Good morning, everyone, and thank you all for joining us for our First Quarter 2024 Conference Call. I am Harry Vafias, CEO of Imperial Petroleum, and with me today is Mrs. Ifigeneia Sakellari, who will be discussing our financial performance. Before we commence our discussion, we'd like you to read the safe harbor language on 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 could cause future results to differ materially from these forward-looking statements. We'd like to know that the slides of the webcast presentation will be available in archived in our Company's website. In addition, before we commence our discussion, we'd like to clarify that during the call, we will quote monetary amounts unless explicitly stated all in U.S. dollars. On Slide 3, we are summarizing our operational and financial performance. Q1 2024 was a much better quarter than Q4 2023. Our performance was lower when compared to the same period of last year, which was a record quarter as both market and utilization rates were at their peak. The tanker market in the first quarter of 2024 driven mainly by the geopolitical tensions and the reduction in the Suez Canal transits remained firm both in terms of demand and rates. The Western market remains stronger than the Eastern, particularly for MRs. Hence, our strategic repositioning of the majority of our MR tankers that took place within Q4 2023 was crystallized into a rise of our revenues and profitability. Indeed leveraging upon our MR fleet and the full operation…

Thank you, Harry, and good morning to everyone. We commence this year with a promising performance, marking a questionable improvement compared to Q4 2024 results. Market continues to be firm and rates have normalized at high levels, which are lower though than the peak levels witnessed in the beginning of 2023. Let us discuss now our financial performance in Q1 2024 compared to the same period of last year. Looking at our income statement for Q1 2024 on Slide 7, revenues came in at $41.2 million in Q1 2024 compared to $65.4 million in Q1 2023. The main reason for this comparative decline in revenues during the first quarter of 2023 in which we marked a record performance to date was that rates were at their peak as the effects of the Russian/Ukraine conflict had not yet been normalized. In fact, tanking market spot rates prevailing during the first quarter of 2023 were higher than rates witnessed in Q1 2024 by an average of 38%. In addition in Q1 2024, we operated a lower average number of vessels, but most importantly, the tanker vessels, Gstaad Grace II acquired in Q1 2024 did not materially contribute to our results as they were delivered to us mid-quarter. Further to this, the Gstaad Grace II underwent dry docking right after her delivery. Voyage cost decreased by $3.4 million due to decreased port expenses by $1.4 million as a result of longer haul voyages reduction in transit through the Suez Canal and decreased commissions by $2.2 million due to lower revenues when compared to the same period of last year. Our running cost decreased by $0.9 million due to a lower average number of vessels. In terms of dry docking, this amounted to $0.6 million and during Q1 2024, our Aframax tanker Gstaad Grace…

This year commenced quite favorably for Imperial Petroleum. $16.7 million of net income for the first quarter of this year, which is almost 106% higher than our profitability in the last quarter of 2023, filled us with optimism. The market continues to be governed by turbulence, which directs longer haul voyages and is sustaining charter rates at firm levels. The financial health of Imperial Petroleum is undisputable with a large cost pile and no bank debt. Going forward, we'll remain focused on the growth of our company.

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 at our next call for our second quarter results. Thank you.