Slide 1: TEN LTD Q3 & 9mo 2020 Earnings Presentation
TEN LTD Q3 & 9mo 2020 Earnings Presentation November 23, 2020
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: Crisis-Resistant Growth Model Spanning Four Decades
Crisis-Resistant Growth Model Spanning Four Decades Far East Crisis 9/11 Crisis Credit Crisis Meets… COVID Crisis 8 7 6 5 Million (dwt) 4 3 2 1 0 3
Slide 4: Diversified Fleet - Secured Revenues - Market Upside
Diversified Fleet - Secured Revenues – Market Upside CRUDE TANKERS COATED TANKERS Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other VLCC 1 Hercules 300,000 2017 South Korean DH 36 Proteas 117,055 2006 South Korean DH 1A LR2 2 Ulysses 300,000 2016 South Korean DH 37 Promitheas 1
Slide 5: Timely Acquisitions => Low 9mo 2020 B/E Rates
Timely Acquisitions => Low 9mo 2020 B/E Rates* *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 2 VLCC $450,000,000 $24,970 13(1) SUEZMAX $400,000,000 Spot $22,928 19 AFRAMAX $350,000,000 $17,468 3 AFRAMAX $300,000,000 LR2 $18,360 11 PANAMAX $250,000,000 LR1 $14,929 Time Cha
Slide 6: Reducing Bank Debt an Integral Part of Strategy
Reducing Bank Debt an Integral Part of Strategy $1,800$1,766 $1,763 $1,750 In millions $1,700 -$3.0 $1,650 $1,607 $1,600 $1,544 $1,550 -$156 $1,504 $1,500 -$63 $1,450 -$40 $1,400 $1,350 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 $262 million total debt reduction since Dec. 2016 peak $100 million at
Slide 7: Healthy Dividends Through Market Cyclicality and Growth
Healthy Dividends Through Market Cyclicality and Growth Common Stock Dividend Continuity: $0.125 declared and payable in December 2020 – increases annual payment to $0.50 (reverse stock-split adjusted) TEN has always paid a dividend irrespective of market cycles; $489 million in total dividend p
Slide 8: Impact of Covid-19 on Global Demand Expected to Alleviate in 2021
Impact of Covid-19 on Global Demand Expected to Alleviate in 2021 BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2020) Strong potential of China and India with a combined 25 23 population of 2.5 billion in a world of 7.0 billion. Their per capita oil consum
Slide 9: Low NB Orderbook / Delivery Schedule vs. Fleet over Years Old
Low NB Orderbook / Delivery Schedule vs. Fleet over 15 Years Old Total NB Orderbook of 348 tankers to join the fleet over the next three years vs. 1,350 vessels 15 years or older that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,564 vessels in the 10-
Slide 10: Scrapping Expected to Rebound Strongly after Covid-19 and Due to IMO2020
Scrapping Expected to Rebound Strongly after Covid-19 and Due to IMO2020 Scrapping at a standstill due to the global lockdowns imposed after the Covid-19 pandemic but is expected to rebound as world economies enter a restart mode assisted by the development of a vaccine - IMO2020 regulations shoul
Slide 11: Financial Highlights
Financial Highlights Three months ended Nine months ended September 30 (unaudited) September 30 (unaudited) STATEMENT OF OPERATIONS DATA 2020 2019 2020 2019 Voyage revenues $ 142,834 $ 131,002 $ 512,503 $ 422,066 Voyage expenses 37,242 30,132 105,363 96,888 Charter hire expense 5,471 2,728 16,033 8,
Slide 12: Financial Highlights (cont.)
Financial Highlights (cont.) Three months ended Nine months ended OTHER FINANCIAL DATA September 30 September 30 2020 2019 2020 2019 Net cash from operating activities $ 45,098 $ 36,769 $ 187,179 $ 121,373 Net cash used in investing activities $ (86,375) $ (27,453) $ (70,274) $ (60,297) Net cash pro
Slide 13: Stay Safe – Stay Healthy
To all our seafarers, onshore colleagues and friends a BIG THANK YOU for all your help and support during these extraordinary times STAY SAFE – STAY HEALTHY Tsakos Energy Navigation, Ltd – 367 Syngrou Av. , Athens 175 64, Greece Tel: +30210 940 7710, Fax: +30210 940 7716 email: ten@tenn.gr
Slide 14: 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