You for standing by, ladies and gentlemen, and welcome to the Tsakos Energy Navigation Conference Call on the Q3 2016 Financial Results. We have with us Mr. Tacos Aropoglou, Chairman of the Board and Nicholas Tsakos, President and CEO Mr. Paul Durham, Chief Financial Officer and Mr. George Sarouklu, Chief Operating Officer of the company.
At this time, all participant lines are in a listen only mode. There will be a presentation followed by a question and answer session. I must advise the conference is being recorded today. And I'll now pass the floor to Mr. Nicholas Bodosis, President of Capital Link, Investor Relations Advisor of Tsakos Energy Navigation.
Please go ahead, sir.
Thank you very
much, and good morning to all of our participants. This is Nicholas Bornozis of Capital Link, Investor Relations Adviser to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the Q3 of 2016. In case we do not have a copy of today's earnings release, please call us at 212-661-7566 or e mail us at 10capitallink.comtencapitallink.com and we will email a copy 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 of the webcast. Please note that the slides of the webcast will be available as an archive on the company's website 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. Such risks are more fully disclosed in TEN's filings with the Securities and Exchange Commission. Ladies and gentlemen, at this point, I would like to turn the call over to Mr. Takisarapoglou, the Chairman of the Board of Tsakos Energy Navigation. Mr.arapoglou, please go ahead, sir.
Thank you, Nippo. Good morning and good afternoon to everyone. Thanks for joining our call today for the presentation of our Q3 2016 results. Despite the challenging period in the market that spanned from the end of the second quarter to the best part of the third quarter, TEN has delivered again positive quarterly results. The usual summer seasonal factors, the new additions to the global fleet and the shortcomings in the oil supply, depressed spot market revenues for the quarter.
In addition, the redeployment and drydocking of our past major earner, the LNG carrier MEO NSE and a series of 4 scheduled drydockings impacted directly the bottom line. Yet despite all this, TEN managed to deliver a profitable quarter, a result of incremental revenue from the deployment of the new 2016 deliveries, a further increase in the percentage of the fleet under time charter and a substantial further reduction in fleet operating expenses. The recovery of the market in the current quarter finds 10, firing again on all cylinders and very well positioned to benefit from the additional seven new deliveries in 2017, 6 of which are already under long term accretive contracts. We expect 2017 on average to be broadly similar to 2016 in terms of efficiency and stability of performance, positioning TEN perfectly for the stronger market that we anticipate thereafter, principally due to lack of growth in the order book for new vessels. So for yet another quarter, congratulations are in order for Niko Tsakos, the management team and everyone at TEN for a great performance in steering successfully the company through quite a challenging patch and into a period of sustained growth and profitability to the benefit of your shareholders.
Thank you from me. And now over to Nikos Thank
you, Chairman, and good morning to all of you. I think as the Chairman said, the Q3 was a challenging quarter, mainly because of disruption in the movement of crude together with the seasonal low. We faced a weak market. However, then with our business model being more long term, was able again to continue our profitability and maintain our uninterrupted dividend distributions, which have been going on since the inception of the company. What makes us optimistic going forward is the quick reaction of the market.
The market rebounded almost to 2015 levels as soon as the disruptions of the supply disruptions of crude came back in the market. So this shows that the market is well balanced and every barrel and every ton counts. And we're looking forward of enjoying a significantly stronger Q4. Looking at the futures of the market, it seems it's going to spill over in a big part of 2017. At the same time, we are glad that our very exciting LNG segment, we had the deliveries since we last spoke of the Maria Energy and her immediate charter.
So both our LNGs are being employed in a market that is still suffering with utilization close to 50%. So we were able to get 100% utilization on the LNG segment also. I'm very proud about our 96 plus percent utilization in a very weak Q3, including repositioning of our assets and the and of course scheduled dry dockings, for scheduled dry dockings. We are looking at the future. We're building the company for the future.
As the Chairman said, by the middle of next year, we will have completed the majority of our newbuilding program. And if the supply, which I think it's very difficult right now to change the supply of tonnage for 2018 2019, which are very, very low at the historical low levels. We expect to have the company ready, full fledged and build up to take advantage of that market. So I have to say, we are guardedly optimistic going forward, and we're enjoying the strong spot market as we speak today. And with this, I will ask our Chief Operating Officer to tell us what has happened, George, operations wise, and then Paul will give us his report on the figures.
Thank you. Thank you, Nikos.
The company reported today another profitable quarter and results for the 9 months. 2016 is a landmark year for TEN as its growth program being the largest since inception in 1993 is coming to fruition with 8 out of 15 newbuilding vessels already delivered and earning income for the company. The Q3 is typically a slow demand quarter for tankers. However, this year the softness in rate was more pronounced. Despite that, the overall picture for the year is positive as rates have been significantly above the cyclical lows of 20 ten-twenty 13.
As expected, we have witnessed the market's rebound in the 4th quarter with VLCCs earning currently $50,000 per day, Suezmaxes averaging $38,000 and Aframaxes in excess of $33,000 With the low all in breakeven fleet that TEN owns, these freight numbers are fine, but as we move further into the winter season and next year, we expect freight rates to move to even higher levels. For those of you who are connected to the Internet and our website, there is an online slide presentation, the format of which we will follow during the call. Turning to Slide number 3 with the key corporate highlights. 65 vessels pro form a fleet with 57 vessels currently in operation. Average age of the fleet 7.7 years versus 10 years for the World Tanker fleet balanced employment strategy that takes advantage of market fix with profit sharing arrangements currently 39 vessels on secured employment with average time charter 10 or 2.8 years modern diversified fleet covering client transportation requirements in crude products, shuttle tankers and LNG Highly efficient operations with consistent high fleet utilizations, 96.3% for the Q3 of 2016.
The next slide has the main financial highlights of our press release, which Paul will present in more detail. I would like to just highlight the profitability and the company's strong financial position. Slide 5, we have again the fleet, the 57 vessels that we have, which operate in crude products, shuttle tankers and LNG. We took delivery during the quarter of 3 new buildings, 2 Panamax LR1 vessels and 1 Aframax tanker. We also announced today the delivery of another Aframax tanker, the 4th in a series of 9 we built for Statoil.
In the last 12 months, TEN took delivery of 8 newbuilding vessels and 2 more than Suezmaxes. All newbuilding vessels delivered with long employment attached ranging from 3 to 12 years, including charter renewal options. Next year, we expect to take delivery of 7 newbuilding vessels, 5 Aframax tankers, 1 Suezmax shuttle tanker and 1 VLCC. With the exception of the VLCC, which is currently under negotiation for charter, the rest of the vessels have employment of minimum 5 years that could go to 12 with charterers renewal options. In our LNG fleet, we took delivery of our 2nd newbuilding LNG vessel, Maria Energ in October.
The vessel commenced immediately a medium term time charter with escalating rates reflecting the market's expected improvement. The company's first LNG vessel, Neo Energy, is also chartered for the next two and half years in a floating storage contract. In Slide number 6, we have the clients of 10, which are all blue chip names and with whom the company is doing repeat business over the years, thanks to the quality of service, fleet modernity and the safety record of the enterprise fleet. Slide 7 shows the breakeven cost for the various vessel types that form the enterprise fleet. The cost base, as you can see, is low, as TEN built most of the fleet before the rise of new building price.
The purchasing power of TCM and the stringent cost control by management, which reduce fleet operating levels must also be highlighted. 66% of the remaining available days of 2016 have been fixed 60% of the 2017 fleet operating days are also booked forward. The next slide tells us about the market. Oil demand continues to grow and according to the latest from the International Energy Agency, the average growth for the year is 1,200,000 barrels per day. The same average growth number is forecasted for next year.
Both these numbers are good for the business. OPEC is producing at record levels 33,800,000 barrels per day, the production number in October. Production in Nigeria and Libya finally recovered after September and flows from Iraq hit all time high levels. The production recovery in Nigeria and Libya is especially positive for tankers as both countries are main loading areas and lack of cargoes or continued disruptions have been responsible for the recent weak rate environment. We await the results of OPEC's meeting tomorrow.
However, it seems that there is no agreement as we speak within OPEC and with the main non OPEC producers. So any potential production cuts or production freezes that will be decided could have little market impact as the current production base is at record high levels and implementation of fast production cuts have been have not been fully materialized. Lower oil prices continue to support strong demand, especially in the United States of America, mainly consumer demand China, consumer demand and stockpiling for strategic reserves and India. Looking at the supply side on Slide 9, the tanker order book is coming down with most newbuilding vessels expected to be delivered between the start of the year and the end of the first half. However, a big part of the existing fleet is over 15 years.
The implementation of new environmental regulations with high compliance costs and charters discrimination against older tonnage could lead to an increase in scrapping. Far Eastern shipyards are restructuring and reduced capacity, while available bank finance is very selective and shrinking. We have seen no significant orders for delivery after 2018, which is positive for freight rates and the start of another upcycle for tankers. We announced today in Slide 10, our next dividend of $0.05 per share, which will be paid on December 22 to the shareholders of record on December 16. In total, since 2002, TEN has paid $10.41 in cash dividends or approximately $440,000,000 and this compares with the listing price of our IPO of $7.50 So the average yield since the IPO has been 5.25 percent per annum.
In addition, the company has repurchased stock worth $103,000,000 since our buyback program started in 2,005, with approximately 21,000,000 dollars during 2016. That concludes the operational part of our presentation. Paul will walk you through the financial highlights for the Q3 9 months of the year.
Paul?
Thank you, George. Quarter 3 was a difficult quarter, partly in line with seasonal expectations, but exacerbated, as the Chairman has said, by increased vessel capacity, production disruptions and reduced refinery output. With 60% of our fleet employed on time charters and the rest fully employed, our operations were able to provide a net income of $2,000,000 before preference dividends. 9 months net income was $44,000,000 The LNG carrier Neo Energy underwent a dry docking brought forward to prepare for its storage charter starting late October. Together with the soft MNG market, this prevented the vessel enjoying any substantive employment in the quarter in contrast to the previous quarter 3.
However, the new vessels added over the prior 12 months generated enough net income in quarter 3 to more than compensate for this. From September 30 to the end of 2017 another 10 vessels will have joined our fleet, all bar 1 with time charters. The overall daily average TCE rate in the 9 months was $20,800 while in quarter 3 it was $17,600 The majority of the larger crude vessels generated revenue close to or comfortably above breakeven. Panamax rates remain steady as all these vessels are on time charter, some at very strong rates, while Handymax daily earnings were just short of breakeven. Handysize vessels, however, were nearly all on the spot market and their rates languished accordingly.
Although they covered the running costs, they brought the fleet average TCE for the quarter below the otherwise level of $21,000 per day per vessel. While such rates put some pressure on our cash flow, we were still able to achieve more than overall breakeven, keep healthy cash balances and maintain a strong balance sheet as we enter the winter period with a much stronger crude market. Our operating expenses have been held down. Daily average OpEx per vessel for quarter 3 fell 6% to $7,620 due to continued efforts by our technical managers to manage the vessels more cost effectively. This has been helped by further economies of scale as the fleet grows and by the impact of modern designs and technology providing our new vessels with lower running costs.
In addition, daily overhead costs per vessel at $12.50 remained low by industry standards. Finance costs increased mainly due to new debt for vessel deliveries and increases in LIBOR. And because in the prior quarter 3, there was a non recurring $3,000,000 gain on a prepaid loan. In quarter 3, we drew $149,000,000 debt and repaid $118,000,000 debt. So total debt outstanding at September 30 was close to $1,600,000,000 and net debt to capital was up 49%.
Since September 30, we've taken delivery of 3 new buildings and drawn down $150,000,000 debt plus a further $16,000,000 pre delivery finance for vessels under construction. There are 7 vessels under construction, all for delivery in 2017, with $287,000,000 remaining to be paid of which $224,000,000 will be with the arranged debt. And this concludes my comments and now I'll pass it back to Nikolas.
Thank you, Paul. And again, well done in keeping another profitable quarter regardless of difficult market condition. I think our aim is to continue building the fleet, big and quality fleet, keep the operating expenses. And I think we had a reduction of operating expenses by 6%. That shows that our management is able to react very quickly when the market is not on our side.
And I think we have to comment our technical managers on that. We are closing right now, we are at 60% of coverage in our fleet. I think before the end of the year, we will be able to announce another 3 or 4 vessels with long term employments. We are in negotiating, so we could finish the year with 65%. And then as the vessels come, the scheduled vessels with long term employment, our first next delivery is our VLCC, the Hercules in the middle of January in Korea.
And I have to say there is a lot of interest for employments for that ship, very similar to her sister vessel, which is chartered out for 4 years. Other than that, all our other vessels have long term employments. So we are looking for 2016 has been a very constructive year for the base of the company, building the base. 2017, we will complete the building of the company. And I think 2018 and going forward, we will be able to take advantage of the good solid base with our first class quality assets chartered to all the major oil companies.
So we are looking at the future optimistically. The spot market has surprised us very positively and it has shown that the market has legs. Right now. It has we are not far from the levels we were a year ago and it seems it's growing. Winter has not yet hit hard here in well, in Europe and we expect it to be quite a cold winter.
And with that, we hope to be able to have better news for you for the whole year and then for the Q1. And with that, I would like to open the floor for any questions. Thank you.
Thank you. Your first question today is from the line of Jon Chappell from Evercore.
Just 2 for me today. First one is on the dividend. So you've been really consistent since the beginning of 2013, kind of slow and steady with the dividend, good markets and bad. And then a little drop here in the Q3, which is understandable given the Q3 weakness, but a little bit surprising given your prior consistency and your optimism on the future, not to mention all of your fixed backlog with the new build time charters coming in. So can you just talk a little bit about why the downdraft in the Q3 and kind of how we should think about the dividend strategy going forward?
Yes. Well, as I mean that's a very good point, John. If you look back, I think if you look on Page 10, we have the dividend. In 2013, I mean, we were down to $0.09 a year for the year. We increased from $9,000,000 to 13 sorry, for $9,000,000 yes, dollars 9,000,000 we went to 13, we went to 21.
And right now, we are so we have been going we have been increasing it steadily in small amounts. We had to react, I would say, to what was happening around us in the environment with all our peer group. And I think it is a reaction to a slow quarter. So we've never felt comfortable on paying out more than we could earn in this quarter. But again, this we hope to be able to increase it if the market continues.
So then if you had to adjust then to the Q3, should we think going forward that it's going to be kind of volatile from quarter to quarter depending on whether the seasonality in that quarter, the cyclicality of that part of the cycle? Or should we think kind of like a return to the consistency that you just mentioned from 2013 up until the last quarter? I
mean, I would like to believe that this would be if the market continues to show the performance it has, this could be the lowest part of the dividend and then increasing. As you know, we the management is the major shareholder, so dividend is very important for all of us. It's an important factor we see eye to eye with the investors in this. But of course, on the other hand, we cannot in a market that had during the Q3 that was very poor, we did not feel comfortable. And if you have I'm sure you looked at all our peer group, they have slashed either the dividends down to 0 or we gave a much smaller dividend or so I think we took the judgment of following what the other the market is doing, but hoping from that we'll be able to build on top of this.
All right. My second one, Nick, is also for you. We've read a lot about these regulations. And as the Chairman of Inertanko, you're probably even more in tune with them than any of us. So can you just talk about the costs that you envision for your fleet associated with both ballast water treatment and the new sulfur emissions over the next couple of years?
And how you think that may develop then both your fleet directly from a cost perspective, but then also potentially creating a 2 tiered market in the next couple of
years? Well, yes, this is we could have a conversation that will put the rest of the callers to sleep, I think, because it's very technical, but it is very, very important with the way the market is going. Let's go into the dirty water ballast treatment, which still we do not have any providers approved by the U. S. Coast Guard, which is a very large market for us.
And we have to find someone to use as a provider from now until September. I think the negotiations that we as owners are having with IMO and the Coast Guard is that we will be required to have the system, whatever that system will be implemented on our vessels in the next really 5 years. So that gives us time. The technology right now is at around, I would say, just under $1,000,000 the existing technology. It's an untested technology.
I think by in the next 5 years, And that's why you will see perhaps a lot of companies going out and passing their special survey from now until September of the ships in order to get to gain those 5 years. This is what we're planning to do. So we might have a little bit more pressure on the cash flow because some of the ships will be passing special surveying cooperation with our charters. I believe that from now in 5 years, technology will be much cheaper than it is today, much more advanced. So I would estimate a $250,000 per vessel after 5 years.
I think that's where we expect the dirty water ballast technology to be, which is a significant amount, but it's not unbearable for ships. If it was if you had to do today, this it will be $1,000,000 and for a ship of 60 odd vessels that we have, it's going to be a very big hit, not only for us, but all the peer group. And I think most of the peer group, the owners we're taking will be taking these measures. And again, I repeat, there's no approved technology. So it's really very hard for anybody to start doing things on a ship and because it might end up doing the wrong thing that will not be approved.
So that's where we stand with that, with the sulfur content for 2020. The majority of our fleet is on time charter. So a lot of the obligation of the fuel will be on the charterers for the charterers. The charterers are the major oil companies. So they can provide bankers much easier than the owners can.
So I think that will solve we strongly believe that there will be enough fuel additives or diesel to cover that in 4 years. We do not however, I would say that if we would be looking for a new building going forward today, we might consider having the option of a scrubber on the ship. I don't want to put everybody on a scooter, but scrubber is a technology that actually you make your own ship into a refinery. I think this is the wrong thing to do. Ships are not refineries.
They visit refineries every time. But I think the market will work short itself out. It's very similar to many, many years ago, 30, 40 years ago, when unleaded fuel for cars started, people would say, where are you going to get the unleaded fuel? But now it's a reality. So it's really for modern ships like ourselves, I think we will find the solution with the charter schedule.
Your next question is from the line of Noah Parquette from JPMorgan. Your line is open.
Thanks. I just wanted to ask about your costs that come down quite a bit on a per day basis. Just talk a little bit more about what's driving that. Is that more modern ships in your fleet? Is there anything you're doing operationally?
And can we expect this going forward?
Yes. Thank you, Noah. Well, I think the stronger dollar has helped And it's going to help us again, even because for the 1st 9 months, the effect of the dollar is not full, it's not as big. But I think as we go forward, the stronger dollar is going to help all.
Will help us keep the cost down. Yes, we'll help us. Last year, there hasn't been much of a decrease, but we're now at a stable level with the dollar. And hopefully, it will the dollar will strengthen even further in the future months.
Yes. So I think a strong dollar will help us on that. Of course, young ships have less demands for maintenance, and I think that's another factor. And we are working we have on hands management. Hands management.
I mean, we run everything from the same office that we are talking to you today. So we have on hand management and try to keep expenses low. So it's not that our technical managers are located somewhere in the Far East and we talk to them once a day over the phone. I mean, we just we kick the tires, as we say literally, I can see our technical manager smiling here because sometimes we kick a bit too hard the tire and try to keep operating expenses low.
Okay. And then I just wanted to ask about that table you have laying out the order purchases shipped older than 15 years. We haven't seen a lot of scrapping and it has happened, it's been above that age. Do you expect scrapping to kind of pick up next year? Do you expect the average age to decrease?
I mean, what's the sequencing and how the cycle plays out and when we can see scrapping pickup?
Yes. I think the question we had is also that there will be effect from the question we discussed before, which had to do with the new technologies that are required in the ship. So dirty water ballast treatment. So for a lot of people, when a ship is going to be 15 years old, she will be passing the 3rd or due to pass her 3rd special survey, might not want to spend a couple of $1,000,000 in on a 15 year old ship. So we expect scrapping to increase, yes.
That's the short answer.
Okay. Thank you.
Thank you.
Next question is from the line of Michael Webber from Wells Fargo. Your line is open. Michael Webber from Wells Fargo. Your line is open, sir. Michael Webber from Wells Fargo.
Your line is open, sir. Okay. No response. Your next question is from the line of Spiro Dounis from UBS Securities. Your line is open.
Hey, everyone. Thanks for taking the question. Nick, maybe this one's for you. We're hearing that some of the energy majors are getting a little nervous that the order book actually is looking so light in 2018. Obviously, they require newer ships a lot of the time.
And so I think what we are hearing is that they are actually pushing for more orders to placed. Just wondering, given that they make up a lot of your customer base, are you starting to see those sort of inbound inquiries coming in or any noticeable change?
Well, I cannot say that we see orders from the majors. Of course, they are looking to owners like ourselves and our peer group to come up with vessels. But of course it has to make sense and that's on long term business. So the truth is we are seeing a lot of requirements for long time charters, which is something that makes sense and it's very true to the way we run the company. We look at it as an industrial company that has a big part of its business, as I said, 60% of our business as we going forward for 2017 and on is already chartered out.
I hope by the end before the end of the year with the market helping right now that it will be closer to 65%, and we will reach 70% with the deliveries of the new ships. So we are seeing all oil companies understanding that the market will Okay. And then just in terms of share repurchases,
Okay. And then just in terms of share repurchases, I know it's never really been a big part of your capital return strategy. But just I guess with the dividend now sort of cut back a bit here and your share price where it is, just wondering how you're thinking about your appetite to repurchase shares here. I know I think you lifted the program up a quarter or 2 ago, maybe balancing that with lifting the dividend back up going forward?
Well, looking back, we have spent in excess of $100,000,000 in recent times buying back shares. It hasn't helped very much our share price. We spent more than $20,000,000 in buying back the shares that we issued against purchasing of the 2 VLCCs. We issued those shares at around $10 and I think we were able to purchase in the mid in $5.5 So we felt that was a good investment. Priority will be given 2 dividends and after that, of course, when our new building program ends, which is in the 3rd quarter of 2017, we will consider
buyback also.
Okay. Last one for me, just around the Hercules, sounds like in the middle of negotiations now. So certainly don't want to get out of ourselves. But just in terms of the tenure, maybe how we should be thinking about, is it more along the lines of a 1 year time charter that maybe bridges the gap to better times or you're actually looking to do something a little more longer than that?
We have offers a lot of offers on the table ranging ranging from 1 year up to 12 years that we are negotiating. So it's a good it's a quality program to have at this stage. And always we wouldn't mind since the 12 year charter is a first class with a major company, as long as we can convince them and we're getting there for a sort of minimum and profit share, we would rather look at the longer period, but that's where we are.
Yes, that's certainly good problem to have. Appreciate the time guys. Thank you.
Thank you.
Your next question today is from the line of Ben Friedman from Morgan Stanley. Your line is open.
Hi, guys. Thanks for taking the call. Just a few questions, most have already been answered, but just first on relatively housekeeping issues. What's your remaining CapEx for in 2016 2017?
We have $287,000,000 still to pay and that will pretty well all be within 2017.
Of that
$224,000,000 will come from debt and the remainder from cash.
Great. Thank you. And then I guess just one question. So it seems as though you just locked up the Maria Energy and exercise the options there. I'm just curious on your prospects for this market.
It seems as though it's going through gradual improvement, but I'm curious to see your thoughts here and how this charting process, whether there's been more excitement around the space?
Yes, I mean this is we believe in the future of gas as a major commodity that will be carried by sea. So I think and its importance will be growing and that's why we have invested in a small way. We are a diversified company of energy company. And the same way we have VLCCs and then product carriers, crude carriers, we are looking at the LNG segment. And we believe that this market will move.
And as long as our clients are looking for vessels with long term employment, we will invest in this market further. We don't have any immediate plans. I think right now, our hands full of we're in the middle of our growth program. We have our hands full with our deliveries. And as soon as we finish with that, we will be looking to expand on the LNG segment.
So our aim is to have half a dozen of those ships, I would say, in the next 4 or 5 years with long term employment.
All right. Thanks so much, guys.
There are no further questions at this time. Speaker, please continue.
Thank you. Thank you very much for your time. As we said, it has been a challenging quarter, but it has been also interesting because it's always a challenging quarter, it helps you and helps the company readjust its cost structure and that's what we have done in a major way. We are preparing the company in a for what we believe are going to be better days in the 4th and Q1 and in general in 2017. And we're looking for thank you for your support and hopefully our share price will finally react to where this company is going.
Mr. Chairman? Well, thank you all.
We believe that this is stellar performance considering the times we're in. Personally, I feel that the market continues not to distinguish among sectors in the shipping world and among companies within the sector. TEN continues to maintain its long term stability attributes and profitability. And I certainly believe that the share price has quite a way to go to reflect the realities of the quality of tens of Americans. So that's it for me.
And congratulations to Nikos Tsakos
and the team. And the team will be in New York for the Capital Link event in 2 weeks. And we're very happy if anybody would like to ask face to face questions. So we will have the team there. Thank you very much.
Thank you.
Thank you. That does conclude the conference call today. Thank you all for participating. And you may now disconnect.