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| 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 |
| As you said, in view of the continued buoyant market, we expect to have very strong results for the year and equally strong results going forward |
| TEN is once again perfectly positioned to benefit from a buoyant market, a very strong market, despite a short slowdown earlier on |
| The result up to now of $8.18, I think is very, very positive |
| And when better markets arrive, we generate healthy equity deleverage, sell all the tonnage, repay obligations and invest for sustained growth in best-in-class state-of-the-art vessels |
| This model successfully tested several times now coupled with superior operating performance and efficiencies, which you are familiar with, 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 |
| Nicolas Bornozis Paul, thank you for your good news, and it's good that everything is adding up in a positive way |
| The average daily TCE for the nine months was over $37,000, up from $27,000 in the prior nine-month period, a substantial increase compared to the prior year period, helped by profit share arrangements, providing nearly $60 million in nine months and with almost every vessel fully employed apart from 7 in dry dock |
| I'll just add a few words relating to the nine months 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 |
| Looking at our results for the nine months, they are very strong, very impressive |
| We expect an equally strong performance for 2023 |
| Last year was a record year for the financial performance of TEN |
| 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 |
| However, soon after the end of the third quarter, the market has turned in a stronger-than-expected way, we are seeing the -- right now, spot market rates for every type of ship |
| And we are very well diversified and position our fleet |
| We took advantage of the strong market in the beginning of the year, and we either rechartered or renewed or agreed new charters on 26 of our vessels with an average 2.5 years, all of them at, in excess of 50% higher than the previous earnings in that respect |
| And the prospects, at least for the next couple of years, considering the limited newbuilding supply are positive |
| Fleet utilization for the nine months amounted to 95.6%, which is a very strong number |
| This means that TEN is well positioned to continue capturing the positive tanker market fundamentals |
| And as we said, also tanker fundamentals continue to favor a strong tanker market for the next two to three years |
| So I mean as long as we are able 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 |
| 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-mile demand |
| As George said, we have seen a very strong market demand in all categories of ships |
| The fundamentals, very low tanker order book, the aging fleet and post-COVID all demand recovery, even without the tragic wars were positive for the tanker industry |
| 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 |
| If we move to the slides of the presentation, starting with Slide 3, we see that since inception, we have faced five major prices and each time the company came out stronger, thanks to its operating model |
| So in general, we are expecting a positive environment for the near future |
| Congratulations once again to Nikolas Tsakos and management for yet another set of excellent results |
| And I think we have a very good buffer on the ships that we have right now, the 33 ships that are on time charter |
| The prospects in the market are good |
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| 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 |
| 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 speed changes of routes going forward |
| And I think what happened as the seasonal third quarter which is the weakest quarter, came to an end |
| The company took delivery in September and recently in October of the company's first two dual-fuel Aframax tankers that opened a new chapter for TEN, being the first two LNG-powered conventional tankers in a newbuilding order of four that TEN operates for a significant European oil concern against long-term charters |
| There are also global headwinds like the high inflation, the tightening of global financial conditions, we might end up with higher interest rates for longer |
| So I think the reduction in actual net income from quarter-to-quarter is actually the eight vessels missing |
| The war in Ukraine, the war in Gaza and the OPEC+ 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 |
| At the same time, we're seeing 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 to around the Cape's rather than using the Panama Canal, which further increases the ton miles |
| Total finance costs in the nine-month period amounted to $73 million, an aberration due to interest rate hikes and to inflationary causes |
| Investors are cautioned that such forward-looking statements involve with risks and uncertainties, which may affect TEN's business prospects and results of operations |
| New legislation that is coming up that is making slow steaming and restrictions on traveling of -- or navigation positive and increase in ton miles |
| So it's a surprising situation where both the smaller clean trade investments together with anything between Suezmax with Aframax lower earning between $60,000 to $80,000 a day on the spot |
| Recently, we came out of the COVID pandemic, and we continue to navigate the challenges created by the geopolitical war in Ukraine and elsewhere |
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