Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q2 2013 Earnings Presentation
17 slides from Tsakos Energy Navigation's earnings presentation, Aug 2, 2013
Slide 1: Q2 & 6 Months 2013 Earnings Conference Call
TEN Ltd Tsakos Energy Navigation August 2, 2013 1 Q2 & 6 Months 2013 Earnings Conference Call
Slide 2: Forward-looking statements disclaimer
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
20 Years in the Fleet Composition Capital Markets Crude LNG Product 19 2 28 Empire State VLCC Suezmax Aframax LNG Suezmax Aframax Panamax Handymax Handysize 1,250 1,100 900 850 750 900 850 750 615’ 570’ 300,000dwt 160,000dwt 100,000dwt 85,000dwt 160,000dwt 100,000dwt 70,000dwt 50,000dwt 37,0
Slide 4: Positive Long-term Outlook
20 Years in the Positive Long-term Outlook Capital Markets Global Demand Global Oil Demand (in mbpd) Strong potential of China and India with a combined population of 2.5 billion in a world of 7.0 billion. Their per capita oil consumption is at 94 extremely low levels and have already embarked on a
Slide 5: Corporate Facts
20 Years in the Corporate Facts Capital Markets 49 vessels (pro forma) Fleet utilization in Q2 2013 at 97.9% 48 in operation 1x LNG under construction (plus 74% of remaining 2013 (at end of Q2) and 60% of 2014 one option) available days in secured revenue contracts (including CoAs / Pools)
Slide 6: 6-Months 2013 Highlights
20 Years in the 6-Months 2013 Highlights Capital Markets Voyage revenues of $205.8 million EBITDA of $68.1 million (10.7% increase from 6Mo 2012) $18.3 million in operating income vs. $11.1 million in 6Mo 2012, (65% increase) Net Income / (Loss) of $(0.5) million vs. $(14.5) million loss in
Slide 7: Fleet (as of August 02, 2013)
20 Years in the Fleet (as of August 02, 2013) Capital Markets CLEAN/PRODUCT TANKERS CRUDE TANKERS Dwt Built Hull Ice Class/Other Dwt Built Hull Ice Class/Other SUEZMAX - SHUTTLE VLCC 1 Rio 2016 157,000 2013 DH DP2 1 Millennium 301,171 1998 DH 2 Brasil 2014 157,000 2013 DH DP2 SUEZMAX AFRAMAX - LR 1
Slide 8: Repeat Customers – Blue Chip Clientele
20 Years in the Repeat Customers – Blue Chip Clientele Capital Markets Top Customers Rating (1) % of 2012A Revenue Petrobras A3 / BBB 16.70% Exxon Aaa / AAA 13.81% Flopec NR / NR 9.54% Shell Aa1 / AA 8.19% HMM A- / A- 6.64% BG A2 / A 6.18% BP A2 / A 5.41% Long-term, blue-chip, recurring customer bas
Slide 9: Employment Details (as of July 31, 2013)
20 Years in the Employment Details (as of July 31, 2013) Capital Markets 2 8 4 1 22 11 TC (Fixed) TC (Fixed) - Shuttles TC (P/S) CoA (Spot Related) Pool (Spot Related) Spot Secured Employment Flexible Employment 9
Slide 10: Secured Revenues (including TC, TC w/PS, Pool)
20 Years in the Secured Revenues (including TC, TC w/PS, Pool) Capital Markets 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 2013
Slide 11: Sale & Purchase Activity – Capital Gains
20 Years in the Sale & Purchase Activity – Capital Gains Capital Markets 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 p
Slide 12: Continuous Dividend Payments
20 Years in the Continuous Dividend Payments Capital Markets On June 4th, 2010 the Board of Directors declared a change in TEN’s dividend policy from semi-annual to quarterly payments Dividend payments far in excess of original IPO price of $7.50/share Today investors have gotten $9.675/share in
Slide 13: Income Statement
20 Years in the Income Statement Capital Markets Three months ended Six months ended June 30 June 30 STATEMENT OF OPERATIONS DATA 2013 2012 2013 2012 Voyage revenues $ 108,091 $ 99,046 $ 205,785 $ 201,276 Commissions 4,088 1,503 7,852 5,172 Voyage expenses 32,417 25,576 56,944 57,888 Vessel operatin
Slide 14: Balance Sheet
20 Years in the Balance Sheet Capital Markets BALANCE SHEET DATA June 30 December 31 June 30 2013 2012 2012 Cash, restricted cash and marketable securities 148,518 162,153 221,257 Other assets 83,874 80,889 70,803 Vessels, net 2,246,992 2,088,358 2,190,004 Advances for vessels under construction 41,
Slide 15: Other Financial / Fleet Data
20 Years in the Other Financial / Fleet Data Capital Markets Three months ended Six months ended OTHER FINANCIAL DATA June 30 June 30 2013 2012 2013 2012 Net cash from operating activities $ 32,751 $ 16,356 $ 72,561 $ 34,633 Net cash used in investing activities $ (69,022) $ (1,556) $ (127,200) $ (2
Slide 16: World Tanker Fleet vs. Newbuilding Orderbook
APPENDIX : World Tanker Fleet vs. Newbuilding Orderbook 4,500 4,261 4,339 4,167 4,006 3,862 4,000 3,500 3,000 2,500 2,000 1,500 1,059 892 1,000 600 490 466 500 0 27.4% 22.3% 14.4% 11.5% 10.7% 2009 2010 2011 2012 2013 (July) Orderbook Fleet 16 Source: Clarkson Research Services, July 2013
Slide 17: 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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