Greek Shipping : Greece s steaming force Dr. Nikolas P. Tsakos President & CEO 1 Tsakos Energy Navigation, Ltd A New York Stock Exchange Listed Company
WORLD FLEET by the nationality of owner WORLD FLEET BY THE NATIONALITY OF OWNER COUNTRY DWT POPULATION DWT/PRS 1 GREECE 190 11 17,30 2 CYPRUS 9 0,863 10,43 3 NORWAY 40 5 8,00 4 SINGAPORE 32 4 8,00 5 DENMARK 33 5,5 6,60 6 HONG KONG 34 7 4,90 7 U.A.E. 5 3 1,66 8 JAPAN 183 128 1,43 9 GERMAN 103 82 1,26 10 CHINA (TAIWAN) 29 23 1,26 11 BELGIUM 12 11 1,10 12 S. KOREA 45 49 0,92 13 CANADA 18 33 0,55 14 NETHERLANDS 9 17 0,53 15 SWITZERLAND 4 8 0,50 16 SAUDI ARABIA 13 27 0,48 17 U.K. 26 60 0,43 18 MALAYSIA 12 28 0,43 19 ITALY 22 60 0,37 20 TURKEY 16 75 0,21 21 IRAN 13 74 0,18 22 U.S.A. 41 310 0,13 23 RUSSIA 19 142 0,13 24 FRANCE 7 64 0,11 25 CHINA 104 1.500 0,07 26 BRAZIL 8 191 0,04 27 INDONESIA 9 230 0,04 28 INDIA 17 1.200 0,01
FOREIGN CURRENCY INFLOWS from Shipping Sector 30000 millions US 25000 20000 15000 10000 5000 millions us 0 1960 1970 1980 1990 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000-2011 shipping contributed 154bn euro in foreign exchange earnings to the Greek Economy 3
New Building Orders 10% 13 billion Greek World 96 billion 90% 490 vessels equals 50 m dwt 128 tankers 20% of world tonnage 296 bulkers 13% of world tonnage 4
Merchant fleets Fleets of of the the EU EU in million dwt 200 190 150 100 103 50 40 33 26 22 9 7 0 Greece Germany Norway Denmark UK Italy Cyprus France 5
TEN Ltd Tsakos Energy Navigation
Scale & Diversified Operations Crude LNG Product Empire State 1,250 VLCC 1,100 300,000dwt Suezmax 900 150,000dwt Aframax 850 100,000dwt LNG 750 85,000dwt Aframax 850 100,000dwt Panamax 750 70,000dwt Handymax 615 50,000dwt Handysize 570 37,000dwt 3 12 8 1 3 9 6 8 8
Modern & Diversified Fleet CLEAN / PRODUCT TANKERS Dwt Built Hull Ice Class AFRAMAX - LR 1 Proteas 117,055 2006 DH 1A 2 Promitheas 117,055 2006 DH 1A 3 Propontis 117,055 2006 DH 1A PANAMAX 1 World Harmony 74,200 2009 DH 2 Chantal 74,329 2009 DH 3 Selini 74,296 2009 DH 4 Salamina 74,251 2009 DH 5 Selecao 74,296 2008 DH 6 Socrates 74,327 2008 DH 7 Maya (1) 68,439 2003 DH 8 Inca (1) 68,439 2003 DH 9 Andes 68,439 2003 DH HANDYMAX - MR 1 Ariadne 53,021 2005 DH 1A 2 Artemis 53,039 2005 DH 1A 3 Afrodite 53,082 2005 DH 1A 4 Apollon 53,149 2005 DH 1A 5 Aris 53,107 2005 DH 1A 6 Ajax 53,095 2005 DH 1A HANDYSIZE - MR 1 Andromeda 37,061 2007 DH 1A 2 Aegeas 37,061 2007 DH 1A 3 Byzantion 37,275 2007 DH 1B 4 Bosporos 37,275 2007 DH 1B 5 Amphitrite 37,061 2006 DH 1A 6 Arion 37,061 2006 DH 1A 7 Didimon 37,432 2005 DH 8 Delphi 37,432 2004 DH LNG 1 Neo Energy 85,602 2007 DH CRUDE TANKERS Dwt Built Hull Ice Class VLCC 1 Millennium 301,171 1998 DH 2 La Madrina 299,700 1994 DH 3 La Prudencia 298,900 1993 DH SUEZMAX 1 DP2 Shuttle 157,000 2013 DH 2 DP2 Shuttle 157,000 2012 DH 3 Spyros K 158,000 2011 DH 4 Dimitris P 158,000 2011 DH 5 Arctic 163,216 2007 DH 1A 6 Antarctic 163,216 2007 DH 1A 7 Archangel 163,216 2006 DH 1A 8 Alaska 163,250 2006 DH 1A 9 Eurochampion 2004 164,608 2005 DH 1C 10 Euronike 164,565 2005 DH 1C 11 Triathlon 164,445 2002 DH 12 Silia T 164,286 2002 DH AFRAMAX 1 Uraga Princess 105,344 2010 DH 2 Sapporo Princess 105,354 2010 DH 3 Asahi Princess 105,372 2009 DH 4 Ise Princess 105,361 2009 DH 5 Maria Princess 105,346 2008 DH 6 Nippon Princess 105,392 2008 DH 7 Izumo Princess 105,374 2007 DH 8 Sakura Princess 105,365 2007 DH (1) 51% ownership 9
Timely Fleet Expansion Continuous Profitability 23% average ROE pa since 2002 NYSE listing A deadweight CAGR of 25% since inception (1993) Competitive operating expenses per vessel per day compared to peer group Efficient expense maintenance achieved significant reductions. 12% less in 2010 from 2009 Net income of 3.9m in 2002 (NYSE listing) record net income 203m in 2008 6 5 December 2011 50 vessels 5.4m dwt Dwt (in mill) 4 3 March 2002 26 vessels 2.3m dwt 2 1 October 1993 4 vessels 0.2m dwt 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 10
Superior Chartering & Operational Performance Modern homogeneous fleet and sister-vessel concept combined with economies of scale achieved by the joint venture between Tsakos Shipping and Columbia ShipManagement has enabled TEN to outperform the peer group in terms of vessel operations ICAP Daily TCE (1) TEN (1) VLCC 12,339 19,238 (+55%) Suezmax 10,037 23,727 (+136%) Aframax 7,551 13,451 (+78%) Panamax 3,304 15,351 (+379%) MR 11,324 12,477 (+10%) (1) ICAP Shipping, TEN 2011 YTD average as of Sep. 30, 2011 11
Secured Revenues (TC, TC w/ps, Pool) Based on employable dates and includes vessels time charter, pools subject to change based on new deliveries and potential changes in TEN s chartering policy 2012 2013 (1) 57% 44% Fixed Minimum Revenues (Expected) Fixed Minimum Revenues (Expected) 170m 163m 333m As of Dec. 1, 2011 28 vessels with time charter employment only (profit-share vessels at min. rates) have secured: 789 months forward coverage - 560m in minimum gross revenues Total Operating Fleet Average Employment: 1.4 years (1) Includes delivery and employment of two DP2 Shuttle tankers currently under construction. The first from 1/1/13 and the second from 4/1/13 12
Continuous Dividend Payments On June 4th, 2010 the Board of Directors declared a change in TEN s dividend policy from semi-annual to quarterly payments Total dividends for 2010: 0.60/share First and second dividend for 2011: 0.15/share & 0.15/share Since initiation of dividend payments and including the recently announced quarterly payment, TEN has distributed a total of 9.075 per share to its shareholders (IPO price, split adjusted: 7.50) The basis of dividends will continue to target a payout ratio of 25% to 50% of net income subject to maintaining an appropriate level of liquidity as a function of a prudent and strong financial position 1.8 1.6 Semi-annual distributions 1.4 1.2 0.90 0.85 1.0 0.75 0.8 0.55 0.6 0.4 0.2 0.0 0.48 0.15 0.90 0.30 0.83 0.25 0.15 0.10 0.63 0.50 0.15 0.15 0.35 0.25 0.25 0.30 0.15 0.15 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1st 2nd 3rd 4th 13
Strong Balance Sheet Expressed in million US dollars 2005 2006 2007 2008 2009 2010 2011 9mo Cash & Cash equivalents 146 175 181 312 296 277 231 Total Current Assets (incl. cash) 192 223 276 371 472 367 304 Advances for vessels under construction 150 261 170 54 49 82 19 Vessels net book value 711 1,458 1,900 2,155 2,009 2,235 2,302 Total Assets 1,090 1,970 2,363 2,602 2,550 2,702 2,643 Current portion of long term debt 51 23 44 92 173 134 123 Total Current Liabilities 92 101 132 190 264 223 218 Long term debt, net of current portion 382 1,111 1,346 1,423 1,330 1,429 1,424 Total Stockholders equity 607 755 858 915 914 1,013 976 Total Debt 434 1,134 1,390 1,514 1,503 1,562 1,548 Net Debt/Cap 32% 56% 59% 57% 57% 56% 57% 14
Strategic Growth in Challenging Times Tapping the Equity markets with view in growing the company 40 Vessels 100,000 90,000 4 Vessels 12 Vessels 35m 95m 26 Vessels 125m Iraq War 85m World Crisis 50 Vessels 20m 80,000 9/11 50 + Vessels 1 year T/C rate (VLCC) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 1992-01 1992-10 Gulf War Taking advantage of tanker lows. Asian Crisis 1993-07 1994-04 1995-01 1995-10 1996-07 1997-04 1998-01 1998-10 1999-07 2000-04 2001-01 2001-10 2002-07 2003-04 2004-01 2004-10 2005-07 2006-04 2007-01 2007-10 2008-07 2009-04 2010-01 2010-10 85m 15