Tsakos Energy Navigation Limited

Thank you for standing by, ladies and gentlemen, and welcome to the Tsakos Energy Navigation Conference call on the first quarter 2019 financial results. We have with us Mr. Takis Arapoglou, Chairman of the Board, Mr. Nikolas Tsakos, President and CEO, Mr. Paul Durham, Chief Financial Officer, and Mr. George Saroglou, Chief Operating Officer of the company. At this time, all participants are on a listen-only mode. There will be a presentation followed by a question and answer session, at which time if you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. I must advise you that this conference is being recorded today, the 6th of June 2019. And now I would like to pass the floor to Mr. Nicholas Ornosis, President of Capital Link, Investment Relations Advisor of Tsakos Energy Navigation. Please go ahead, sir.

Thank you very much and good morning to all of our participants. I am Nikolas Bournosis of Capitalink, Investor Relations Advisor to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the first quarter of 2019. In case we do not have a copy of today's earnings release, please call us at 212-661-7566. or email us at 10 at CapitalLink.com and we will have a copy for you emailed right away. Please note that parallel to today's conference call, there is also a live audio and slide webcast which can be accessed on the company's website on the front page at www.tenn.gr. The conference call will follow the presentation slides, so please we urge you to access the presentation slides on the company's website. Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call. Also, please note that the slides of the webcast presentation are user-controlled. and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own. At this time, I would like to read the Safe Harbor Statement. This conference call and slide presentation of the webcast contain certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned. that such forward-looking statements involve risks and uncertainties which may affect TENS business prospects and results of operations. Such risks are more fully disclosed in TENS filings with the Securities and Exchange Commission. And now I will turn over the call to Mr. Takis Arapoglou, the Chairman of the Board of Tsakos Energy Navigation. Mr. Arapoglou, please go ahead, sir.

Thank you, Nikolas. Good morning and good afternoon, everyone. Thank you for joining us today. Well, our results this quarter speak for themselves. They fully justify our business model, once again, allowing us to outperform for yet another quarter the sports market, generating ample revenues for payment of world fleet expenses operating under 97% utilization. It allows us to reduce debt at a very fast pace while enabling us to continue our dividend payments and most importantly maintain a solid cash position. With hands-on cost control and well-structured profit-sharing agreements, is perfectly positioned now to benefit further from improving market conditions. I have nothing else to say, and I'd like to pass the floor to Nikolas Tsakos. Thank you.