Good morning, everybody, and welcome to our fourth quarter and 12 months 2020 earnings conference call and webcast. I’m Michael Jolliffe, the Chairman of the Board of StealthGas. And with me on our call today is Harry Vafias, the Chief Executive Officer of StealthGas, along with our Finance Officer, Fenia Sakellaris. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance. At this stage, if you could all take a moment to read our disclaimer on Slide 2 of this presentation. Risks are further disclosed in StealthGas filing with the Securities and Exchange Commission. I would also like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in United States dollars. Slide 3 summarizes the key highlights of our fourth quarter 2020 results that we released today. Our market environment in this last quarter of 2020 remained fairly unchanged compared to quarter three 2020. Main reason for this flat market is, of course, the ongoing COVID-19 pandemic, which greatly affects LPG demand. Vaccine delays, along with the recurring lockdowns, prevented any meaningful recovery, particularly in the European region. Admittedly, we faced a far tougher market in Europe than in Asia, where trade, although primarily spot, was indeed more stable and at better freight rates. Given this environment where new time charter activity was quite negligible, our presence in the spot market was even stronger than in the third quarter of 2020, with more than 16 vessels operating predominantly on the spot market throughout most of the quarter. Hence, trading risks were high with voyage costs and off hires, thus undermining our earnings potential. Even in this difficult market, StealthGas demonstrated quite strong performance and managed to…

Thank you, Mr. Jolliffe and good morning to everyone. We will continue the presentation focusing on our financial performance for the fourth quarter of 2020. As mentioned earlier in our call, increased spot activity during the last quarter of 2020 suppressed both our revenue and profitability potential. Let us move on to Slide 7, where we see the income statement for the fourth quarter of ‘20 against the same period of the previous year. Voyage revenues came in at $37.3 million, marking a $2.1 million increase compared to the same period of last year. This increase is attributed to a 50% reduction of bareboat activity and a rise of time charter revenue stemming mostly from our larger LPG vessels. Voyage costs amounted to $5.3 million, marking a 30% increase compared to Q4 ‘19 as our spot exposure increased by 82%. Based on all of the above, our net revenues for the period were $32 million, corresponding to a net revenue margin of 86%. Running cost of $14.6 million marked about 16% increase compared to Q4 ‘19, mostly attributed to 6 fewer vessels on bareboat now operating either on time charter or in the spot market. Increased crew change and medical cost due to the COVID-19 pandemic add to our operating cost base as well. Drydocking costs came in at about $1 million, corresponding to drydocking of 2 small LPG vessels. We have 8 scheduled drydocking for 2021. All of this drydocking with a budget of almost $3.5 million are for small LPGs and are currently apportioned evenly throughout the quarter. Based on all of these, our adjusted EBITDA is in the order of $13.7 million. Interest and finance costs marked close to $1.4 million decrease, mainly attributed to LIBOR decrease and the lowering of our debt. Our finance costs would…

We proceed with Slide 10. As market uncertainty brought upon by the COVID-19 pandemic still prevails, it’s very difficult to firmly assess our market’s future. We can, however, provide a summary, commentary as to LPG trade and possible scenarios going forward. In 2020, global LPG loadings amounted to 141.8 million tonnes, marking an annual decline of 2.1%. LPG imports to China marked a moderate decline of 0.2%, while LPG trade contraction in the EU was sharper as imports fell by about 4%. Focusing on the EU, the lockdown during the second quarter of 2020 took out significant demand for small LPG ships. Added to this, trade scaled down on a combination of lower LPG from refineries combined with weaker industrial and Autogas demand. Petchem trade also scaled back in 2020. However, as per Grieg shipbroker analysis, petchem volumes are expected to increase by 8% in 2021, backed by both trades recovering from the COVID-19 lockdowns as well as the new U.S. ethylene export volumes. On Slide 11, we see that during Q4 2020, rates for small gas ships remained fairly stable. It’s, however, too early to assess if stabilization of rates is due to seasonal factors or it can be deemed as a first sign of a gradual market recovery. Looking at the small LPG trade West of Suez, all throughout the fourth quarter, the spot market continued to be challenging for owners. Since the beginning of February, activity increased and should things continue to improve, as the COVID-19 vaccination process intensifies, you might see a better second half of 2021. Period activity has picked up as well as we have seen a few fixtures particularly for the 5,000 cubic meter vessels. East of Suez market was better than in Europe. Both LPG and petchems have been reasonably active, and…

The year 2020 will always be remembered globally for reasons associated with the COVID-19 pandemic, and the shipping world was not spared. With regard to the segment we operate in, LPG demand marked a decline and rates for the majority of the subsegments we operate in were soft, particularly during the second half of 2020. The tanker market was affected as well as currently, rates are at very low levels in the shipping cycle. On top of that, we were hit with the bankruptcy of one of our charterers, which had to redeliver 4 of our ships earlier than we had previously agreed. Nevertheless, with an adjusted net income of almost $17 million, corresponding to an adjusted earnings per share of $0.44 generated in 2020, we feel positive for 2021. Looking ahead, we recognize that market turbulence due to the COVID-19 pandemic might last possibly even throughout the whole of 2021. However, we can leverage upon our strengths, including our solid cash base and balance sheet, our low gearing and the significant operating leverage we have as – including our joint vessel – our joint venture vessels, we operate a fleet of 50 ships. As our shares trade at low levels, we strongly believe that this is an opportunity for potential investors as we have a long-standing record of a steady and prudent company with a low leverage and a strong position in the segment in which we operate. We have now reached the end of our presentation, and we would like to open the floor for your questions. So operator, please open the floor. Thank you.

Thank you, sir. [Operator Instructions] We have a question and it comes from the line of Randy Giveans from Jefferies. Please go ahead with you question, sir.

Thanks, operator. Howdy, gentlemen, how is it going?

Hi, Randy, hope you are well.

Good. Yes, yes, yes. All is good here in Houston post freeze. Now can you comment on some of the rates and durations for the 10 new charters? Were they higher, lower, about the same as the expiring contracts? And then also, for your numerous vessels on spot, are you looking at charters on those coming soon or do you want to keep some spot exposure?

Yes. Thank you, Randy. As you understand, because we are in the soft part of the cycle, especially with COVID still being around, obviously, we don’t want to fix too many ships on longer charters at very low levels. So the idea is to try and fix ships in shorter charters just to protect us, let’s say, for the rest – for the next 3 to 6 months, and then hopefully, if we see a better market, try and fix more ships at higher rates. We don’t want to lock ourselves in into loss-making or breakeven charters.

Okay. And then details on the current charters?

We don’t give those, but I can tell you they are about at the same levels as previously announced.

Got it. Alright. That makes sense. And then looking at the first quarter how has utilization and day rates kind of performed here in the first 2 months of the quarter?

Listen, as you know, it’s a bit early to say. But I have to say that it looks a bit better than Q4. That’s why we said in the beginning of the call that we are slightly optimistic. But we don’t want to start popping champagne bottles yet. I think we are a bit early.

Okay. And then I guess lastly, just looking at your fleet, are you content with where it is now or should we expect more vessel sales and purchases coming soon? And then also on that, any thoughts on additional tenders or share buybacks as your price is obviously at a massive discount to NAV?

As you know, starting from your second question, at the beginning of the first COVID wave, we did a share tender buyback, which was a good thing to do for us and our shareholders. It was a bit risky, timing-wise, because this was the beginning of the COVID nightmare. Obviously, if the COVID problem gets shorter, then the stock is still at these levels, definitely something that we will put in front of the Board. But today, I don’t think it’s something we are going to be discussing with the Board because we’re not yet out of the woods. But you know us. We have done a lot of share buybacks and tender offers when we see that we have a solid balance sheet and things look good. As I said, I think we are slightly early. Now on the strategy, again, we don’t have any big plans now with things being a bit wobbly. But yes, selling older ships and maybe replacing some of them with younger units maybe something we will look at, but it’s not our priority right now. We sold our older ship, with the Gas Pasha, as you might have read, 1995 ship, so very, very old ship for further trading, which shows that there is still appetite for buyers to buy really, really old ships and not take them for scrapping.

Got it. Alright. Well, that’s it for me. Thanks so much.

Thank you, Randy.

[Operator Instructions] We appear to have no question at this point. So I hand the conference back to you.

We’d like to thank you all for joining us at our conference call today and for your interest and trust in our company. We look forward to having you with us again at our next call for our Q1 2021 results in May. Thank you very much.