Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q1 2026 Earnings Presentation
18 slides from Tsakos Energy Navigation's earnings presentation, May 21, 2026
Slide 1: Q1 2026 Earnings Presentation
TEN, Ltd. Q1 2026 Earnings Presentation May 21, 2026
Slide 2: Forward-looking statements
This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these forward-looking statemen
Slide 3: Crisis-Resistant Growth Model Spanning Four Decades
Crisis-Resistant Growth Model Spanning Four Decades _______________________________________________________________ Covid Ukraine ME OPA 90 Far East Crisis 9/11 Crisis Credit Crisis Crisis War Crisis 12 10 CAGR: 12.8% 8 Million (dwt) 6 4 2 0 2015 2022 1993 1994 1995 1996 1997 1998 1999 2000 2001 200
Slide 4: Diversified Fleet - Conventional
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Conventional _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other 1 Hercules 300,000 2017 South Korea DH Scrubber Fitted 38 Ithaki DF 115,000 202
Slide 5: Diversified Fleet - Specialized
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Specialized _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other 1 Maria Energy 86,000 2016 South Korea DH 174,000m3 (1) 174,000m3 LNG 2 Tenergy 81,479 2021 South Korea DH 3 3 NB TB
Slide 6: Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth
Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ http://merchantmarinepilots.com/wp-content/uploads/2013/12/flopec.jpg Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Concerns Transporter
Slide 7: Timely Acquisitions - Efficient Vessel Management
Timely Acquisitions - Efficient Vessel Management 2026 Q1 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ 2026 Q1 $250,000,000 VLCC $25,158 EUAs $225,000,000 SUEZMAX $24,926 Spot $200,000,000 AFRAMAX $21,663 $175,000,000 AFRAMAX
Slide 8: Managing Bank Debt an Integral Part of Strategy
Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ 60.0% 2.50 52.5% 50.9% 47.9% 47.8% 49.2% 49.3% 48.4% 50.0% 45.6% 44.9% 46.7% 42.0% 2.00 2.008 40.0% 1.921 1.753 1.751 1.50 1.595 1.534 1.597 30.0% 1.5 1.373 1.41 1.404 1.00 20.0% 0.50 10.0
Slide 9: Fleet Renewal and Greenship Growth
Fleet Renewal and Greenship Growth _______________________________________________________________ Since 1/1/2023: Divestments Growth • 18 vessels Sold • 34 vessels Contracted/Acquired – 1 x VLCC – 1 x LNG Carrier – 1 x LNG Carrier – 12 x NB DP2 Shuttle (2x Delivered) – 3 x Suezmax – 3 x VLCC – 3 x
Slide 10: Historical Solid Performance – Healthy Liquidity
Historical Solid Performance – Healthy Liquidity _______________________________________________________________ Expressed in million USD 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Av. Number of Vessels 27.3 26.1 33.8 41.7 44.1 46.6 46.1 47.8 47.9 47.5 Total Revenues $318 $296 $428 $501 $623
Slide 11: Healthy Dividends Through Market Cyclicality and Growth
Healthy Dividends Through Market Cyclicality and Growth _______________________________________________________________ ❑ Common Stock Dividend Continuity – Management aims on semi-annual dividend distributions ❑ 2026 total dividends of $1.50 per common share ($0.50 in February 2026 and $1.00 in Jul
Slide 12: Global Oil Demand Remains Healthy Despite Geopolitical Challenges
Global Oil Demand Remains Healthy Despite Geopolitical Challenges _______________________________________________________________ BARRELS OF OIL PER CAPITA PER ANNUM (Based on 2025 consumption and population) ❑ Strong potential of China and India with a combined population of 2.9 billion in a world
Slide 13: Global NB Orderbook vs. Fleet Over Years Old
Global NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 980 tankers to join the fleet over the next three years vs. 2,797 vessels (over 25,000dwt) aged over 15 years, in a global tanker fleet of 5,600 vessels (over 25,00
Slide 14: Scrapping Activity Picking Up
Scrapping Activity Picking Up _______________________________________________________________ ❑ Scrapping activity picking-up as scrap prices continue to be elevated BUT… ✓ Upcoming regulations and ongoing debate for alternative fuels should lead to further increases in scrapping ✓ Older vessels are
Slide 15: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended March 31 (unaudited) STATEMENT OF OPERATIONS DATA 2026 2025 Voyage revenues $ 252,963 $ 197,051 Voyage expenses 29,847 36,063 Charter hire expense 3,386 3,282 Vessel operating expenses 53,264 49,6
Slide 16: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended OTHER FINANCIAL DATA March 31 2026 2025 Net cash provided by operating activities $ 97,181 $ 52,150 Net cash used in investing activities $ (252,075) $ (2,645) Net cash provided by (used i
Slide 17: WHY TEN
WHY TEN: One Of The Largest & Most Established Energy Transporters Worldwide 1 565mbbls Transported in 2025 – About 28 days of US Consumption 2 33 years in the Public Markets (NYSE Since 2002) – Uninterrupted Dividends 3 Big Modern Diversified Fleet – One-Stop-Ship – Industrial Shipping Highest Cali
Slide 18: Tsakos Energy Navigation, Ltd contact details
Tsakos Energy Navigation, Ltd For more information please contact: 367 Syngrou Avenue George Saroglou: Athens 175 64 Chief Operating Officer Greece [email protected] Tel: +30210 94 07 710 Harrys Kosmatos: Fax: +30210 94 07 716 Chief Financial Officer Email: [email protected] [email protected]
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