Tsakos Energy Navigation Limited

Thank you for standing by, ladies and gentlemen, and welcome to the SACOS Energy Navigation Conference call on the third quarter and nine months 2020 financial results. We have with us Mr. Takis Arapaglu, Chairman of the Board, Mr. Nicholas SACOS, President and CEO, Mr. Paul Durham, Chief Financial Officer, and Mr. George Soroglu, Chief Operating Officer of the company. At this time, all participants are in a listen-only mode. There'll 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. I must advise you that this conference is being recorded today. And now I pass the floor to Mr. Nicholas Bournois, President of Capital Link, Investor Relations Advisor of Tacos Energy Navigation. Please go ahead, sir.

Thank you very much, and good morning to all of our participants. I am Nicholas Bournos of Capitalink, Investor Relations Advisor to Chakos Energy Navigation. This morning, the company publicly released its financial results for the nine months and third quarter ended September 30, 2020. In case we do not have a copy of today's earnings release, please call us. at 212-661-7566, or email us at 10TEN at CapitalLink.com, and we will have a copy emailed to you right away. Please note that prior to today's conference call, there is also a live audio and slides webcast, which can be accessed on the company's website on the front page at www.TENN.com. 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 Security Litigation Reform Act of 1995. Investors are costumed that such forward-looking statements involve risks and uncertainties which may affect TENS business prospects and results of operations. And at this moment I would like to pass the floor on to Mr. Arapoglou, the chairman of Xakos Energy Navigation. Mr. Arapoglou, please go ahead, sir.

Thank you, Nicholas. Good morning and good afternoon to all. Thank you for joining us on our call today reporting third quarter nine-month results. As you've seen, a more than double increase year on year in operating income and positive quarterly results in such a weak market while paying off all our obligations, replacing all the tonnage with new accretive business, maintaining a comfortable cash position, redeeming recently a preferred issue and maintaining a healthy dividend. All this demonstrates alertness and flexibility by our management, and fully validates our strategy and positioning in the market that you've been hearing all along. These attributes will certainly allow us to benefit from the anticipating gradual recovery in the market so that we can continue offering our shareholders value going forward. Thank you from my side. Happy Thanksgiving to all. And I'll now pass the floor to Nikos Tsakos, who deserves, together with his management, once again, congratulations. Nikos, the floor is yours.