Slide 1: Q4 & YE2018 Earnings Conference Call Presentation
TEN, LTD Q4 & YE2018 Earnings Conference Call Presentation March 29, 2019
Slide 2: “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these…
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: Low 2018 B/E Rates - Secured Contracts - Expense Coverage
Low 2018 B/E Rates*- Secured Contracts – Expense Coverage *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 2 VLCC $450,000,000 $26,438 Spot 11(1) SUEZMAX $400,000,000 $19,371 17(2) AFRAMAX $350,000,000 $18,683 AFRAMAX $300,000,000 3 LR2 $19,946 PANAMAX $250,000,000 11 LR1 $1
Slide 4: 65% of Fleet with Upside Potential (Spot, P/S & Re-charters)
65% of Fleet with Upside Potential (Spot, P/S & Re-charters) N N B B N N B B N N B B N N B B N N B B N B N B N N B B N N B B N N B B N B Av. TC Employment 2.3 years => $1.2 Billion in Minimum Secured Revenues 33 Fixed TC Contracts 2 COA 18 Profit Share Contracts 3 N N 15 Spot Contracts B 2016-17 New
Slide 5: Demand Strong – Positive L/T Outlook
Demand Strong – Positive L/T Outlook ❑ Strong potential of China and India with a combined population BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2018) of 2.5 billion in a world of 7.0 billion. Their per capita oil consumption is at extremely low levels an
Slide 6: Low Tanker Orderbook vs. Fleet over 15 years old
Low Tanker Orderbook vs. Fleet over 15 years old ❑ Total Orderbook of 445 tankers to join the fleet over the next three years vs. 980 vessels in fleet over 15 years of age that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,418 vessels in the 10-14 year a
Slide 7: Tanker Scrapping Remains High
Tanker Scrapping Remains High ❑ 178 vessels (>10,000dwt) of 20.8 million total dwt scrapped in 2018 compared to 102 vessels and 40 vessels of 9.4 and 2.5 million dwt for 2017 and 2016 respectively 6 Source: Clarkson Research Studies, Oil & Tanker Trades Outlook - Feb. 2019
Slide 8: Market Expectations Favorable
Market Expectations Favorable Dividend Payments Irrespective of Cyclicality (Payments per calendar year, $ in millions) $67 $60 $45 $42 $39 $28 $27 $25 $23 $23 $21 $17 $13 $13.0 $12 $9 $9 2002 2004 2006 2008 2010 2012 2014 2016 2018 ❑ TEN has always paid a dividend irrespective of market cycles; $10
Slide 9: Summary of Financial Results
Summary of Financial Results Three months ended Year ended December 31 (unaudited) December 31 (unaudited) STATEMENT OF OPERATIONS DATA 2018 2017 2018 2017 Voyage revenues $ 153,755 $ 134,517 $ 529,879 $ 529,182 Voyage expenses 34,790 27,873 125,350 113,403 Charter hire expense 2,719 311 10,822 311
Slide 10: Summary of Financial Results (Cont.)
Summary of Financial Results (Cont.) BALANCE SHEET DATA December 31 December 31 2018 2017 Cash 220,526 202,673 Other assets 138,924 140,909 Vessels, net 2,829,447 3,028,404 Advances for vessels under construction 16,161 1,650 Total assets $ 3,205,058 $ 3,373,636 Debt, net of deferred finance costs 1
Slide 11: 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