Tsakos Energy Navigation Limited

We have with us Mr. Takis Arapablo, 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 and 1 on your telephone keypad, and wait for your name to be announced. Thank you very much and good morning to all of our participants. I am Nikolas Bornaus of Capital Link, Investor Relations Advisor to Tsakos Energy Navigation.

This morning, the company publicly released its financial results for the fourth quarter and the year ended 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 re-erse you to access the presentation slides on the company's website. 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 Security Litigation Reform Act of 1995. Investors are confident that such forward-looking statements involve risks and uncertainties which may affect tense business prospects and results of operations. And at this moment, I would like to pass the floor to Mr. Arapoglou, the Chairman of Tsakos Energy Navigation. Please go ahead, Farah.

Thank you, Nikolas. Good morning, everyone. 2019 was another year where TEN proved both its defensive qualities in difficult times and its ability to respond fast when markets improve. Today we announced a profitable last quarter of last year and a profitable overall year as a whole. which allows us, of course, to take a very sizable impairment charge, allows us to maintain our dividends, announce a buyback, and while at the same time we are renewing our fleet, expanding our relationships with Blue Chip customers, all stuff that we've been doing all along and TEN has established Thank you, Mr. Chairman. First of all, I hope and would want to wish