Good day, and thank you for standing by. Welcome to the Q4 and 12 Months 2023 Imperial Petroleum Results and Webcast. At this time, all participants are in a listen-only mode with no question-and-answer session. Please note that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Harry Vafias, CEO. Please go ahead.

Good morning, everyone, and thank you for joining us for our fourth quarter and 12 months 2023 results. I'm Harry Vafias, CEO, and with me today is Mrs. Sakellari, who will be discussing our financial performance. Before we commence, please read Slide number 2. 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 raise the attention of our investors to the fact that such forward-looking statements are based upon the current beliefs and expectations of Imperial Petroleum and are subject to risks and uncertainties which would cause future results to differ materially from these forward-looking statements. We'd like to know that the slides of the webcast will be available in archive on our Company's website. In addition, before we commence our discussion, like to clarify that we'll quote monetary amounts. These are less explicitly stated, are all denominated in U.S. dollars. On Slide 3, is a summary of our performance highlights. For us, the key takeaways of last year is our strong performance and the impressive rise of our share price. The last couple of quarters of 2023 were softer than anticipated. In Q3 2023, we witnessed a typical market contraction due to seasonal factors. While in Q4, we faced a weak market in the East, which especially hurt the performance of our product tankers. Nevertheless, Imperial Petroleum, a company of only nine ships on the water managed in 2023 to generate about $184 million in revenues. That is 90% higher than 2022. An EBITDA of $82 million and a net income of the year of $71 million, marking an impressive 141% increase against the profitability of 2022. Our average daily time charter equivalent for 2023 was in the order of 35,000 per day. Looking at…

Thank you, Harry, and good morning to everyone. 2023 was a very strong year for Imperial Petroleum as compared to 2022. We managed to increase our revenues by $87 million or 97% and our net income by about $42 million, which is equivalent to 141% growth. As we discussed earlier in our call, Q3 2023 in particular, Q4 2023 was softer than anticipated. Thus, our profitability was somewhat lower than expected. In Q4 2023, we faced a weak East market for product tankers. Two of our product tankers operating East, the Clean Nirvana and the Clean Thrasher were repositioned to the Atlantic and therefore spent significant time without employment. These vessels were subsequently fixed at better rates than what was available in the East. Moreover, in Q4 2023, two of our vessels, the tanker Suez Protopia and handysize drybulk carrier the Eco Wildfire underwent the scheduled dry docking, so this ships faced idle time as well. Looking at our income statement for Q4 2023 on Slide 7. Revenues came in at $29.9 million compared to $37.9 million in the same period of last year, a 31% decrease due to smaller fleet by an average of one vessel and off hire days due to technical and commercial reasons. The total of hire, including our drydockings and repositioning of vessel, was about 300 days for the quarter. Voyage cost increased by $3.3 million due to an increase in bunker cost as a result of 65% rise in spot days and $0.8 million increase of port expenses. Our running cost decreased by $0.7 million compared to the same period of last year due to the decrease of our fleet by an average of one vessel. In terms of drydocking costs, this amounted to $2.5 million as one of our Suezmax tanker and one…

Since our listing approximately two years ago, we managed to almost triple our fleet, accumulate more than a $100 million of cash, pay off all of our bank loans and excel in terms of profits. For 2023, our profitability was $71.1 million, which is 141% higher than that of 2022. Since September 2023, we have commenced our share buyback and to date, we have purchased 4.3 million common shares and 5.8 million of outstanding warrants for a total consideration of about $10 million while since our share buyback announcement, our share price has doubled. We would 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 on our next call for our Q1 2024 results. Thank you.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect your lines. Thank you.