Tsakos Energy Navigation Limited

Thank you for standing by, ladies and gentlemen, and welcome to the SACOS Energy Navigation Conference Call on the First Quarter 2026 Financial Results. We have with us Mr. Takis Arapoglou, Chairman of the Board, Mr. Nicholas SACOS, Founder and CEO, Mr. George Saroglou, President and Chief Operating Officer, and Mr. Harris Cosmotos, CFO 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 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 pass the floor over to Mr. Nicholas Fornosas, President of Capital Link and Investor Relations Advisor for Tacos Energy Navigation Limited. Please go ahead, sir.

Thank you very much, and good morning to all of our participants. I am Nicolas Bornozis, President of Capitalink and Investor Relations Advisor to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the three months ended March 31, 2026. 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 is also a live audio and slide webcast, which can be accessed on the company's website on the front page at www.capitallink.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 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 TEN's business prospects and results of operations. And at this moment, I would like to pass the floor to Mr. Arapoglou, the chairman of Tsakos Energy Navigation. Please go ahead, Mr. Arapoglou.

Thank you, Nicholas. Good morning, good afternoon to everyone. It's even another time when the TEN model has proved It works in good and in bad markets. That's the way it's structured. It's been run as a portfolio of vessels rather than a number of individual vessels. This has led to sustainable profitability throughout the years, while continuously increasing dividends. It was just highlighted to me that the total dividend per share paid since inception to every preferred or common share of 10 is $1 every year. So while at the same time renewing fleets and always maintaining a cash buffer of well above 350, although this number increases as the quarters roll out. This number is not a static number. It's a number that rolls over through the sale and purchase situation. So it's not because we want to have 360 steady there. You know, that's not the policy. It's the policy to be able to have either a buffer or the ability to make acquisitions. At the moment, this model has booked upfront revenues for the next two years of $3.6 billion. of all kinds, profit sharing and time charges, which is part of the thing that we have. And all this is benefiting, allow me to say in a way ironically, from strong market fundamentals. The result is continued strong business growth as evidenced by the steadily increasing stock price, which I'm sure you have noticed. Thank you all. I now wish to once again congratulate Nikos Tsakous and his team for the excellent performance on all fronts. So Nikos, the floor is yours.