12.00 - NIKOLAS TSAKOS - TSAKOS.pptforums.capitallink.com/shipping/2010/pres/TSAKOS.pdfVLCC 75 93 22...

TEN LtdTEN LtdTsakos Energy Navigation Tsakos Energy Navigation

1March 2010March 2010

Thi t ti t i f dThi t ti t i f d l ki t t t th t t b d hi t i l f t i l di ith tl ki t t t th t t b d hi t i l f t i l di ith tThis presentation may contain forwardThis presentation may contain forward--looking statements that are not based on historical fact, including without looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these forwardand similar expressions. Because these forward--looking statements involve known and unknown risks and uncertainties, 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 there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forwardexpressed or implied by these forward--looking statements. Such factors include those risks described from time to time in 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 limitationTsakos Energy Navigation Ltd’s (TEN) filings with the Securities and Exchange Commission including without limitation

2

Tsakos Energy Navigation Ltd s (TEN) filings with the Securities and Exchange Commission, including, without limitation, 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 20the risks described in TEN’s most recent Annual Report on Form 20--F on file with the Securities and Exchange 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 Commission. These factors should be considered carefully and you are cautioned not to place undue reliance on such forwardforward--looking statements. All information is current as of the date of this presentation, and TEN undertakes no duty to looking statements. All information is current as of the date of this presentation, and TEN undertakes no duty to

update this information. update this information.

Shipping in Scale…Shipping in Scale…

CrudeCrude ProductProduct

Empire StateEmpire State VLCCVLCC SuezmaxSuezmax AframaxAframax PanamaxPanamax HandymaxHandymax HandysizeHandysize Big BenBig Ben

3

Empire StateEmpire State1,2501,250′′

VLCCVLCC1,1001,100′′

300,000dwt300,000dwt

SuezmaxSuezmax900900′′

150,000dwt150,000dwt

AframaxAframax850850′′

100,000dwt100,000dwt

PanamaxPanamax750750′′

70,000dwt70,000dwt

HandymaxHandymax615’615’

50,000dwt50,000dwt

HandysizeHandysize570’570’

37,000dwt37,000dwt

Big BenBig Ben320320′′

3 10 14 7 6 8TEN:TEN:

Corporate Highlights

17 years of profitable operations

Public markets experience: 1993-2005 Oslo Stock Exchange, 2002 New York Stock Exchange

HISTORY

Paid $8.18 dividend against an IPO (2002) investment of $7.50

Growth: 4 ships in 1993 – 49 today

Vessels managed by the Tsakos Group (a ship mgmnt company established in 1970 with 90 vessels under mgmnt)

One of the largest transporters of energy in the world Carried 400m barrels of oil in 2009 – the equivalent of 45 days of current US imports

SCALE

49 vessels of 5.2 million dwt (proforma): 24 crude oil carriers + 25 product tankers (incl. one LNG vessel)45 operating4 under construction

Modern diversified fleet: 100% double hull vs. 88% of world fleet – 7.0 yrs average age vs. 9.0 of world fleet

$3.0 billion investment in 55 newbuildings since 1997

One of the largest ice-class owners in the world (23 ice-class vessels)

OTHER

4

Significant equity sponsorship by Tsakos interests and management (about 45%)

Entry in LNG and exploring investments in the greater energy sector (FPSOs, Drill Ships etc.)

OTHER

Corporate Strategy

COMPANY & SHAREHOLDER VALUE

1 Long-term Customer Relationships

2 Balanced Employment2 Balanced Employment

3 Diversified Fleet (Crude, Clean, LNG)

4 Eye for Growth

5 Sale & Purchase Activity

6 Cost Efficient Management

5

g

Industry Outlook Industry Outlook -- OpportunitiesOpportunities

6

Demand – Positive Long-Term OutlookDemand – Positive Long-Term Outlook

BARRELS OF OIL PER CAPITA PER ANNUM(Source: BP Statistical Review of World Energy June 2008)

25

Potential of China and India in oil consumption is tremendous. Their total population is 2.5 billion in a world of 6.5 billion. Their per capita oil consumption is at extremely low levels and have already embarked on an aggressive industrialization program and development of a middle class auto owner

510152025p g p

If China reaches the same levels of consumption per capita as Thailand, Chinese oil demand (based on existing population) would rise to 18 mbpd, an increase of 10 mbpd from current levels

05

2008India China (incl. HK) ThailandEU Japan United States

IEA expects demand for oil to recover in 2010 due to improved financial conditions worldwide

OPEC cut compliance (50%) and limited non-OPEC EU Japan United States

GLOBAL OIL DEMAND

Year Demand YoY Change % Change

p ( )supply growth (for 2010) should tighten OECD stocks by Q3/Q4 2010

Stimulus packages by world governments to battle the global economic slowdown seem to be working Year Demand YoY Change % Change

2006 85.3 mbpd +1.1 mbpd +1.3%

2007 86.5 mbpd +1.2 mbpd +1.4%

2008 86.2 mbpd -0.3 mbpd -0.4%

2009 ( ) 85 0 b d 1 2 b d 1 4%

Crude oil storage (in VLCCs, Suezmaxes and Aframaxes) due to oil contango

Preliminary data points to products’ draws onshore and offshore

7

2009 (est) 85.0 mbpd -1.2 mbpd -1.4%

2010 (est) 86.6mbpd +1.6 mbpd +1.8%

Source: International Energy Agency, Oil Market Report, Mar. 2009

Preliminary data points to products draws onshore and offshoredue to colder winter temperatures in December and early Januaryfell to 59.2 days of forward demand cover in end-January

IMF revised world GDP growth in 2010 from 2.9% to 3.9%

World Fleet Breakdown (By Vessel Type)

4112,000

2,250

10 3% f W ld Fl t Si l H ll

187

1,250

1,500

1,750

ber o

f Shi

ps

10.3% of World Fleet Single-Hull

9.5% of World Fleet > 20yrs old

1,546 55

9282

155

139

191

500

750

1,000Num

354

786

369 45337 33

0

250

Handies Panamax Aframax Suezmax VLCCSource: Clarkson Research Studies,Oil & Tanker Trades Outlook Feb 2010

Double Hull Single Hull NB Orderbook

Net fleet increase in the next four years at about 4.3% pa

404 single-hull vessels (374 vessels over 20 years of age) in a total fleet of 3,912 vessels

Oil & Tanker Trades Outlook – Feb. 2010For vessels over 30,000dwt

8

Single-hull vessels not scrapped could be converted to FPSO units or operate in coastal regions

Single-hull overhang should allow freight rates to recover quickly

Scrapping backlog – Past healthy freight market dissuaded owners from scrapping older vessels

Newbuilding Orderbook (Delivery Schedule)

400450500550 Industry Wild Card: Will they be delivered?

About 20% of orderbook is built in either newly established or Greenfield yards

150200250300350

mbe

r of S

hips

050

100150

2010 2011 2012 2013

Num

Total NBs Total S/Hs

VLCC 75 93 22 1

Suezmax 53 64 13 9

Aframax 85 56 5 5

Panamax 33 45 2 2

Handysize 253 130 26 2

191

139

151

82

411

92

33

55

37

187

9Handysize Panamax Aframax Suezmax VLCC

Handysize 253 130 26 2

Source: Clarkson Research Studies, Oil & Tanker Trades Outlook - Feb. 2010

411

974

187

404

TC Rates Resist Lows

Charterer discrimination against single hull tonnage on the increase

P t f F j i h d l t b k i t i th ld

VLCC 1YR TC RATE

$70 000$80,000$90,000

$100,000

Port of Fujairah, second largest bunkering port in the world, bans single-hull vessels older than 25 years from January 1st, 2010

Shortage of refining capacity in oil consuming nations $0$10,000$20,000$30,000$40,000$50,000$60,000$70,000

Dislocation between refinery supply and demand

Global refinery capacity expected to expand by 15% by end of 2010.

80% f fi i t b t t d i MiddlNo significant S&P transactions since October 2008

(limited broker records)

$

2000

-Q1

2000

-Q3

2001

-Q1

2001

-Q3

2002

-Q1

2002

-Q3

2003

-Q1

2003

-Q3

2004

-Q1

2004

-Q3

2005

-Q1

2005

-Q3

2006

-Q1

2006

-Q3

2007

-Q1

2007

-Q3

2008

-Q1

2008

-Q3

2009

-Q1

2009

-Q3

2010

-Q1

SECONDHAND VALUES

$125$150$175

80% of new refineries to be constructed in Middle East and India

Development of new long-haul trade routes

(limited broker records)

$0$25$50$75

$100

0-010-06 0 -11 1 -04 1 -09 2 -02 2 -072 -12 3 -053 -10 4 -03 4 -08 5 -01 5 -06 5 -116 -04 6 -097 -02 7 -07 7 -128 -05 8 -10

Products

⇒ Far East to US (48 days one way – 92 days rtn)

Crude

V l t Chi (45 d 87 d t )

10

2000

2000

2000

2001

2001

2002

2002

2002

2003

2003

2004

2004

2005

2005

2005

2006

2006

2007

2007

2007

2008

2008

VLCC SUEZMAX AFRAMAX HANDYSIZE

⇒ Venezuela to China (45 days one way – 87 days rtn)

⇒ West Africa to China (35 days one way – 67 days rtn))

Source: Clarkson Research Studies, Shipping Intelligence Network Feb. 2010

Historical Healthy Operating Environment

Structural changes and improved ship designs have led to higher base rates over the last three decades

Flight to quality has raised the floor for double hull tankers

$49,500$50,000

TEN’s modern double-hull fleet on the forefront of reaping the rewards

$25 473

$36,850

$28,300$30,000

$40,000

$12,714

$25,473

$9,388

$17,890

$15,873

$10,134

$20,000

$0

$10,000

1980-89 1990-99 2000-2009

11

1980 89 1990 99 2000 2009

VLCC Suezmax AframaxSource: Clarkson Research Studies

Fleet Operation & GrowthFleet Operation & Growth

12

Timely Fleet Expansion – Continuous Profitability

17.5% annualized return to shareholders since IPO

A deadweight CAGR of 25% since inception (1993)

Net income of $3.9m in 2002 (NYSE listing) - $203m in 2008 Dec. 2009

6 300

145% deadweight increase since NYSE listing (May 2002) 51 vessels

5.5m dwt

4

5

)

200

250

March 2002

26 vessels

2

3

Dw

t (in

mill

)

100

150

$ m

ill

October 1993

26 vessels

2.3m dwt

1

2

50

1004 vessels

0.2m dwt

13

0

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

(Dec

.)

0

Op. Income (Full Year)

Blue-Chip Clientele – Repeat Business

14

Modern & Diversified Fleet

CLEAN / PRODUCT TANKERS

Dwt Built Hull Ice ClassAFRAMAX - LR

1 Proteas 117,055 2006 DH 1A

CRUDE TANKERS

Dwt Built Hull Ice ClassVLCC

1 Millennium 301 171 1998 DH ,2 Promitheas 117,055 2006 DH 1A3 Propontis 117,055 2006 DH 1A

PANAMAX1 Selecao 74,296 2008 DH2 Socrates 74,327 2008 DH3 Maya (1) 68,439 2003 DH

1 Millennium 301,171 1998 DH2 La Madrina 299,700 1994 DH3 La Prudencia 298,900 1993 DH

SUEZMAX1 S2034 158,000 2011 DH2 S2035 158,000 2011 DH y ,

4 Inca (1) 68,439 2003 DH5 Andes 68,439 2003 DH6 Victory III 68,157 1990 DH 1C7 Hesnes 68,157 1990 DH 1C

HANDYMAX - MR1 Ariadne 53,021 2005 DH 1A

3 Arctic 163,216 2007 DH 1A4 Antarctic 163,216 2007 DH 1A5 Archangel 163,216 2006 DH 1A6 Alaska 163,250 2006 DH 1A7 Eurochampion 2004 164,608 2005 DH 1C

E ik 164 565 2005 DH 1C ad e 53,0 0052 Artemis 53,039 2005 DH 1A3 Afrodite 53,082 2005 DH 1A4 Apollon 53,149 2005 DH 1A5 Aris 53,107 2005 DH 1A6 Ajax 53,095 2005 DH 1A

HANDYSIZE

8 Euronike 164,565 2005 DH 1C9 Triathlon 164,445 2002 DH

10 Silia T 164,286 2002 DHAFRAMAX

1 Uraga Princess 105,000 2010 DH2 Sapporo Princess 105,000 2010 DH HANDYSIZE

1 Andromeda 37,061 2007 DH 1A2 Aegeas 37,061 2007 DH 1A3 Byzantion 37,275 2007 DH 1B4 Bosporos 37,275 2007 DH 1B5 Amphitrite 37,061 2006 DH 1A6 Arion 37,061 2006 DH 1A

2 Sapporo Princess 105,000 2010 DH3 Asahi Princess 105,372 2009 DH4 Ise Princess 105,361 2009 DH5 Maria Princess 105,346 2008 DH6 Nippon Princess 105,392 2008 DH7 Izumo Princess 105,374 2007 DH8 Sak ra Princess 105 365 2007 DH

15(1) 51% ownership* Agreed to be sold

7 Didimon 37,432 2005 DH8 Delphi 37,432 2004 DH

LNG1 Neo Energy 85,602 2007 DH

8 Sakura Princess 105,365 2007 DH9 Marathon * 107,181 2003 DH

10 Opal Queen 107,222 2001 DH11 Vergina II 96,709 1991 DH

Earnings Visibility (as of Feb.28, 2010 – variable rates subject to market)

Neo Energy (LNG)Decathlon (SZX)

Selecao (PNX)Socrates (PNX)

Silia T (SZX)Alaska (SZX)Delphi (HSZ)

Millennium (VLCC)

Time CharterTime Charter

Apollon (HMX)Afrodite (HMX)Triathlon (SZX)

Maya (PNX)Inca (PNX)

Asahi Princess (AFR)Didimon (HSZ)

Vergina II (AFR)Archangel (SZX)

Neo Energy (LNG)

Antarctic (SZX)Eurochampion 2004

La Prudencia (VLCC)La Madrina (VLCC)

Ariadne (HMX)Artemis (HMX)Euronike (SZX)

Andes (PNX)Arctic (SZX)

Apollon (HMX)

Time Charter w/Profit ShareTime Charter w/Profit Share

ecur

ed E

mpl

oym

ent

Aj (HMX)Aris (HMX)

Arion (HSZ)Aegeas (HSZ)

Andromeda (HSZ)Byzantion (HSZ)

Proteas (AFR)Bosporos (HSZ)Propontis (AFR)Antarctic (SZX)

Var

iabl

e ra

tes

S

PoolPool

Ni P i (AFR)Maria Princess (AFR)Izumo Princess (AFR)

Sakura PrincessIse Princess (AFR)Promitheas (AFR)Amphitrite (HSZ)

Hesnes (PNX)Victory III (AFR)

Ajax (HMX)

CoACoA

PoolPool

16

Februa

ry-10

March-1

0

April-1

0

May-10

June

-10

July-

10

Augus

t-10

Septem

ber-1

0

Octobe

r-10

Novem

ber-1

0Dec

embe

r-10

Janu

ary-11

Februa

ry-11

March-1

1

April-1

1

May-11

June

-11

July-

11

Augus

t-11

Septem

ber-1

1

Octobe

r-11

Novem

ber-1

1Dec

embe

r-11

Opal Queen (AFR)Marathon (AFR)

Nippon Princess (AFR)SpotSpot

M/T Marathon agreed to be sold – To be delivered to its new owner at end of April 2010

Secured Revenues (TC/TC w/PS, CoA, Pool)

2010 2011

70%50%

Fixed to date

Mi i R Mi i R

Fixed to date

Minimum Revenues

$220m

Minimum Revenues

$110

17

31 vessels with fixed employment only (profit-share vessels only at min. rates) have secured:

457 months forward coverage (1.2years per ship) ● $281 million in min. revenues

Timely Newbuilding Program

11

Strong relationships with yards inSouth Korea and Japan

Average contract price at significant

Asian Crisis 9/11 Sub-

Prime

7

8

9

10g p g

discount to current NB prices

Strong banking relations to financeupcoming deliveries

C it t t k d t f NB

2

3

4

5

6

Ves

selsCapacity to take advantage of NB

resales if appropriate

Newbuildings the backbone of TEN’sgrowth

0

1

2

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Capex for remaining four NBs:

$156m (2010) & $60m (2011)

$215Total

HandysizeHandysize 10 vesselsHandymaxHandymax 6 vesselsPanamaxPanamax 6 vessels

$215m

18

AframaxAframax 19 vesselsSuezmaxSuezmax 12 vessels

VLCCVLCC 1 vesselLNGLNG 1 vessel

S&P Activity - Integral Part of Operations

Deliveries & Orders Sales Net GrowthDw t: 1,101,000 205,000 896,000

Av. Age: 5.0 10.0Capital Gains: $21.31

2004

2005Deliveries & Orders Sales Net Growth

Dw t: 508,500 404,000 104,500Av. Age: 0.0 14.5

Capital Gains: $45.30

Deliveries & Orders Sales Net GrowthDw t: 1,715,660 216,000 1,499,660

A A 1 7 14 0

2005

2006


Deliveries & Orders Sales Net GrowthDw t: 645,000 282,000 363,000


2007




2008

2009


Deliveries & Orders Sales Net GrowthDw t: 105,000 378,677 -273,677


2010 (April)

19

p $

Deliveries & Orders Sales Net GrowthDw t: 4,961,160 1,757,094 3,204,066


G R A N D T O T A L

Financial HighlightsFinancial Highlights

20

Strong Performance

Voyage Revenues (in US$mill)

$600

$700

EBITDA (in US$mill)

$350$400

318 297428

623445501

$200

$300

$400

$500

198 215303

345 377

176$100$150$200

$250$300

130241

318 297

$0

$100

2002 2003 2004 2005 2006 2007 2008 2009

$

44112

198 176

$0$50

$100

2002 2003 2004 2005 2006 2007 2008 2009

Net Income (in US$mill)

$175$200$225

EPS, Diluted

$5

$6

59

143 162196 183 203

48$25$50$75

$100$125$150

1 72

3.76 4.095.15

1 28

5.334.79

$1

$2

$3

$4

21

459 48

$0$25

2002 2003 2004 2005 2006 2007 2008 2009 *0.13

1.72 1.28$0

2002 2003 2004 2005 2006 2007 2008 2009 *

* Excluding vessel impairment charges of $19.1 million

Strong Profitability

In US$ million except per share and vessel data. Numbers reflect 2:1 Stock Split effected on November 15, 2007

2009 (3)20082007200620052004Expressed in million US dollars 2009 (3)20082007200620052004Expressed in million US dollars

$368

$445

46.6

$540

$623

44.1

$429

$501

41.7

$359$260$276TCE R t (1)

$428$296$318Total Revenues

33.826.127.3Av. Number of Vessels

$368

$445

46.6

$540

$623

44.1

$429

$501

41.7

$359$260$276TCE R t (1)

$428$296$318Total Revenues

33.826.127.3Av. Number of Vessels

$5.1

$47.8

$368

$35

$202.9

$540

$69

$183.2

$429

$63$45$21Capital Gains

$196.4$161.8$143.3Net Income

$359$260$276TCE Revenues, net (1)

$5.1

$47.8

$368

$35

$202.9

$540

$69

$183.2

$429

$63$45$21Capital Gains

$196.4$161.8$143.3Net Income

$359$260$276TCE Revenues, net (1)

3 1%

37.2

$1.28

38.038.238.139.638.2W/Av. Shares Out. diluted

24 3%

$5.33

24 8%

$4.79

32 3%31 1%45 5%ROE

$5.15$4.09$3.76EPS, diluted (split adjusted)

3 1%

37.2

$1.28

38.038.238.139.638.2W/Av. Shares Out. diluted

24 3%

$5.33

24 8%

$4.79

32 3%31 1%45 5%ROE

$5.15$4.09$3.76EPS, diluted (split adjusted)

$176

3.1%

$377

24.3%

$345

24.8%

$303$215$198EBITDA (2)

32.3%31.1%45.5%ROE

$176

3.1%

$377

24.3%

$345

24.8%

$303$215$198EBITDA (2)

32.3%31.1%45.5%ROE

22

(1) TCE = Revenues less voyage expenses (bunkers, port expenses, canal dues)(2) EBITDA = Net Income + Interest and Finance Cost + Depreciation + Amortization(3) Excluding a $19.1 million impairment charge

Strong Balance Sheet

$312 169

2008

$296 181

2009

$181 447

200720062005Expressed in thousands US dollars

$174 567$145 769Cash & Cash equivalents $312 169

2008

$296 181

2009

$181 447

200720062005Expressed in thousands US dollars

$174 567$145 769Cash & Cash equivalents

$53,715

$370,781

$312,169

$49,213

$471,649

$296,181

$169,739

$276,053

$181,447

$261,242$150,428Advances for vessels under construction

$222,493$191,734Total Current Assets (incl. cash)

$174,567$145,769Cash & Cash equivalents

$53,715

$370,781

$312,169

$49,213

$471,649

$296,181

$169,739

$276,053

$181,447

$261,242$150,428Advances for vessels under construction

$222,493$191,734Total Current Assets (incl. cash)

$174,567$145,769Cash & Cash equivalents

$91,805

$2,602,317

$2,155,489

$172,669

$2,549,722

$2,335,031

$44,363

$2,362,776

$1,900,183

$23,117$51,496Current portion of long term debt

$1,969,875$1,089,174Total Assets

$1,458,647$711,362Vessels’ net book value

$91,805

$2,602,317

$2,155,489

$172,669

$2,549,722

$2,335,031

$44,363

$2,362,776

$1,900,183

$23,117$51,496Current portion of long term debt

$1,969,875$1,089,174Total Assets

$1,458,647$711,362Vessels’ net book value

$915,115

$1,421,824

$189,488

$914,327

$1,329,906

$264,233

$857,931

$1,345,580

$132,224

$755,275$607,186Total Stockholders’ equity

$1,110,544$382,023Long term debt, net of current portion

$101,430$91,518Total Current Liabilities

$915,115

$1,421,824

$189,488

$914,327

$1,329,906

$264,233

$857,931

$1,345,580

$132,224

$755,275$607,186Total Stockholders’ equity

$1,110,544$382,023Long term debt, net of current portion

$101,430$91,518Total Current Liabilities

57%

$1,513,629

$ ,

57%

$1,502,575

$ ,

59%

$1,389,943

$ ,

$1,133,661$433,519Total Debt

$ ,$ ,q y

56%32%Net Debt/Cap 57%

$1,513,629

$ ,

57%

$1,502,575

$ ,

59%

$1,389,943

$ ,

$1,133,661$433,519Total Debt

$ ,$ ,q y

56%32%Net Debt/Cap

23

57% 57%59%56%32%Net Debt/Cap 57% 57%59%56%32%Net Debt/Cap

Continuous Dividend Payments…

Numbers reflect 2:1 Stock Split effected on November 15, 2007

2002 2003 2004 2005 2006 2007 2008 2009

$0 35 $0 50 $0 83 $1 05 $1 38 $1 73 $1 75 $0 60

DIVIDEND

- Paid in 2 semi-annual installments between 25-50% of Net Income- Paid out $8.18 per share in total dividends (over $305 million)

$0.35 $0.50 $0.83 $1.05 $1.38 $1.73 $1.75 $0.60

$12.0m $17.1m $31.2m $40.5m $52.4m $65.3m $64.7m $22.3m

0.90 0.85$1 25

$1.50

$1.75

- 2002 NYSE IPO ($7.50/share split adjusted)

0 83 0.900 25

0.48

0.55

0.75

0.90

0.30$0.50

$0.75

$1.00

$1.25

0.25 0.25 0.350.50

0.630.83

0.30

0.100.25

$0.00

$0.25

2002 2003 2004 2005 2006 2007 2008 2009Installment 1 ( Payable October same year) Installment 2 (Payable April following year)

24

Since the initiation of the share repurchase program (9mo 2009), TEN bought: 3.8 million shares at a cost of $82.5million

BUYBACK

Market Outperform

Total returns to investors who subscribed to the IPO in March 2002 and reinvested their dividends have been 15.6% p.a. compounded. The Bloomberg Tanker Index (TNP, TK, FRO, OSG, GMR) returns were 8.7% while for the S&P 500 they were 2.9%

25

Modern & diversified tanker fleetModern & diversified tanker fleet

Why is TNP Different…Why is TNP Different…

Modern & diversified tanker fleetModern & diversified tanker fleet

Earnings visibility Earnings visibility

Strong balance sheetStrong balance sheetStrong balance sheetStrong balance sheet

Easy to analyzeEasy to analyze

T k dT k d P fi bl h h k lP fi bl h h k lTrack record Track record -- Profitable throughout market cyclesProfitable throughout market cycles

Growth potentialGrowth potential

Dividend paymentsDividend payments

Public markets experiencePublic markets experience

Expansion in new energy fieldsExpansion in new energy fields

IceIce--class capabilitiesclass capabilities

26

Management largest shareholderManagement largest shareholder

TEN LtdTEN Ltd

Company Contact:Paul Durham, Chief Financial Officer [email protected]

27Tsakos Energy Navigation, Ltd Tsakos Energy Navigation, Ltd –– 367 Syngrou Av. , Athens 175 64, Greece Tel: +30210 940 7710, Fax: +30210 940 7716 367 Syngrou Av. , Athens 175 64, Greece Tel: +30210 940 7710, Fax: +30210 940 7716 email: [email protected]: [email protected]

George Saroglou, Chief Operating Officer [email protected] Kosmatos, Corporate Development Officer [email protected]

APPENDIX 1APPENDIX 1

The Olympia Case Study

Project IRR: 78%Project IRR: 78%Project IRR: 78%Project IRR: 78%

$35.0m (Mar. 1999)Sold: $38.0m (Oct. 1999)

GERMAN K/G

GERMAN K/G

Repurchased: $31.5 m (Jan. 2007)

TC Back

Net profit:

$9.0 m Sold: $63.0m (Feb. 2008)

MarketXYZ

SHIPPING CO. XYZ

SHIPPING CO.

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The Decathlon / Pentathlon Case Study

Project IRR: 56%Project IRR: 56%Project IRR: 56%Project IRR: 56%

$48.0m (2002)Sold: $55.0m (2003)

GERMAN K/G

GERMAN K/G

Repurchased: $47.5m (2008)

TC Back

p $ ( )

Net profit:

$24 m Sold: $51.5m (2009/10)

MarketXYZ

SHIPPING CO. XYZ

SHIPPING CO.

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Strategic Growth in Challenging Times

$100,000 $35m $80m

$110m$80m

Iraq

$70,000$80,000$90,000

ates

9/11

Asian Gulf War

IraqWar

$30 000$40,000$50,000$60,000

VLC

C 1

yr T

C R

a

CrisisWar

$0$10,000$20,000$30,000V

30

$0

Jan-

92

Jan-

93

Jan-

94

Jan-

95

Jan-

96

Jan-

97

Jan-

98

Jan-

99

Jan-

00

Jan-

01

Jan-

02

Jan-

03

Jan-

04

Jan-

05

Jan-

06

Jan-

07

Jan-

08

Jan-

09


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