Tsakos Energy Navigation Limited

Thank you for standing by, ladies and gentlemen, and welcome to the TACOS Energy Navigation Conference call on the second quarter 2021 financial results. We have with us Mr. Takis Arapoglu, Chairman of the Board, Mr. Nicholas TACOS, President and CEO, Mr. Paul Durham, Chief Financial Officer, and Mr. George Saroglu, 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. And now I pass the floor to Mr. Nicholas Bornozis, President of Capital Link, Investor Relations Advisor of Taka's 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 Sakos Earnings and Navigation. This morning, the company released publicly its financial results for the second quarter and six-month period ended June 30, 2021. In case you 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 sent to you by email right away. Please note that prior 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 Security Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties which may affect tense business prospects and results of operations. And before turning the floor over to Mr. Arapoglou, I would like to say that we are particularly happy to be hosting this conference call today from New York. Dr. Tsakwas is in New York. And actually, I would like to congratulate him that a couple of days ago he was inducted into the International Maritime Hall of Fame in a big ceremony in New York, organized by the Maritime Association of the Port of New York and New Jersey. So, Dr. Tsakos, congratulations, and delighted to have you with us in New York. And without any further delay, I would like to pass the floor to Mr. Arapoglou, the chairman of Tsakos Energy Navigation. Mr. Arapoglou, please go ahead, sir.

Thank you, Nicolas. Good morning and good afternoon to everyone. Thank you for joining our call today. We clearly are in the worst period in the market in recent memory. And despite this, the results that we show today indicate that we've managed to stay relatively unscathed, proving once more that we have a robust operating model. We continued our well-proven strategy of counter-cyclical new investments in accretive charters and with blue-chip customers, as always. We continued selling all the vessels to maintain the young fleet. We continued keeping a substantial portion of our vessels on time charter, albeit at a lower percentage, to ensure a predictable revenue flow and cover costs, while maintaining steadily increasing the spot content to position 10 for, as expected, a strong rebound in the market. All this while maintaining a very comfortable cash position, constantly repaying debt, servicing our obligations, maintaining dividends, and containing costs. So nothing really new, just tweaking the same model according to what's happening in the market. This has served us all along well. And for this, again, we need to congratulate Nicolas Tsakos and his team for the focus and the excellent performance. And I'll pass the floor to Nicolas Tsakos. Thank you very much from my side.