Exhibit 99.2
TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES
Selected Consolidated Financial and Other Data (Unaudited)
(In Thousands of U.S. Dollars, except share and per share data)
Three months ended March 31 | ||||||||
2009 | 2008 | |||||||
STATEMENT OF INCOME DATA | ||||||||
Voyage revenues | $ | 126,311 | $ | 136,743 | ||||
Commissions | 5,086 | 4,509 | ||||||
Voyage expenses | 15,088 | 16,561 | ||||||
Charter hire expense | — | 4,140 | ||||||
Vessel operating expenses | 37,901 | 32,792 | ||||||
Depreciation | 23,001 | 20,327 | ||||||
Amortization of deferred dry-docking costs | 1,784 | 1,657 | ||||||
Management fees | 3,274 | 2,912 | ||||||
General and administrative expenses | 1,460 | 992 | ||||||
Stock compensation expense | 46 | 1,345 | ||||||
Foreign currency (gains)/ losses | (199 | ) | 432 | |||||
Amortization of deferred gain on sale of vessels | — | (792 | ) | |||||
Gain on sale of vessels | — | (34,565 | ) | |||||
Total expenses | 87,441 | 50,310 | ||||||
Operating income | 38,870 | 86,433 | ||||||
Interest and finance costs, net | (15,106 | ) | (23,838 | ) | ||||
Interest income | 1,331 | 2,189 | ||||||
Other, net | 108 | 149 | ||||||
Total other expenses, net | (13,667 | ) | (21,500 | ) | ||||
Net income | 25,203 | 64,933 | ||||||
Less: Net (income)/loss attributable to the noncontrolling interest | (751 | ) | 196 | |||||
Net Income attributable to Tsakos Energy Navigation Ltd. | $ | 24,452 | $ | 65,129 | ||||
Earnings per share, basic | $ | 0.66 | $ | 1.72 | ||||
Earnings per share, diluted | $ | 0.66 | $ | 1.70 | ||||
Weighted average number of shares outstanding | ||||||||
Basic | 37,048,134 | 37,930,715 | ||||||
Diluted | 37,320,168 | 38,284,385 |
March 31 2009 | December 31 2008 | March 31 2008 | ||||||||||||||
BALANCE SHEET DATA | ||||||||||||||||
Cash and cash equivalents | 337,972 | 312,169 | 292,102 | |||||||||||||
Current assets, including cash | 396,349 | 370,781 | 347,731 | |||||||||||||
Investments | 1,000 | 1,000 | 1,000 | |||||||||||||
Financial instruments, net of current portion | 590 | — | — | |||||||||||||
Advances for vessels under construction | 54,670 | 53,715 | 79,268 | |||||||||||||
Vessels | 2,469,090 | 2,468,472 | 2,245,486 | |||||||||||||
Accumulated Depreciation | (335,984 | ) | (312,983 | ) | (247,849 | ) | ||||||||||
Vessels’ Net Book Value | 2,133,106 | 2,155,489 | 1,997,637 | |||||||||||||
Deferred charges, net | 19,380 | �� | 21,332 | 16,211 | ||||||||||||
Total assets | $ | 2,605,095 | $ | 2,602,317 | $ | 2,441,847 | ||||||||||
Current portion of long-term debt | 91,805 | 91,805 | 52,413 | |||||||||||||
Current liabilities, including current portion of long-term debt | 231,650 | 189,488 | 189,063 | |||||||||||||
Long-term debt, net of current portion | 1,400,534 | 1,421,824 | 1,350,886 | |||||||||||||
Financial instruments, net of current portion | 64,202 | 75,890 | 41,309 | |||||||||||||
Total stockholders’ equity | 908,709 | 915,115 | 860,589 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,605,095 | $ | 2,602,317 | $ | 2,441,847 | ||||||||||
Three months ended March 31 | ||||||||||
2009 | 2008 | |||||||||
OTHER FINANCIAL DATA | ||||||||||
Net cash from operating activities | $ | 51,196 | $ | 68,884 | ||||||
Net cash (used in)/from investing activities | $ | (1,573 | ) | $ | 34,789 | |||||
Net cash (used in)/from financing activities | $ | (23,820 | ) | $ | 6,982 | |||||
Operating expenses per ship per day | $ | 9,355 | $ | 8,969 | ||||||
Vessel overhead costs per ship per day | $ | 1,155 | $ | 1,338 | ||||||
10,510 | 10,307 | |||||||||
FLEET DATA | ||||||||||
Average number of vessels during period | 46.0 | 43.1 | ||||||||
Number of vessels at end of period | 46.0 | 44.0 | ||||||||
Average age of fleet at end of period | Years | 6.3 | 5.6 | |||||||
Dwt at end of period (in thousands) | 4,922.0 | 4,711.2 | ||||||||
Time charter employment - fixed rate | Days | 1,102 | 1,059 | |||||||
Time charter employment - variable rate | Days | 2,069 | 2,128 | |||||||
Period employment (pool and coa) at market rates | Days | 331 | 364 | |||||||
Spot voyage employment at market rates | Days | 576 | 307 | |||||||
Total operating days | 4,078 | 3,858 | ||||||||
Total available days | 4,140 | 3,923 | ||||||||
Utilization | 98.5 | % | 98.3 | % |
Operating expenses per ship per day exclude the two chartered-in vessels and the vessel bare-boat chartered out.
Vessel overhead costs include Management fees, General & Administrative expenses, Management incentive award, and Stock compensation expense.