Welcome to OET's first quarter 2021 financial results presentation. We will begin shortly. Ioannis Alafouzos, Chairman and CEO, Aristidis Alafouzos, COO, and John Papaioannou, CFO of Okeanis Eco Tankers will take you 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. John will now begin the presentation. Thank you. Welcome to the presentation of OET's results for the first quarter of 2021. We will discuss matters that are forward-looking in nature. These forward-looking statements are based on our current expectations about future events, including OET's commercial performance, dividend policy, projected dry dock schedules, and anticipated debt capital commitments. Actual results may differ materially from the expectations reflected in these forward-looking statements. Starting on slide three, we review the highlights of Q1. We generated net revenue of $40 million, adjusted EBITDA of $25 million, and Adjusted profit of $6 million, or $0.18 per share. Last week, we announced the sale of our three-ship Aframax LR2 fleet for $121 million. We expect the sale to generate net proceeds of approximately $45 million after repayment of debt. We will return the majority of this $45 million to our shareholders in the coming months. Initially, we will maintain some dry powder to be flexible and be able to capitalize on any opportunities over the next few months. If we do not find accretive uses to deploy this capital at scale, it is highly likely that we will ultimately return 100% of the proceeds to shareholders before the end of the year. We will not grow the fleet, either through secondhand transactions or new buildings. I'll now hand it over to Aristidis for an overview of our industry-leading commercial performance. Thank you, John. Once again, OET is trending as a top performer in the spot market for Suezmaxes and Aframaxes in Q1, and across all three segments in Q2. During Q1, we achieved a fleet-wide TC rate of $26,100 per operating day, net of 1% technical off-hire days. Our VLCCs generated $16,600 per day in the spot market, a 3% outperformance relative to our tanker peers that have reported Q1 earnings. We have fixed only one ship from West Africa to China, the Nissos Anatoli. Our Suezmaxes generated $18,200 per spot day, 53% higher than the tanker peer group average. We continued our strategy of trading the Mid East route and traded one Suez in the Atlantic Basin to take advantage of the strength there. Lastly, our Aframax LR2 fleet generated $18,600 per spot day, 59% higher than the tanker peer group average. We will deliver the Aframaxes to their new owners after one last lucrative spot voyage, recognizing only the laden leg in our TC, which would lead to strong realized rates. In Q2, we have fixed the following: 90% of our VLCC spot days at $15,000 per day, 47% of our Suezmax spot days at $18,600 per day, and 65% of our Aframax spot days at $16,600 per day. In mid-July, we will release a full commercial update for the second quarter. Moving on to slide five, we provide an overview of our commercial and operational performance for full year 2020 relative to the peer group. In the VLCC segment, OET generated daily spot earnings throughout the year of $73,400 per day, representing 39% outperformance relative to the average of the crude tanker peer group. Similarly, our Suezmax daily spot earnings of $41,700 per day represented a 24% outperformance relative to the peer group. Our ability to capitalize on strong markets was matched by the cost competitiveness of our operations. Our daily operating costs, the sum of vessel OPEX, technical management fees, and G&A of $8,433 per ship day in 2020, was the second lowest in the crude tanker group and the lowest among full-service crude tanker owners. The incremental profit that our commercial and operational outperformance generated for our shareholders in 2020 amounted to $36 million, and the highest return on equity in the peer group at 28%. Back to John. Thanks, Aristidis. Starting with our income statement on slide six. In Q1, daily OPEX, excluding management fees, averaged $6,600 per day, while daily G&A for the trailing 12 months came in at $800 per ship day. Moving along to slide seven, we report book value of NOK 106 per share. Our leverage stood at $821 million at quarter end and is set to decline to approximately $707 million by year-end. On slide eight, we summarize our cash flows. Our liquidity position is $32 million, while we have concluded our growth CapEx and scrubber retrofit programs. The next ship due for first special survey is the Suezmax Milos, entering dry dock in late June. Shifting to slide nine, we provide a comprehensive overview of our debt stack. Our all-in cost of debt is roughly 3.5%. Following the sale of the Aframax fleet, we now have no debt maturities until 2025. I'll now turn it over to Ioannis Alafouzos, who walks you through our market outlook and summary. Hello from me also. Well, we are extremely bullish for the future, for the next remaining months of the year, and obviously for 2022 as well. The OPEC production will rise the most it has ever risen in the next six months in history. Over the same period, Goldman Sachs expects the biggest jump in oil demand, which will be over 5.2 million barrels per day. At the same time, as we know, inventories have been normalizing. I will just give you a couple of examples of how bullish we are and why we are so bullish. First of all, on secondhand prices or new building prices, I will just give you one example. Outside Okeanis, we ordered two VLCCs in September last year at $85.5 million, including scrubber and our spec. Today, I have been approached to date by a broker indicating $100 million, and I said no. We have approaches of a number of people offering above $95, and we said no. We feel that the price has a long way to go up in secondhand, and I think that our fleet, which is very modern and scrubber-fitted, and eco consumption is the lowest it can be for the time being, is uniquely positioned to capitalize on this situation. In addition, in my experience in shipping, when the market moves, it moves, it booms. There is no in between in shipping. It's either up or down, and the sentiment and the increase in demand for oil will be huge. We anticipate an extremely firm market, which might take us above what we saw a year ago with the price war in crude. I think I expressed myself clearly as far as my bullishness is concerned, our bullishness rather is concerned. On slide 11, we would like to summarize that we have kept our promises when we went public in 2018. We have always been very serious about our performance. We have distributed dividends, and we have sold ships. We've always been transparent in our management. This is what we promised, and this is what we have delivered. I think that's what I have to say, and we are open to any questions you have. Thank you. We will now open the line for questions. If you would like to ask a question, please press star one on your telephone keypad. We also kindly ask participants submitting questions via the webcast to phrase their comments in the form of a question and refrain from abbreviations. Again, to ask a question via the phone lines, please do press star one on your keypads now. Thank you. We currently have no telephone questions coming through. Just as another reminder, please press star one on your keypads. We have a question coming through from the line of Dennis Angelopoulos from ABG. Please go ahead. Good afternoon, gentlemen. Hope you guys are all doing fine. Thank you. Likewise. Thank you. Just you guys are sort of pointing to the fact that you think asset values are really going to increase quite strongly going forward. You recently sold some vessels. Could you sort of help provide some clarity as to why that timing was the way it was? Is it because five years old is sort of the oldest you want to have in your portfolio? Was the price just too good to leave on the table? Well, when you sell ships, you cannot sell them at the top of the market. We felt that this level was the first level that we reached that was profitable enough for us to make a sale and to be able to distribute a significant dividend as we have promised to do to our shareholders. At the same time, these are the older ships, and if you want the 2015-built ships were a little bit less efficient than ships built after 2018. For these reasons, we sold these ships. I think, Dennis, just to add there, when we were seeing the analyst reports of where the sell side was sort of pegging the value of these ships at the time, I think you can say it was in the mid-30s. Ultimately, as you've seen from the sale price that we've concluded. Yeah Asset values are a lot firmer than what folks think they are. I think Mr. Alafouzos gave some anecdotal evidence of sort of the kind of price levels that we're seeing being offered for the private VLCCs. I think this is generally happening across shipping, but certainly in the tanker space where the underlying sentiment in the S&P market is a bit firmer than I think most people realize. Same goes for Suezmax, isn't it? We bought a number of Suezmaxes both for Okeanis and outside Okeanis for about $64, $64.5 million. Today we're being offered $70 million for those ships. Okay. If you look at the new build market today, would you think it would be then attractive to potentially order something, not right now, but maybe down the line because you think that in three years, two years from now, it's going to be much, much firmer market? Or is the new build market not very attractive to you at this level? For us, the market is not attractive at those levels. First of all, we don't know where these levels are. Hyundai, our brokers approached them. They indicated that at $100 million, they don't know whether they would sell a ship of our specification. Also the delivery is quite late. I think the shipyard capacity, especially in first-class yards, is extremely tight. As you know, LNG ships, LPG ships, container ships are preferred to tankers. There's a lot of demand of other types of ships. The yards have the optionality to build more profitable ships for them. It's interesting to hear rumors in the market that also certain refund guarantees were not issued, and we suspect that this was because the price of the deals that were done or were going to be done were too low for the issuing banks because the yards cannot afford to lose money. At the prices that ships were sold, even two or three months ago, shipyards were losing a lot of money. Just if I can just follow up there, you're talking about very tight yard capacity. How long would it take to get a VLCC sort of delivered? Is that sort of potential constraint on the supply side that you guys see that it will take too long to deliver a vessel? Late 2023, definitely Q4 or Q1. Q4 2023 or Q1 2024. That's when we think ships will be available now. Again, from the major yards. I don't know what would happen if you go to a third-rate or second-rate Chinese yards. I'm excluding the major Chinese yards. That's what I mean. I'm talking about the smaller ones. Okay. Thank you guys for taking the time, and I wish you a good afternoon. Thank you. Thank you. The next question comes from the line of Frode Mørkedal from Clarksons Securities. Please go ahead. Yes. Thank you. John, I think I came on a bit late, so I think I just caught your last word up front there. I think you said something about you're not going to invest in new build or second-hand tonnage. Was that correct? Yes. We just wanted to make it abundantly clear that we're holding on. We're not currently now in the next couple of months distributing and returning 100% of the net proceeds to be able to be a little bit flexible on opportunities that may come around in terms of buybacks and some other things. We want to let our investors know that it's not for buying ships. We think that where we see real underlying asset values and the NAV that that implies for OET, buybacks start to look very interesting. Our issue has always been the liquidity of our share and being able to do a buyback at sufficient scale to actually make a dent in terms of the accretion to us. If we're unable to do that, then it's highly likely and probably the base case outcome will be that we will distribute 100% of the $45 million back to shareholders with it by the end of the year. Okay. It's going to be a combination of stock repurchase and dividends then, it seems. Given the market outlook you have with the very strong rates ahead and asset values improving, wouldn't it be tempting to add exposure on the ship side as well? Well, we feel very happy with the fleet we have, and we feel this is the time to capitalize on it. We cannot spend what we earn in the good times to buy new ships because then we will never give the investment back to our investors, to our shareholders. No, we don't think so. Our big investment was placed through 2018, 2019, and now is the time to harvest those cash flows and return capital back to shareholders. Okay. This upcycling going to sell, basically. That's the message. Yes. Cool. Yeah. A final question for me is, I think you mentioned when you announced the sale that it's going to improve the emission performance of your fleet. Surely those ships would not have been a big problem, I would think, right? It's fairly new, fairly modern ships. Just like a general thought, what's your view on this IMO 2023 event and the EEXI? What's the implication for the tanker market, really? Do you have any view on, say, potential scrapping, slow steaming and, vessel value for those ships that are not able to be compliant? First of all, on scrapping, I want to make a point before Aristidis gives you a more detailed answer about the whole question. I think today we're facing a very strange anomaly. If you go to buy an 18 or 19-year-old ship today, a Suezmax, for example, it's priced at, let's say, $16 million. This is a fact. We know that. Scrap value of the same ship is about $11 million. It is very clear that all the old ships right now, all the old ships that are being sold and trade, are servicing Venezuela and/or Iranian crude. It's very clear that there is a major breach in the, let's say, in the sanctions. Thank you. This is keeping those ships alive. I think the minute the situation is normalized with Venezuela or Iran, we'll see a dramatic drop in the over-age ships that will be able to trade for safety concerns and for emissions reasons. Here, I'll pass it on to Aristidis Alafouzos to give you the answer about 2023, which I think is the best thing that could happen to us in any event. Hi, Frode. The entire fleet, including the 2015 builds that we've now sold, we believe would be compliant and wouldn't need any alterations or modifications for the upcoming EEXI regulation. That being said, the majority of the fleet would, and I think the expectation is that the only way to achieve the ratings for vessels that are, let's say, over six years old today, but especially vessels that are 10 to 15 years old, and even more so Chinese ships, is to have serious reduction in their engine output capacity. These ships, by definition, they wouldn't be able to achieve speeds that more modern ships could. This could lead to them trading at slower speeds, but up until now, charters have not been accepting the owner to stipulate what speed the vessel can do. If it's half a knot, perhaps, but not if it's two or three knots. In a firm market, some of the old, medium-age vessels could still perform, but in a medium and weaker market, I think that, especially the old, going on to 10-plus years old, could be faced with a scrapping scenario. We have also heard from senior staff and boards of major oil traders and oil companies for the first time that they're discussing to actually prefer ships that have a smaller carbon footprint. This is a very interesting development. Thank you. Yes, indeed. Thank you very much. Thank you. Thank you. We have a follow-up question now from the line of Dennis Angelopoulos from ABG. Please go ahead. Just one more quick follow-up question, gentlemen. What's going on? Who's bidding for the vessels, the younger vessels that you're hearing about that, 95-plus? Who are the interested buyers? Is it independent ship owners, or is it more conglomerate-type companies like COSCO? Look, I think you've seen the recent S&P transactions that have happened recently. They've been both. They've been state oil companies. They've been listed owners, such as our case, trying to modernize their fleet. We can't comment on any specific names. Okay. Just one quick follow-up on the EEXI comments you made. You stated that some people might have to de-rate their engines, right, the output, and potentially go slower. This de-rating on EEXI, is it on design speeds, which are much higher? Is it that vessels won't be able to sail over 10 knots if they're old, and then they'll become very uncompetitive? The EEXI and the de-rating of the engine will regulate the speeds that they're allowed to do. I don't know if that answers- Yeah, I understand that. I understand that. Just, I guess, potentially in the research you guys have done, if you de-rate a 15-year-old VLCC, does that vessel have to go at max 10 knots because it's been de-rated? Can it still go at 12 knots and be acceptable to a charter? I think with the technical department, we've seen some calculations of how the EEXI could work for thirstier, older ships, and it could be power reductions of 30%, 40%. If the ship has a service speed of 14 knots, it would be a reduction of 40% from that speed. Obviously, a service speed is an ideal scenario when the ship is delivered. After 10, 15 years, the ship doesn't have the same performance that it did. We don't know yet how they would monitor that, Aristidis. I mean, and whether they would monitor that. Yeah. All right. Thank you very much for the clarity. Hopefully, we'll get more some going forward. Thank you, John. Thank you. We have no further questions, so I will now hand back to John for any closing remarks. Thank you all for your continued interest in OET, and we look forward to speaking to you next quarter. Thank you all. Bye-bye. Thank you. Bye-bye. Thank you for joining today's conference. You may now disconnect your lines.