Exhibit 2
TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES
Selected Consolidated Financial and Other Data (Unaudited)
(In Thousands of U.S. Dollars, except share, per day and fleet data)
Three months ended March 31 | ||||||||||
2003 | 2002 | |||||||||
STATEMENT OF INCOME DATA | ||||||||||
Revenue from vessels | $ | 58,238 |
| $ | 28,856 |
| ||||
Revenue from vessels, net |
| 55,679 |
|
| 27,388 |
| ||||
Voyage expenses |
| 14,145 |
|
| 6,455 |
| ||||
Vessel operating expenses |
| 9,986 |
|
| 7,002 |
| ||||
Depreciation |
| 7,439 |
|
| 5,245 |
| ||||
Amortization of deferred drydocking charges |
| 1,743 |
|
| 1,372 |
| ||||
Management fees and G&A expenses |
| 1,444 |
|
| 927 |
| ||||
Operating income |
| 20,922 |
|
| 6,387 |
| ||||
Interest and finance costs, net |
| (3,104 | ) |
| (1,494 | ) | ||||
Interest Income |
| 94 |
|
| 201 |
| ||||
Share of profits of joint-venture |
| 364 |
|
| — |
| ||||
Other income/(expense) |
| (201 | ) |
| — |
| ||||
Net income | $ | 18,076 |
| $ | 5,094 |
| ||||
Earnings per share, basic | $ | 1.06 |
| $ | 0.43 |
| ||||
Earnings per share, diluted | $ | 1.06 |
| $ | 0.43 |
| ||||
Weighted average number of shares outstanding | ||||||||||
Basic |
| 17,007,612 |
|
| 11,752,190 |
| ||||
Diluted |
| 17,086,381 |
|
| 11,885,316 |
| ||||
March 31 2003 | December 31 2002 | |||||||||
BALANCE SHEET DATA | ||||||||||
Cash and cash equivalents |
| 43,020 |
|
| 39,674 |
| ||||
Current assets, including cash |
| 88,096 |
|
| 75,752 |
| ||||
Investment in joint-venture |
| 10,954 |
|
| 10,577 |
| ||||
Net Fixed Assets (including advances for vessels under construction) |
| 681,103 |
|
| 595,106 |
| ||||
Deferred charges |
| 16,703 |
|
| 13,110 |
| ||||
Total assets | $ | 796,856 |
| $ | 694,545 |
| ||||
Current portion of long-term debt |
| 39,061 |
|
| 30,211 |
| ||||
Current liabilities, including current portion of long-term debt |
| 80,352 |
|
| 66,194 |
| ||||
Long-term debt, net of current portion |
| 426,778 |
|
| 355,741 |
| ||||
Deferred income, net of current portion |
| 4,956 |
|
| 5,166 |
| ||||
Total stockholders’ equity |
| 284,770 |
|
| 267,444 |
| ||||
Total liabilities and stockholders’ equity | $ | 796,856 |
| $ | 694,545 |
| ||||
Three months ended March 31 | ||||||||||
2003 | 2002 | |||||||||
OTHER FINANCIAL DATA | ||||||||||
Net cash from operating activities | $ | 17,797 |
| $ | 8,175 |
| ||||
Net cash (used in) investing activities | $ | (93,449 | ) | $ | (48,613 | ) | ||||
Net cash from (used in) financing activities | $ | 78,998 |
| $ | 58,913 |
| ||||
FLEET DATA | ||||||||||
Vessel overhead costs per ship per day | $ | 680 |
| $ | 637 |
| ||||
Average number of vessels during period |
| 23.6 |
|
| 16.2 |
| ||||
Number of vessels at end of period |
| 25.0 |
|
| 17.0 |
| ||||
Average age of fleet | Years |
| 6.4 |
|
| 8.9 |
| |||
Dwt at end of period (in thousands) |
| 2,470.1 |
|
| 1,536.4 |
| ||||
Time charter employment | Days |
| 755 |
|
| 740 |
| |||
Period employment (pool and coa) at market rates | Days |
| 450 |
|
| 360 |
| |||
Spot voyage employment at market rates | Days |
| 749 |
|
| 325 |
| |||
Total operating days |
| 1,954 |
|
| 1,425 |
| ||||
Total available days |
| 2,125 |
|
| 1,456 |
| ||||
TCE per ship per day | $ | 24,695 |
| $ | 16,707 |
| ||||
Net daily revenue per ship per day | $ | 28,495 |
| $ | 19,193 |
| ||||
Operating expenses per ship per day | $ | 5,383 |
| $ | 5,479 |
| ||||
Operating cash flow per ship per day | $ | 14,200 |
| $ | 9,266 |
|
TEN Ltd.
FINANCIAL AND OTHER DATA BY FLEET (Unaudited)
Three Months Ended March 31, 2003 | ||||||||||||||||||
Vessel Type | VLCC | Suezmax | Aframax | Panamax | Product carriers | |||||||||||||
Average number of vessels |
| 1 |
| 4 |
| 8.8 |
| 4.9 |
| 5 |
| |||||||
Number of vessels at end of period |
| 1 |
| 4 |
| 9 |
| 6 |
| 5 |
| |||||||
Dwt at end of period (in thousands) | Dwt |
| 301.2 |
| 657.2 |
| 913.7 |
| 402.7 |
| 195.3 |
| ||||||
Percentage of total fleet |
| 12.2 | % | 26.6 | % | 37.0 | % | 16.3 | % | 7.9 | % | |||||||
Average age at end of period | Years |
| 4.6 |
| 0.5 |
| 7.7 |
| 9.9 |
| 15.4 |
| ||||||
TCE per ship per day | $ | 35,500 |
| 35,302 |
| 23,106 |
| 20,867 |
| 11,546 |
| |||||||
Operating expenses per ship per day | $ | 177 |
| 5,064 |
| 5,744 |
| 6,133 |
| 4,631 |
| |||||||
Operating cash flow per ship per day | $ | 24,504 |
| 27,782 |
| 15,385 |
| 11,712 |
| 2,246 |
|
Newbuildings and pre-1997 acquired vessels First Quarter 2003
Newbuildings | Acquired | Combined | ||||||||||||||
Average number of vessels |
| 11.6 |
|
| 12.0 |
|
| 23.6 |
| |||||||
Percentage of total fleet in dwt |
| 70 | % |
| 30 | % |
| 100 | % | |||||||
Average age at end of period (years) |
| 2.3 |
|
| 16.0 |
|
| 6.4 |
| |||||||
Utilization in period |
| 100 | % |
| 84 | % |
| 92 | % | |||||||
TCE per ship per day | $ | 28,495 |
| $ | 17,700 |
| $ | 24,695 |
| |||||||
Operating expenses per ship per day | $ | 5,290 |
| $ | 5,465 |
| $ | 5,383 |
| |||||||
Revenue from vessels, net ($ thousand) | $ | 36,121 |
| $ | 19,558 |
| $ | 55,679 |
| |||||||
Net income—($ thousand) | $ | 14,726 |
| $ | 3,545 |
| $ | 18,271 |
| |||||||
(Excludes holding and dormant companies) |
Operational cash flow represents net income before interest, depreciation and amortization
TCE represents gross freight revenue less voyage expenses. Commission is not deducted.
TCE rate given for VLCC and one chartered-in Aframax and one chartered in product carrier takes into account notional operating costs.
Pre-1997 Product carriers, 2003, includes 1995 chartered-in vessel