Good day and Welcome to the Danaos Corporation Conference Call to discuss the Financial Results for the three months ended 31st December 2023. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Coustas, Chief Executive Officer of Danaos Corporation, and Mr. Evangelos Chatzis, Chief Financial Officer of Danaos Corporation. Dr. Coustas and Mr. Chatzis will be making some introductory comments, and then we will open the call to a question-and-answer session. Thank you, Operator. Good morning, everyone, and thank you for joining us today. Before we begin, I quickly want to remind everyone that management's remarks this morning may contain certain forward-looking statements and that actual results could differ materially from those projected today. These forward-looking statements are made as of today, and we undertake no obligation to update them. Factors that might affect future results are discussed in our filings with the SEC, and we encourage you to review these detailed safe harbor and risk factor disclosures. Please also note that where we feel appropriate, we will continue to refer to non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income, time-charter equivalent revenues, and time-charter equivalent dollar income per day to evaluate our business. Reconciliations of non-GAAP financial measures to GAAP financial measures are included in our earnings release and accompanying materials. With that, let me now turn the call over to Dr. John Coustas, who will provide the broad overview of the quarter. Thank you, Evangelos. Good morning, and thank you all for joining today's call to discuss our results for the Q4 of 2023. Danaos continues to deliver strong results in the Q4 of 2023 as geopolitical events continue to impact global shipping markets. Most recently, the conflict in the Middle East expanded to the seas with attacks on vessels in the Red Sea area. This dramatically altered trade routes and the performance of liner companies, as most major companies decided to reroute their vessels away from the Suez Canal, sailing longer distances around the Cape of Good Hope to reach Europe. This, in turn, increased ton-mile demand, leading to capacity shortage that drove box rates significantly higher, up to 300%, while it's expected that box rates will remain elevated as long as the disruption continues. Against this backdrop, we have some secured additional charters for our vessels at very healthy levels. In the Q4 of 2023, Danaos completed delivery of all seven Capesize vessels that we had agreed to acquire earlier in 2023. Subsequent to the end of the year, we entered into agreements to acquire two additional Capesize vessels as we continue to diversify our revenues and look to capture upside from a healthy dry bulk market. The market for Capesize vessels has shown unusual seasonal strength as Brazilian iron ore exports increase, coal trade remains elevated, demand for minor bulks like bauxite, and agricultural commodities is following global recovery. Recent stimulus measures in China aimed at supporting construction, infrastructure projects, and consumer demand are expected to keep demand steady as fleet growth begins to slow over the next two years. We continue to explore interesting opportunities in the dry bulk sector. Danaos has also recently ordered to more 8,250 TEU vessels at Yangzijiang Shipbuilding, and we have now a total of 4 vessels under construction at that yard with deliveries scheduled for second half of 2026 and first quarter of 2027. All 12 vessels in our new building program are methanol-ready and are designed with the latest ECO characteristics. Demand for shipyard delivery slots is very high as the industry is quickly moving to reduce carbon emissions by operating green vessels. As we continue to execute our strategy, we remain focused on taking actions that will ultimately benefit our shareholders. Danaos is well positioned with a very strong balance sheet and significant revenue visibility into 2025. This provides us with flexibility to return value to our shareholders through dividends and share repurchases, and also pursue opportunities to ensure the long-term resilience of the company. With that, I'll hand over the call back to Evangelos, who will take you through the finances for the quarter. Evangelos? Thank you, and good morning again to everyone. I will briefly review the results for the quarter, and then we will open up the call to Q&A. We are reporting Adjusted EPS for the current quarter of $6.99 per share, or $136 million, compared to $6.99 per share of EPS for the Q4 of 2022, or $141.7 million. This decrease of $5.7 million in Adjusted Net Income between the two quarters is primarily the result of a $9.6 million increase in total operating costs, mainly due to the recognition during the current quarter of voyage costs related to voyage charters of our dry bulk Capesize fleet, and a $3.2 million reduction in operating revenues, mainly due to vessel disposals and non-cash revenue recognition accounting, all that being partially offset by a $6.9 million improvement in net finance costs driven by the significant deleveraging of our balance sheet. Vessel operating expenses remained almost the same to $40.1 million in the current quarter compared to $40 million in the Q4 of 2022. While our daily operating costs decreased to $6,188 per day compared to $6,417 per day for the Q4 of 2022, OPEX increased due to the increase in the average number of vessels in our fleet. Our operating costs continue to remain among the most competitive in the industry. G&A expenses increased in Q4 by $7.5 million, mainly due to an increase in stock-based non-cash costs, and they came in at $22.4 million in the current quarter compared to $14.9 million in the Q4 of 2022. Interest expense, excluding amortization of finance costs, decreased by $7.8 million to $3.1 million in the current quarter compared to $10.9 million in the Q4 of 2022. The decrease in interest expense is a combined result of a $5.4 million decrease in interest costs because of deleveraging. Our average indebtedness review was lower by almost $400 million between the two periods, and all that was partially offset by an increase in the cost of debt service by approximately 130 basis points as a result of rising interest rates. We also had a $2.4 million decrease in interest expense due to capitalization of interest on our vessels under construction. At the same time, interest income came in at $2.7 million, effectively covering almost 90% of our interest expense for the current quarter, and this effectively reflects the almost net debt zero position that we have today. Adjusted EBITDA decreased by 2.2% or $3.8 million to $172.6 million in the current quarter from $176.4 million in the Q4 of 2022 for reasons that have been already outlined earlier on this call. We also encourage you to review our updated investor presentation that is posted on our website as well as subsequent events disclosures. I will mention a few of the highlights. Our contracted cash revenue backlog remains strong at $2.3 billion with a three-year average charter duration, while contract coverage is at 95.8% for 2024 and 62% for 2025 in terms of operating days coverage. Our investor presentation has analytical disclosure on our contracted charter book that you can refer to. As of 31 December 2023, our net debt is down to $138.7 million, and in the current interest rate environment, this low net debt position shields us from high interest costs. Additionally, the company's net debt to adjusted EBITDA ratio is 2.02x, while 51 out of our 75 vessels are currently unencumbered and debt-free. Finally, as of the end of the Q4, cash was at $272 million, while total liquidity, including availability under our revolving credit facility, stood at $609 million, giving us ample flexibility to pursue accretive capital deployment opportunities. With that, I would like to thank you for listening to this first part of our call. Operator, we are now ready to open the call to Q&A. Thank you very much. We will now begin the question-and-answer session. To ask a question, you may press star, then one, on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Omar Nokta with Jefferies. Please go ahead. Thank you. Hi, John and Evangelos. Good afternoon. Just have a couple of questions for you. You've obviously added the five charters on those 5,000 to 6,000 TEU ships at better rates and terms, and I think a lot of us expected coming into the year, especially given where the market was at the end of 2023. It looks like each of those has gotten about a year or so of duration. I wanted to ask, what's the liner appetite looking like right now? You mentioned freight rates being elevated, and they'll continue to be so as long as the Red Sea diversions are in place. How is the appetite now for further chartering? Is there a specific vessel class that you see liners targeting at this point? Well, Omar, we do not really, of course, due to the shortage at present, everybody is interested in prompt vessels, and we have practically nothing until year-end, maybe one or two ships in the second half. So really, I cannot really tell you. What is definite is that there is significant demand from all liner companies for modern vessels, even for future 2025 or 2026 deliveries. But that's for the very modern vessels. And there is significant demand for, let's say, the other six new buildings that we do not have, let's say, presently committed, and we are in negotiations for all of them. Thank you. Thanks for that. Then maybe just a follow-up. Obviously, you've been expanding kind of opportunistically within the dry bulk segment. You've got the nine capes now. Looks like containers are still the core business. You do have plenty of liquidity and flexibility. Just wanted to get a sense of any thoughts on where you see the cape fleet going from here in terms of size. Is there a certain critical mass you're trying to get that segment up to? As we said, we are going into this segment in order to, let's say, build it up. Of course, as I've already said a number of times, the dry bulk market is quite cost-sensitive, and we are not going to chase the market up. Already, I mean, the prices in the market, at least for the first, let's say, seven ships that we got, is at least, let's say, 15% to 20% up in some instances. So we are pretty careful. Of course, it's a segment that we want to grow, but we will do it in a kind of a measured way. There is no hurry for that. Our main business will continue to be, let's say, the container segment where we have our competitive edge, and we will move cautiously as we have always done. Makes sense. Yep. Thank you. Thank Thank you. And one final one, and I know it's a bit sensitive, but just wanted to ask in terms of the Eagle Bulk holding you have. It's gone up nicely in value since you took the stake. Anything you're willing to say about the planned merger with Star Bulk? And do you see this holding as sort of a core long-term investment, or is this more of an opportunistic trade? We have not really decided really how we're going to handle that. For the time being, we do not have any, let's say, any reason to get out of this investment, and we will see how it develops. Okay. Thank you. That's clear enough. All right. Thank you, John. I'll turn it over. Thank you. Thank you. The next question is from Clement Mullins with Value Investors. Please go ahead. Good morning. Thank you for taking my questions. I wanted to start by asking about the Capesize you have added over the past few months. Utilization during the quarter was at that lower than expected. Could you provide some commentary on the drivers behind that? Was it due to the delivery of the vessels? And secondly, could you give us some insight on the utilization you expect to realize in the Q1? Yes. Let me take that. First of all, we took delivery of the vessels during Q4, right? And upon taking delivery, we performed certain repairs on the vessels to bring them up to our standards. So there were certain scheduled days that the vessels were off-hire. Hence, the almost 82% utilization that you see now is not indicative of how the vessels will be utilized. The vessels are scheduled, some of them, to go to dry dock in Q1 and Q2 and Q3 of this year. So there you may expect to have two or three weeks of downtime. But other than that, we expect them to be fully utilized. Thanks for the call, color. I also wanted to ask about the new builds, about the two new builds you've added recently and the ones that remain unfixed. Should we expect a charter announcement in the foreseeable future, or do you plan on waiting until closer to delivery before securing a charter? We are already in discussions. So yeah, we may very well announce something, but we don't have for us most companies in order to contract vessels wanted to have a charter beforehand. I mean, for us and with the strength of our balance sheet that practically we can practically buy the vessels with existing liquidity, and we don't need financing, we can wait as long as we want if we do not find the rates that make sense to us. So we can always wait. Modern vessels are definitely scarce, and we believe that our strategy is going to make much more sense rather than ordering on the back of a long-term charter where your return rates are pretty squeezed. Makes sense. That's all from me. I'll pass it over. Thank you for taking my questions. Thank you. Thank you. It appears we have no further questions at this time. I would like to turn the call back over to Dr. Coustas for any closing remarks. Yes. Thank you all for joining us to discuss our results and your continued interest in our story. Look forward to hosting you on our next earnings call. Have a nice day. Thank you. This concludes today's teleconference. We would like to thank everyone for their participation. Have a wonderful afternoon.