Good morning, everybody, and thank you all for joining our Fourth Quarter 2022 and 12 Months 2022 Conference Call of Imperial Petroleum. I’m Harry Vafias, the CEO of the company, and with me today is the Interim CFO, Ms. Sakellari. Before we commence our discussion, we'd like to take you all to read the Safe Harbor disclaimer posted in slide number two of our presentation. In essence, it's made clear that this presentation may contain some forward-looking statements as defined by the Private Securities Litigation Reform Act. We raised the attention of our investors to the fact that such forward-looking statements involve risks and uncertainties, which may potentially affect our company's performance in the future. In addition, I would like to state that during this call, we will quote monetary amounts. These, unless explicitly stated otherwise, are all denominated in US dollars. Let's start from slide three, for a summary of our company's performance highlights. During Q4, we can take advantage of the solid tanker market which maintained the strong momentum gained in the third quarter. As a result of the tanker recovery in 2022, we managed to end the year with net income of close to $30 million, which is equivalent to 36% of our current market cap; quite an impressive result. Throughout the fourth quarter, tanker rates remained firm. The EU ban on Russian oil and price caps imposed on oil and refined petroleum products continue to affect trading patterns favorably. In addition, with China's slowly reopening, oil demand is expected to be strong. The tanker market players [ph] will be affected by the ongoing inflationary pressures and uncertainty of a possible global recession. Overall, our company had a remarkable year, dominated by rapid fleet expansion. Since -- during the course of 12 months, we more than doubled…

Thank you, Harry and good morning to everyone. During the fourth quarter of 2022, we continue to record strong revenues and generated net income of close to $14 million. We are very satisfied with our results, reflecting a tremendous improvement in the overall tanker and product tankers in particular. Our results were somewhat undermined as one of our Suezmax tanker, the Suez Enchanted and one of our dry bulk vessel engine bay underwent drydocking. This, along with the repositioning voyage on ballast of the Suez Enchanted following the completion of its drydocking added to our lot higher, almost 130 days, further reducing revenue generation. Indeed, our operational utilization was low during the fourth quarter in the order of 79.4%. Looking at our income statement for Q4 2022, on slide seven compared to Q4 2021, revenues came in at $37.9 million, up by $34 million compared to the fourth quarter of 2021 due to our fleet additions as we increased our fleet by six vessels along with a noticeable rise in market rates. Voyage cost increased by 9.6 million due to the increase in sport voyages by days by 320 days that is 516% in the rising banker prices. This quarter we include 1.7 million of voyage cost for the balancing of our Suezmax tanker, Suezmax enchanted which landed of about 50 days, the benefit of which will appear in the first quarter of 2023. Our running costs increased by $4.6 million due to the average increase of our fleet by six vessels and one of our product tanker, the Clean Sanctuary coming off their bare boot close to the end of August 2021. Basis the above, we generated a strong EBITDA of almost $18 million that is $17 million or 2,125% higher than in Q4 2021 and a net profit…

2022 can only be characterized by one word, success. As market conditions were favorable, particularly during the second half of the year, we managed to increase our net income by about 1,020%. We managed to increase our EBITDA by 2,175% grow our one year old company to 10 vessels, and generated net income of about $30 million. Going forward, our main focus will continue to be growth and profitability. We positioned the company well with an enviable capital structure, $257 million in asset market values, $120 million approximately in cash and only $70 million of debt. The market outlook for tankers looks promising for this year and we are set to capture the continuing favorable charter environment as well as acquisition opportunities in the tanker and dry bulk sectors. We have now reached the end of the presentation and we would like to open the floor for your questions. So, operator, please open the floor.

Thank you. [Operator Instructions] We will now take the questions. One moment, please. It comes from the line of [indiscernible]. Please go ahead. Your line is open.

Hello, I'm sorry, I didn't – didn't ask a question. Don't have a question.

No problem, sir.

Thank you. I don't know.

We will not take the next question. One moment, please. It comes from the line of [indiscernible]. Please go ahead. Your line is open.

Thank you very much. I’ve got a question about the equity dilution that has happened over the last year, so clearly destroyed a lot of capital, taken the book by $20 to $1.50. And the latest At The Money program, there’s only paused last week. So what is the plan going forward, is it capital really using equity dilution completed now? Do you have $100 million in cash? Are you going to continue to do that over the next year?

Very good question. As you can understand despite our stellar results, we are still – in global terms a very small shipping company, 10 ships, obviously is not a big fleet in global standards. Obviously, we have money to expand. But even with this money, we cannot really double or triple the fleet. For the time being, we will continue with the ATMs until we have enough cash or a fleet large enough to be competing with the global players.

And what is the target for that? How many ships?

That's not a very easy answer to give, as things change on a quarterly basis. But I would say a proper – a proper fleet size will be in the region of 20, 25 ships.

Got it. Thank you.

Thank you.

Thank you. We will now take the next question. It comes from the line of Gary. Please go ahead. Your line is open.

Good morning. Good afternoon. Good evening. My name is Gary, and I'm very impressed with the results. However, I'd like to kind of address the elephant in the room regarding the NASDAQ Listing with the notification in mid-December from the qualification department regarding the 180 day extension. How do you plan to meet that by June 12? We exceed $1 in your share price for at least 10 days straight, when you're diluting and selling 35 million shares within the last seven weeks. I'd like to understand more about that. Thank you.

Very good question. Obviously by continuing to announce stellar results, as you might have seen in Q3 and in Q4, we hope that shareholders will understand the value in the company, as just the cash is far more than the market cap, however, if we continue to announce very good results, and the stock is obviously below $1, we have no other choice but to do a reverse stock split by June.

Okay. You answered my question. Thank you.

Thank you.

Thank you. We will now take the next question. It comes from the line of Peyton Manning [ph]. Please go ahead. Your line is open.

The previous guy just answer my question.

Thank you.

Thank you. We will now take the next question. It comes from the line of -- please go ahead. Your line is open.

Hello, hi. I just wanted to ask, is there ever a time when you will consider buyback?

Very good question as well. I think we are in the very early stages of the company's growth and fleet increase. This is something, obviously, we consider when we have reached the optimal fleet size and we continue to announce stellar results as we did this quarter and the previous quarter. We've done similar moves in our affiliated company, StealthGas. So it's something that we can consider, but it’s not the right moment as we are in expansion mode right now. But, yes, it's something that we should consider and discuss in the future.

Okay. Thank you, Ifigeneia.

Thank you.

Thank you. We will now take the next question. It comes from the line of Daniel Stengel [ph]. Please go ahead. Your line is open.

Hi, good afternoon. My question was answered in a previous one. But I realize we're in growth mode. But with the unavailability of tankers to purchase, wouldn't it make sense to do a buyback to regain compliance? And then continue with ATMs later on after we've regained compliance? Thank you.

Yes and no. As I said, we are still considered a small company. The big chatters and the oil majors don't really want to deal with the small companies. They want to deal with the big operators that has 10, 30, 40 ships ideally, we are at 10 ships, we grew very fast. We've been announcing very, very profitable quarters as you have seen, and with very little debt and a lot of cash on the side. If the tankers are too expensive, we may add some other ships from other segments that are not valued, it’s expensively right now. And as I said, the buyback is not something foreign to us. We've done it a lot on our sister company. And we will have it in our mind to discuss it with BoD, but when we have achieved our short-term goals. So as I said, it's not something impossible, but it's a bit early.

Okay, Thank you.

Thank you.

Thank you. I would like to hand back over to Harry Vafias for final remarks.

We'd like to Thank you all for joining us at our conference call today and for your interest and trust in our company, and we look forward to having you with us again at our next conference call for our Q1 2023 results. Thank you very much.