Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q3 2024 Earnings Presentation
18 slides from Tsakos Energy Navigation's earnings presentation, Nov 26, 2024
Slide 1: Q3 & 9mo 2024 Earnings Presentation
TEN, Ltd. Q3 & 9mo 2024 Earnings Presentation November 26, 2024
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: Why TEN
WHY TEN: One Of The Largest & Most Established Energy Transporters Worldwide 1 460mbbls Transported in 2023 – About 23 days of US Consumption 2 31 years in the Public Markets (NYSE Since 2002) – Uninterrupted Dividends 3 Big Modern Diversified Fleet – One-Stop-Ship – Industrial Shipping Highest Cali
Slide 4: Crisis-Resistant Growth Model Spanning Four Decades
Crisis-Resistant Growth Model Spanning Four Decades _______________________________________________________________ Covid Ukrainian ME OPA 90 Far East Crisis 9/11 Crisis Credit Crisis Crisis War Crisis 10 9 8 7 Million (dwt) 6 5 4 3 2 1 0 4
Slide 5: Diversified Fleet - Secured Revenues - Market Upside
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other 1 Ulysses 300,000 2016 South Korea DH 38 Ithaki DF 115,000 2024 South Korea DH LNG Powered V
Slide 6: Capital Markets Access - Successful Countercyclical Growth
Capital Markets Access – Successful Countercyclical Growth _______________________________________________________________ 1 yr VLCC TC Rates $92m $105m $86m 1993-1996 $65m $130m + $100,000 $85m $28m $50m $35m $90,000 Jul. 15 $125m $115m Oct. 10 $80,000 $50m Fleet from 4 $70,000 May. 13 May. 04 vess
Slide 7: Industrial Model - Strategic Alliances - Repeat Business
Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ http://merchantmarinepilots.com/wp-content/uploads/2013/12/flopec.jpg Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Concerns Transporter
Slide 8: Timely Acquisitions: Q3 2024 Break-Even Rates
Timely Acquisitions => Q3 2024 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ VLCC $180,000,000 EUAs $29,161 SUEZMAX $160,000,000 Spot $24,033 AFRAMAX $140,000,000 $22,507 AFRAMAX $120,000,000 LR2 $24,643 Time Charter PANAMAX $1
Slide 9: Managing Bank Debt an Integral Part of Strategy
Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ 60.0% 2.00 52.5% 50.9% 47.9% 47.8% 49.2% 49.3% 1.80 50.0% 45.6% 44.0% 42.0% 1.60 1.40 40.0% 1.20 30.0% 1.00 0.80 20.0% 0.60 0.40 10.0% 0.20 0.0% 0.00 2016 2017 2018 2019 2020 2021 2022 202
Slide 10: Fleet Renewal and Greenship Growth
Fleet Renewal and Greenship Growth _______________________________________________________________ Since 1/1/2023: Divestments Growth • 13 vessels Sold • 21 vessels Contracted/Acquired – 1 x LNG Carrier – 3 x NB DP2 Shuttle – 2 x Suezmax – 2 x NB Suezmax – 2 x Aframax – 5 x NB LR1 Panamax – 6 x MR P
Slide 11: Historical Solid Performance - Healthy Liquidity
Historical Solid Performance – Healthy Liquidity _______________________________________________________________ Expressed in million USD 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Av. Number of Vessels 27.3 26.1 33.8 41.7 44.1 46.6 46.1 47.8 47.9 47.5 Total Revenues $318 $296 $428 $501 $623
Slide 12: Healthy Dividends Through Market Cyclicality and Growth
Healthy Dividends Through Market Cyclicality and Growth _______________________________________________________________ ❑ Common Stock Dividend Continuity – Management aims on semi-annual dividend distributions ❑ 2024 total dividend payment at $1.50 per common share vs. $1.00 for 2023 operations - 5
Slide 13: Global Oil Demand Strong
Global Oil Demand Strong _______________________________________________________________ BARRELS OF OIL PER CAPITA PER ANNUM (Source: Energy Outlook Statistical Review of World Energy - June 2024) ❑ Strong potential of China and India with a combined population of 2.8 billion in a world of 8.0 billi
Slide 14: Low NB Orderbook vs. Fleet Over Years Old
Low NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 764 tankers to join the fleet over the next three years vs. 2,405 vessels over 15 years, in a global tanker fleet of 5,372 vessels, that are expected to depart the com
Slide 15: Scrapping Activity Contained Amid Healthy Market & Shadow Fleet
Scrapping Activity Contained Amid Healthy Market & Shadow Fleet _______________________________________________________________ ❑ Scrapping remains resilient as tanker markets continue to be strong. BUT… ✓ Upcoming regulations and ongoing debate for alternative propulsion fuels should lead to increa
Slide 16: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended Nine months ended September 30 (unaudited) September 30 (unaudited) STATEMENT OF OPERATIONS DATA 2024 2023 2024 2023 Voyage revenues $ 200,158 $ 186,659 $ 615,801 $ 669,325 Voyage expenses 35,059
Slide 17: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended Nine months ended OTHER FINANCIAL DATA September 30 September 30 2024 2023 2024 2023 Net cash provided by operating activities $ 59,657 $ 44,573 $ 219,879 $ 303,075 Net used in investing a
Slide 18: Tsakos Energy Navigation, Ltd
Tsakos Energy Navigation, Ltd For more information please contact: 367 Syngrou Avenue George Saroglou: Athens 175 64 Chief Operating Officer Greece gsaroglou@tenn.gr Tel: +30210 94 07 710 Harrys Kosmatos: Fax: +30210 94 07 716 Co-Chief Financial Officer Email: ten@tenn.gr hkosmatos@tenn.gr
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