Slide 1: TEN LTD Q4 & YE2020 Earnings Presentation
TEN LTD Q4 & YE2020 Earnings Presentation March 24, 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: 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 5: 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 Spot 14 SUEZMAX $21,725 19 AFRAMAX $17,675 $400,000,000 AFRAMAX 3 LR2 $19,473 11 PANAMAX $300,000,000 LR1 $14,791 Time Charter HANDYMAX 6 MR $15,363 E
Slide 6: Reducing Bank Debt an Integral Part of Strategy
Reducing Bank Debt an Integral Part of Strategy $1,800 $1,753 $1,751 $1,750 -$2 $1,700 $1,650 $1,595 $1,600 In millions $1,550 -$156 $1,534 $1,500 $1,500 -$61 $1,450 -$34 $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 ❑ $
Slide 7: 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; $491.5 million in total dividend payments since 2002 NYSE listing ❑ Long-term nature of Company’s employ
Slide 8: 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 9: 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 353 tankers to join the fleet over the next three years vs. 1,410 vessels 15 years or older that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,569 vessels in the 10-
Slide 10: Scrapping Expected to Rebound Strongly after Covid-19 & Due to IMO2020
Scrapping Expected to Rebound Strongly after Covid-19 & Due to IMO2020 ❑ Scrapping has exhibited signs of improvement as Covid-19 imposed lockdowns are easing and world economies prepare to restart as the roll-out of global vaccinations accelerates - IMO2020 regulations and discussions for alternati
Slide 11: Financial Highlights
Financial Highlights Three months ended Year ended December 31 (unaudited) December 31 (unaudited) STATEMENT OF OPERATIONS DATA 2020 2019 2020 2019 Voyage revenues $ 131,632 $ 175,386 $ 644,135 $ 597,452 Voyage expenses 39,905 28,914 145,267 125,802 Charter hire expense 5,569 2,728 21,602 10,822 Ves
Slide 12: Financial Highlights (cont.)
Financial Highlights (cont.) Three months ended Year ended OTHER FINANCIAL DATA December 31 December 31 2020 2019 2020 2019 Net cash from operating activities $ 18,234 $ 62,976 $ 205,416 $ 184,349 Net cash used in investing activities $ (24,337) $ (41,908) $ (94,613) $ (102,205) Net cash used in fin
Slide 13: 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 Tsakos Energy Navigation, Ltd – 367 Syngrou Av. , Athens 175 64, Greece Tel: +30210 940 7710, Fax: +30210 940 7716 email: ten@tenn.gr
Slide 14: 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