Tsakos Energy Navigation Limited

Thank you for standing by, ladies and gentlemen, and welcome to SACAS Energy Navigation Conference call on the fourth quarter and year-end 2020 financial results. We have with us Mr. Takis Arapoglu, Chairman of the Board, Mr. Nicholas SACAS, 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 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today, Wednesday, the 24th of March, 2021. I now pass the floor to Mr. Nicholas Parnosis, President of Capital Link, Investor Relation Advisor of Tacos Energy Navigation. Please go ahead, sir.

Thank you very much, and good morning to all of our participants. I am Nicholas, board notice of Capitalink, investor relations advisor to Chakos Energy Navigation. This morning, the company publicly released its financial results for the fourth quarter and the year ended December 31st, 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 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.cenn.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 Securities Litigation Reform Act of 1995. Investors are cautioned. that such forward-looking statements involve risks and contingencies which may affect STEM business processes and results of operations. And at this moment, I would like to pass the floor to Mr. Arapoglou, the chairman of Chakos Energy Navigation. Mr. Arapoglou, please go ahead.

Thank you, Nicolas. Good morning and good afternoon to all, and thank you for joining us today. I hope you are all staying safe and healthy. Despite the challenging market conditions, 2020 proved to be a year of strong operating profitability for TEN. This allowed us to continue paying dividends, repaying yet another issue of preferred stock, reduce bank debt, and meet all our other obligations. We sold all the tonnage to maintain a young fleet and were able to take non-cash corrective action on certain vessels. In essence, nothing new or different from what TEN has been consistently doing every year since inception. Today, with a substantial cash position, accelerated special surveys to best utilize poor market conditions and have the fleet on spot TEN is perfectly positioned to benefit from the anticipated recovery in the global economy and the resulting release of demand for oil and oil products. The Board joins me in congratulating Nicholas Tsakos and his team for yet another year of best-in-class performance, which fully validates our strategy. And with this, I pass the floor to Nicholas Tsakos.