Tsakos Energy Navigation Limited (NYSE:TNP) Q2 2020 Earnings Conference Call - Final Transcript

Thank you for standing by, ladies and gentlemen, and welcome to the Tsakos Energy Navigation Conference Call on the Second Quarter 2020 Financial Results. We have with us Mr. Takis Arapoglou, Chairman of the Board; Mr. Nikolas Tsakos, President and CEO; Mr. Paul Durham, Chief Financial Officer; and Mr. George Saroglou, Chief Operating Officer of the Company. [Operator Instructions]

And now I pass the floor to Mr. Nicolas Bornozis, President of Capital Link, Investor Relations Adviser of Tsakos Energy Navigation. Please go ahead, sir.

Thank you very much, and good morning to all of our participants. I am Nicolas Bornozis of Capital Link Investor Relations Adviser to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the second quarter and six month period of 2020. In case you do not have a copy of today's earnings release, please call us at 212-661-7566 or email us at ten@capitallink.com, and we will have a copy sent to you 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.tenn.gr. The conference call will follow the presentation slides, so please we urge you to access the presentation slides on the company's website. Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call. Also please note, that the slides of the webcast presentation are user-controlled. And that means that by clicking on the proper button, you can move to the next or to the previous slide on your own.

At this time, I would like to read the Safe Harbor statement. This conference call and slide presentation of the webcast contain certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties which may affect TEN's business prospects and results of operations.

And at this moment, I would like to pass the floor on to Mr. Arapoglou, the Chairman of Tsakos Energy Navigation to kick off the conference call to what has been a record performance this period. Please go ahead, sir.

Thank you very much, Nikolas. Hello, good morning, and good afternoon to all. Thank you for joining our call today, and I hope you're all keeping safe and healthy. Our press release today with the second quarter and first half results, I think ticks all the boxes of an impressive performance. It includes high profitability, substantial historically debt reduction, continues fleet renewal, highly accretive new business, repayments of preferred issues, an active buyback program, ample cash and impressive cost containment. So congratulations once again to Nikolas Tsakos and his team. And we all look forward to answering your questions and to hearing your constructive thoughts as always.

Thank you. And I now pass the floor to Nikolas Tsakos.

Thank you, Chairman. As I