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Tsakos Energy Navigation Ltd (TEN) is one of the largest transporters of energy in the world and controls a versatile fleet of modern crude and product tankers with strong ice-class capabilities. With a fleet of 50 vessels (48 operational and 2 under construction) TEN provides worldwide marine transportation services to state and international oil majors and refineries under long, medium and short-term charters. TEN operates a young fleet with an average age of 6.5 years, compared to the world’s average of 8.5 years. TEN ’s two newbuildings are expected to be delivered in Q4 2012 and Q1 2013 and the resulting fleet will include 23 crude carriers and 27 product tankers, 21 of which can operate in ice-class environments, that together with the company’s LNG carrier enhance TEN’s position in international seaborne trades. TEN Limited is incorporated in Bermuda, managed out of Athens Greece, and listed in the New York Stock Exchange (NYSE) under the symbol TNP, and in the Bermuda Stock Exchange (BSX) under the symbol TEN.
HIGHLIGHTS:
Attractive performance:
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• 2010 EPS (diluted) of $0.50 (excluding vessel impairment charges)
• Profitable annually since inception despite market cycles
• Accumulated net income since NYSE listing in excess of $1 billion
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Healthy dividend payment:
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• $8.93/share total dividends since beginning of program in 2002
• Total distribution for 2010 $0.60/share
• Current dividend yield (10/2011) in excess of 10%
• Quarterly dividends from 2010
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Public markets experience:
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• 1993 listed on the Oslo Stock Exchange (until 2005)
• 2002 listed on the New York Stock Exchange (at $7.50/share split adjusted)
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Strong balance sheet:
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• Ample liquidity
• Conservative leverage
• Healthy access to capital
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Substantial equity sponsorship:
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• About 35% owned by Tsakos related entities, management and directors
• Insiders have purchased in open market
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Modern, diversified and environmentally friendly fleet:
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• 100% double hull
• Fleet homogeneity/Sistership concept
• Presence in all tanker sectors
• Crude and oil product trades
• Critical mass in the ice-class market
• Presence in LNG (one modern vessel)
• Entry to Shuttle tankers
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Organic growth:
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• 57 newbuildings since 1997
• $3.2 billion investment
• Strong relationships with yards in South Korea and Japan
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| Long-term relationship with first class oil majors, independent
oil companies and refineries worldwide |
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Strategic blend of charters that generate profitability through
market cycles:
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• Charters with upside options and downside protection
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Earnings Visibility:
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• 73% of remaining 2011 and 56% of 2012 operating days fixed in a variety of charters (excluding spot)
• 1.3 years average charter duration per vessel
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Active participation in sale & purchase market:
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• Strategic sales of older vessels
• Selected sales of newer vessels
• Capital gains from sales at $280 million
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Significant leverage from relationship with Tsakos entities:
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• Tsakos Columbia Shipmanagement (TCM) - Joint venture with Columbia Shipmanagement, a highly regarded German-owned shipmanagement company
• Seasoned customer relationships
• Economies of scale in procurement, safety, vetting,
regulatory procedures
• Global office network
• Pool of 3,000 highly skilled seafarers
• Track record of 40 years in shipping
• Proactive management
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| Low cost reliable operator with consistent high fleet utilization |
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| Excellent safety and environmental record |
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| Strong banking relationships• ready access to capital |
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| Financial strength to continue profitable growth |
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