Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q1 2017 Earnings Presentation
14 slides from Tsakos Energy Navigation's earnings presentation, May 12, 2017
Slide 1: Tsakos Energy Navigation Q1 2017 Earnings Conference Call
TEN Ltd Tsakos Energy Navigation May 12, 2017 Q1 2017 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 (May 2017)
Corporate Facts (May 2017) Pro forma Fleet: 65 vsls Av. TEN Fleet Age: 7.4yrs Secured Contracts: 50 Min. revenues secured: ex. Shuttle tanker option $1.4 billion – Potential Ice-class capabilities: 25 vsls Av. World Fleet Age: 10.2yrs Av. Employment: 2.5 yrs additional revenues from profit sharing a
Slide 4: Q1 2017 Highlights
Q1 2017 Highlights Q1 2017 Voyage Revenues: $138 million Q1 2017 Operating Income: $30 million Q1 2017 Net Income: $17.5 million Q1 2017 EPS: $0.16 per basic and diluted share Q1 2017 EBITDA: $62 million Q1 2017 Shares Outstanding: 83.9 million Fleet Average TCE pd: $20,917 Fleet Average Opex pd: $7
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 Top Customers (in alphabetical order) 1. CHENIERE 2. CHEVRON 3. EXXONMOBIL 4. FLOPEC 5. HMM 6. LITASCO 7. PETROBRAS 8. SHELL 9. STATOIL 10. VITOL Long-term, blue-chip, recurring customer base consisting of major global energy companies Transporter of Choice for Major Oi
Slide 7: Strong Secured Coverage – Upside Potential
Strong Secured Coverage – Upside Potential N B N B N N B B N N B B N N B B N N B B N N B B N N B B N N B B TBD N N B B 50 vessels in 65 (77%) in secured revenue contracts (TC, TCPS, COA) 29 vessels (TCPS, COA, Spot contracts) with ability to capture market upside immediately 7 Average TC duration: 2
Slide 8: Timely Acquisitions => Low Q1 2017 B/E Rates - Flexible Employment
Timely Acquisitions => Low Q1 2017 B/E Rates* - Flexible Employment *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 3 VLCC $29,590 Remaining 2017 Fleet Operating Days (as at 05/2017) 13 SUEZMAX $16,881 50.0% 48.3% 17 AFRAMAX 45.0% $15,840 40.0% AFRAMAX 3 LR2 34.6% $20,644 3
Slide 9: Demand Strong – Positive L/T Outlook
Demand Strong – Positive L/T Outlook BARRELS OF OIL PER CAPITA PER ANNUM (Source: BP Statistical Review of World Energy June 2016) 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 25 22 consumption is at extremely low lev
Slide 10: Tanker Orderbook/Delivery Schedule vs. Fleet >15 years
Tanker Orderbook/Delivery Schedule vs. Fleet >15 years Total Orderbook of 485 tankers to join the fleet over the next three years vs. 795 vessels in fleet over 15 years of age (This does NOT include vessels in the 10-14 year age bracket some of which will be around the 15 year mark by 2018/19, a g
Slide 11: Solid Growth Through Cycles - Secured Dividend Payments
Solid Growth Through Cycles - Secured Dividend Payments TEN has always paid a dividend irrespective of market cycles; $10.51 per share in total dividends since inception Long-term nature of Company’s employment policy provides cash flow sustainability and visibility Average Yield Since NYSE List
Slide 12: Income Statement – Balance Sheet
Income Statement – Balance Sheet Three months ended March 31, 2017 STATEMENT OF OPERATIONS DATA (Unaudited) Voyage revenues $ 138,242 Voyage expenses 30,083 Vessel operating expenses 40,011 Depreciation and amortization 32,291 General and administrative expenses 6,110 Total expenses 108,495 Operatin
Slide 13: Other Financial / Fleet Data
Other Financial / Fleet Data Three months ended OTHER FINANCIAL DATA March 31 2017 Net cash from operating activities $ 54,454 Net cash used in investing activities $ (146,636) Net cash provided by financing activities $ 50,616 TCE per ship per day $ 20,917 Operating expenses per ship per day $ 7,58
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
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