Q1 2023 Tsakos Energy Navigation Ltd Earnings Call
Thank you for standing by ladies and gentlemen, and welcome to sockets.
G Navigation conference call on the first quarter 2023 financial results, we have with US Mr. Tankers <unk> chairman of the board Dr. Nikolas Tsakos, President and CEO , Mr. Paul Durham, Chief Financial Officer and.
Mr. George <unk>, Chief operating officer of the company at this time all participants are in a list at all.
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 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 pass the Florida, Mr. Nicholas prognosis President of capital Link Investor Relations advisor with Saka Energi navigation. Please go ahead Sir.
Thank you very much and good morning to all of our participants I am Nicolas subordinated capital Inc.
Investor Relations advisor to Tsakos energy navigation.
This morning, the company publicly released its financial results for the first quarter ended March 31st 2023.
In case, you do not have a copy of today's earnings release, please call us at.
Q1, 26617566 or email us.
Tim.
At capital link Dot Com and we will have a copy for you you made 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 Dot G.
E M M Dot G R V.
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 at an archive 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 but by clicking on the appropriate 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.
Conference call slide and the slide presentation.
Contain 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 before passing the floor to a certain amount of I would like to highlight that I've mentioned in the press release. Today, then celebrate 30 years as a public company I'd like to extend my uncle and grabs licensed adult all tacos and the entire team and the company is kicking off about 2020.
Three with a record quarter.
Quarter in terms of our performance and results.
And at this moment I would like to pass the floor to Mr. Doug you start up a little bit of cycles and navigation. Please go ahead Mr. Arnell.
Thank you thank you Nicholas.
Hello, and welcome everyone and thank you for joining us on our call today.
I must congratulate management for an extraordinary set of record first quarter results.
Stellar operational performance and also congratulate them as a whole.
For celebrating 30 years as a public company in 30 years.
One interrupted growth.
So many happy returns.
We continued to benefit from the prevailing solid market fundamentals.
Building healthy cash reserves, which allows us to maintain our policy.
Oh redeeming expensive preferred issues when we got him.
[noise] steadily reducing debt.
And pain.
The increased dividend in this use case.
And dividends of 140% higher than in 2022.
Subject to the market continuation of this firm all of.
This firm.
And the market the board.
<unk> may consider.
During an extraordinary dividend during 2023 over and above the already announced annual common dividend of six cents per share.
At the same time.
We take advantage of the prevailing attractive charter rates.
Locking in long term employment for our vessels.
Resulting in over one $6 billion of future contracted revenues over the next few years.
Which of course ignore the high and sustainable profitable performance.
Our vessels operating in sports are taking advantage of the high rates in the market.
As is the case with our vessels benefiting from brokerage sharing arrangement.
All of this the combination of all of this puts us in a position.
Ooh comfortably continue as always to consider new strategic accretive investment divestment opportunities.
As and when these may arise in order to grow further.
Always in a measured and prudent way and for the benefit of our shareholders.
So congrats again to management employees.
And best wishes for another 30 years of successes.
I'll now pass the floor onto our CEO and President Nikos Tsakos. Thank you.
Yes.
Thank you chairman, Thank you Nicholas and Oh.
Good morning, good afternoon to everybody.
It's always a great pride that we are celebrating our.
Our certainty of anniversary the here the company was established starting tomorrow.
Tomorrow type of start up with all of the vessels.
To what it has been today.
And also we're celebrating it together with a lot of friends or a lot of colleagues who have been our windows runs away.
And a lot of our new colleagues.
Starting the torch snow and of course, we're even happier that we kind of report on that.
There are links on other therapies.
I'm sorry.
Like last year, which was up 20.
Continuously here on the New York Stock exchange.
We also.
The.
A lot to celebrate a record year and we hope that this year, it's going to be another record year.
For Us then.
Personally a lot.
Well also afforded me in the family.
It's a very big part of our lives.
How big I will not really big.
Because I want to give out my age at which most of you know about.
But I can say that Oh wait as soon it's going to be more than half of my life.
In in dealing with our with them.
The company that we all enjoy it and other shareholders. It's really scary thought to have two things on this but of course, it's not only the longevity of it.
The company might actually a lot of milestones for us going forward. They hear that we actually start that Oh quotation on the New York Stock exchange. So we had the arrival of our son she has proven.
The investment so far.
And even a better investment in 2019 for the order of one of the first LNG together, he and I went over all of our two daughters and are these here a record here and there.
All out of the house and then in colleges around the world.
It's been a long process, but it has been an exciting process.
The company with friends sort of all over the world.
We will see in the future.
Is that we are in a in a period that I have never experienced.
In my as I mentioned 30 years of working lives.
And we've said the order book.
It has never been a show dry to yours do you use that.
The expression level in the last 30 years, we've seen.
Yeah, you know what percentage of three or 4% of the world fleet being built in some categories.
Really.
Completely.
I'm, not saying I've been to.
To compete with the demand that is coming we're seeing demand coming back after the couple of long COVID-19 tiers more ton miles because of the war occasional closures of canal I mean, as you know we have delays many times in the most photos and mainly in the winter.
Having an effect on the market right now we're shooting.
Very strange situation.
The Panama Canal because of drought, there's a significant need of dredging and the big number of our larger ships, including other lenses not only ours big container service Suezmax and Vlccs. You then have to wait for a long long juice or do they have decided to do Additionally long.
Ton miles going around.
Yeah.
Our answer in South America in order to to go to get to the other side. So well every small right now the model of the month.
Welcome to show balance with average small detail makes the market a even stronger. So this is a this is how.
How we are looking at.
Very good.
As far as supply and demand.
It's a situation where they're seeing more of a feel of strategic reserves.
Around the world the driving season, and I hope all of our good friends, who will take their time and enjoying driving I don't started yesterday in the U S and in other parts of a bunch of the world.
So we thought that would have I would say that Oh, we believe that this market has legs to go forward.
And I'm talking about forward I will ask George to give us a little bit there.
Sure.
But really it's just off the off over the past.
Okay, great. Thank you very much nikos good morning to all of you joining our earnings call today.
Celebrate 50 years as a public company this year and this morning, we reported record profits for the first quarter of 2023, the best quarter in the company's history since inception.
Key takeaways.
First of all we continue to experience the largest change in trade flows one going through the known product movements as a result of the war in western sanctions on Russia seaborne oil.
As the war in Ukraine continues these changes appear to be permanent.
Europe before the war was the biggest clients, a fresh and Lord but since the war manage to replace this bottoms from the United States West Africa, South America, Liana, and the middle East, creating a portion towards a positive ton mile multiplier effect for tanker demand and freight rates.
The same time tanker new buildings are at an all time low with new orders being less than 5% of the existing fleet.
Many yards are now booking orders after the end of 2025 and up.
At the same time global oil demand is growing based on the latest amongst your forecasts from the international Energy Agency, which revised Jo Malone demand upward by 200000 barrels in May.
This year worldwide oil demand is expected to grow on average by 2.2 million barrels per day.
And for winter realize it will be an all time record at 102 million barrels per day most.
Most of the demand growth is expected to come from non OECD Asia, and especially China.
And despite potential global headwinds like stick inflation tightening global financial condition the war in Ukraine.
The OPEC plus production cuts announced in May the global economy is expected to continue growing this year all in demand as we mentioned is growing and tanker fundamentals are.
A strong March.
Tanker market for the next three years.
Going through the slides in our presentation is slide number three we see that since inception in 1993, we have faced five major crisis.
At this time the company came out stronger thanks, Vince so if anything most of them.
Recently, we came out of the Covid pandemic and continue to navigate the challenges created by the Washington.
The fundamentals are record low order book for tankers, the aging fleet and the post COVID-19 towards demand recovery, even without the project world, where unfortunately for our industry.
And western sanctions and price cap imposed on Russian seaborne noise.
Sure that's an additional catalyst to profile freight rates higher as long established trade routes were disrupted based on just elongate all of them.
All of the Russian volumes are now flowing long haul to India and China.
At the same time U S crude oil exports have gone up from averaging about 3.1 million barrels per day last year to about $4 1 million barrels a day to day.
And the next slide we see the company's fleet growth and capital market access since inception, whereas capital for growth nothing that's top of the market at the time from our no surprises where do you usually no.
The numbers in the blue boxes present, the company's common share offerings and in Red The series a preferred stock offering since our listing in the New York stock exchange. The first to prefer to see additional 50 million. Its the series B and series C have already been redeemed at par today.
We announced the redemption of our preferred series the series D.
Redemption will take place on July seven.
The company will pay approximately 88 million for the holders of the series D preferred.
2019, the company has bought back and retired 188 million of preferred shares.
Refer to the annual dividend payments of approximately $16 1 million a year.
And the next slide we've seen our fleet and its current fleet employment, we have an operational fleet of 58 vessels with 31 out of the 58 or 53% of the fleet in the water having market exposure a combination of spot contract of affreightment and time charters with profit sharing.
41 out of the 58 vessels or 77% of the fleet that and seeing good contracts fixed time charters and time charters with profit sharing.
This means that <unk> is well positioned to continue capturing the positive tanker market fundamentals as well.
Evidenced also by the company's first quarter results.
Since the start of the year, we have renewed and extended seven to 15 of our tanker for time charters with high fixed time charter rates or higher minimum base rates.
Higher profit sharing schemes.
Identity is a key element of our operating model.
We showed during the first quarter of the year eight tankers six 2005 built embarrassed into 2016 fantasize bankers.
<unk> a capital gains of 81 million by taking advantage of strong demand for secondhand tonnage. We also bought back with compounding cash flow in 2005, Suezmax is for a price under their fair market value.
With this transmission is currently operating in the spot markets management is exploring divestment opportunities.
Asset prices for quality secondhand tonnage continues to remain strong.
Anything that's kind of generation Vas has been in place with Mazda.
Frankly, I didn't address.
Ted has currently in your building program a high tankers, consisting of two shuttle tankers for delivery during past five how do you all feel of how much is hardly any of that in the second half of this year and first quarter next launch.
To Echo Francis' can happen.
Except for the Max but leave after three years that echelon of the company's new buildings have been fixed for war against medium to long term time charters.
Slide six shows the Companys current and long term class and as machines have a blue chip customer base, consisting of all major global energy companies.
Binaries commodity traders and in fact, we are currently talking to the list as our largest chapter nine vessels and new buildings on long term time charters.
On slide seven the left side presents the all in breakeven cost for the various vessel types, we offer anything pending.
We have a simpler operating model, we try to have our time charter for the vessels generate revenues are covered in the conference costs expenses bank for divestment of anything or expenses finance expenses overheads.
And of course in commissions and less revenue from the spot trading vessels.
<unk> for the person.
Ability of the company.
Fleet utilization in the first quarter of class C amounted to 96, 4% reflecting.
Reflecting efficient technical management and the low number of scheduled dry docking during the period.
Thanks to the profit sharing element for every $1000 per day increase in spot rates.
The impact of <unk> and annual EPS based on the number of 10 vessels I've got it.
Exposure.
Spot rates.
Debt reduction is an integral part of the company's capital allocation strategy.
Our debt peaked in December of 2016. Since then we haven't paid 263 million.
Debt and repurchased $188 million of three series of preferred shares and closing the deal we announced today.
Slide nine is a snapshot of the company's main financial metrics and performance since 2009 since 2004.
Need to highlight here the growth of the fleet, we have almost doubled since 2004.
We have maintained and it's more than that more than that but we have maintained very strong data.
Strong balance sheet and strong cash reserves and at the same time for most of the peers. We have maintained a very profitable operation.
How this strong operating performance and financial performance translate this for our shareholders even to translate some of the different through the through the different dividend distribution, which is in addition to paying down debt as dividend continue it is important for the common shareholders and management.
It has always paid the dividend irrespective of where the market cycle circumstance will be paid on June 15 in another cell therapy essentially in December and to date that will be announced later in the year and closer to mid December distributions.
If we compare to the six makes sense, that's where it gets paid this year against the classifieds space last year dividend distribution has been increased by 140%.
In total following this year, 6% the company what type of distributors in excess of 516 million shareholders since our listing in 2002.
The market continues to be jumbo loan demand continues to recover as the world emerges from the Covid pandemic and despite financial and geopolitical headwinds.
As we mentioned earlier the international Energy Agency expects global oil demand to grow by approximately 2.2 million barrels per day this year.
And most of the growth is going to come from Asia Pacific fueled mostly by the insurgents China.
The supply side most of the growth in 2023 is expected to come from non OPEC countries, including Brazil, USA, we are not Canada, Mexico, Norway.
As global demand continues to grow lets look at the forecast for the supply of tackling the order book stands at less than 5% over the next three years, which is the lowest it has been in the last 30 years at the same time, a big part of the fleet is over 15 years and we currently have almost 11% of the fleet that is Robert.
Yes.
The last slide is a slide that shows the scrapping activity since 2018.
We have upcoming regulations and the industry that is the carbon atoms cannibalizing initiatives and almost 11% of the fleet being over 20 years, we think that all these factors point to a balanced tanker supply and market for the next few years and with that I will ask Paul to walk you through the financial highlights first of all Paul.
Thank you Joe.
Well in the first quarter the company achieved a net income of $96 million before.
Gains.
Total revenues amounted to $261 million, an increase of 75% over the prior year.
Contributed $236 million EBITDA compared to only 42 million in the prior quarter one.
My life time charters generated $156 million and spot freight provided $125 million.
This clearly indicates that the tanker market had considerable strengths in the opening weeks of the year and even now despite demand concerns are there.
George has pointed out with respect to potential cuts.
Right.
The sale of the new vessels.
Big part of our vessels in the new year as mentioned in the press release also generated extra cash proving asset values are.
So buoyant.
So the first quarter, including vessel sales resulted in net income of $177 million a record net income for the first quarter.
Oh total vessel utilization.
Maximum employment helped by having just two vessels in dry dock.
Our suezmax and Aframax is participated in a market that provided high rates upwards.
Of $60000 per day, which together with a smaller vessels led to a daily average TCE of over $42000 per vessel in Q1.
Double that.
Air cooled who won.
Opex increase.
Much was due to inflationary factors and because we used a large part of our cash reserves to build up our vessel supplies and increased maintenance throughout the fleet.
Cash resources continue to grow and have now increased to record highs.
During a welcome reduction to our outstanding preferred shares.
A positive impact on our bottom line through many quarters in the future.
As a result of bringing our core tier one operations into readiness our fleet has a ways.
Isn't a perfect day to serve our customers.
Since then we haven't seen that.
Fairly calm quarter one.
So when a homeowner who is one of them are even better for the next quarter going forward.
Yeah.
Good. Thank you well. Thank you Paul Thank you George.
It's almost like a business an important new Jersey.
And and on on.
On that note again, I would I would like to reinstate that.
The market fundamentals the way we have placed the company.
<unk>.
Our strategy of always maintaining ships in the spot market, but don't drill ships are with high utilization that makes there's always even in difficult times be able to have the propeller at least 96% of the quarter has has made the company to be able to navigate as we showed you showed the slide that the Joseph a.
From the spin even in difficult times has always been.
Being able to pay a dividend has always been able to grow never had an issue.
I guess, we are one of the handful of companies that we have never ever negotiated any of our loans are banking facilities.
Okay.
Bank, reducing significantly.
We picked at difficult times, because the time to invest in ships is when the market is low and Oh, we have picked our debt around one point.
Back in 2016 it.
Since then we have not only reduced our debt, but at the same time grow our fleet.
From internal cash flows, but also as George said, we will be reducing by another $188 million and perhaps more or.
Our perpetual so there's a perpetual preferred so we don't have to.
To reduce them, but I believe it's good housekeeping for us it makes it a balance it simpler.
And at the same as at least $17 million from a bottom line on on interest savings in a period, where interest rates have been growing in.
Around the inflationary world that we're living with we took advantage of this market just in the first quarter, we have a more re chartered or new charters of the.
15 ships at significantly higher levels and for significant long periods of time, many things between from 15 years down to two years.
And that gives us a mix of our business of $1 6 billion with an average duration of three and a half years, which is something that we know that going forward. The company has oh.
Secured paying all its obligations and grow even if the spot market.
Goes under a breakeven. So this is a position we are right now.
And with this I would like to open the floor for all of US. If you will if you have any any questions. Thank you.
Thank you we will now be conducting a question and answer session I would like to ask a question. Please press star one on your telephone keypad confirmation tone will indicate your line is in the question queue.
Press Star two to remove yourself from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys, one moment. Please while we poll for your questions.
Our first questions come from the lineup Omar <unk> with Jefferies. Please proceed with your question.
Thank you Hey, guys. Good afternoon, thanks for the update.
Yeah, congratulations on yet another record setting quarter and very strong performance.
Just wanted to ask maybe you know strategically and big picture about soccer is going forward.
Recently, you guys did a bit the MLR segments. He got out of those older vessels in your investments here recently have tended to be much more within the shuttle tankers or in the crude Suezmax Aframax segment.
And then you've also got LNG. So just wanted to maybe think about or ask when we think about soco's feature or going forward in terms of capital allocation is it really maybe within these three buckets that youre looking to deploy capital it's either within shuttle tankers.
<unk> crude and then say LNG is it those three buckets that make up the primary is sort of a long term picture for the company.
Yeah, Thank you and good morning.
These are high end parts of the business that we.
We have the internal expertise as you know and all we were waiting for your visit they don't wait for Bush's owner to come visit us.
The office is still driving even though without Macedonia, we have new developments in our mainly in our control procedures, we have a new.
So for us there.
More demanding the trades are they give us a better return, but it's something we can handle a internally and so we tend to focus to the high end of the business that is required by the major oil companies, but this does not exclude.
But we will look at.
Opportunities like Vmware or a segment because when we always like to have a.
Underneath there the last participation ended up being a very successful one window when we actually build those ships, but guidance 18 years ago now.
Oh My God, we're not all months of younger if you look at the delivery because it was but.
It was we never expected that those ships will have such a good performance. After after 18 after 18 years and have proven to be one of our Oh, a best return over the years. However, it is true that we are focusing on the bigger sizes shopping tankers LNG suezmax.
And when she says.
Alright, Thank you yeah yeah.
Maybe just on the two suezmax new buildings are the ones that are scrubber fitted.
Youre, having employment discussions are on those two how would you characterize those types of discussions and and what I mean is are they kind of are they project style long term charters similar to the dual fuel Aframax did you have or the shuttle tankers or are these more charters youre seeking to derisk, the new building investment.
Well I think.
It is.
It is a more or charter, there's one pushing toward a good quality operator.
You know with with a long term employment.
So it is not so much on on specific contracts, but is that all the major companies are looking to secure ships. There. They are very very few ships out there.
Right now.
Very few of us understand or know what will be the next phase of Oh for the.
Of the engines.
Is it going to be dual fuel with ammonia with LNG with methanol show there's a what.
Wait and see.
The situation. So there is a lack of ships and one six of that quality in this in the most I would say prestige yards in the world that are being built by a good operator that a lot of that a lot in demand.
Yeah.
Got it thank you.
And then maybe just one final one for me just within say LNG I wanted to ask kind of what what youre seeing in that market opportunities like we've seen in the spot market come off here recently part of it's seasonality part of the pressure on LNG prices, but generally we we've seen the spot come off but the term market appears that it's a it's much firmer.
Just wanted to ask kind of if you can give some color on what youre seeing in the term charter market for for LNG and then also if youre seeing opportunities to go into new buildings, there against long term contracts.
Yes, I think I think you you're very right to say that the I think the spot market, but right now it's.
On the 50000.
Down from a hunger thousand just six months ago.
We have been I guess, a all the way.
Like you know what I said, then we have a charter.
Our vessel solved for very diversified, but perhaps for a very long time. So it's.
Very profitable level, so we actually jumped on the charter long term wagon sometime in the third and fourth quarter of last year, and we have been able to secure a 12 to 15 the unemployment on one of those ships at very accretive levels.
And then.
Another.
11, 10 to 11 here in employment again with profit sharing arrangements.
On another and a very good year of extension of the federal I think we're going to be at least from our lenses, we're going to be enjoying logging in at the high end of the business I expect us more.
Stay tuned buying vessels are coming up for renewal in business and there is a significant a significant.
And you're building order book and that's perhaps.
Perhaps the most.
Energy segment right now we wouldn't see a correction in that market. We are always there to participate.
But we want to participate more and more but we always do it at the right time the difference between now and then.
LNG specific companies is that we are not pressured to.
Invest in LNG in order for us to grow our company at the same time as you said, we can do a shuttle tanker and we can do a suezmax who can do it in a more nimble chips on the table and this is what are the best returns. So I think this is what makes them special you know we do not have to follow just a you know LNG LNG is going to be part of our growth but not.
Because as you know not if it's not the best return.
Yeah, that's very clear.
Thank you very very helpful. I will turn it over and you know looking forward to my visit a fear offices before possible. Thank you.
Okay.
Yeah.
Thank you our next questions come from the line of <unk> Malik with value Investor's edge. Please proceed with your questions.
Yes.
With a third one thank you for taking my questions I wanted to start by congratulating the team for reaching the 30 year Mark.
Thank you thank you Frank.
In the press release, you mentioned, you have secured new contracts and extensions for 15 vessels, including two LNG carriers.
Could you provide some commentary on the duration and the expected contribution from the new contract on the Neo energy.
And we would like very much to tell you all this instant private [laughter].
So please don't physically.
What I can tell you.
But the contribution of the 15 new.
Our charters some extensions that happened.
Since the last quarter.
He's over the magnitude of in excess of half a billion dollars.
In freight.
We will which has brought our next three and a.
And half of the year forward.
Employment.
Future employment to income coming to wanting to 1.6.
Okay.
What kind of what we can say is that we know why energy.
It has been chartered.
With a very candidly six figure.
Number.
This is Nathan.
We'd be happy to answer your questions.
In private.
In order to avoid a.
Confusing or other people without vision.
It makes sense, we'll do that thanks for the color and on the press release, you also mentioned that the board may declare an extra dividend on top of the one you already announced.
And I was wondering could you provide some additional insight on what the drivers behind the decision would be.
Is there a specific metric they would look at suggest cash on the balance sheet or the outlook or is it a mix of several factors.
Well.
Whereas now we have the luxury to have the chairman of waterborne tier so Mr. Chairman.
Lisa.
Give us a little color or to what will take us to convince you to give a higher dividend.
Oh thank.
Thank you Nicole.
An extraordinary dividend, we will examine that we'll see how business will progress.
Absolutely.
The next few months, it's a judgment call there are no triggers.
And it all depends on.
On the numbers that we expect to see a that they materialize.
So it is not a base that will not be based on any triggers door formulas or whatever it's oh, we really need to be convinced that what we see as being a sustainable performance.
So really materialize.
That's all.
Alright, thank you for the color.
That's all for me. Thank you for taking my questions and congratulations for the quarter.
Thank you.
Thank you there are no further questions at this time I would now like to hand, the call back over to Nikolas tsakos for any closing comments.
Well. Thank you very much for participating in our first quarter, we hope our second quarter and the six month results are to be as good or better.
We're going to be seeing the significant increases on your charters that we talked about actually becoming numbers in the second quarter and third quarter. So I think because a lot of the business that we actually.
Conclude that in the last eight weeks are going to be delivered without this period of time.
So we're looking at.
A good Chelsea year going going forward.
This is as we said, it's a it's Mike stone year for us.
The ear as an entity as a public company.
We would it be celebrating.
Celebrating eh again by doing some business in the meantime, whoever is in London.
On the during the.
Shipping.
London International shipping week in Middle of September and then what would it be spun assuring a big shipping seminar.
Offering a few drinks for celebrating.
Our our 30 years in a in the I am all building the building with our a board member and head of our operations and Environmental Committee. Mr. Metropolis has a lot of memories from being the secretary agenda and I'm, taking this opportunity to wish you happy birthday, and thank you Michelle Metropolis.
Celebrating your best day with us today.
Everybody important important time, and then of course.
The actual date of our.
First the listing on the Oslo stock exchange.
The 10th of October 1993.
For those of Us who still.
I remember that.
<unk>, which is good.
And we will be celebrating that thanks to capital link Saturday instruments.
And I think Nick is listening in in New York.
Together with a partner or a part of their family having both my daughter, starting at Columbia University in New York at the time, they would be yeah, there will be the main entertainment.
Over that period, the sheer listening again, that's why I'm, saying this and that will be another good opportunity for us to meet the shareholders face to face but of course the team is going to be in New York during marine money, which is in a couple of weeks.
And we take this opportunity to thank you for your trust and looking for I mean, what we did last year. When we were celebrating 20 years on the New York Stock Exchange, we will call. It 10, or 20 and a surprise broke 20 for a considerable time notes under that it's very undervalued.
Yeah now internal tariff is its a higher.
Target, but you never know I hope we can achieve it.
Thank you very much.
Thank you. This does conclude today's teleconference. We appreciate your participation you may disconnect at this time enjoy the rest of your day.