2010 NINE-MONTH HIGHLIGHTS
-- Voyage revenues of $313.0 million.
-- Operating income of $71.7 million.
-- Net income of $22.4 million.
-- EPS of $0.59 per share (diluted).
-- Vessel average daily operating expenses decreased by 10.2% to $7,774
from $8,655 for the 2009 corresponding period.
-- Fleet utilization of 97.7%
-- Delivery and charter of two aframax newbuildings and acquisition with
charter of four 2009-built panamax product tankers
-- Sale of five tankers with net gains of $19.7 million.
-- Quarterly dividend of $0.15 paid in October 26, 2010. Total dividends
paid in 2010 $0.60.
2010 THIRD QUARTER HIGHLIGHTS
-- Voyage revenues of $95.5 million.
-- Operating income of $8.6 million.
-- Net loss of $5.5 million.
-- Vessel average daily operating expenses decreased by 7.0% to $7,555
from $8,121 for the 2009 corresponding period.
-- Fleet utilization of 96.0%.
-- Sale of 1990-built panamax Victory III.
-- Repositioning and charter of LNG carrier Neo Energy
TSAKOS ENERGY NAVIGATION LIMITED ("TEN" and "the Company") (TEN's employment profile (operating fleet): ------------------------------------------------------------------------- Type of Employment Vessels ------------------------------------------------------------------------- Period Employment - Fixed, fixed w/profit share & min max 30 ------------------------------------------------------------------------- CoA - market related 2 ------------------------------------------------------------------------- Pool - market related 6 ------------------------------------------------------------------------- Spot - market related 10 ------------------------------------------------------------------------- TEN's current newbuilding program: Suezmax DWT Hull Type / Design Delivery ------------------------------------------------------------------- 1. S2034 (tbn Spyros K) 158,000 DH April 2011 ------------------------------------------------------------------- 2. S2035 158,000 DH July 2011 ------------------------------------------------------------------- DH: Double HullFORWARD-LOOKING STATEMENTS Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES
Selected Consolidated Financial and Other Data (Unaudited)
(In Thousands of U.S. Dollars, except share and per share data)
Three months ended Nine months ended
September 30 September 30
---------------------- ----------------------
STATEMENT OF INCOME DATA 2010 2009 2010 2009
---------- ---------- ---------- ----------
Voyage revenues $ 95,519 $ 106,202 $ 313,040 $ 346,694
---------- ---------- ---------- ----------
Commissions 3,536 3,677 11,591 13,009
Voyage expenses 22,576 19,743 67,500 56,165
Charter hire expense - - 1,905 -
Vessel operating expenses 31,072 34,381 95,001 107,162
Depreciation 23,953 24,116 67,851 70,389
Amortization of deferred
dry-docking costs 1,082 1,787 3,532 5,360
Management fees 3,721 3,345 10,318 9,892
General and administrative
expenses 913 796 2,704 3,152
Stock compensation expense 480 467 1,273 660
Foreign currency (gains)/
losses (920) 189 (707) 245
Loss/ (Gains) on sale of
vessels 520 - (19,670) -
---------- ---------- ---------- ----------
Total expenses 86,933 88,501 241,298 266,034
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Operating income 8,586 17,701 71,742 80,660
---------- ---------- ---------- ----------
Interest and finance costs,
net (14,591) (15,985) (50,184) (37,136)
Interest income 687 642 2,015 3,106
Other, net (25) (107) (85) 80
---------- ---------- ---------- ----------
Total other expenses, net (13,929) (15,450) (48,254) (33,950)
---------- ---------- ---------- ----------
Net (loss) income (5,343) 2,251 23,488 46,710
Less: Net income
attributable to the
noncontrolling
interest (173) (140) (1,083) (1,374)
---------- ---------- ---------- ----------
Net (loss) income
attributable to Tsakos
Energy Navigation Limited $ (5,516) $ 2,111 $ 22,405 $ 45,336
========== ========== ========== ==========
(Loss) / Earnings per
share, basic $ (0.14) $ 0.06 $ 0.59 $ 1.23
(Loss) / Earnings per
share, diluted $ (0.14) $ 0.06 $ 0.59 $ 1.22
Weighted average number of
shares outstanding
Basic 38,183,569 36,904,366 37,885,747 36,953,082
Diluted 38,504,704 37,163,512 38,219,013 37,192,689
BALANCE SHEET DATA September 30 December 31 September 30
2010 2009 2009
---------- ---------- ----------
Cash and cash equivalents 249,631 296,181 270,348
---------- ---------- ----------
Current assets, including
cash 313,926 471,647 334,678
Investments 1,000 1,000 1,000
Financial instruments, net
of current portion 1,020 3,112 1,933
Advances for vessels under
construction 70,111 49,213 42,366
---------- ---------- ----------
Vessels 2,573,022 2,335,031 2,597,914
Accumulated Depreciation (392,917) (325,066) (383,372)
---------- ---------- ----------
Vessels' Net Book Value 2,180,105 2,009,965 2,214,542
Deferred charges, net 16,234 14,783 18,588
---------- ---------- ----------
Total assets $2,582,396 $2,549,720 $2,613,107
========== ========== ==========
Current portion of
long-term debt 114,127 172,668 107,128
---------- ---------- ----------
Current liabilities,
including current portion
of long-term debt 212,400 264,231 214,997
Long-term debt, net of
current portion 1,393,674 1,329,906 1,423,804
Financial instruments, net
of current portion 49,408 41,256 49,541
Total stockholders' equity 926,914 914,327 924,765
---------- ---------- ----------
Total liabilities and
stockholders' equity $2,582,396 $2,549,720 $2,613,107
========== ========== ==========
Three months ended Nine months ended
OTHER FINANCIAL DATA September 30 September 30
2010 2009 2010 2009
---------- ---------- ---------- ----------
Net cash from
operating activities $ 23,006 $ 20,284 $ 67,504 $ 93,900
Net cash used in
investing activities $ (114,909) $ (114,164) $ (118,340) $ (118,092)
Net cash from/(used
in) financing
activities $ 35,935 $ 55,564 $ 4,286 $ (17,629)
TCE per ship per day $ 18,315 $ 21,116 $ 20,360 $ 23,819
Operating expenses
per ship per day $ 7,555 $ 8,121 $ 7,774 $ 8,655
Vessel overhead costs
per ship per day $ 1,217 $ 1,066 $ 1,145 $ 1,083
---------- ---------- ---------- ----------
8,772 9,187 8,919 9,738
FLEET DATA
Average number of
vessels during period 45.7 47.0 45.7 46.3
Number of vessels at
end of period 46.0 48.0 46.0 48.0
Average age of fleet
at end of period Years 6.7 6.6 6.7 6.6
Dwt at end of period
(in thousands) 4,813.0 5,133.0 4,813.0 5,133.0
Time charter
employment - fixed
rate Days 719 1,121 2,257 3,224
Time charter
employment -
variable rate Days 1,817 1,639 5,605 5,496
Period employment
(pool and coa) at
market rates Days 644 610 2,424 1,404
Spot voyage
employment at market
rates Days 853 768 1,908 2,188
---------- ---------- ---------- ----------
Total operating
days 4,033 4,138 12,194 12,312
Total available
days 4,203 4,324 12,487 12,650
Utilization 96.0% 95.7% 97.7% 97.3%
TCE represents voyage revenue less voyage expenses. Commission is not
deducted.
Operating expenses per ship per day exclude the vessel bare-boat chartered
out.
Vessel overhead costs include Management fees, General & Administrative
expenses and Stock compensation expense.
Contact Information: For further information, please contact: Company Tsakos Energy Navigation Ltd. George Saroglou COO +30210 94 07 710 gsaroglou@tenn.gr Investor Relations / Media Capital Link, Inc. Nicolas Bornozis Ramnique Grewal +212 661 7566 ten@capitallink.com Communications Advisor Cubitt Jacobs & Prosek Communications Thomas J. Rozycki, Jr. +212 279 3115 (x208) trozycki@cjpcom.com