Tsakos Energy Navigation Limited(TEN) - 2024 Q3 - Earnings Call Presentation

Company Overview - TEN Ltd is one of the largest and most established energy transporters worldwide, transporting 460 million barrels in 2023, which is about 23 days of US consumption[4] - TEN has a modern diversified fleet and serves highest caliber repeat clients, with Exxon accounting for 22% and Equinor, Shell, Chevron, TotalEnergies & BP following in excess of 60%[4] - TEN has secured revenues of $1.8 billion through strong TC exposure and profit share arrangements, with an average TC duration of 20 years[4] - TEN's fleet Fair Market Value (FMV) is at $40 billion with low debt of $18 billion and 30 million common shares outstanding[4] Financial Performance - TEN's Q3 2024 voyage revenues were $200158 million compared to $186659 million in Q3 2023[48] - Net income attributable to Tsakos Energy Navigation Limited for the nine months ended September 30, 2024, was $156959 million, compared to $268420 million for the nine months ended September 30, 2023[48] - The company's cash position as of September 30, 2024, was $385901 million[48] - Adjusted EBITDA for the nine months ended September 30, 2024, was $314060 million, compared to $366816 million for the nine months ended September 30, 2023[51] Fleet Management and Strategy - Since January 1, 2023, TEN has divested 13 vessels with an average age of 175 years and acquired/contracted 21 vessels with an average age of 10 years, increasing total DWT from 10 million to 23 million[25] - As of November 22, 2024, 50% of the vessels in the water have market exposure (Spot + TC P/S), and 79% are in secured revenue contracts (TC + TC P/S)[9] - The company aims for semi-annual dividend distributions and the 2024 total dividend payment is at $150 per common share, a 50% increase from $100 for 2023 operations[29] Market Outlook - World oil demand reached a record 1028 million barrels per day in 2024, and growth is expected to be around 10 million barrels per day in 2025[35] - The total NB orderbook is 764 tankers to join the fleet over the next three years vs 2405 vessels over 15 years, in a global tanker fleet of 5372 vessels, that are expected to depart the competitive fleet in the same timeframe[39] - Approximately 17% of the total tanker fleet, or up to 900 vessels primarily over 15 years of age, are engaged in Shadow Fleet operations[43]