Tsakos Energy Navigation Limited (NYSE:TNP) Q4 2022 Earnings Call Transcript

And without any growth in trades, that would signal a very strong market going forward because as you know, it takes at least three years to build the ship if someone decides to do so. So, we are in for a healthy period going forward without the need of any geopolitical circumstances that create the requirement for more ton miles. So, whereas we are we are always preparing the company to be able to observe any shocks that might arrive and we are proven that we’re very proud of that record. I think we will be able to harvest everything that we have planted and with the coming of the eight new ships, plus two vessels that have been added in our fleet in the recent couple of weeks to grow the earnings in the first quarter and going forward. And we are the major shareholders in the company and we feel very correct and very right to be able to reward our shareholders with a very dramatic and significant increase of our dividend.

And if the market continues, hopefully we can have another increase later in the year. And with that, I will ask Mr. Arapoglou to wrap up.

Takis Arapoglou: Well, thank you, Nikolas. The message is that it is not a flash . The market continues as strong as it used to be at the end of last year and TEN is ideally positioned to capture all the benefits going forward. So, with that, thank you all for attending today’s meeting. And all the best. Thank you.

Nikolas Tsakos: Thank you and see you next week in New York. Thank you very much. Thank you.

Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.