Tsakos Energy Navigation Limited

Thank you for standing by, ladies and gentlemen, and welcome to SACOS Energy Navigation Conference Call on the fourth quarter 2022 financial results. We have with us Mr. Takis Arapoglou, Chairman of the Board, Dr. Nicholas SACOS, President and CEO, Mr. Paul Durham, Chief Financial Officer, and Mr. George Saraglou. 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 would like to ask a question, please press star one 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 will pass the floor to Mr. Nicholas Bournosis, President of Capital Link, Investor Relations Advisor of Socos Energy Navigation. Please go ahead, sir.

Thank you very much, and good morning to all of our participants. I'm Nicolas Bernards of Capitalink, investor relations advisor to Chakos Energy Navigation. This morning, the company publicly released its financial results for the fourth quarter and year-ended December 31st, 2022. 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 for you emailed right away. Please note that parallel to today's conference call, there's 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 contain certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Security Litigation Reform Act of 1995. Investors are concerned that such forward-looking statements involve risks and uncertainties which may affect terms, business, prospects, and results of operations. And before passing the floor to Mr. Arapoglou, I would like to... We're looking forward to having Dr. Tsakos with us at the Catalink Forum in New York next Monday, and I would like to congratulate him for being recognized as the Person of the Year by the Hellenic American Chamber of Commerce next Friday in New York, recognizing and honoring his contribution to global shipping to Greece, and also recognizing the fact that 10... is the longest-listed Greek company on the New York Stock Exchange. And this recognition coincides with record profitability, a record year for 10. So with that, I will pass the floor to Mr. Arapoglou, the chairman of Tricos Energy Navigation. Please go ahead, Mr. Chairman.

Thank you, Nicholas. Good morning and good afternoon to everyone. Thank you for attending our call today. Please excuse my voice, which is due to a type of cold that can't be managed. We have passed a quarter and full year. The record resides in books since inception, celebrating with a very healthy dividend increase. I need to remind everyone of the PEN model, which mitigates negative results in bad markets and allows the company to benefit from strong markets. Indeed, this model has allowed PEN to pay an interrupted dividend since inception, and at an average over the year's payout ratio of over 22% of earnings, I will show you the cycle a few minutes later. The main driver of these stellar results, apart from, of course, the otherwise very unfortunate geopolitical events, are the market fundamentals we were all expecting to gain in quite some time now. So, congratulations are in order. Once again, we meet with Sarkozy and the management team, which, apart from operational excellence, is dynamically pursuing the P2 mode, producing debt, and keeping a tight course to benefit from what seems to be a sustained strong market despite a recessionary expectation. All this potential has been firmly recognized by the market and is reflected in our stock's performance in recent months. So again, well done to all, and we look forward to the continuation of Tim's possible journey going forward. Thank you, Erlan and Revit. Over to Nikos Akos.