Tsakos Energy Navigation Limited

Thank you for standing by ladies and gentlemen and welcome to Takos Energy Navigation Conference call on the second 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 in 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 keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. And now I pass the floor to Mr. Nikolas Bournosis, President of Capital Link, Investor Relations Advisor of Tsakos Energy Navigation. Please go ahead, sir.

Thank you very much and good morning to all of our participants. I'm Nikolas Bournosis of Capital Link. Investor Relations Advisor to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the second quarter and six-month period of 2019. In case you do not have a copy of today's earnings release, please call us at 212-661-7566 or email us at 10 at capitolink.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 contains 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 the floor over to Mr. Takis Sarapoglou, the Chairman of the Board of Tsakos Energy Navigation. Mr. Sarapoglou, please go ahead, sir.

Thank you, Nikolas. Good morning, everyone. Thank you for joining our call today. I'd say a very positive performance, one of perhaps only two positive performances in the sector, if I'm not mistaken, with over 40% increase in EBITDA year on year, At the same time, TEN reduced debt by $140 million, repaid the $50 million PREF, continued paid dividends of all kinds, and maintained a very healthy cash position while continuously improving operational excellence. TEN continues to invest in growing the fleet in a measured way. as per our stated strategy, both in the conventional tanker sector as well as in LNG, the latter being in the core of our strategy going forward, as we've said many times. On behalf of the Board of Ten, once again, congratulations to Nikolas Tsakos and the team, not only for the results, but also for positioning the company so well for an upturn in the market as expected. Thanks again, Niko, and over to you.