Slide 1: Tsakos Energy Navigation Q2 2014 Earnings Conference Call
T EN Lt d Tsa kos Ene rgy N avigat ion August 4, 1 2014 Q2 2014 Earnings Conference Call
Slide 2: with the Securities and Exchange Commission. These factors should be considered carefully and you
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) 08/2014 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 20
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. NB Delivery Schedule
Tankers over 15yrs vs. NB Delivery Schedule Total Orderbook of 655 tankers vs. 616 vessels in fleet over 15 years of age 600 550 Expected to be phased out over the next two/three years 500 450 Number of Ships 400 655 350 300 616 250 200 150 100 50 0 2014 (Jul) 2014 (Jul-YE) 2015 2016 2017 Over 15y
Slide 7: Corporate Facts
Corporate Facts 60 vessels (pro forma) Active fleet utilization in Q2 & 6mo 2014 at 98% ⇒ 48 in operation ⇒ 2 modern Suezmaxes joined the 58% of remaining 2014, 39% of 2015 and 22% of 2016 fleet in Q2/Q3 2014 available days in secured revenue contracts (including CoAs / Pools) ⇒ 9 x Aframax cr
Slide 8: 6mo 2014 Highlights
6mo 2014 Highlights Voyage revenues of $243 million ($206 in 6mo 2013) EBITDA of $83.0 million (22% increase from 6mo 2013) Operating income of $33.0 million vs. $18.3 million in 6mo 2013 (80% increase) Net Income/(Loss) of $14.8 million vs. $(0.5) million in 6mo 2013 $76 million reduction
Slide 9: Fleet (as of August 4, 2014)
Fleet (as of August 4, 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 Eurovision 158,000 2013 DH 3 Propontis 117,055 2006 DH 1A 2 Eu
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 August 4, 2014)
Employment Details (as of August 4, 2014) 9 2 1 17 21 TC (Fixed) TC (P/S) CoA (Spot Related) Pool (Spot Related) Spot Secured Employment (33 vessels) Flexible Employment (29 vessels) 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 8/4) 2015 39% 58% Fixed Fixed Min
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 $25 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 $9.875/share in dividends (incl. August and November distributions), 32% higher over their original $7.50 IPO investment plus…. Close to $1 billion total net income (si
Slide 15: Income Statement
Income Statement Three months ended Six months ended June 30 June 30 STATEMENT OF OPERATIONS DATA 2014 2013 2014 2013 Voyage revenues $ 112,396 $ 108,091 $ 242,684 $ 205,785 Commissions 4,097 4,088 9,096 7,852 Voyage expenses 34,669 32,417 68,678 56,944 Vessel operating expenses 34,929 32,907 71,374
Slide 16: Balance Sheet
Balance Sheet June 30 December 31 2014 2013 Cash 237,875 171,764 Other assets 85,700 80,546 Vessels, net 2,187,940 2,173,068 Advances for vessels under construction 106,978 58,521 Total assets $ 2,618,493 $ 2,483,899 Debt 1,362,460 1,380,298 Other liabilities 82,105 105,938 Stockholders' equity 1,17
Slide 17: Other Financial / Fleet Data
Other Financial / Fleet Data Three months ended Six months ended OTHER FINANCIAL DATA June 30 June 30 2014 2013 2014 2013 Net cash from operating activities $ 8,108 $ 32,751 $ 26,870 $ 72,561 Net cash used in investing activities $ (63,175) $ (69,022) $ (110,789) $ (127,200) Net cash from financing
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