Welcome to OETs Third Quarter 2024 Financial Results presentation. We will begin shortly. Aristidis Alafouzos, CEO, and Iraklis Sbarounis, CFO of Okeanis Eco Tankers, will take the view through the presentation. They will be pleased to address any questions raised at the end of the call. I would like to advise you that this session is being recorded. Iraklis will begin the presentation now.

Thank you. Hi, everyone. Welcome to the presentation of Okeanis Eco Tankers' results for the third quarter of 2024. We will discuss matters that are forward-looking in nature and actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer on Slide 2. So starting on Slide 4 and the executive summary, I'm pleased to present the highlights of the third quarter of 2024. We continue on the track of very healthy commercial and financial results. We achieved fleet-wide time-charted equivalent of about $44,000 per vessel per day. Our VLCCs were at $43,000 and our Suezmaxes at $45,000. We report adjusted EBITDA of $37.9 million, adjusted net profit of $14.5 million, and adjusted EPS of $0.45. Continuing to deliver on our commitment to distribute value to our shareholders, our Board declared the 10th consecutive capital distribution of $0.45 per share. That is the full payout of our EPS for the quarter. On a four-quarter rolling basis, we have distributed $3.31 per share, or 94% of our adjusted net income. During the quarter, we have successfully completed our five-year drydock for Nissos Kythnos, Nissos Rhenia, and Nissos Donoussa. With five or six planned drydocks this year behind us, we look forward to completing Nissos Donoussa later this month. On Slide 5, we show the detail of our income statement for the quarter and the first nine months of the year. PC revenue for the nine-month period stood at over $212 million. EBITDA was approximately $167 million, and net income was over $95 million, or $2.97 per share. Moving on to Slide 6 and our balance sheet, we ended the quarter with $56 million of cash. We also had a working capital increase with our trade receivable standing at $44 million, and our balance sheet…

Thank you. This may be one of the quarters where your part is more interesting than mine. Q3 was a weak quarter, with consistent weakening beginning in June and with one period of brief strength in late July on the VLCC. The market was hampered by weak refining margins, poor Chinese demand, and refinery turnarounds. We completed three drydocks as planned and repositioned four ships to the west. On three of these ships, we took advantage of the strength in the clean market to clean them up in diesel from the Arabian Gulf to Europe. On one of our western vessels, we found a favorable cargo to fix fees that earned a big premium in staying west. The Suezmax market was more stable in Q3 and tailed off towards the end of the quarter. We traded our Suez primarily in the west, fixing cargoes from the Mediterranean or West Africa. And on two of our ships, we found attractive fronthaul voyages from the west to the east that outperformed the local voyages by a big margin, and we took those. Given that we have a western focus on how we trade our fleets, we immediately found backholds on these ships and brought them back into home territory. Overall was an underwhelming quarter that required a lot of hard work and optimization to produce this result. Despite the seasonal weakness prevailing in both segments, towards the end of the quarter we achieved a fleet-wide TCE of $43,900 per operating day. Our VLCCs generated $43,100 per day in the spot market. That's a 14% outperformance relative to all our tanker peers who have reported Q3 earnings. Our Suezmax generated $44,800 per spot day, a 27% outperformance relative to our tanker peers who have reported Q3 earnings. And these numbers reflect our actual…

Thank you. [Operator Instructions]. The first question comes from Liam Burke with B. Riley. Your line is open. Please go ahead.

Yes, thank you. I was curious to hear in terms of directionally. I know the quarter got off to a tough start on the partial fixtures. Directionally, could you give us any sense on how the quarter is progressing, or are we still seeing weakness as we finish the year?

Hello. Thanks for your question. You can always look at the indexes that are printed to the roughly guide where the market is, for example. But, given that we like the triangular vessels, we can consistently outperform these indexes. I would say that in the last week, we've seen rates bottom out from the AG and from the West on the VLCC. Today, the sentiments is a bit stronger. And we've seen rates push up a couple of points from the AG on the T3 [ph] run. On the smaller segments, like Suezmaxes and Aframaxes, it still needs a little bit of cargo push to see rates pick up. But, for the moment, today's picture is, rates continuing to move levels rise to where we reported our earnings so far. But, hopefully, in the next two, three weeks, we'll see whether it's weather-created delays or more cargo coming into the market, and we can see rates rally further in the year.

Liam, did you have any other follow-up?

I do. I'm sorry. You've always expressed that you're very happy with the size of your capacity and the formation of the fleet. If asset values started backing off enough, would there be any consideration to grow the fleet?

Look, we've talked about this in the past. One of the difficulties in answering a question like that is that we focus on a very specific sub-segment of the business. So our scope is very, very narrow in terms of the tonnes that we would look at, modern scrubber fit that's Eco. The opportunities haven't been there in general to pursue transactions that make sense. Now having said that, yes, we are perfectly happy with our size, but if we were able to source an opportunity that does fit within the scope and we could structure it the right way, I create it to shareholders, and without jeopardizing the dividend capacity, we would look at it. But we have been disciplined. We will continue to be disciplined in the future, and we just focus on maximizing returns.

Great. Thank you very much.

Thanks, Liam.

[Operator Instructions]. This concludes our Q&A. I'm going to hand back to Iraklis Sbarounis for any final remarks.

Perfect, thanks. Thanks, everyone, for listening in. I guess we'll speak again in February. Thank you very much.

Ladies and gentlemen, today's call is now concluded. We'd like to thank you for your participation. You may now disconnect your lines.