Nikolas Tsakos: Well, if you look at our — currently we have 10 vessels being built. And I mean, you will see that out of the 10 vessels, six are already with long charters and profit shares and very accretive transactions. Then, we have the Suezmax, which I’m very excited about, and of course, the MRs. So, we are keeping those ships to — I would say, to play with the market. We might — there is pressure mainly to charter a couple of those ships along with profit sharing arrangements, which we will do against our clients, very good names, but we will keep also a spot exposure.
Omar Nokta: Got it. Okay. Well, thank you. Thanks, Nik. Thanks, team. I’ll pass it over.
Nikolas Tsakos: Thank you.
Operator: Thank you. Our next question comes from the line of Climent Molins with Value Investor’s Edge. Please proceed with your question.
Climent Molins: Good morning. Thank you for taking my questions. I would actually start by asking about G&A, which increased significantly quarter-over-quarter. Could you provide some commentary on the drivers behind the increase? And how should we think about G&A going forward? Should we expect it to return to the $7 million, $8 million range?
Nikolas Tsakos: Well, our G&A, if you look at it, historically, is one of the lowest in the industry. I think this year, it has gone up because of all the issues that I think Paul discussed about the organizing a huge part of our organization against cyberattacks, having a new state-of-the-art control room. So, yes, the short is, I think we will be going back to where we were after this initial, very significant protection investment going forward.
Climent Molins: Thanks for the color. And regarding the dividend, you declared the special $0.40 distribution. How should we think about dividends going forward? Do you plan to maintain the regular dividend and use the special distributions to compliment them? Or what’s the overall strategy?
Nikolas Tsakos: Yeah, this has always been our strategy. We’ll pay something in June. We’ll pay — June and December are the steady dividends. And in occasions like now when we have very good earnings, we will be topping that up. So — and this has been — if you look, I think, George — Mr. Saroglou has done a slide that shows that we’ve been doing this through thick and thin. Even at times that we made very little money, we still maintained our dividend policy, because it’s very important for shareholders to have this stability.
Climent Molins: Makes sense. And final question from me. You did not renew the ATM, which makes a lot of sense given the significant discount your shares are trading at. Is there any appetite to potentially repurchase shares?
Nikolas Tsakos: We will. As it is not on the top of the list. And I think we refer it — we refer to it into our press release. Our priority is, of course, to reduce our debt, then our perpetual preferreds is another priority to reduce. And of course, our main issues to replace the fleet and to increase the dividend. And after that, we might consider. But as you know, we only have 30 million shares outstanding. The management and the Tsakos family won close to 40% of that. So, we do not want to reduce liquidity. We feel much more comfortable rewarding shareholders by dividends rather than paying shareholders to leave us.
Climent Molins: Makes sense. That’s all from me. Thank you for taking my questions.
Nikolas Tsakos: Thank you.
Operator: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to Dr. Tsakos for any final comments.
