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Tsakos Energy Navigation's CEO Discusses Q2 2012 Results - Earnings Call Transcript

And we believe that next year this oversupply of tonnage will start drying up. A lot of ships are being taken out of commission for scrapping. So we hope that we will be closer to profitability as we speak.

What is making us also optimistic is that we see a lot of our clients out there looking, as we have reported also today, additional interest for long-term employments with profits. And this is – the company is doing more and more with minimum profit shares arrangements that have, I think, contributed to us sustaining a difficult period and having the open up-side in case the market turns, as we hope.

So we will be discussing more of this as we go. I would like to ask our Chairman to give his wise words and then Mr. Saroglou will talk to us about the operations of the last quarter. Thank you.

John Stavropoulos

Thank you very much, Nicolas. This is John Stavropoulos. I am going to repeat much of what Nicolas said, but I am going to repeat it because I think it’s extremely important to us as shareholders. What you’ve just given us is the most encouraging report and I am looking forward to the other comments from George and Paul.

I want to applaud you, Nicolas, and your management group along with the entire Tsakos Group. Your efforts during the overall economic storm and the deep depression in shipping has kept TEN on course. Your strategies and implementation have preserved underlying shareholder value. The keys to this success have been highly developed and enhanced long-term client relationships, reflected in extending term charters. These don’t come easily. They take a lot of hard work and perseverance.

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