Slide 1: Q1 2020 Earnings Presentation
TEN, LTD Q1 2020 Earnings Presentation June 11, 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 Q1 2020 B/E Rates
Timely Acquisitions => Low Q1 2020 B/E Rates* *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 2 VLCC $160,000,000 $25,695 12(1) SUEZMAX $140,000,000 Spot $22,067 19 AFRAMAX $17,993 $120,000,000 AFRAMAX 3 LR2 $18,745 $100,000,000 11 PANAMAX LR1 $15,337 Time Charter $80,000,0
Slide 6: Reducing Debt an Integral Part of Strategy
Reducing Debt an Integral Part of Strategy TOTAL LOAN BALANCE $1,763 $1,607 -$156 $1,545 -$62m $1,481 -$64m 31.12.17 31.12.18 31.12.19 31.03.20 ❑ $282 million total debt reduction since 31 Dec. 2017 peak ❑ $50 million at par repayment of Series B Preferred Shares in 2019 – Intention to initiate at p
Slide 7: Healthy Dividends Through Market Cyclicality and Growth
Healthy Dividends Through Market Cyclicality and Growth ❑ 50% Special Dividend increase to 7.5 cents total payable in June 2020 ❑ TEN has always paid a dividend irrespective of market cycles; $10.93 per share in total dividends since NYSE listing in 2002 (priced at $7.50/share) ❑ Long-term nature of
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 2019) ❑ 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 381 tankers to join the fleet over the next three years vs. 1,248 vessels 15 years or older that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,552 vessels in the 10-
Slide 10: Scrapping Expected to Rebound after Covid-19 and Due to IMO2020
Scrapping Expected to Rebound after Covid-19 and Due to IMO2020 ❑ Scrapping at a standstill due to the global lockdowns imposed after the Covid-19 pandemic but are expected to rebound as world economies are entering a restart mode - IMO2020 regulations should accelerate scrapping activity ❑ 55 vesse
Slide 11: Financial Highlights
Financial Highlights Three months ended March 31 (unaudited) STATEMENT OF OPERATIONS DATA 2020 2019 Voyage revenues $ 178,899 $ 147,046 Voyage expenses 32,711 31,566 Charter hire expense 5,140 2,669 Vessel operating expenses 45,488 43,324 Depreciation and amortization 34,828 35,285 General and admin
Slide 12: Financial Highlights (cont.)
Financial Highlights (cont.) Three months ended OTHER FINANCIAL DATA March 31 2020 2019 Net cash from operating activities $ 57,453 $ 39,238 Net cash provided by (used in) investing activities $ 22,546 $ (20,830) Net cash provided by (used in) financing activities $ (56,918) $ (47,179) TCE per ship
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