverage
Worldwide Coverage London Odessa New York ATHENS HQ Ulsan Houston Shanghai Manila Montevideo Still to join the fleet (2008-2010) Product Crude Spot TC TC w/PS COA 5
Slide 6: Balanced Fleet Employment
Balanced Fleet Employment 2 2 4 12 1 23 TC Market Related Spot CoA w/Spot CoA w/Min-Max TC w/Fixed Rate Bareboat 6
Slide 7: Secured Revenues / Earnings Visibility
Secured Revenues / Earnings Visibility (Based on employable days remaining) 2008 % Days fixed Revenues 87% $174m 2009 % Days fixed Revenues 70% $282m 38 vessels with period employment (profit-share vessels only at min. rates) have secured: 846 months forward coverage (1.9 years per ship) ● $620 mill
Slide 8: Newbuilding Program
Newbuilding Program 2007 2008 2009 2010 1 Neo Energy 1 Selecao 1 Ise Princess 1 Uraga Princess 2 Arctic 2 Socrates 2 Asahi Princess 3 Antarctic 3 Maria Princess 3Sapporo Princess 4 Izumo Princess 4 Nikkon Princess 5 Sakoura Princess Declared Repurchase Options 6 Andromeda Cape Baker 7 Aegeas Cape Ba
Slide 9: Financial Highlights
Financial Highlights Q2 Q2 2002 2003 2004 2005 2006 2007 2008 2007 Av. Number of Vessels 18.0 25.7 27.3 26.1 33.8 41.7 44.0 42.3 Total Revenues $130 $241 $318 $296 $428 $501 $171 $132 TCE Revenues, net (2) $105 $193 $276 $260 $359 $429 $153 $112 $143. $161. $196. $183. Net Income $3.9 $59.1 $69.2 $3
Slide 10: Financial Highlights (cont.)
Financial Highlights (cont.) 2005 2006 2007 Q2 2008 Cash & Cash equivalents $145,769 $174,567 $181,447 $304,296 Total Current Assets (incl. cash) $191,734 $222,493 $276,053 $375,855 Advances for vessels under $150,428 $261,242 $169,739 $80,837 construction $1,458,64 $1,900,18 $1,978,03 Vessels’ net
Slide 11: Financial Highlights (cont.)
Financial Highlights (cont.) Dividend Payments (split adjusted) 2002 2003 2004 2005 2006 2007 Installment 1 $0.25 $0.25 $0.35 $0.50 $0.63 $0.83 Installment 2 $0.10 $0.25 $0.48 $0.55 $0.75 $0.90 TOTAL: $0.35 $0.50 $0.83 $1.05 $1.37 $1.73 Share Buyback In 1Q 2008 TEN repurchased: 265,600 shares In 2Q
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 Senior Manager Corporate Development Tsakos Energy Navigation, Ltd 367 Syngrou Aven
Slide 13: All of us in TEN wish you a very happy summer vacation!
All of us in TEN wish you a very happy summer vacation! See you in Greece!
Tsakos Energy Navigation — Q2 2008 Earnings Presentation on 6ix