Slide 1: TEN LTD Q4 & YE2022 Earnings Presentation
TEN LTD Q4 & YE2022 Earnings Presentation March 16, 2023
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 _______________________________________________________________ Covid Ukrainian Far East Crisis 9/11 Crisis Credit Crisis Crisis Crisis 9 8 7 6 Million (dwt) 5 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 $86m $85m 1993-1996 $90,000 $35m $65m $80,000 $28m $130m + $125m $50m $115m $70,000 Jul. 15 $60,000 $50m May. 04 Fleet from 4 Sep. 19 $150
Slide 5: Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other 1 Ulysses 300,000 2016 South Korean DH 39 NB TBN 115,000 2024 South Korean DH Dual - Fuel LN
Slide 6: Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth
Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Companies Transporter of Choice for Major Oil Companies Equinor is TEN’s Largest Charterer
Slide 7: Timely Acquisitions => Low YE2022 B/E rates
Timely Acquisitions => Low YE2022 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ VLCC $550,000,000 $29,728 $525,000,000 Spot SUEZMAX $500,000,000 $24,506 $475,000,000 $450,000,000 AFRAMAX $18,546 $425,000,000 $400,000,000 AFRAMA
Slide 8: Managing Bank Debt an Integral Part of Strategy
Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ $1,800 $1,753 $1,751 $1,750 -$2m $1,700 $1,650 $1,595 Due to $1,600 acquisition at In millions -$156m $1,534 end Nov. 2022 $1,550 of VLCC Dias I $1,500 $1,500 -$61m $1,450 -$34 $1,410 $1,3
Slide 9: Healthy Dividends Through Market Cyclicality and Growth
Healthy Dividends Through Market Cyclicality and Growth _______________________________________________________________ ❑ Common Stock Dividend Continuity – Management aims on semi-annual dividend distributions ❑ 2023 dividend payment reflecting YE2022 performance 140% higher than total distribution
Slide 10: Global Oil Demand on the Rebound
Global Oil Demand on the Rebound _______________________________________________________________ BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2022) ❑ Strong potential of China and India with a combined 25 population of 2.5 billion in a world of 7.0 billion.
Slide 11: Historical Low NB Orderbook vs. Fleet Over Years Old
Historical Low NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 217 tankers to join the fleet over the next three years vs. 1,806 vessels over 15 years that are expected to depart the competitive fleet in the same timefr
Slide 12: Scrapping Healthy Due to Environmental Regulations and Strong Prices/Ldt
Scrapping Healthy Due to Environmental Regulations and Strong Prices/Ldt _______________________________________________________________ ❑ Upcoming regulations and discussions for alternative propulsion fuels should further propel scrapping activity ❑ In 2018 171 vessels were scrapped of 20.1m dwt ❑
Slide 13: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended Year ended December 31 (unaudited) December 31 (unaudited) STATEMENT OF OPERATIONS DATA 2022 2021 2022 2021 Voyage revenues $ 270,255 $ 139,129 $ 860,400 $ 546,120 Voyage expenses 46,137 49,098 20
Slide 14: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended Year ended OTHER FINANCIAL DATA December 31 December 31 2022 2021 2022 2021 Net cash provided by operating activities $ 132,836 $ 17,905 $ 288,529 $ 53,111 Net cash used in investing activ
Slide 15: Tsakos Energy Navigation, Ltd contact details
For more information please contact: Tsakos Energy Navigation, Ltd 367 Syngrou Avenue George Saroglou: Athens 175 64 Chief Operating Officer Greece gsaroglou@tenn.gr Tel: +30210 94 07 710 Harrys Kosmatos: Fax: +30210 94 07 716 Corporate Development Officer Email: ten@tenn.gr hkosmatos@tenn.gr