Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q3 2015 Earnings Presentation
17 slides from Tsakos Energy Navigation's earnings presentation, Nov 6, 2015
Slide 1: Q3 & 9mo 2015 Earnings Conference Call
TEN Ltd Tsakos Energy Navigation November 6, 2015 Q3 & 9mo 2015 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 statemen
Slide 3: Corporate Facts
Corporate Facts 65 vessels (pro forma) - excluding Shuttle NB option Active fleet utilization in 9mo 2015 at 98.0% Average fleet age (9/30/2015): 8.3 years vs. 9.6 of 60% of remaining 2015 and 52% of 2016 available world tanker fleet – To reduce further with days in secured revenue to date (
Slide 4: Q3 2015 Highlights
Q3 2015 Highlights Net income of $40.0 million or $0.42 per diluted share, compared to a $5.2 million in Q3 2014 Operating income of $45.1 million vs. $13.8 million in Q3 2014. Over a threefold increase Healthy liquidity at September 30, 2015 of $301 million Pro-forma fleet of 65 vessels, to
Slide 5: Fleet Composition – 65 vessels (pro-forma)
Fleet Composition – 65 vessels (pro-forma) CRUDE TRADING PRODUCTS DP2/LNG 47 13 5 6.0m dwt 0.6m dwt 0.7m 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 1,775 300,000dwt 160,000dwt 100,000dwt 100,000dwt 74
Slide 6: Long-Term Strategic Alliances
Long-Term Strategic Alliances 2014 Top Customers (in alphabetical order) 1. BG 2. BP 3. CHEVRON 4. EXXONMOBIL 5. FLOPEC 78% 6. HMM 7. LITASCO 8. PETROBRAS 9. SHELL 10. STATOIL Long-term, blue-chip, recurring customer base consisting of major global energy companies Transporter of Choice for Major Oi
Slide 7: Timely Acquisitions - Low Q3 Breakeven Rates, Tanker Rates Remain Strong
Timely Acquisitions - Low Q3 Breakeven Rates 3 Tanker Rates Remain Strong… VLCC $10,532 YTD Av. Spot Rates 13 SUEZMAX $17,524 VLCC $66,525 17 AFRAMAX $17,843 Suezmax $42,019 3 AFRAMAX LR2 $17,490 Aframax $36,042 11 PANAMAX LR1 $14,027 Panamax $22,418 6 HANDYMAX MR $16,475 LR2 $33,614 7 HANDYSIZE MR
Slide 8: Vessel Employment Details (as of November 6, 2015)
Vessel Employment Details (as of November 6, 2015) 10 2 19 18 TC (Fixed) TC (P/S) CoA (Spot Related) Spot Secured Employment (30 vessels) Flexible Employment (31 vessels) As of November 6, 2015 30 operating vessels with secured chartered employment (profit-share vessels at min. rates) have until end
Slide 9: Positive Market Outlook
Positive Market Outlook BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2015) 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 25 22 extremely low levels and have
Slide 10: Tankers Over 15 Years Old vs. Delivery Schedule
Tankers Over 15 Years Old vs. Delivery Schedule Total Orderbook of 706 tankers (205 of which MRs or 29%) vs. 740 vessels (247 of which MRs or 33%) in fleet over 15 years of age 47% of current tanker orderbook are product tankers 700 650 600 550 NB Delivery Schedule Number of Ships 500 450 400 35
Slide 11: Sale & Purchase Activity – Capital Gains
Sale & Purchase Activity – Capital Gains Sale & Purchase activity integral to operations – Close to 100 transactions - realizing actual value Timely sale & purchase of modern tonnage Acquisition of 2 x suezmaxes Acquisition of 2 x VLCC resales Sale of 1 x Suezmax Sale of 1 x Handy Sinc
Slide 12: Continuous Dividend Payments
Continuous Dividend Payments Dividend payments far in excess of original IPO price of $7.50/share Stock Price Today investors have gotten $10.115/share in dividends (incl. Dec. 2015 distribution) (11/05/15) or $415 million in total, 35.0% higher over their original $7.50 IPO investment plus…. $8
Slide 13: Attractive Valuation – Upside Potential
Attractive Valuation – Upside Potential Analyst Coverage (Sep 2015): Net Asset Value (9/30/2015) 1. Morgan Stanley Overweight 2. JP Morgan Overweight NAV (Fair Value): $12.11/share 3. Wells Fargo Outperform NAV (Book Value): $13.51/share 4. Credit Suisse Outperform 5. UBS Buy 6. Jefferies Buy 7. DnB
Slide 14: Income Statement
Income Statement Three months ended Nine months ended September 30 (unaudited) September 30 (unaudited) STATEMENT OF OPERATIONS DATA 2015 2014 2015 2014 Voyage revenues $ 141,736 $ 120,881 $ 444,623 $ 363,565 Voyage expenses 31,869 38,402 101,667 116,178 Vessel operating expenses 35,888 36,776 109,0
Slide 15: Balance Sheet
Balance Sheet BALANCE SHEET DATA September 30 December 31 2015 2014 Cash 301,227 214,441 Other assets 109,080 96,548 Vessels, net 2,086,897 2,199,154 Advances for vessels under construction 346,362 188,954 Total assets $ 2,843,566 $ 2,699,097 Debt 1,370,752 1,418,336 Other liabilities 96,577 102,849
Slide 16: Other Financial / Fleet Data
Other Financial / Fleet Data Three months ended Nine months ended OTHER FINANCIAL DATA September 30 September 30 2015 2014 2015 2014 Net cash from operating activities $ 68,971 $ 33,932 $ 166,490 $ 60,801 Net cash used in investing activities $ (14,860) $ (108,498) $ (91,510) $ (219,286) Net cash (u
Slide 17: Tsakos Energy Navigation, Ltd contact details
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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