Tsakos Energy Navigation : 1st Quarter 2024 Conference Call Presentation

Q1 2024 Earnings Presentation

June 20, 2024

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 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 expressed or implied by these forward-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 limitation, the risks described in TEN's most recent Annual Report on Form 20-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

forward-looking statements. All information is current as of the date of this presentation, and TEN undertakes no duty to update this information. 2

Crisis-Resistant Growth Model Spanning Four Decades

_______________________________________________________________

Million (dwt)

Far East Crisis	9/11 Crisis	Credit Crisis	Covid	Ukrainian
Crisis	Crisis

10

9

8

7

6

5

4

3

2

1

0

3

Diversified Fleet - Secured Revenues - Market Upside - Greenship Growth

_______________________________________________________________

SUEZMAX

AFRAMAX

							Dwt	Built	Yard	Hull	Ice Class/Other
1	Ulysses				300,000	2016	South Korea	DH
2	Dias I						300,000	2020	South Korea	DH	Scrubber Fitted
3	Hercules				300,000	2017	South Korea	DH	Scrubber Fitted
4	Artemis Voyager		158,000	2020	South Korea	DH	Scrubber Fitted
5	Apollo Voyager		158,000	2020	South Korea	DH	Scrubber Fitted
6	Poppy S				157,583	2018	South Korea	DH	Super Eco
7	Eurovision			158,000	2013	South Korea	DH
8	Euro						158,000	2012	South Korea	DH
9	Antarctic	(1)		163,216	2007	South Korea	DH	1A
10	Arctic	(1)				163,216	2007	South Korea	DH	1A
11	Alaska	(1)				163,250	2006	South Korea	DH	1A
12	Archangel	(1)		163,216	2006	South Korea	DH	1A
13	NB TBN				157,000	2025	South Korea	DH	Scrubber Fitted
14	NB TBN				157,000	2025	South Korea	DH	Scrubber Fitted
15	Decathlon			158,000	2012	South Korea	DH
16	Dimitris P			158,000	2011	South Korea	DH
17	Spyros K				158,000	2011	South Korea	DH
18	Pentathlon		158,000	2009	South Korea	DH
19	Caribbean Voyager	115,000	2020	South Korea	DH	Scrubber Fitted
20	Mediterranean Voyager	115,000	2019	South Korea	DH	Scrubber Fitted
21	Bergen TS		112,700	2017	South Korea	DH
22	Sola TS				112,700	2017	South Korea	DH	1B
23	Oslo TS				112,700	2017	South Korea	DH	1B
24	Stavanger TS		112,700	2017	South Korea	DH	1B
25	Marathon TS		112,700	2017	South Korea	DH	1B
26	Parthenon TS		112,700	2016	South Korea	DH
27	Leontios H		112,700	2016	South Korea	DH
28	Thomas Zafiras		112,700	2016	South Korea	DH
29	Elias Tsakos		112,700	2016	South Korea	DH
30	Uraga Princess		105,344	2010	Japan	DH
31	Sapporo Princess	105,354	2010	Japan	DH
32	Asahi Princess		105,372	2009	Japan	DH
33	Maria Princess		105,392	2008	Japan	DH
34	Aspen					112,460	2019	South Korea	DH	Scrubber Fitted / 1A
35	Alpes						112,460	2018	South Korea	DH	Scrubber Fitted / 1A
36	Ise Princess		105,361	2009	Japan	DH
37	Sakura Princess	(1)	105,365	2007	Japan	DH
As at June 20th , 2024: Fixed TC / TC w/Profit Share / Spot		NBs

1. Sale & Leaseback
2. 51% owned

LR2 AFRAMAX DF

PANAMAX LR1

SHUTTLE TANKERS LNG HANDY MR

1. Ithaki DF
2. Chios DF
3. Ran DF
4. Njord DF
5. DF Montmartre
6. DF Mystras
7. Propontis
8. Promitheas
9. Sunrise
10. Sunray
11. Chantal
12. World Harmony
13. Selini (2)
14. Salamina (2)
15. Selecao
16. Socrates
17. NB TBN
18. NB TBN
19. NB TBN
20. NB TBN
21. NB TBN
22. Andes
23. NB TBN
24. NB TBN
25. Byzantion (2)
26. Bosporos (2)
27. Andromeda
28. Aegeas
29. Maria Energy
30. Tenergy (1)
31. Anfield
32. Paris 24
33. Athens 04
34. Porto
35. Lisboa
36. Rio 2016
37. Brasil 2014

Dwt	Built	Yard	Hull	Ice Class/Other
115,000	2024	South Korea	DH	LNG Powered
115,000	2024	South Korea	DH	LNG Powered
115,000	2023	South Korea	DH	LNG Powered
115,000	2023	South Korea	DH	LNG Powered
110,000	2023	PRC	DH	LNG Powered
110,000	2023	PRC	DH	LNG Powered
117,055	2006	South Korea	DH	1A
117,055	2006	South Korea	DH	1A
74,000	2016	South Korea	DH
74,000	2016	South Korea	DH
74,329	2009	South Korea	DH
74,200	2009	South Korea	DH
74,296	2009	South Korea	DH
74,251	2009	South Korea	DH
74,296	2008	South Korea	DH
74,327	2008	South Korea	DH
73,500	2028	PRC	DH	Scrubber Fitted
73,500	2028	PRC	DH	Scrubber Fitted
73,500	2028	PRC	DH	Scrubber Fitted
73,500	2028	PRC	DH	Scrubber Fitted
75,000	2027	PRC	DH	Scrubber Fitted
68,439	2003	Japan	DH
50,000	2026	PRC	DH	Scrubber Fitted
50,000	2026	PRC	DH	Scrubber Fitted
37,275	2007	South Korea	DH	1B
37,275	2007	South Korea	DH	1B
37,061	2007	South Korea	DH	1A
37,061	2007	South Korea	DH	1A
86,000	2016	South Korea	DH	3
174,000m
81,479	2021	South Korea	DH	3
174,000m
154,850	2026	South Korea	DH	DP2
154,350	2025	South Korea	DH	DP2
154,350	2025	South Korea	DH	DP2
155,000	2022	South Korea	DH	DP2
157,000	2017	South Korea	DH	DP2
157,000	2013	South Korea	DH	DP2
157,000	2013	South Korea	DH	DP2

29 out of 62 Vessels in the Water or 47% with Market Exposure (Spot + TC P/S)

51 out of 62 Vessels in the Water or 82% in Secured Revenue Contracts (TC + TC P/S)

4

Capital Markets Access - Successful Countercyclical Growth

_______________________________________________________________

1 yr VLCC TC Rates

$92m

$105m

$85m

$86m

1993-1996

$100,000

$65m

$35m

$130m +

$125m

$50m

$28m

$115m

$80,000

$70,000

Mar. 02

May. 04

Oct. 10

12May

May.13

13Sep.

14Jan.

$50m

Mar.17

Jun.18

Sep. 19

14Apr.

$150m

Fleet from 4

$60,000

vessels in 1993

$50,000

(start of Company -

Oslo

$40,000

Stock Exchange) to

12 in 1996

$30,000

$20,000

$10,000

15

Apr.

Iraq War

Credit Crisis

Covid-19

UKR War

$0

$88m

4

22

46

Common Shares

Preferred Shares

74

Preferred Shares Redeemed at Par

Source: Clarkson Research Studies

5

Timely Acquisitions => Q1 2024 B/E rates (B/E after OpEx, G&A, Int. and Depreciation)

_______________________________________________________________

VLCC

SUEZMAX

AFRAMAX

AFRAMAX

LR2

PANAMAX

LR1

HANDYSIZE

LNG

DP2

SHUTTLE

$31,304

$23,998

$21,408

$21,789

$18,895

$13,525

$53,015

$37,004

$175,000,000	EUAs
$150,000,000	Spot
$125,000,000
$100,000,000
$75,000,000	Charter
$50,000,000	Time	Expenses
$25,000,000
$0

Every $1,000pd Increase in Spot Rates has a Positive $0.14 Impact in Annual EPS

(Based on Current Vessels in Spot Contracts Only and Q1 2024 Common Shares Outstanding)

Note:

Spot net of Voyage Expenses (including EUAs)

Expenses = Opex +Finance Expenses+ Commissions + Overheads + Charter Hire - Interest Income

7

Managing Bank Debt and Fleet Growth an Integral Part of Strategy

_______________________________________________________________

In millions

$1,800

$1,753 $1,751

$1,750

-$2m

$1,700

$1,650

		-$156m	$1,595
$1,600
			$1,534
$1,550
		-$61m		$1,500				$1,503
$1,500				-$34					+$99m
$1,450
						$1,410	$1,404
$1,400					-$127m	$1,373	+$37m	-$6m
$1,350
$1,300
2016	2017	2018	2019	2020	2021	2022	2023	2024 Q1

❑ $250 million total debt reduction since Dec. 2016 peak

❑ $188 million at par repayment of Series B, C and D Preferred Shares between 2019-2023 and $23 million in Privately Placed Preferred Shares between 2022 - 2023 totaling $211 million

❑ Net Debt to Capital (31/03/24): 44.1%	8
NOTE: Total debt balances include deferred charges and exclude a financial lease obligation of $156.7 million (after deferred finance costs)

Sale & Purchase Activity Cornerstone of TEN's Fleet Renewal Efforts

_______________________________________________________________

Since 1/1/2023:

Divestments

• 13 vessels Sold
• • 1 x LNG Carrier
  • 2 x Suezmax
  • 2 x Aframax
  • 6 x MR Product
  • 2 x Handy Product

Growth

• 21 vessels Contracted/Acquired
• • 3 x NB DP2 Shuttle
  • 2 x NB Suezmax
  • 5 x NB LR1 Panamax
  • 2 x NB MR Product
  • 4 x NB DF LR2 (Delivered)
  • 2 x DF LR2 (Delivered)
  • 2 x Aframax (Delivered)
  • 1 x Suezmax (Delivered)

Average Age:

17.5 years

Average Age:

1.0 years

Total DWT:

1.0 million

Total DWT:

2.3 million

9

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	$445	$408	$395	$394	$418
Net Income / (Loss)	$129.7	$127.3	$158.4	$114.2	$168.4	$42.6	$3.2	$(55.1)	$(33.8)	$(9.2)
Adj. EBITDA	$198		$215		$303	$345	$377	$195	$183	$109	$115	$132
Cash & Cash equivalents	$117		$146		$179	$189	$321	$304	$284	$183	$162	$173
Vessels' net book value	$636		$711		$1,459	$1,928	$2,155	$2,131	$2,262	$2,236	$2,088	$2,173
Net Debt/Cap	32%		32%		56%	59%	57%	57%	56%	59%	58%	55%
Expressed in million USD	2014		2015		2016	2017	2018	2019	2020	2021	2022	2023	2024
		Q1
Av. Number of Vessels	49.0		49.2		52.6	62.5	64.3	64.2	65.0	65.4	65.5	59.5	60.9
Total Revenues	$501		$588		$482	$529	$530	$597	$644	$546	$860	$890	$202
Net Income / (Loss)	$33.5	$156.2		$55.7	$20.4	$(32.9)	$42.7	$59.2	$(59.2)	$204	$327	$54
Adj. EBITDA	$179		$292		$205	$216	$191	$257	$267	$115	$396	$490	$101
Cash & Cash	$214		$305		$198	$203	$220	$198	$172	$127	$309	$377	$344
equivalents
Vessels' net book value	$2,199	$2,053	$2,677	$3,028	$2,829	$2,633	$2,615	$2,402	$2,580	$2,600	$2,785
Net Debt/Cap	51%		44%		53%	51%	48%	48%	48%	49%	46%	42%	44%

10