Tsakos Energy Navigation Limited

Good morning to all. Thank you for standing by, ladies and gentlemen, and welcome to SACOS Energy Navigation Conference Call on the fourth quarter of 2024 financial results. We have with us today Mr. Takis Arapoglou, Chairman of the Board, Mr. Nicholas SACOS, Founder and CEO, Mr. Paul Durham, Chief Financial Officer, Mr. George Saraglou, President and Chief Operating Officer, and Mr. Harry Kosmatos. CEO, CFO of the company. At this time, all participants are on 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 that this conference is being recorded today. And now I'd like to pass the floor over to your host, Mr. Nicholas Bornosis, President of CapitalLink and Investor Relations Advisor at to SACOS Energy Navigation. Please go ahead.

Thank you very much and good morning to all of our participants. I'm Nicolas Bornozis, President of Capitalink and Investor Relations Advisor to SACOS Energy Navigation 210. This morning, the company publicly released its financial results for the 12 months and fourth quarter ended December 31st, 2024. 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'll have a copy sent to you, emailed to you 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 contains 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 uncertainties which may affect tense business prospects and results of operations. So before passing the floor, To the chairman, I would like to congratulate the company for the transformational milestone transaction to build nine shuttle tankers with secured 15-year employment. This transaction solidifies TEN's profitability and growth for many years ahead. And by the way, it also proves how TEN's prudent capital allocation has enabled the company not only to move fast to close this transaction, but also to to finance the equity portion required at this stage with your own funds without stretching the company's balance sheet. And now, at this moment, I would like to pass the floor to Mr. Takis Arapoglou, Chairman of Xakos Energy Navigation. Please, Mr. Arapoglou, go ahead.

Thank you. Thank you, Nicholas. Good morning and good afternoon to everyone. And thank you all for joining our call today for the fourth quarter 2024 and full year 2024 results. As you've seen, excellent results from a market that continues to demonstrate strong fundamentals. A record 21 vessel expansion that will result in a fleet pro forma of 82 vessels. and $4 billion of contracted revenues, confirming the unique and robust industrial model of TEN. The milestone nine DP-2 shuttle tanker deal worth $1.3 billion with Transpetro firmly establishes TEN among a very select group of leaders in the shuttle tanker business. and demonstrates once more the commitment we have in servicing the needs of our customers, fully justifies our strategy of maintaining ample liquidity, and it also shows that it allows us to comfortably enter into such accretive mega-sized transactions. The sale of one more of our oldest vessels generates Again, cash for the company and the S&P activity of TEN in this front will continue in order to maintain a young fleet and generate additional cash. All this, I think, confirms the textbook nature of TEN's management that allows it to continue paying dividends uninterruptedly since inception, oblivious, I would say, to the cyclical nature of the market. So once again, congratulations to Nikos Tsarkos and the team for this excellent performance, which no doubt will continue keeping 10 in the forefront of the energy transportation business going forward. So thank you, and over to Nikos Tsarkos. Thanks.