Introduces Nikolas Tsakos, CEO of Tsakos Energy Navigation, notes stock performance and asks about quarterly results.
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Nikolas Tsakos
Acknowledges record quarter but indicates current quarter will be much stronger due to geopolitical disruptions.
Asks why current quarter will be stronger given strong balance sheet and fleet utilization.
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Nikolas Tsakos
Explains geopolitical disruptions: Venezuela exports restart and Strait of Hormuz blockage affecting 20% of world's energy, with 250M barrels capacity blocked.
References Aramco CEO calling disruption unprecedented and asks how long disruption will last and its impact.
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Nikolas Tsakos
Estimates even if everything stopped today, would take another quarter to return to normality - worst disruption since Iran-Iraq War in late 80s.
Asks if company has ships waiting at Strait of Hormuz and if they would go through with Navy escort.
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Nikolas Tsakos
Confirms half dozen vessels supposed to load from region, prioritizes crew safety over taking unsecured runs.
Asks how long vessels can wait and when they might change routes.
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Nikolas Tsakos
Follows charterers' lead, some vessels already taking different routes (like to West Africa), increasing ton miles and rates.
Asks about oil price outlook and possibility of $100 oil near-term.
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Nikolas Tsakos
Thinks we're not far from $100 during crisis period, notes additional factor of now being allowed to transport Russian oil legitimately.
Asks if disruption could slow global economies given recent economic challenges.
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Nikolas Tsakos
Acknowledges it can slow down economies that have been suffering through COVID, Ukraine war, and now Middle East disruptions.
Asks about guest prediction of $150-200 oil and whether that seems far-fetched.
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Nikolas Tsakos
Wouldn't want to see oil at those levels as it would bring demand destruction, negative for industry.
Asks for gut feeling on when Strait of Hormuz might reopen.
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Nikolas Tsakos
Has no idea but believes with Western naval support, could see normalization within this or next quarter.