Q3 2023 Tsakos Energy Navigation Ltd Earnings Call

Speaker 1: Thank you for standing by, ladies and gentlemen, and welcome to Stakos Energy Navigation Conference call on the third quarter 2023 financial results. We have with us Mr. Takis Arapaglou, Chairman of the Board, Dr. Nicholas Stakos, President and CEO , Mr. Paul Durham, Chief Financial Officer, and Mr. George Saraglou, Chief Operating Officer of the company. Thank you. Thank you. Thank you.

Thank you for standing by ladies and gentlemen, and welcome to Parker.

<unk> conference call on the third quarter 2020 financial result, we.

We have with us that they're talking to their rapid Glu 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.

Speaker 1: 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 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference call is being

At this time all participants are in a listen only mode there'll be a presentation followed by a question and answer session at which time, if you'd 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 call is being recorded today.

Speaker 1: I will now pass the floor to Mr. Nicholas Bournouzis, President of CapitalLink, Investor Relations Advisor of SACOS Energy Navigation. Please go ahead, sir.

I would not I will now pass the floor and it didnt Nicholas coordinate that.

Our capital link Investor relation advisor of Tsakos Energy navigation. Please go ahead Sir.

Speaker 2: Thank you very much and good morning to all of our participants.

Thank you very much and good morning to all of our participants.

Speaker 2: I'm Nikolaos Bournaouis of CapitalLink, Investor Relations Advisor to Tsakos Energy Navigation.

Nicholas bought Nigel catheter length, and Westbury literature by exhaustive chocolate and it went up against them.

Speaker 2: This morning, the company publicly released its financial results for the nine months and third quarter ended September 30, 2023.

This morning, the company publicly released its financial results for the nine months and third quarter ended September 32023.

Speaker 2: In case you do not have a copy of today's earnings release, please call us at 212-661-7566 or email us at 10ten.com and we will have a copy for you emailed right away.

In case, you do not have a copy of today's earnings release, please call us at two <unk>.

126617566, or E Mail us I N T E N.

Capital link Dot Com, and we will have a coffee for U a E mailed right away.

Speaker 2: Please note that parallel to today's conference call, there is also a live audio and slide webinar.

Please note that parallel to the dentist conference call. There's also a live audio and slide webcast.

Speaker 2: 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.

Which can be accessed on the company's website on the front page.

You Ww adult T E N G.

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.

Speaker 2: 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 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.

Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call.

So please note that the slides 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.

Speaker 2: 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.

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 now this moment I would like to pass the floor to you Mr. Abu <unk> chairman of chocolate standards wind up against them.

Speaker 2: And at this moment I would like to pass the floor to Mr. Arapoglou, the chairman of Tsakos Energy Navigation. Mr. Arapoglou, please go ahead.

Please go ahead Sir.

Speaker 3: Thank you, Nicholas. Good morning and good afternoon to all and thank you for joining our third quarter results call today.

Thank you Nicolas good morning, and good afternoon to all and thank you for joining our third quarter results call today.

Speaker 3: Congratulations once again to Nikos Tarkas and management for yet another set of.

Congratulations once again to Nikos tsakos and managements for yet another pet though.

Excellent results.

Speaker 3: Fran is once again perfectly positioned to benefit from a buoyant market.

That is once again perfectly positioned to benefit from a buoyant market.

Speaker 3: very strong market despite a short slowdown earlier on.

A very strong market, despite a slow slow down.

Yeah Ron.

Typically you have seen us.

Speaker 3: gearing up, raising capital in weak markets in a counter cyclical way.

Gearing up.

Raising capital in weak markets and that counter cyclical way.

Speaker 3: to invest and position ourselves for better markets. And when better markets arrive, we generate healthy equity, we leverage.

To invest and position ourselves for better markets and when better markets right.

We generated healthy equity deleverage.

All the tonnage when he.

Speaker 3: repay obligations, and invest for sustained growth in best-in-class.

Pay obligations, our invest for sustained growth and best in class.

Speaker 3: state-of-the-art vessels. This model, successfully tested several times now,

States of the odd vessels.

Model and successfully tested several times now.

Speaker 3: coupled with superior operating performance and efficiencies which you are familiar with.

Coupled with superior operating performance and efficiencies, which you are familiar with.

Speaker 3: allows us to be able to maintain our unbroken record of paying dividends to reward our investors and to grow in a balanced and sustainable way.

Allows us to be able to maintain our.

Unbroken record of paying dividends to reward our investors and to grow in a balanced and sustainable way.

Speaker 3: So, once again, congratulations to Nikos Sarkis and his team. That's it for me for now, and I pass the floor to our CEO , Nikos Sarkis. Thank you.

So once again, congratulations to Nikolas tsakos and his team.

And that's it for me for now and I pass the floor to our C. O Nikos tsakos. Thank you.

Thank you chairman.

Speaker 4: Good morning to all of you and good afternoon to those on this side.

Good morning to all of you and good afternoon to all doors from this side.

Oh the globe.

Speaker 4: The nine-month 2023 has been a very, I would say,

The nine months, our 'twenty to 'twenty three it hasn't been.

Hmm.

Really I would say.

Speaker 4: interesting year for our business, a year of development, a year of also growth and renewing our fleet. Looking at our results for the nine months, they are very strong.

Yeah interesting gear for our business say here on the development of uniform for girls and renewing our fleet.

Looking at our results for them for the nine months they are.

Very strong very impressive.

Speaker 4: We have been able to produce so far, and the year is not over, Paul, in excess of $8, $8.20 per share of net income.

We have been able to produce so far and the here is not over ball.

<unk> in excess of $8 $8 in 'twenty.

Since.

<unk> per share of net income.

Speaker 4: And I think we must be one of the few companies that we will be trading at twice net income. If we continue this way, hopefully we will be able to have a much better market very soon.

And I think we must be one of the few companies that are we wouldn't be trading at.

Twice twice and I think I'm.

We continue this way hopefully.

So we would be able to have.

Having a much better multiple you very soon.

Speaker 4: The traditional third quarter, the traditional weaker third quarter, was exactly the same this year. And we had the, if you take, if you exclude the I-8 vessels which we renewed our fleet with earlier in the year, we have the exact same results as we had a year ago.

The traditional third quarter.

The foundation of a weaker third quarter.

What was exactly the same this year and we had to the if you take if you exclude the I E. The restaurants, which we renewed our fleet with earlier in the year, we have and the exact same result says we had a year ago with a time charter average both for the third quarter.

Speaker 4: with a time charted average both for the third quarter of 22 and this year of approximately

20 talks and bowls.

And they say a year about approximately.

Speaker 4: averaging over the nine-month period and the third quarter period around the $31,000 per day mark. So, I think the reduction in actual net income from quarter to quarter is actually the eight vessels missing, and I would say, as Paul will come, an increase of interest rates that we are seeing in the market.

Yeah, averaging over the nine months period end of third quarter opinions that on the $31000 per day per day, Mark So I think the Oh the.

A reduction in actual net income from quarter to quarter is actually the eight vessels are amazing and I would say, that's probably will come an increase of interest rates, but a little.

We are seeing in the market. However.

Speaker 4: Soon after the end of the third quarter, the market has turned in a stronger than expected way.

Shortly after the end of the third quarter. The market has turned in a strong unexpected.

Oh wait.

We are seeing the.

Speaker 4: Right now spot market rates for every type of ship, this is the first time that every single type of vessel is earning approximately between $60,000 and $80,000 a day on the spot market. And we are very well diversified and positioned our fleet. We have, I would say, almost 50% vessels on the spot or spot related and 50% vessels at very high.

Right now our spot market rates for every type of ship.

This is the first time that every single type of vessel is earning approximately between 60 and $80000 a day on the spot market than we are.

Very well.

Diversified and position our fleet we.

We have I would say almost 50% vessels from the spot or spot related and 50% of vessels have been very high.

Speaker 4: We took advantage of the strong market at the beginning of the year, and we either re-chartered or renewed.

Our fixed employee mentioned, we took advantage of the strong market in the beginning of the year and we either re charter or renewed or Uh huh.

Speaker 4: agreed new charters on 26 of our vessels with an average of two and a half years, all of them in excess of 50 percent higher than their previous

I agree new charters on 26 of our vessels with an average of two and a half years and all of the all of them.

In the central 50% higher than their previous.

Speaker 4: earnings in that respect. So, looking forward, we expect that the remaining of the year is going to be strong.

Earnings are in that respect so looking forward do we expect that the remaining of the year and it's going to be strong.

Speaker 4: and that's why we have also at the same time increased our dividend and hopefully, being the major shareholders here, we will have a very similar situation going forward for the remaining of the year and for 2024. The prospects in the market are good, still a very small new building order book, one of the smallest.

And that's why we have also.

At the same time, <unk> increased our dividend and hopefully being the major shareholders. Here, we will have a very similar situation going forward for the remaining of the year and for 'twenty to 'twenty four the prospects in the market is good and it's still a very small low new building order book one of the smallest.

Speaker 4: I've seen in my career over 30 years, and on top of that, a lot of challenges in our business that make the environmental issues that are coming ahead will require a lot of perhaps slow speeding, changing of routes, of going forward. At the same time...

Oh I've seen in my career over 30 years and on top of that a lot of challenges in our business to make Oh, we've got all the environmental issues that are coming.

She had a quite a lot of perhaps as low spending changing or overall.

Well going forward.

At the same time.

Speaker 4: issues that we don't, other than the geopolitical issues, we're seeing global warming taking its toll in the Panama Canal and restrictions being placed, more vessels choosing to rather navigate around the Capes rather than using the Panama Canal, which further increases the tonne miles. So, in general, we are expecting a positive environment for the near future.

We're seeing our issue is that we don't other than the geopolitical issues.

<unk> seen in global warming, taking its toll in the in the Panama Canal.

And restrictions being placed more vessels choosing to navigate to.

So I don't want the capes.

And using the Panama Canal would shrink further increases the ton miles so in general we are expecting.

A positive environment for the near future and with that I would like to ask Mr Shuttle to give us a little bit more on the dates.

Speaker 4: And with that I would like to ask Mr. Saroglou to give us a little bit more detail.

Speaker 5: Thank you, Nikos. Good morning to all of you joining our earnings call today.

Thank you Nicolas and good morning to all of you joining our earnings call today.

Speaker 5: 2023, as you know, is the year we celebrate our 30th anniversary as a public company.

2023 as you know is the year, we celebrate our 30th anniversary as a public company.

Speaker 5: And this morning we report the unaudited financial results for the third quarter, the ninth month of 2023.

And this morning, we report the unaudited financial results for the third quarter and nine months of 2023.

Speaker 5: We have experienced, as Mr Tsakos said, the usual seasonal summer lull, but since September the market rebounded and as we speak we continue to enjoy a strong trade market as a result of robust global oil demand growth, positive tanker market fundamentals and changes in trade routes and growth in tonne-mile demand.

We have an experienced cyclist said the usual seasonal summer lull, but since September the markets rebounded and as we speak we continue to enjoy a strong freight market as a result of robust global oil demand growth positive tanker market fundamentals and changes in trade routes and growth in ton miles.

Hey, Matt.

Speaker 5: What started last year, we continue to see it, we experience the largest change in trade flows to ongoing crude and oil product movements as a result of Western sanctions on Russian seaborne oil.

What started last year, we continued to seats.

We experienced the largest change in trade flows to ongoing crude and oil products movements as a result.

Sanctions on Russia, and seaborne oil.

Speaker 5: And as these changes appear to be permanent, because before the war in Ukraine, Europe was the biggest client of Russian oil, but as the war continues, Russian oil was replaced with oil from the United States of America, from West Africa, Guyana, Brazil, and the Middle East, creating positive ton-mile multiplier effects for tanker demand and freight rate.

And as these changes appear to be permanent because before the war.

Ukraine Europe was the biggest clients of fresh in oil.

But as they work continuous Russian oil was replaced we saw it from the United States of America from West Africa, Brazil, and the middle East, creating positive ton mile multiplier effects for tanker demand and freight rates.

Speaker 5: At the same time, tanker new buildings continue to enjoy low single-digit growth numbers, with new orders being less than 7% of the existing fleet.

At the same time tanker new buildings continue to enjoy low single digit growth numbers with new orders being less than 7% over the existing fleet.

Speaker 5: Many yards report availability from 2026 onwards.

Any yards report's availability from 'twenty to 'twenty six onwards.

Yeah.

Speaker 5: Global oil demand continues to grow, boosted by the post-COVID global recovery, and more recently by strong summer air travel and increased oil used in power generation and surging petrochemical activity, mainly in China.

Global oil demand continues to grow boosted by the post Covid era.

While the recovery and more recently.

The strong summer travel and increased oil used in power generation and searching petrochemical activity.

Mainland China.

Speaker 5: The latest November forecast from the International Energy Agency has revised global oil demand growth for 2023 from 2.2 to 2.4 million barrels per day. And as we are a month and a half before the end of the year, this demand growth figure suggests that we will reach an all-time high for global oil demand in 2023 of 102 million barrels per day.

The latest November forecast from the International Energy Agency has revised global oil demand growth for 2023 from 2.2 to $2 4 million barrels per day.

And as we are a month and a half before the end of the year. This demand growth figures suggest that we will reach an all time high for global oil demand in 2023 202 million barrels per day.

Speaker 5: There are also global headwinds, like the high inflation, the tightening of global financial conditions.

That our ultra global headwinds like the high inflation, the tightening of global financial conditions.

We might end up with higher interest rates for longer.

They weren't in Ukraine.

In Gaza.

Speaker 5: and the OPEC-plus production cuts and voluntary cuts by Saudi Arabia on top of the initial production cuts, the voluntary cuts by Saudi Arabia and Russia until the end of the year and possibly into the first quarter of next year.

And the OPEC plus production cuts in voluntary cuts by Saudi Arabia on top of the initial production of cats, So voluntary cuts, both Saudi Arabia, and Russia until the end of the year and possibly into the first quarter of next year.

Speaker 5: However, the global economy is expected to continue growing in 2023. The forecast is for 3% growth and 2.9% in 2024. And oil demand is expected to continue growing in 2024, next year. This view is served by both OPEC and the International Energy Agency, two main oil market prognosticators.

However, the global economy is expected to continue growing in 2023.

Forecast is four 3% growth and two 9% in 2024.

And oil demand is expected to continue growing in 2020 for next year.

This view is shared by both for BEC and the International Energy Agency.

Two main oil market prognosticators.

Speaker 5: Venezuela got a six-month relaxation on U.S. sanctions and could be on a slow comeback road to increased production in international oil markets, while Latin America, Guyana, Brazil and Suriname expand their oil production as they continue to develop offshore oil fields.

Venezuela with a six months relaxation on U S sanctions and could be on a slow comeback road to increase production and international appointing markets, While Latin America, we are not Brazil, and Suriname expand their oil production as they continue to develop offshore oil fields.

Speaker 5: And having growth in the Atlantic Basin is very good because most of this oil is not just going to Europe but also to Asia and this has a multiplying effect on ton-mile growth.

And having growth in the Atlantic Basin is very good because most of these oil.

Is that just going to Europe, but also to Asia and this has a multiplying effect on ton mile growth.

Speaker 5: And as we said also, tanker fundamentals continue to favor a strong tanker market for the next 2-3 years.

And as we said the ultra tanker fundamentals continue to favor a strong tanker market for the next two or three years.

Speaker 5: The company took delivery in September and recently in October of the company's first two dual-fuel Aframax tankers that open a new chapter for TEN, being the first two LNG-powered conventional tankers in a new building order of four that TEN operates for a significant European oil concern against long-term charters.

The company took delivery in September and recently in October both the company's first two dual fuel lots of IMAX tankers that top end and you chapter for time.

Being the first to LNG powered conventional tankers.

We're building order for that.

<unk> operates for a significant European oil concern against long term charters.

Speaker 5: If we move to the slides of the presentation, starting with slide 3, we see that since inception we have faced

If we move into the slides of the presentation, starting with slide three we see that since inception, we have faced.

Speaker 5: five major crises, and each time the company came out stronger thanks to its operating model. Recently, we came out of the COVID pandemic, and we continue to navigate the challenges created by the geopolitical wars in Ukraine and elsewhere. The fundamentals, very low tanker order book, the aging fleet, and post-COVID oil demand recovery, even without the tragic wars, were positive for the tanker industry.

Five major crisis and each time the company came out stronger thanks to its operating model.

Recently, we came out of the Covid pandemic and we continue to navigate the challenges created.

The Geo political wars in Spain and elsewhere.

Fundamentals very low tanker order book, the aging fleet and post Covid oil demand recovery, even without the tragic worse were positive for the tanker industry.

Speaker 5: The Western sanction and price cap imposed on Russian seaborne oil as a result of the war served as an additional catalyst to propel freight rates higher, as long-established trade routes were disrupted and voyage distances elongated.

The western sanction and Fries Cup important Russian seaborne oil as a result of the war separate as an additional catalyst to propel freight rates higher.

As long as tablet straight routes were disrupted and voyage distances elongate at all.

Speaker 5: Almost all of the Russian volumes are now flowing long-haul to India and China.

Almost all of the Russian volumes are now flowing long haul to India and China.

Speaker 5: At the same time, U.S. crude oil exports have gone up, from averaging about 3.8 million barrels per day last year to about 4.8 million barrels per day now.

At the same time U S crude oil exports have gone up from averaging about three 8 million barrels per day last year to about $4 8 million barrels per day now.

And slide four.

We see.

Speaker 5: the company's fleet growth and capital market access since inception.

The company's fleet growth and capital market access since inception.

Speaker 5: We raise capital for growth, not at the top of the market, but at times when asset prices are usually low.

We raised capital for growth not at the top of the market, but at times when asset prices are usually low.

In the slides.

Speaker 5: In this slide, the numbers in the blue boxes present the company's common share offerings and in red...

In this slide the numbers in the blue boxes present, the company's common share offerings and in Red.

Speaker 5: The series of preferred shares offering since the company's New York Stock Exchange listing. The first three preferred series have totaling $188 million of par value, the series B, C, and D, plus a privately placed preferred instrument of $35 million initial par value have been fully redempt as we speak, saving the company excess of $18 million per year of coupon payments for all these retired preferred series. In the next slide, we see the.

The series a preferred at central heading as soon as the company's New York Stock Exchange listing the first three preferred series.

Totaling 188 million of par value of the series B C and D class privately placed preferred instrument of tariff at a 35 million initial par value had been fully redeemed as we speak saving the company et cetera.

10 billion per year of coupon payments what are these retired preferred series.

And the next slide we see the fleet and its current fleet employment we've.

Speaker 5: We have an operational fleet of 60 vessels. 31 out of the 60 vessels, or 52% of the fleet in the water, has market exposure, a combination of spot and time charter with profit sharing.

We've had no operational fleet of 60 vessels.

The one out of the 60 vessels or 52% of the fleet in the water has market exposure.

Nation of spot and time charter with profit series.

Speaker 5: 46 out of the 60 vessels or 77% are in secured contracts, fixed time charters and time charters with profit sharing.

46 out of the 60 vessels or 77% I didnt secure contracts fixed time charters and time charters with profit sharing.

Speaker 5: This means that TEN is well positioned to continue capturing the positive tanker market fundamentals.

This means that <unk> is well positioned to continue capturing the positive tanker market fundamentals.

Speaker 5: Any divestment of early generation vessels, as we have done in the first quarter of the year, with the six 2005 Build-a-Mars and the 2006 Build-handysize product tankers, will be replaced and have been replaced with modern, eco-friendly, greener vessels.

Any divestment of every generation vessels as we have done in the first quarter of the year with the six 2005 build mr's and the 2006 built had besides product tankers.

He will be replaced and had been replaced with modern eco friendly greener vessel.

Speaker 5: TEN has currently a new building program of 8 tankers consisting of 2 shuttle tankers for delivery during 2025.

<unk> is currently in new building program of eight tankers course, consisting of two shuttle tankers for delivery during 2025.

Speaker 5: two remaining dual LNG-powered AFRA maxes for delivery during the first quarter of 2024, two eco-friendly scrubber-fitted SUEZ maxes for delivery also in 2025, and two scrubber-fitted MR tankers for delivery in early 2026.

Two remaining do you all LNG powered aframax is for delivery during the first quarter of 'twenty 'twenty four.

To echo friendly scrubber fit the tourism access for delivery all trend 2025, and two scrubber fitted them our tankers for delivery in early 2026.

Speaker 5: Except of the 2 Suez Maxes that will be delivered after 2 years and the 2 MR tankers, the rest of the company new buildings have been fixed forward against medium to long term time charts.

Except of the two Suezmax says that we'll be deliberate if two years in the two year Mark tankers. The rest of the company new buildings have been fixed for work against medium to long term time charters.

Speaker 5: Slide six presents the company's current and long-term clients. As you see, we have a blue-chip customer base consisting of four major global energy companies, refineries, commodity traders, with Equinor currently topping the list as our largest charter with 11 vessels and two new buildings all on long-term time charter.

Slide six presents the company's current and long term clients as you see we have a blue chip customer base, consisting of four major global energy companies refineries commodity trade list with equinox currently topping the list.

Our largest charter with 11 vessels and you to build into new buildings.

Or all on long term time charters.

Speaker 5: The left side of slide 7 presents the oiling break-even course for the various vessel types we operate in TEN.

The left side of slide seven presents the all in breakeven of course for the various vessel types, we operate in 10.

Speaker 5: Our operating model is simple. We try to have our time charter vessels generate revenue to cover the company's cash expenses, paying for the vessel operating expenses, finance expenses, overheads, chartering costs and commissions. And we let the revenue from the spot trading vessels contribute to the profitability of the company.

Our operating model is simple.

We tried to have our time chartered out vessels generate revenue to cover the company's cash expenses.

Paying for the vessel operating expenses finance expenses for overheads, chartering cost and commissions and we let the revenue from the spot trading vessels contribute to the profitability of the company.

Speaker 5: Fleet utilization for the nine months amounted to 95.6%, which is a very strong number. And thanks to the profit-sharing element for every $1,000 per day increase in spot rate

Fleet utilization for the nine months amounted to 95, 6%, which is a very strong number.

And thanks to the profit sharing element for every $1000 per day increase in spot rates.

Speaker 5: It has a positive 18 cents impact in annual EPS based on the number of 10 vessels that currently have exposure to spot rain.

It has a positive <unk>.

Eighth and cents impact in annual EPS based on the number of 10 vessels that currently have exposure to Fox.

Rates.

Speaker 5: Debt reduction is an integral part of the company's capital allocation strategy.

Debt reduction is an integral part of the company's capital allocation strategy.

Speaker 5: The company debt peaked in December of 2016. Since then, we have repaid $355 million of debt and redeemed $211 million in three series of preferred shares, plus a privately placed preferred insurance.

The company that picked up in December of 2016, it since then.

Have repaid 355 million of debt and redeemed $211 million and three series of preferred shares plus privately placed preferred instrument.

Speaker 5: Slide number nine, we see the historical performance of the company.

And slide number nine we see the historical performance of the company.

Since 2004.

Speaker 5: I would like to highlight the revenue growth as the fleet increased during this period, the changes in EBITDA as the company navigated the ups and downs of the shipping market in this 20-year period, the bottom-line profitability and the strong cash reserves that we have maintained.

I would like to highlight the revenue growth as the fleet increased during this period the changes in EBITDA as the company navigated the ups and downs of the shipping market and this 20 year period.

Bottom line profitability and strong cash reserves that we have maintained.

Speaker 5: Last year was a record year for the financial performance of 10. We expect an equally strong performance for 2023.

Last year was a record year for the financial performance of <unk>, We expect an equally strong performance for 'twenty to 'twenty three.

Speaker 5: In addition to paying down debts, dividend continuity is important for common shareholders and managers.

In addition to paying down debt dividend continuity is important for our common shareholders and management.

Speaker 5: TEN has always paid a dividend irrespective of the market cycle. Our dividend policy is semi-annual.

<unk> has always paid dividend irrespective of the market cycle, our dividend policy is semiannual.

Speaker 5: Following the June 2023 and October 2023 payments, the latter being a special dividend, as we previously announced, we will pay a dividend of $0.30 per common share on December 20 to holders of record as of December 14.

Following the June 20, <unk> 23 in October 2000, Twenty's repayments, the latter being a special dividend.

As we previously announced we will pay a dividend of 30 cents per common share on December 20 to holders of record as of December 14, 2023.

Speaker 5: This distribution reflects the second regular semiannual payment in 2023, in line with the 10th semiannual dividend policy.

This distribution reflects the second regular semiannual payment in 2023 in line with 10 semiannual dividend policy.

Speaker 5: Overall, for 2023, the total dividend distribution of $1 per common share is 4 times the $0.25 per common share distributed to the company's shareholder in 2021.

Overall for 2023, the total dividend distribution of $1 per common share is four times. The 25 cents per common share distributed to the company's shareholder in 2022.

Speaker 5: Following this year's last dividend payment in December , the company would have distributed in excess of $528 million to its common shareholder since the New York Stock Exchange listing in 2012.

Following this year's last dividend payment in December the company would have distributors in excess of 528 million pets.

Common shareholder since the New York stock exchange listing in 2002.

Speaker 5: And if we add the dividends paid to the holders of the company's preferred shares since 2013, the year the first Series B was issued, then 10 has returned in excess of 800 million to both common and preferred shareholders of the company.

And if we add the dividends paid to the holders of the company's preferred shares since 2013. The year. The first series B was issued then 10 has a return in excess of 800 million to both common and preferred shareholders of the company.

Global oil demand continues to grow despite financial and geopolitical headwinds the international Energy agency expects global oil demand to grow by approximately $2 4 million barrels per day, reaching 180, <unk> hundred <unk> hundred 2 million barrels per day, a record number in <unk>.

Speaker 5: Despite financial and geopolitical headwinds, the International Energy Agency expects global oil demand to grow by approximately 2.4 million barrels per day, reaching 102 million barrels per day, a record number in 2023.

<unk> 23.

Speaker 5: Most of the growth is coming from the Asia-Pacific region, mainly China.

Most of the growth is coming from the Asia Pacific region, mainly China.

Speaker 5: On the supply side, most of the growth this year is coming from non-OPEC plus countries, Brazil, the United States of America, Guyana, Canada, Mexico, Norway.

On the supply side most of the growth. This year is coming from non OPEC plus countries, Brazil, the United States of America, Louisiana, Canada, Mexico.

Norway.

Speaker 5: As global oil demand continues to grow, let's look at the forecast for the supply of tankers.

As global oil demand continues to grow let's look at the forecast for the supply of tankers.

Speaker 6: The order book as of October 23 stands at 356 tankers over the next three years or 6.7%, which is one of the lowest numbers in the last 20 years. At the same time, a big part of the fleet, almost 40%, is over 40 years old.

The order book as of October 23 stance.

856 tankers over the next three years or six 7%, which is one of the lowest numbers in the last 20 years at the same time, a big part of the fleet.

Almost 40% is over 15 years.

Speaker 6: And 661 tankers, or 12.4%, is currently over 20 years.

661 tankers or 12, 4% it's.

He is currently over 20 years.

Speaker 6: The next slide shows the scrapping activity since 2018. For this year, scrapping is low but with upcoming regulations and industry in the first phases of decarbonization and more than 12.4% of the fleet over 20 years, we believe that scrapping is going to pick up.

The next slide shows the scrapping activity since the 2018 for this years scrapping is low.

With upcoming regulations and industry.

That's the first phases of decarbonization and more than 12.4% of the fleet over well over 20 years, we believe that scrapping is going to pick up.

Speaker 6: Overall, all these factors point to a very balanced tanker supply market for the next few years. And with that, I will ask Paul to walk you through the financial highlights of the nine months of the year. Paul? Thank you, George.

Overall, all these factors point to a very balanced tanker supply and market for the next few years and with that I will ask Paul to walk you through the financial highlights.

For the nine months of the year.

Thank you George.

All right.

Speaker 7: I'll just add a few words relating to the nine months ending in.

Just to add a few words relating to the ninth.

Anything in.

Speaker 7: Ending in September , in a year that has enjoyed considerable success for TEN, and which continues to enjoy strong rates as the new year approaches.

[noise] ending in September and a year that has enjoyed considerable success for 10, and which continues to enjoy strong rates as the new year approaches.

Speaker 7: Net income for the nine-month period amounted to $272 million.

Net income for the nine month period.

Mount it to $272 million.

Speaker 7: while operating income for the nine years increased by 160 percent.

While operating income for the nine years increased by 160160%.

Speaker 7: ABDAR amounted to approximately $370 million adjusted, a significant increase by nearly

EBITDA amounted to approximately $370 million adjusted.

Significant increased by 99.

90%.

Speaker 7: The average daily TCE for the nine months was over $37,000, up from $27,000.

The average daily TCE for the nine months was over $37000 up from $27000.

Speaker 7: in the prior nine-month period, a substantial increase compared to the prior year period, helped by profit-sharing arrangements providing nearly $60 million in the nine months and with almost every vessel fully employed, apart from seven in Dryden.

In the prior nine month period, a substantial increase compared to the prior year period helped by a profit sharing arrangements, providing nearly $60 million in the nine months and with almost every vessel fully employed apart from <unk>.

Seven in dry dock.

Speaker 7: Boyd's revenues amounted to nearly $700 million.

Voyage revenues amounted to nearly $700 million.

Speaker 7: a 13% increase over the prior year.

A 13% increase over the prior year.

Our overhead expenses per day per vessel.

Speaker 7: continue to remain stable at only $1.6 million.

<unk> to remain stable at only $1.6 million.

Speaker 7: Total finance costs in the nine-month period amounted to $73 million, an aberration due to interest rate hikes and to inflationary costs.

Total finance costs in the nine month period amounted to $73 million an aberration.

Q2 interest rate hikes, and two inflationary courses.

Speaker 7: Finally, our debt to capital was about 49%, a comfortable ratio partially helped by scheduled loan repayments of $140 million and redeemed preferred shares totaling over $100 million. Our new buildings are on time.

Finally, our debt to capital was about 14, 9% a comfortable ratio partially helped by schedule to loan repayments of $140 million and redeemed preferred shares totaling over $100 million.

Our new buildings are on target to meet delivery.

Speaker 7: and related financing has now been covered.

And related financing has now been covered.

Speaker 7: Our current optimism relates partly to the forthcoming months and is supported.

Our current optimism relates partly to the forthcoming months and it's just it's supported.

Speaker 7: by our significant cash reserves and a promising global decline in inflation.

Our significant cash reserves and a promising global decline in inflation.

And now I'll give the floor.

And back to Nicolas.

Speaker 4: Paul, thank you for your good news, and it's good that everything is adding up in a positive way.

Thank you.

Good good news on core which was that everything is ending up in a positive way.

Speaker 4: I think as it was mentioned from our president and our CFO , the

It was mentioned.

From a our president and CFO.

The current.

Speaker 4: The spot market is, I would say, at an all-time strong high in all segments, so it's a surprising situation where both the smaller clean-trading vessels together with anything between Suez Max, Versys, and Afromax are earning between $60,000 to $80,000 a day on the spot.

Market.

Spot market is Oh, let's see.

All the time.

Long high in all segments through to surprising situation, where both the smaller clean trading vessels together would do anything between Suezmax and Aframax are lower.

I mean between 60 to $80000 a day on the spot.

Speaker 4: Of course this gives us a lot of comfort with our profit arrangements and our 50% spot exposure.

And of course this gives us a lot of comfort with a profit the arrangements and they are 50%.

What the spot exposure, so we're having right now 35 vessels.

Speaker 4: So, having right now 35 vessels in spot-related markets, as George said, it's almost $0.20 per every $1,000. It's $0.20 to our bottom line. The result up to now of $8.18, I think, is very, very positive. And very soon, this will be reflecting to our share price. And of course, it will give us more confidence to continue our dividend distributions.

In spot related the market says George since it's almost 20 cents every $1000 its 10% to our bottom line.

The result up to now of $8 18, since I I think it.

He's very very positive and very strong digital would it be reflecting to a certain price and of course, it will give us more.

A more confidence to continue our dividend distributions.

Speaker 4: Looking back this year, we have already, other than the $30 million of dividends,

Looking back this year, we have already all of them.

On the.

$30 million of dividend.

Speaker 4: that will be paid in excess of 100 million dollars, 108 million dollars has been paid back to our preferred, buying back our preferred shares and that

That will be paid.

There's over $100 million of hundreds and $8 million has been paid back.

Two our preferred.

Buying back our preferred shares.

Uh huh.

Speaker 4: immediately brings to a bottom line a saving of $9 million for next year. So, overall, we have returned more than, in this period of time, more than $140 million back to our preferred and common shareholders, and, of course, we maintain a very strong balance that allows us to look at...

Immediately brings to our bottom line savings of $9 million for next year. So overall no. We have returned more than and in this in this period of time, well more than a 140 million back to our Oh.

Our preferred and common shareholders and of course, we maintain a very strong balance sheet that allows us to look at that.

Speaker 4: possibilities of expanding our fleet with more than tonnage. We showed eight vessels. We have eight vessels coming already took delivery of two. So out of our 10 environmental friendly new building, the prospects going forward, as our president said, we have

Yeah.

She abilities of expanding our fleet with modern.

We showed eight vessels, we have eight vessels coming already took delivery of two throw out of our 10 environmental friendly a new building.

Prospects going forward.

Our President said we have.

Speaker 4: a very low order book, increasing demand, a growing gray fleet that goes anywhere between 250 to 300 vessels that are not participating in the day-to-day market with the major oil companies, a new legislation that is coming up that is making slow steaming and restrictions on traveling or navigation.

They're very low order book, increasing demand and growing great fleet that Oh goes you know anywhere between 250 to 300 vessels that are not participating in the day to day market with a major oil companies a new legislation that is coming up.

That is making the slow steaming and restrictions on travel and go off on or navigation.

Fortunately been increasing ton miles and of course natural.

Limitations like Panama Canal, the restrictions that are making.

Many owners are taking more ton miles and trading around the Cape show in New York for sure and I think the fourth quarter. This year is going to be our 13th year is going to be another record year like.

Like last year was.

And.

The prospects at least for the next couple of years deepening considering.

Considering the limited new building supply are all positive and with that I would like to open the floor in case anybody would like to ask some specific questions.

Speaker 1: Thank you. We will now be conducting a question and answer session. If you'd like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Thank you well now be conducting a question and answer session. If you'd like to ask a question. Please press star one telephone keypad a.

A confirmation tone will indicate your line isn't my question Kipp.

You May press star two if you'd like to remove your question from the queue.

Participants, who did speaker equipment and they'd be necessary to pick up your handset before pressing the star Q1.

While we poll for questions.

[laughter].

Yes.

Thank you. Our first question is from Sharif Mcgratty with <unk>. Please proceed with your question.

The first question earlier this week, we saw some vlccs go on multiyear time charters.

At above historical average rates and obviously you've been active in the charter market. So I'm wondering if you're seeing much interest from charterers for three year plus contracts.

Or is the opportunity there is pretty thin.

I would say that we have.

Speaking my phone actually was ringing with charterers.

Getting messages from a Saturday the Parkman no from our London office in Singapore getting all four.

Over the short and there is a lot of appetite right now for three to five years on modern on modern tonnage.

Speaker 4: As we have our two Suez Maxis that are being built for next year, they're big contenders of very strong interest for those ships. So yes, you are right, there is an appetite, there is an expectation for major oil companies that we're going to be seeing stronger rates, and I think what happened as soon as the seasonal third quarter came,

So we have our two suezmax isn't that that's being built there for next year there'll be contenders over a very strong interest for the older ships. So yes, youre right. There is an appetite there is an expectation for the major oil companies that are we're going to be seeing stronger rates and I think what happened was the seasonal third quarter.

Speaker 4: which is the weakest quarter, came to an end. As George said, we have seen a very strong market demand in all categories of ships.

Which is the weakest quarter. It came to an end as George said, we have seen a very strong market demand in all in all categories of ships.

Speaker 4: Usually, I mean the clean started going about a month ago, the clean market started getting strong and I think now the dirty market, when I say the larger ships, are following up in a big way. So yes, you are right, there is a lot of demand for three to five year employment for good quality operators and relatively modern tonnage.

Usually I mean, the clean started going are about a month ago. The clean markets have been getting strong and I think now the dirty market when I say that the larger ships are following up in in a big way. So yes, youre right. There is a lot of demand for three to five year employment for a good quality operators and I don't know if you really want more.

Donuts.

Speaker 8: And then on the clean side, a few Middle Eastern refineries that have been ramping capacity are going to start ramping capacity this year and next. Has that started to shift trade flows for product tankers, or are you not seeing a shift in volumes there yet?

Yeah, and then on the clean side, a few middle Eastern refineries had been ramping capacity you are going to start ramping capacity. This year and next has that started to shift trade flows for product tankers or are you not seeing a shift in volumes there yet.

Speaker 4: We are seeing the larger capacity Far Eastern refineries filling those gaps and that's why perhaps you have seen the LR2s which are not usually Far Eastern traders earning very hefty rates bringing refineries either to Europe or even to refineries in the Middle East.

Yes, I mean, we are seeing the larger capacity.

Far eastern.

Our refineries are you feeling about filling those gaps and that's why I, perhaps oh, you know you'll have seen DLR touche, our which are not usually far eastern traders are earning a very hefty NIH, bringing our refineries are to either to Europe or even to refineries in the middle East.

Okay.

That's helpful. Thanks for taking my questions. Thank you.

Speaker 1: Thank you. Our next question is from Omar Naqda with Jeffrey. Please proceed with your question.

Yeah.

Thank you. Our next question is from Omar Nossa with Jefferies. Please proceed with your question.

Speaker 1: Thank you, guys, just a couple for me, you know, perhaps just as a follow up to the initial discussion on the on the time charters.

Thank you Hey, guys just a couple for me yeah, perhaps just as a follow up at the initial discussion.

Speaker 1: I wanted to just sort of ask about fleet deployment from here. I know in the release you mentioned chargers being more active, looking for long-term chargers, which, you know, Nick, you just highlighted again. But clearly there's a.

On the time charters I wanted to just sort of ask about fleet deployment from here I know in the release, you mentioned charters being more active looking for long term charters, which Nick you just highlight it again.

But clearly there's a you know with with long term contracts or to sign a conviction that this market is going to be elevated for some time.

Speaker 1: with long-term contracts, there's a sign of conviction that this market's gonna be elevated for some time.

Speaker 1: So in terms of how you deploy your fleet from here.

Terms of how you deploy your fleet from here you mentioned, having a 35 ships on the spot market, but I guess as you.

Speaker 1: You mentioned having the 35 ships on the spot market, but I guess as you think about this as we move into 24 and onwards, how do you want to deploy the fleet? Do you want to stay as spot exposed as you are currently? Do you want to shift more towards index linked or do you prefer perhaps to secure long-term charters at fixed rates, at elevated fixed rates?

Think about this as we move into 'twenty four and onwards, how do you want to deploy the fleet. He wanted to stay a spot exposures. You are currently I'd want to shift more towards index linked or or do you prefer perhaps to secure long term charters at fixed rate.

Elevated fixed rate.

Speaker 4: Well, it has to do with case by case, by the, you know, the quality. If we have a new charter or very quality with whom we do not have a very long relationship, we might consider doing a longer employment, but currently we are resisting.

Well you know it has to do with case by case by the you know the quality if we have a new charter earlier or very quality with whom we do not have.

A very long relationship we might consider doing a longer employment, but currently we are we think our long term vision so not existing fleet.

Speaker 4: long-term business on our existing fleet because, as you said, the market is quite good and I think we have a very good buffer.

Cause as you said the market is quite good and I think we have a very good buffer.

Speaker 4: on the ships that we have right now, the 33 ships that are on time charting.

On the ships that we have right now the 33 ships that are on time charter and I mean, we're always looking at pulling in and the profit sharing arrangements are which we got it.

Speaker 4: And we're always looking at pooling and profit-sharing arrangements, which we encourage.

Okay. Thank you and then just.

Speaker 1: perhaps maybe a little bit more random, but just looking at your fleet list, there's the Lisboa Suez Max, and if I recall, that's a shuttle tanker. It rolls off charter in the first half of 25, so it's still a bit away. Call it, say, a year, year plus. But we just want to know, in terms of how you think about that vessel in particular, do you think that that ship will continue operating as a shuttle tanker, or do you see it kind of trading as a conventional Suez Max once that contract is over?

Perhaps maybe a little bit more random, but just looking at your fleet list Lisboa Suezmax and if I recall that the shuttle tanker.

It rolls off charter in the first half of 'twenty, five, but it's still a bit away call. It say a year plus but I just wanted to know in terms of how you think about that vessel in particular do you need do you think that that shift will continue operating as a shuttle tanker.

Or do you see it kind of trading as a conventional suezmax once that contract is over.

Speaker 4: Well, as we speak today, and we have a big team of our big part of our team, looking at the markets, the South American markets are not only I think there's a big appetite.

Well Oh as we speak today, and we have a big theme of ours.

A big part of our team are looking at the markets are the South American markets are not only I think theres a big appetite.

Speaker 4: for shuttle tankers to continue their business as shuttle tankers. However, the ships we have built can operate perhaps as efficiently and as profitably as Suez Maxis. But I believe that the ship will continue trading at this very demanding shuttle market that is growing right now.

For shuttle tankers to continue their business as a shuttle tankers. However, the ships we have built.

And operator, perhaps due us as efficiently as nice profitability as suezmax cause, but I believe that the simple continue trading at this very demanding.

The Saudi market that are growing.

Growing right.

Right mouse.

Speaker 1: Okay, good. And then just final one for me is, you know, on the two MRs that you ordered recently, you know, those delivering 2026 or the Schedule II, just wanted to ask, do you have options that came with those orders? And then is there any detail you can give in terms of, you know, when you need to exercise those or what type, what delivery timeframes we would be looking at if you did exercise them?

Okay got it.

And then just final one for me.

The two <unk> that you ordered a recently although it goes.

Liver in 2026, and the schedule to I just wanted to ask do you have options.

That came with those orders and then is there any detail you can give in terms of when you need to exercise those or what type what delivery timeframes, we would be looking at.

Good exercise.

Speaker 4: Yeah, I mean, we have options of those ships and we have options for in the first half of next year of dual fuel versions of those ships also. So, you know, this is what our technical department is analyzing together with our clients.

Yeah, I mean, we have our offshore and onshore for the older ships and we have options are for the first half of next year's well for dual fuel bedrooms. Those ships also so you know this is what were our technical department is analyzing together with our with our clients.

Speaker 4: Okay, and delivery timeframe, because if I recall when you placed those orders, it was a pretty attractive delivery slot in the early part of 26. Do you still get deliveries in 26? If you were to... Later part of 26, if someone is interested for a later part of 26.

Okay and delivery timeframe it because if I recall when you place those orders it was a pretty attractive delivery slots in that early part of 'twenty six that you still get deliveries in 'twenty six if you were to.

All right.

Later part of 'twenty six if someone who was interested for the later part of trying to suggest.

Yep.

Speaker 1: Okay, good. Well, thank you, sir. That's it for me. I'll turn it over. Thank you.

Okay. Good well. Thank you Sir that's it for me I'll turn it over.

Thank you.

Speaker 3: Thank you. Our next question is from Clement Mullins with Value Investors Edge. Please proceed with your question.

Thank you. Our next question is from Glenn that Marlin value Investor's edge. Please proceed with your question.

Speaker 9: Good morning or afternoon. Thank you for taking my questions. I wanted to start by asking about your fleet renewal efforts. You've been clear on your intention to continue to sell older vessels and reinvest proceeds on modern tonnage. However, there haven't been that many transactions on the ecocide of the fleet. Do you expect liquidity to increase going forward? And secondly, how do you think about the trade-off between high asset pricing and the need to renew the fleet?

Good morning or afternoon. Thank you for taking my questions I wanted to stop asking about your feed when you will afterwards.

Being clear on your intention to continue to sell older vessels and reinvest proceeds of modern tonnage. However, there haven't been that many transactions on the appetite of the fleet do you expect liquidity to increase going forward and secondly, how do you think about the tradeoff between high asset pricing and the need to renewables.

Fleet.

Yeah.

Speaker 4: Well, that's a very, very good question because

Well I think that's it.

That's a very very good question because.

Speaker 4: what you usually say in shipping is that you should not be selling at the same time that you are buying and so i think your point is

What do you usually see in shipping is that you should not be selling at the same time that you are buying and so I think your point is.

Speaker 4: It's very well-timed. However, we are a client-driven organization. We are more of an industrial play owner. We've sold at least eight vessels since the beginning of the year at very hefty prices. And then we decided instead of

Is very very very you know very well timed.

However.

We are.

A client driven organization, we are continuing and we're more of an industrial play owner.

We have shown at least eight vessels since the beginning of the year are at a very hefty prices.

And then we decided instead of.

Speaker 4: of buying vessels in the spot market to order our future with a very modern ship.

Oh for buying the vessels.

Vessels in the spot market to order, our future with a very modern ships. So.

I mean as long as we are able to have good employment cover for the vessels that we will be buying that will that will have very good returns going forward and amortize. Those ships are we will still continue with this model.

Speaker 4: to have good employment cover for the vessels that we will be buying, that will have very good returns going forward and amortize those ships. We will still continue with this model, selling older vessels at this market and looking at good quality, perhaps dual fuel or other vessels with short employment that will, first of all, reduce significantly our age profile, which is already young, and reduce our footprint.

Selling older vessels.

At this market and looking at good quality, perhaps do on fuel or other vessels with the shorter deployment that will first of all to reduce significantly or our age profile, which is already young and reduce our footprint.

Okay.

Speaker 9: That's helpful, thank you. I also wanted to ask about operating expenses on a per day basis, which increased quite a bit, quarter over quarter. As we think about the run rate going forward, should we expect them to trend to closer to 9,000 or 9,500 per day? And secondly, could you give us some commentary on what were the biggest drivers behind the increase?

That's helpful. Thank you I also wanted to ask about the operating expenses on a per day basis, which increased quite a bit quarter over quarter. As we think about the run rate going forward should we expect them to trend closer to 9000 or 9500 per day.

And secondly could you give us some come in tune with where are the biggest drivers behind the increase.

Speaker 4: Yes, and Paul can take you more into details, but I will give you the basic ideas. First of all is that we are right now running a fleet of much larger vessels. So, I mean, that has the last year's last year's fleet.

Yes.

Paul can take you more into details where that would give you. The the basic idea is first first of all is that we are right now are running a fleet of much larger vessel, so I mean that pause.

The last years.

Last year's flipped a we had a our vessels where eight.

Speaker 10: We had our vessels were...

Speaker 4: eight vessels of the handy size that brought our daily operating expenses lower. This year, we had the dry dockings of our larger ships in Portugal. And of course, we are running a fleet of much larger vessels. So the average naturally will go higher, but it will normalize, I think, within the year.

Eight eight so much over the handy size and that brought our daily operating expenses lower and this year, we had the dry dockings of our Oh of our.

Our larger ships are in a in a in Portugal.

And of course, we are running a fleet of a much larger vessels. So the oven. It's naturally will all will go higher but it will normalize.

I think within the year.

Yeah.

Makes sense that's all for me. Thank you for taking my questions.

Speaker 11: Thank you.

Thank you.

Speaker 3: Thank you. There are no further questions at this time. I will hand the floor back over to Dr. Nicholas Salkos for any closing comments.

Thank you.

No further questions at this time I will hand, the floor back over to Dr. Nikolas Tsakos for any closing comments.

Yeah.

Speaker 4: Well, first of all, thank you. Thank you very much for us. I know you're all very, very busy wrapping up for a very exciting and hopefully peaceful family Thanksgiving. And thank you for taking the time to be with us today. We're looking forward to report.

Well first.

First of all thank you all thank you very much what I ask I know, you're all are very very busy wrapping up for a very exciting and hopefully be useful a family things, giving one. Thank you for taking the time to be with us.

Today, we're looking forward to report.

Speaker 10: even better results and a very exciting full year.

Even better results.

Exciting full year.

Speaker 10: in sometime early in the first quarter. We would be, we are happy to have a Christmas holiday dividend for everybody in December that our president has said on the 20th of December .

In in sometime.

In the first quarter.

We will be we are happy to have a Christmas holiday dividend for everybody in December that the president has.

On the 20th of December.

December.

Speaker 4: And with that, I will ask also our chairman, Taki, for your closing remarks, and I wish everybody a very happy Thanksgiving.

And Oh, we thought they would last cultural Oh chairman.

Before she worked for your closing remarks, and I wish everybody a very happy Thanksgiving.

Speaker 3: Thank you, Nico. As you said, in view of the continuous buoyant market, we expect to have very strong results for the year and equally strong results going forward. I hope that all these good prospects described today will soon be reflected in our stock price.

Thank you thank you Nicole.

You said you're in view of the continued buoyant market, we expect to have a very strong results for the year and an equally strong results going forward I hope.

All of these good prospects describe the day will soon be reflected in our in our.

So price.

Speaker 3: and uh... best wishes for a happy thanksgiving to all

And our best wishes for the house.

Happy Thanksgiving cool thank you.

Thank you. Thank you very much.

Speaker 12: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Thank you. Thank you. Thank you. Thank you.

This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.

[noise].