Good day and thank you for standing by. Welcome to the Imperial Petroleum Third Quarter and Nine Months Financial and Operating Results Conference Call. At this time, all participants are in listen-only mode. Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today, Harry Vafias, CEO of Imperial Petroleum. Please go ahead.

Good morning, everyone, and thank you all for joining us for our third quarter and nine months '24 conference call. I'm Harry Vafias, the CEO of Imperial Petroleum. And joining me today is Fenia Sakellari who will be discussing our financial performance. Before we commence our discussion, we would like all of you to read the Safe Harbor disclaimer on Slide 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. In addition, before we commence our discussion, we would like to clarify that during this call, we will quote all monetary amounts unless explicitly stated, all in US dollars. Turning to Slide 3, we're summarizing our operational and financial highlights for the third quarter and nine months '24. The third quarter of this year was quite satisfactory in terms of profit when taking into consideration that market deteriorated in comparison to the first half of this year. Indeed, prevailing rates for both product and suezmax tankers declined in Q3 '24, mostly driven by seasonal factors and geopolitical uncertainties, thus creating an unexciting market environment. Market weakness is evidenced by our low quarterly operational utilization of 65.6% which was further burdened by a drydocking of a product tanker and a minor incidence of our product tanker, the Magic Wand. The vessel remained idle for the whole quarter. Within this market of declining rates, we did manage to end the quarter with close to $11 million of profit. Our daily time charter equivalent of…

Hello. Let us discuss our financial performance in Q3 '24 compared to the same period of last year. As mentioned earlier on, we marked a sound profitability amidst an unfavorable and uncertain market environment. Looking at our income statement for Q3 '24 on Slide 7. Revenues came in at $33 million in Q3 '24 compared to $29.4 million, a 12.2% increase compared to Q3 '23 due to an increase of our average fleet by 1.3 vessels and better performance of our product tanker as three of our product tankers underwent drydocking in the third quarter of 2023, thus incurring significant idle time due to technical reasons. As mentioned earlier on this quarter, our idle time was hindered by the drydocking of one of our product tankers, along with a minor incident of one another product tanker both events adding to idle time and undermining revenue. Voyage costs amounted to $13 million, increased by $0.4 million compared to the same period of last year due to expenses incurred in connection with the EU emission allowances in order to meet our obligation arising from the CO2 emissions as a result of the new EU regulations entered into force starting from January 1st, 2024. Running costs amounted to $7.2 million, increased by $1.1 million due to the increase of our fleet. EBITDA for the third quarter of 2024 came in at $12.2 million while net income at $10.1 million, corresponding to an EPS of $0.29. On an adjusting basis, that is, excluding non-cash items, our adjusted net income for the period was $10.9 million, marking a 142% increase compared to Q3 '23. For nine months, EBITDA came in at $52.8 million and adjusted net income excluding non-cash items at $15.6 million. Moving on to Slide 8, let us take a look at our…

In spite of an unexciting and seasonally weak quarter, Imperial Petroleum was yet again profitable. Our adjusted net income this quarter was up 141% compared to Q3 '23 and our cost increased by about 60% compared to the end of the same quarter last year. Since the beginning of the year, we have generated a net profit of close to $46 million, with a fleet of only 10 vessels. Apart from our ongoing profitability, our financial strength is shown by our cash of about $200 million in conjunction with zero leverage. Market was volatile and weak during Q3 and still remains unknown how future geopolitical tensions will affect the tanker and broader shipping markets overall. We would like to thank you for joining us today at our conference call 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 fourth quarter results. Thank you very much.

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day. End of Q&A: