TEN LTD
Q3 & 9MO 2021 Earnings Presentation
December 16, 2021
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 statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in Tsakos Energy Navigation Ltd's (TEN) filings with the Securities and Exchange Commission, including, without limitation, the risks described in TEN's most recent Annual Report on Form 20-F on file with the Securities and Exchange Commission. These factors should be considered carefully and you are cautioned not to place undue reliance on such
forward-looking statements. All information is current as of the date of this presentation, and TEN undertakes no duty to update this information. 2
Crisis-Resistant Growth Model Spanning Four Decades
8 | Far East Crisis | 9/11 Crisis | Credit Crisis | Meets… | COVID Crisis | |
7 | ||||||
6 | ||||||
(dwt) | 5 | |||||
Million | 4 | |||||
3 | ||||||
2 | ||||||
1 | ||||||
0 |
3
Diversified Fleet - | Secured Revenues - Market Upside | ||||||||||||||||||
CRUDE TANKERS | Dwt | Built | Yard | Hull | Ice Class/Other | COATED TANKERS | Dwt | Built | Yard | Hull | Ice Class/Other | ||||||||
VLCC | 1 | Hercules | 300,000 | 2017 | South Korean | DH | FUEL | 36 | TBN | 115,000 | 2024 | South Korean | DH | Dual - Fuel LNG | |||||
2 | Ulysses | 300,000 | 2016 | South Korean | DH | 37 | TBN | 115,000 | 2024 | South Korean | DH | Dual - Fuel LNG | |||||||
3 | Artemis Voyager | 158,000 | 2020 | South Korean | DH | DUAL | 38 | TBN | 115,000 | 2023 | South Korean | DH | Dual - Fuel LNG | ||||||
4 | Apollo Voyager | 158,000 | 2020 | South Korean | DH | 39 | TBN | 115,000 | 2023 | South Korean | DH | Dual - Fuel LNG | |||||||
5 | Spyros K | 158,000 | 2011 | South Korean | DH | LR2 | 40 | Proteas | 117,055 | 2006 | South Korean | DH | 1A | ||||||
6 | Dimitris P | 158,000 | 2011 | South Korean | DH | AFRA | 41 | Promitheas | 117,055 | 2006 | South Korean | DH | 1A | ||||||
7 | Arctic (1) | 163,216 | 2007 | South Korean | DH | 1A | 42 | Propontis | 117,055 | 2006 | South Korean | DH | 1A | ||||||
SUEZMAX | 8 | Eurovision | 158,000 | 2013 | South Korean | DH | LR1 | 43 | Sunrise | 74,000 | 2016 | South Korean | DH | ||||||
11 | Pentathlon | 158,000 | 2009 | South Korean | DH | 46 | Chantal | 74,329 | 2009 | South Korean | DH | ||||||||
9 | Euro | 158,000 | 2012 | South Korean | DH | 44 | Sunray | 74,000 | 2016 | South Korean | DH | ||||||||
10 | Decathlon | 158,000 | 2012 | South Korean | DH | PANAMAX | 45 | World Harmony | 74,200 | 2009 | South Korean | DH | |||||||
12 | Antarctic (1) | 163,216 | 2007 | South Korean | DH | 1A | 47 | Selini (2) | 74,296 | 2009 | South Korean | DH | |||||||
13 | Archangel (1) | 163,216 | 2006 | South Korean | DH | 1A | 48 | Salamina (2) | 74,251 | 2009 | South Korean | DH | |||||||
14 | Alaska | (1) | 163,250 | 2006 | South Korean | DH | 1A | 49 | Selecao | 74,296 | 2008 | South Korean | DH | ||||||
15 | Eurochampion 2004 (1) | 164,608 | 2005 | South Korean | DH | 1C | 50 | Socrates | 74,327 | 2008 | South Korean | DH | |||||||
16 | Euronike (1) | 164,565 | 2005 | South Korean | DH | 1C | 51 | Andes | 68,439 | 2003 | Japanese | DH | |||||||
17 | Caribbean Voyager | 115,000 | 2020 | South Korean | DH | 52 | Inca (2) | 68,439 | 2003 | Japanese | DH | ||||||||
18 | Mediterranean Voyager | 115,000 | 2019 | South Korean | DH | 53 | Ajax | 53,095 | 2005 | South Korean | DH | 1A | |||||||
19 | Bergen TS | 112,700 | 2017 | South Korean | DH | 54 | Afrodite | 53,082 | 2005 | South Korean | DH | 1A | |||||||
20 | Sola TS | 112,700 | 2017 | South Korean | DH | 1B | MR | 55 | Apollon | 53,149 | 2005 | South Korean | DH | 1A | |||||
21 | Oslo TS | 112,700 | 2017 | South Korean | DH | 1B | 56 | Ariadne | 53,021 | 2005 | South Korean | DH | 1A | ||||||
22 | Stavanger TS | 112,700 | 2017 | South Korean | DH | 1B | 57 | Artemis | 53,039 | 2005 | South Korean | DH | 1A | ||||||
23 | Marathon TS | 112,700 | 2017 | South Korean | DH | 1B | 58 | Aris | 53,107 | 2005 | South Korean | DH | 1A | ||||||
AFRAMAX | 24 | Parthenon TS | 112,700 | 2016 | South Korean | DH | HANDY | 59 | Byzantion (2) | 37,275 | 2007 | South Korean | DH | 1B | |||||
27 | Elias Tsakos | 112,700 | 2016 | South Korean | DH | 62 | Aegeas | 37,061 | 2007 | South Korean | DH | 1A | |||||||
25 | Leontios H | 112,700 | 2016 | South Korean | DH | 60 | Bosporos (2) | 37,275 | 2007 | South Korean | DH | 1B | |||||||
26 | Thomas Zafiras | 112,700 | 2016 | South Korean | DH | 61 | Andromeda | 37,061 | 2007 | South Korean | DH | 1A | |||||||
28 | Uraga Princess | 105,344 | 2010 | Japanese | DH | 63 | Amphitrite | 37,061 | 2006 | South Korean | DH | 1A | |||||||
29 | Sapporo Princess | 105,354 | 2010 | Japanese | DH | 64 | Arion | 37,061 | 2006 | South Korean | DH | 1A | |||||||
30 | Asahi Princess | 105,372 | 2009 | Japanese | DH | LNG | 65 | Tenergy | 81,479 | 2021 | South Korean | DH | 174,000m3 | ||||||
31 | Ise Princess | 105,361 | 2009 | Japanese | DH | 66 | Maria Energy | 86,000 | 2016 | South Korean | DH | 174,000m3 | |||||||
32 | Nippon Princess | 105,346 | 2008 | Japanese | DH | 67 | Neo Energy | 85,602 | 2007 | South Korean | DH | 150,000m3 | |||||||
33 | Maria Princess | 105,392 | 2008 | Japanese | DH | SHUTTLE | 68 | Porto | 155,000 | 2022 | South Korean | DH | DP2 | ||||||
34 | Sakura Princess (1) | 105,365 | 2007 | Japanese | DH | 69 | Lisboa | 157,000 | 2017 | South Korean | DH | DP2 | |||||||
35 | Izumo Princess | 105,374 | 2007 | Japanese | DH | 70 | Rio 2016 | 157,000 | 2013 | South Korean | DH | DP2 | |||||||
1) | Sale & Leaseback | Vessels in Fixed TC Contracts (at Dec 15, 2021) | 71 | Brasil 2014 | 157,000 | 2013 | South Korean | DH | DP2 | ||||||||||
2) | 51% owned | Vessels in | TC w/Profit Share contracts (at Dec 15, 2021) | ||||||||||||||||
Spot contracts (at Dec 15, 2021) |
63% of Fleet in the Water (TC P/S, CoA and Spot) with Market Exposure
57% in Secured Contracts (TC, TC P/S & CoA)
4
Timely Acquisitions => Low 9mo 2021 B/E Rates*
*Breakeven rates after Operating Expenses, G&A, Interest and Depreciation
2 VLCC
14 SUEZMAX
19 AFRAMAX
3 AFRAMAX
LR2
10 PANAMAX
LR1
6 HANDYMAX
MR
6 HANDYSIZE
2 | (1) | LNG |
3 | (2) | DP2 |
SHUTTLE | ||
$26,337 | $275,000,000 | ||
$250,000,000 | Spot | ||
$22,795 | |||
$225,000,000 | |||
$17,684 | $200,000,000 | ||
$18,025 | $175,000,000 | ||
$14,749 | $150,000,000 | CharterTime | |
Expenses | |||
$125,000,000 | |||
$15,867 | |||
$100,000,000 | |||
$10,825 | $75,000,000 | ||
$38,488 | $50,000,000 | ||
$30,068 | $25,000,000 | ||
$0 |
Every $1,000pd Increase in Spot Rates has a Positive $0.48 Impact in Annual EPS (Based on Current Vessels in Spot Contracts Only and Current Common Shares O/S)
(1) | Excludes one LNG under construction | Note: | |
(2) | Excludes one DP2 Shuttle Tanker under construction | Spot net of Voyage Expenses | 5 |
(3) | Number of vessels in each sector as per 9mo 2021 | Expenses = Opex +Finance Expenses+ Commissions + Overheads + Charter Hire |
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TEN - Tsakos Energy Navigation Limited published this content on 16 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2021 13:58:02 UTC.