Exhibit 99.1
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 September 30 | Nine months ended September 30 | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
STATEMENT OF INCOME DATA | ||||||||||||||||
Revenue from vessels | $ | 74,889 | $ | 55,105 | $ | 224,274 | $ | 177,833 | ||||||||
Revenue from vessels, net | 71,838 | 52,453 | 215,031 | 169,654 | ||||||||||||
Voyage expenses | 18,642 | 17,036 | 51,077 | 46,792 | ||||||||||||
Vessel operating expenses | 12,906 | 12,718 | 38,912 | 34,645 | ||||||||||||
Depreciation | 8,920 | 8,771 | 26,524 | 24,326 | ||||||||||||
Amortization of deferred drydocking charges | 2,128 | 1,816 | 6,915 | 5,849 | ||||||||||||
Provision for doubtful receivables | — | — | 244 | — | ||||||||||||
Management fees | 1,440 | 1,155 | 3,945 | 3,255 | ||||||||||||
General & Administrative expenses | 764 | 468 | 2,042 | 1,302 | ||||||||||||
Operating income | 27,037 | 10,489 | 85,371 | 53,485 | ||||||||||||
Interest and finance costs, net | (2,475 | ) | (2,557 | ) | (7,732 | ) | (8,835 | ) | ||||||||
Interest income | 136 | 90 | 316 | 299 | ||||||||||||
Foreign currency losses | (21 | ) | (52 | ) | (68 | ) | (258 | ) | ||||||||
Share of profits of joint-venture | — | (43 | ) | — | 621 | |||||||||||
Amortization of deferred gain on sale of vessels | 792 | — | 2,376 | — | ||||||||||||
Gain on sale of vessels | — | — | 8,755 | — | ||||||||||||
Other income/(expense) | — | 106 | — | (504 | ) | |||||||||||
Net income | $ | 25,468 | $ | 8,033 | $ | 89,018 | $ | 44,808 | ||||||||
Earnings per share, basic | $ | 1.26 | $ | 0.47 | $ | 4.77 | $ | 2.61 | ||||||||
Earnings per share, diluted | $ | 1.26 | $ | 0.47 | $ | 4.76 | $ | 2.60 | ||||||||
Weighted average number of shares outstanding | ||||||||||||||||
Basic | 20,159,789 | 17,179,420 | 18,653,291 | 17,148,401 | ||||||||||||
Diluted | 20,189,589 | 17,205,637 | 18,702,704 | 17,205,598 | ||||||||||||
September 30 2004 | December 31 2003 | |||||||||||||||
BALANCE SHEET DATA | ||||||||||||||||
Cash and cash equivalents | 91,905 | 86,813 | ||||||||||||||
Current assets, including cash | 126,546 | 116,971 | ||||||||||||||
Advances for vessels | 107,658 | 33,420 | ||||||||||||||
Vessels at cost | 848,948 | 800,870 | ||||||||||||||
Accumulated Depreciation | (172,206 | ) | (146,208 | ) | ||||||||||||
Vessels’ Net Book Value | 676,742 | 654,662 | ||||||||||||||
Deferred charges | 15,704 | 20,454 | ||||||||||||||
Total assets | $ | 926,650 | $ | 825,507 | ||||||||||||
Current portion of long-term debt | 42,369 | 41,602 | ||||||||||||||
Current liabilities, including current portion of long-term debt | 95,397 | 83,463 | ||||||||||||||
Long-term debt, net of current portion | 355,023 | 411,018 | ||||||||||||||
Deferred income, net of current portion | 13,454 | 16,457 | ||||||||||||||
Total stockholders’ equity | 462,776 | 314,569 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 926,650 | $ | 825,507 | ||||||||||||
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||||
OTHER FINANCIAL DATA | ||||||||||||||||||
Net cash from operating activities | $ | 34,311 | $ | 17,742 | $ | 101,265 | $ | 65,421 | ||||||||||
Net cash used in investing activities | $ | (26,283 | ) | $ | (74,252 | ) | $ | (113,758 | ) | $ | (200,286 | ) | ||||||
Net cash from/(used in) financing activities | $ | (10,821 | ) | $ | 41,459 | $ | 17,585 | $ | 134,627 | |||||||||
FLEET DATA | ||||||||||||||||||
Vessel overhead costs per ship per day | $ | 887 | $ | 657 | $ | 796 | $ | 660 | ||||||||||
Average number of vessels during period | 27.0 | 26.9 | 27.4 | 25.3 | ||||||||||||||
Number of vessels at end of period | 27.0 | 27.0 | 27.0 | 27.0 | ||||||||||||||
Average age of fleet at end of period | Years | 7.3 | 6.3 | 7.3 | 6.3 | |||||||||||||
Dwt at end of period (in thousands) | 2,919.9 | 2,681.8 | 2,919.9 | 2,681.8 | ||||||||||||||
Time charter employment | Days | 1,387 | 951 | 3,948 | 2,594 | |||||||||||||
Period employment (pool and coa) at market rates | Days | 490 | 496 | 1,618 | 1,333 | |||||||||||||
Spot voyage employment at market rates | Days | 553 | 788 | 1,760 | 2,444 | |||||||||||||
Total operating days | 2,430 | 2,235 | 7,326 | 6,371 | ||||||||||||||
Total available days | 2,484 | 2,471 | 7,519 | 6,906 | ||||||||||||||
TCE per ship per day | $ | 26,057 | $ | 17,919 | $ | 26,516 | $ | 21,475 | ||||||||||
Operating expenses per ship per day | $ | 6,090 | $ | 5,778 | $ | 6,058 | $ | 5,668 |
TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES
FINANCIAL AND OTHER DATA BY FLEET (Unaudited)
Three Months Ended September 30, 2004 | ||||||||||||||||||
Vessel Type | VLCC | Suezmax | Aframax | Panamax | Product carriers | |||||||||||||
Average number of vessels | 2.0 | 4.0 | 10.0 | 7.0 | 4.0 | |||||||||||||
Number of vessels at end of period | 2.0 | 4.0 | 10.0 | 7.0 | 4.0 | |||||||||||||
Dwt at end of period (in thousands) | Dwt | 600.9 | 657.2 | 1,020.7 | 478.2 | 162.9 | ||||||||||||
Percentage of total fleet | 20.5 | % | 22.5 | % | 35.0 | % | 16.4 | % | 5.6 | % | ||||||||
Average age at end of period | Years | 8.4 | 2.0 | 8.4 | 7.0 | 18.5 | ||||||||||||
TCE per ship per day | $ | 55,069 | 26,210 | 27,330 | 22,819 | 13,963 | ||||||||||||
Operating expenses per ship per day | $ | 9,529 | 6,170 | 5,940 | 5,739 | 6,135 | ||||||||||||
Nine Months Ended September 30, 2004 | ||||||||||||||||||
Vessel Type | VLCC | Suezmax | Aframax | Panamax | Product carriers | |||||||||||||
Average number of vessels | 1.9 | 4.0 | 10.0 | 7.5 | 4.0 | |||||||||||||
TCE per ship per day | $ | 50,958 | 26,181 | 28,136 | 24,795 | 14,304 | ||||||||||||
Operating expenses per ship per day | $ | 8,651 | 6,215 | 6,130 | 5,678 | 5,898 |
Three Months Ended September 30, 2004 | ||||||||||||||||
Newbuildings | VLCC 2004 | Acquired (pre-1997) | Combined | |||||||||||||
Average number of vessels | 16.0 | 1.0 | 10.0 | 27.0 | ||||||||||||
Percentage of total fleet in dwt at end of period | 68 | % | 10 | % | 22 | % | 100 | % | ||||||||
Average age at end of period (years) | 3.5 | 10.7 | 17.4 | 7.3 | ||||||||||||
Utilization in period | 99.1 | % | 100.0 | % | 97.1 | % | 97.8 | % | ||||||||
TCE per ship per day | $ | 28,341 | $ | 74,638 | $ | 17,181 | $ | 26,057 | ||||||||
Operating expenses per ship per day | $ | 5,617 | $ | 9,565 | $ | 6,310 | $ | 6,090 | ||||||||
Revenue from vessels, net ($ thousand) | $ | 46,265 | $ | 8,069 | $ | 17,504 | $ | 71,838 | ||||||||
Net income, excluding gain on sale - ($ thousand) | $ | 18,693 | $ | 4,450 | $ | 3,044 | $ | 26,187 | ||||||||
Gain on sale of vessels | 0 | |||||||||||||||
Holding and dormant companies | (719 | ) | ||||||||||||||
Total net income | 25,468 | |||||||||||||||
Nine Months Ended September 30, 2004 | ||||||||||||||||
Newbuildings | VLCC 2004 | Acquired (pre-1997) | Combined | |||||||||||||
Average number of vessels | 16.0 | 0.9 | 10.5 | 27.4 | ||||||||||||
Utilization in period | 99.0 | % | 100.0 | % | 94.8 | % | 97.4 | % | ||||||||
TCE per ship per day | $ | 28,351 | $ | 68,106 | $ | 19,858 | $ | 26,516 | ||||||||
Operating expenses per ship per day | $ | 5,680 | $ | 8,651 | $ | 6,258 | $ | 6,058 | ||||||||
Revenue from vessels, net ($ thousand) | $ | 134,780 | $ | 19,788 | $ | 60,462 | $ | 215,031 | ||||||||
Net income, excluding gain on sale - ($ thousand) | $ | 55,191 | $ | 11,063 | $ | 15,888 | $ | 82,142 | ||||||||
Gain on sale of vessels | 8,755 | |||||||||||||||
Holding and dormant companies | (1,879 | ) | ||||||||||||||
Total net income | 89,018 | |||||||||||||||
Newbuildings include all vessels specifically constructed for TEN. These represent all additions to the fleet since 1997, except for the VLCC La Madrina.
TCE represents gross freight revenue less voyage expenses (excluding any charter-in costs). Commission is not deducted.
TCE rate given for the the VLCC Millennium, which is chartered out on a bare-boat basis, takes into account a notional operating cost per day.