Tsakos Energy Navigation Lytham Partners Fall 2026 Investor Conference

All right. Hello everyone, and thank you all for joining us during the Lytham Partners Fall 2026 Investor Conference. Again, my name is Robert Blum, managing partner here at Lytham. Up next, Mike Kimble, who heads investor relations at Tsakos Energy Navigation, will be taking us through the company's slide presentation. Mike, thanks so much for your participation here in the conference today. The floor is all yours.

Thank you, Robert. I appreciate being invited. As Robert said, I head investor relations for TEN, Ltd., that's short for Tsakos Energy Navigation, and we are a tanker company. We carry crude oil. I'll tell you a little bit about us. If you look at dedicated tanker companies, because there are companies like Maersk and others that have ships in every domain, we just do tankers, and there are several competitors. Among those, we are one of the largest in the world. We have 81 ships. We transported 565 million barrels of oil last year, which is about 28 days of U.S. consumption. We are New York Stock Exchange listed, the oldest tanker company that does have a public listing. Once you go beyond that, we are different from our peers in a lot of ways, at least our publicly listed peers.

The biggest difference is that our customers are exclusively the oil majors. Our customers are Exxon, Equinor, Shell, Chevron. We joke that our subprime customers are Glencore and Trafigura, the big trading houses. We just deal with the majors. What we try to do is get long-term contracts that make sure our ships are employed at good rates, with creditworthy counterparties, who also share our values about safety and keeping out of harm's way, which I'll get to more. That's a big topic now. If you look at our fixed-term contracts, we have $3.6 billion of minimum revenue over the next several years.