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Tsakos Energy Navigation Limited (TNP)
Q1 2014 Earnings Conference Call
May 16, 2014 10:00 AM ET
John Stavropoulos - Chairman
Nikolas Tsakos - President and CEO
Paul Durham - CFO
George Saroglou - COO
Nicolas Bornozis - IR
John Stavropoulos - Chairman
Ben Nolan - Stifel
Fotis Giannakoulis - Morgan Stanley
Mark Suarez - Euro Pacific Capital
Previous Statements by TNP
» Tsakos Energy Navigation's CEO Discusses Q3 2013 Results - Earnings Call Transcript
» Tsakos Energy Navigation's CEO Discusses Q2 2013 Results - Earnings Call Transcript
» Tsakos Energy Navigation's CEO Discusses Q4 2012 Results - Earnings Call Transcript
I now pass the floor to Mr. Nicolas Bornozis, President of Capital Link, Investor Relation Advisor of Tsakos Energy Navigation. Please go ahead Sir?
Thank you, very much, and good morning to all of our participants. This is Nicolas Bornozis of Capital Link, Investor Relation Advisor for Tsakos Energy Navigation.
The company released its financial results for the first quarter of 2014, this morning. The press release has been distributed publicly. In case if you do not have a copy of it, please call us at 212-661-7566 or email us at email@example.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 web site on the front page at www.tenn.gr. The conference call will follow the presentation slides, so please, we urge you to access our presentation and webcast.
Please note that the slides of webcast will be available at an archive on the company's web site after the conference call. Also please note that the slides of the webcast presentation are user controlled, 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 result 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. John Stavropoulos, the Chairman of Tsakos Energy Navigation. Mr. Stavropoulos, please go ahead, sir?
Thank you very much, Nicolas. Good morning or good afternoon to everyone. As you know, I will retire as the Director and Chairman of the Board after 20 years. Today, if we can let me a few moments of recollection. After military service including the Korean War, I returned to the U.S to complete my college studies there on my MBA from Kellogg in 1956. The first job in my professional career was actually a securities analyst. I continued in the investment research area for 14 years as the [Indiscernible] to our director. In 1970, I switched careers to commercial banking. I had the pleasure of opening and managing our bank. I later headed up ship commands and non-U.S. real estate before moving on to the Latin American operations. In 1976, I have been in [Indiscernible] and was called back to the USA to head the bank’s real estate department which along with all of its peers was in great distress.
Later, I headed the U.S. commercial banking operations. In 1980, I was made the Chief Credit Officer and Overall Risk Manager, a responsibility I held through retirement in 1990. While doing investment research I sat for the three test process, for the first call for CFA, and I historically maintained that designation for 50 plus years. I also served as the national director of the credit managers association and President Bush’s No.1 credit standards advisor committee. I shared these reflections to the satisfied credentials, the comment about corporate financial reporting and commentary, the investors and investment analysts had my sympathy. Today I read many financial statements which I hit, my head shakes in dismay. A Three-Card Monte artist would be envious.
I am very proud of our management which with the strong support of board of directors with value transparency and accounting (ph). The financial statements reflect the desire and our intent to communicate conservatively and clearly. There are no smoke screens or double thoughts. What you see is what you get. Likewise, management’s commentary is equally open and humble. There is nothing less certain than the future. Often the crisp of all is foggy in a highly cyclical industry like shipping. But our management strives to communicate with you the investors and analysts positively (ph) and honestly.
As a participant in this process I congratulate management for these high standards. I am confident that the incoming chairman Papageorgiou will take the time later this month to reinforce this setting. Thank you, Nikolas. I will now pass it to Nikolas Tsakos.
Today is very important day for us here and then having our chairman to be with us in his title with his current role for at least for the last time, but he has promised to be around a lot. All of us want to thank him for his guidance and mentorship through 20 years of shipping cycle. He became our chairman in June 1994. Our company was established in October 1993, so we were an in form company at that time with four older vessels with a deadweight of 250,000 dwt smaller than one our VLCCs. He is stepping down 20 years later to the date as always very well organized chairman.