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The Q3 slides--

TNP do attempt to cover their negative stats well.
- Company reports dividend of 50c for 2012 (True statement). But one payout is the Q4 2011
payout. But 50c reported in such a manner hides the point that the dividend got slashed from
15c => 5c
- The company claims 1245 months of charter coverage (slide 7). Again, true. But digging a
little deeper, the four newest Suezmax vessels have 9.5-15 years of charter coverage. Throw
in the LNG tanker, and probably 50 of the charter coverage is covered by those 5 vessels.
- Strengthened LNG toehold- first mover advantage?? This one is a true embellishment. TNP ordered
its new LNG tanker in 2012, and is thus in the back-of-the-line. Actually, way, way, back-of-the-line.
There are at least 50 LNG tankers delivering to owners before TNP receive their second LNG tanker.

On the positive side, their 50% charter coverage is decent for 2013 and TNP has the shuttle
tankers starting up in the new year.
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