Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q1 2011 Earnings Presentation
12 slides from Tsakos Energy Navigation's earnings presentation, May 11, 2011
Slide 1: Q1 2011 Earnings Conference Call
TEN Ltd Tsakos Energy Navigation May 11, 1 2011 Q12011 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 statements involve kno
Slide 3: Corporate Highlights
Corporate Highlights 18 years of continuous profitable growth Fleet utilization in Q1 2011 at 99% 51 vessels (proforma) 79% of available days in quarter in secured revenue contracts ⇒ 47 in operation Accumulated income since 2002 NYSE listing over ⇒ 2 conventional suezmaxes $1 billion unde
Slide 4: Q1 2011 vs. Q1 2010 Highlights
Q1 2011 vs. Q1 2010 Highlights Q1 2011 Voyage Revenues: $99.2 million Net Income: $9.3 million TCE per vessel per day: $17,964 Opex per vessel per day : $7,482 Sale of one aframax tanker with $5.8 million capital gains Q1 2010 Voyage Revenues: $105.0 million Net Income: $19.5 million
Slide 5: Fleet (as of May 11, 2011)
Fleet (as of May 11, 2011) CLEAN / PRODUCT TANKERS CRUDE TANKERS Dwt Built Hull Ice Class Dwt Built Hull Ice Class AFRAMAX - LR VLCC 1 Proteas 117,055 2006 DH 1A 1 Millennium 301,171 1998 DH 2 Promitheas 117,055 2006 DH 1A 2 La Madrina 299,700 1994 DH 3 Propontis 117,055 2006 DH 1A 3 La Prudencia 29
Slide 6: Employment Details (as of May 14, 2011)
Employment Details (as of May 14rd, 2011 – including Spyros K) 6 2 11 29 Time Charter (Secured and P/S) CoA (Spot Related) Pool (Spot Related) Spot 6
Slide 7: Secured Revenues (including TC, TC w/PS, Pool, CoA)
Secured Revenues (including TC, TC w/PS, Pool, CoA) Based on employable dates and includes vessels time charter, pools and CoA– subject to change based on new deliveries and potential changes in TEN s chartering policy 2011 (to date) 2012 65% 39% Fixed Fixed Minimum Revenues Minimum Revenues (Expect
Slide 8: 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 $35 million average per year in capital gains since N
Slide 9: Dividend policy and payments
Sale & Purchase Activity – Capital Gains On June 4th, 2010 the Board of Directors declared a change in TEN s dividend policy from semi-annual to quarterly payments First quarterly dividend of $0.15 cents paid on July 15th, 2010 Second quarterly dividend of $0.15 cents paid on October 26th, 2010
Slide 10: Income Statement
Income Statement Q1 STATEMENT OF INCOME DATA (in $ millions) 2011 2010 Voyage revenues $ 99.2 $ 104.7 Voyage, commissions, charter hire expenses 26.9 23.9 Vessel operating expenses 31.6 34.5 Depreciation and amortization 25.3 22.9 Overheads (Management fees, G&A and stock compensation expense ) 5.4
Slide 11: Balance Sheet
Balance Sheet (in US$ mill) March 31 March 31 2011 2010 Cash 259.6 323.6 Current assets, including cash 337.5 429.2 Investments 1.0 1.0 Financial instruments, net of current portion 1.4 2.5 Advances for vessels under construction 104.9 88.5 Vessels 2,628.3 2,335.1 Accumulated Depreciation (427.7) (3
Slide 12: Tsakos Energy Navigation, Ltd
TSAKOS ENERGY NAVIGATION, LTD For more information please contact: ● Paul Durham: pdurham@tenn.gr Chief Financial Officer ● George Saroglou: gsaroglou@tenn.gr Chief Operating Officer ● Harrys Kosmatos: hkosmatos@tenn.gr Corporate Development Officer Tsakos Energy Navigation, Ltd 367 Syngrou Avenue A
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