Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Investor Presentation (April 2021)
14 slides from Tsakos Energy Navigation's investor presentation, April 2021
Slide 1: TEN LTD April 2021
TEN LTD April 2021
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: Crisis-Resistant Growth Model Spanning Four Decades
Crisis-Resistant Growth Model Spanning Four Decades Far East Crisis 9/11 Crisis Credit Crisis Meets… COVID Crisis 8 7 6 5 Million (dwt) 4 3 2 1 0 3
Slide 4: Capital Markets Access – Successful Countercyclical Growth
Capital Markets Access – Successful Countercyclical Growth 1 yr VLCC TC Rates $92m $100,000 $105m $85m $86m 1993-1996 $90,000 $65m $80,000 $28m $130m + $125m $35m $50m Jul. 15 $70,000 $115m May. 04 $60,000 $50m Fleet from 4 Oct. 10 $150m vessels in 1993 $50,000 (start of Company – Mar. 02 Mar.17 Jun
Slide 5: Diversified Fleet - Secured Revenues – Market Upside
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 Promitheas 1
Slide 6: Industrial Model – Strategic Alliances – Repeat Business
Industrial Model – Strategic Alliances – Repeat Business Top Customers (in alphabetical order) 1. BP 2. CHENIERE 3. CHEVRON 4. EXXONMOBIL 5. EQUINOR 6. KOCH 7. PETROBRAS 8. SHELL 9. TOTAL 10. TRAFIGURA Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Companies Transporter of Cho
Slide 7: Timely Acquisitions => Low 12mo 2020 B/E Rates
Timely Acquisitions => Low 12mo 2020 B/E Rates* *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 2 VLCC $23,873 $500,000,000 14 SUEZMAX Spot $21,725 19 AFRAMAX $17,675 $400,000,000 AFRAMAX 3 (vessels on TC employment only) LR2 $19,473 Time Charter Revenues 11 PANAMAX $300,00
Slide 8: Reducing Bank Debt an Integral Part of Strategy
Reducing Bank Debt an Integral Part of Strategy $1,800 $1,753 $1,751 $1,750 $1,700 $1,650 $1,595 $1,600 In millions $1,550 $1,534 $1,500 $1,500 $1,450 $1,400 $1,350 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 ❑ $253 million total debt reduction since Dec. 2016 peak ❑ $100 million at par r
Slide 9: Healthy Dividends Through Market Cyclicality and Growth
Healthy Dividends Through Market Cyclicality and Growth ❑ Common Stock Dividend Continuity: $0.10 declared and payable in June 2021 ❑ TEN has always paid a dividend irrespective of market cycles; $500 million in total dividend payments – Average yield of 5.25% ❑ Close to $115 million in share buybac
Slide 10: Impact of Covid-19 on Global Demand Expected to Alleviate in 2021
Impact of Covid-19 on Global Demand Expected to Alleviate in 2021 BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2020) ❑ Strong potential of China and India with a combined 25 23 population of 2.5 billion in a world of 7.0 billion. Their per capita oil consum
Slide 11: Low NB Orderbook / Delivery Schedule vs. Fleet over Years Old
Low NB Orderbook / Delivery Schedule vs. Fleet over 15 Years Old ❑ Total NB Orderbook of 348 tankers to join the fleet over the next three years vs. 1,424 vessels 15 years or older that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,582 vessels in the 10-
Slide 12: Historical Solid Performance – Healthy Liquidity
Historical Solid Performance – Healthy Liquidity Expressed in million US dollars 2004 2005 2006 2007 2008 2009 2010 2011 Av. Number of Vessels 27.3 26.1 33.8 41.7 44.1 46.6 46.1 47.8 Total Revenues $318 $296 $428 $501 $623 $445 $408 $395 Operating Income / (Loss) (1) $132.0 $120.3 $167.3 $180.7 $244
Slide 13: Why TEN…
Why TEN… 1 One Of the Most Established International Oil Tanker Companies in the World 2 Public Since 1993 (NYSE Since 2002) 3 Tried and Tested in All Shipping Cycles - Owner of Choice to Oil Majors 4 Upside Potential + $1.0bil in Min. Secured Revenues + Extra Profits Through Profit Share 5 Solid Ba
Slide 14: Stay Safe – Stay Healthy
To all our seafarers, onshore colleagues and friends a BIG THANK YOU for all your help and support during these extraordinary times STAY SAFE – STAY HEALTHY For more information please contact: George Saroglou, Chief Operating Officer (gsaroglou@tenn.gr) – Paul Durham, Chief Financial Officer (pdurh
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