Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q1 2014 Earnings Presentation
18 slides from Tsakos Energy Navigation's earnings presentation, May 16, 2014
Slide 1: Q1 2014 Earnings Conference Call
T EN Lt d Tsa kos Ene rgy N avigat ion May 16, 1 2014 Q1 2014 Earnings Conference Call
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: Fleet Composition (60 vessels, pro forma)
Fleet Composition (60 vessels, pro forma) CRUDE TRADING PRODUCTS DP2/LNG 42 14 4 5.1m dwt 0.6m dwt 0.5m dwt VLCC Suezmax Aframax Aframax LR Panamax Handymax Handysize DP2 Shuttle LNG One World Trade 1,100′ 900′ 850′ 850′ 750′ 615’ 570’ 900′ 750′ 1,776′ 300,000dwt 160,000dwt 100,000dwt 100,000dwt 70,
Slide 4: Continuous Growth Trajectory Since Inception
Continuous Growth Trajectory Since Inception 18% CAGR (based on dwt) May 2014 60 vessels (pro forma) 6.2m dwt 6 5 Mar. 2002 4 26 vessels Dwt (in mill) 2.3m dwt 3 2Oct. 1993 4 vessels 0.2m dwt 1 0 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 il) pr 19 19 19 19 19 19 19 20 20 20 20 2
Slide 5: Positive Long Term Outlook
Positive Long Term Outlook BARRELS OF OIL PER CAPITA PER ANNUM Strong potential of China and India with a combined population of (Source: BP Statistical Review of World Energy June 2012 2.5 billion in a world of 7.0 billion. Their per capita oil consumption is at extremely low levels and have alre
Slide 6: Tankers over 15yrs vs. Delivery Schedule
Tankers over 15yrs vs. Delivery Schedule Total Orderbook of 605 tankers vs. 589 vessels in fleet over 15 years of age 600 550 Expected to be phased out over the next two/three years 500 450 400 Number of Ships 605 350 300 589 250 200 150 100 50 0 2014 (Feb) 2014 2015 2016 2017 Over 15yrs 589 VLCC
Slide 7: Corporate Facts
Corporate Facts 60 vessels (pro forma) Active fleet utilization in Q1 2014 at 98% ⇒ 48 in operation ⇒ 2 modern Suezmaxes joining the 57% of remaining 2014, 36% of 2015 and 23% of 2016 fleet in Q2/Q3 2014 available days in secured revenue contracts (including CoAs / Pools) ⇒ 9 x Aframax crude c
Slide 8: Q1 2014 Highlights
Q1 2014 Highlights Voyage revenues of $130 million ($98 in Q1 2013) EBITDA of $49 million (44% increase from Q1 2013) Operating income of $24.5 million vs. $9.7 million in Q1 2013 (153% increase) Net Income/(Loss) of $14.6 million vs. $1.0 million in Q1 2013 EPS, diluted of $0.19 compared
Slide 9: Fleet (as of May 15, 2014)
Fleet (as of May 15, 2014) CRUDE TANKERS Dwt Built Hull Ice Class/Other COATED TANKERS Dwt Built Hull Ice Class/Other VLCC AFRAMAX - LR 1 Millennium 301,171 1998 DH 1 Proteas 117,055 2006 DH 1A SUEZMAX 2 Promitheas 117,055 2006 DH 1A (1) 1 Eurovision 158,000 2013 DH 3 Propontis 117,055 2006 DH 1A (1
Slide 10: Long-Term Strategic Alliances
Long-Term Strategic Alliances Top Customers Rating (1) % of 2013 Revenue 1. Petrobras A3 / BBB 21.3% Statoil (2) Aa2/AA- 14.0% 2. Shell Aa1/AA 10.6% 3. Flopec NR / NR 8.3% 4. BG A2 / A 7.0% 5. ExxonMobil Aaa/AAA 6.8% 6. Clearlake NR/NR 6.1% 7. HMM A- / A- 5.8% 8. BP A2 / A 3.5% 70% Long-term, blue-c
Slide 11: Employment Details (as of May 15, 2014)
Employment Details (as of May 15, 2014) 9 2 1 16 20 TC (Fixed) TC (P/S) CoA (Spot Related) Pool (Spot Related) Spot Secured Employment Flexible Employment 11
Slide 12: Secured Revenues (TC, TCPS, COA, POOL)
Secured Revenues (TC, TCPS, COA, POOL) Based on employable dates and includes vessels under time charter, time charter with profit share (only minimum rate) and Pool/CoAs (Subject to deliveries and potential changes in TEN’s chartering policy ) Remaining 2014 (as of May 15) 2015 36% 57% Fixed Fixed
Slide 13: 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 $280 million $28 million average per year in capital gains since N
Slide 14: Continuous Dividend Payments
Continuous Dividend Payments Dividend payments far in excess of original IPO price of $7.50/share Today investors have gotten $9.825/share in dividends (incl. May and August distributions), 31% higher over their original $7.50 IPO investment plus…. Close to $1 billion total net income (since 2
Slide 15: Income Statement
Income Statement Three months ended March 31 STATEMENT OF OPERATIONS DATA 2014 2013 Voyage revenues $ 130,288 $ 97,693 Commissions 4,999 3,764 Voyage expenses 34,009 24,526 Vessel operating expenses 36,445 31,325 Depreciation 23,593 22,271 Amortization of deferred dry-docking costs 1,262 1,190 Manag
Slide 16: Balance Sheet
Balance Sheet BALANCE SHEET DATA March 31 December 31 2014 2013 Cash 203,985 171,764 Other assets 85,467 80,546 Vessels, net 2,149,939 2,173,068 Advances for vessels under construction 105,710 58,521 Total assets $ 2,545,101 $ 2,483,899 Debt 1,354,397 1,380,298 Other liabilities 95,652 105,938 Stock
Slide 17: Other Financial / Fleet Data
Other Financial / Fleet Data Three months ended OTHER FINANCIAL DATA March 31 2014 2013 Net cash from operating activities $ 18,763 $ 39,810 Net cash used in investing activities $ (47,614) $ (58,178) Net cash from financing activities $ 62,945 $ 6,553 TCE per ship per day $ 22,750 $ 18,176 Operatin
Slide 18: 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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