Tsakos Energy Navigation Limited

Thank you for standing by. Ladies and gentlemen, welcome to the Tacos Energy Navigation Conference call on the first quarter 2022 financial results. We have with us Mr. Takis Agarpaulu, Chairman of the Board, and Mr. Nicholas Sakos, President and CEO, Mr. Paul Durham, Chief Financial Officer, and Mr. George Sargaulu, Chief Operating Officer. 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 call is being recorded today. And now I will pass the floor over to Nicholas Borzonis, President of Capital Link Investor Relations, Advisors of Sockless Energy Navigation. Please go ahead, sir. or email us at 10TEN at CapitalLink.com, and we will have a copy for you right away.

We will send you a copy by email. 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, Please go ahead, Mr. Rappaport.

Thank you, Nicolas. Hello, good morning, and good afternoon to everyone. Thank you for joining our Q1 results call today. The world is going through a very complex and unprecedented period of contradictions and severe challenges. It's an event driven runaway inflation. generated by the great Cold War in the Ukraine and supply chain challenges. Although we have full employment, yet we have declining number of workers willing to work, declining household income, and less willingness of people to spend. The seriously belated actions by the central banks to quickly reverse loan and accommodating originally put in place to stem growth after the economic crash and COVID. And the resulting rate hikes will put pressure on public and private sector debt servicing worldwide in an over-indebted world, especially in emerging markets. And all this with a high probability of failing to avoid a recession in the process. All this results in serious unrest, public unrest, with extreme social repercussions, amplifying inequality and reducing social stability. Yet these environments offer also opportunities, which then, with its wide and stable footprint and its resilient business model, fully captures, allowing it to grow revenues, show profits, reduce debt and do all the right things, renewing its fleet with state-of-the-art vessels, and doing all this in full contrast with its peers. Although the market, given this very complex environment with low visibility, may produce surprises on the way, TEN is very confident that it will continue to improve further its operating performance. And let's not forget that we're currently in a multiple-event-driven positive market, still waiting for the long-expected crude tanker market recovery, which will be based on the existing very encouraging fundamentals. So thank you all for your continued support. And I would like to now pass the floor to Nikos Tsakos. Thank you.