Thank you for standing by and welcome to the Capital Product Partners Third Quarter 2013 Financial Results Conference Call. We have with us Mr. Ioannis Lazaridis, Chief Executive Officer and Chief Financial Officer of the Partnership. At this time all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions). I must advise you that this conference is being recorded today, on Thursday, August 31, 2013. The statements in today’s conference call, that are not historical facts, including our expectations regarding developments in the markets, our expected charter coverage ratio for 2013 and 2014 and expectations regarding our quarterly distribution may be forward-looking statements, as such defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. Unless required by law we expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations to conform to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward-looking statements. We make no prediction or statements about the performance of our common units. I would now like to hand over to your speaker today, Mr. Lazaridis. Please go ahead, sir.

Thank you Graf and thank you all for joining us today. As a reminder we will be referring to the supporting slides available on our website as we go through today’s presentation. On October 21, our Board of Directors declared a cash distribution of $0.2325 per common unit for the third quarter of 2012, in line with the management's annual distribution guidance. The third quarter common unit cash distribution will be paid on November 15 to unit holders of record on November 8, 2013. The Partnership’s net income for the quarter was $33.2 million including a $24.8 million gain from the bargain purchase related to the purchase value of the three 5,000 TEU container vessels, both in September as the fair value of the vessels and their attached time charters exceeded their purchase consideration. The Partnership's operating surplus for the quarter amounted to $25.8 million, was $3.9 million higher than the $21.9 million for the third quarter of 2012. Common units coverage for the quarter stood slightly above one times as the three 5,000 TEU containers only joined our fleet towards the end of the third quarter and two of our Suezmax vessels had to undergo their first vessel survey due resulting to a large number of days in off hire and significant operating expenditures. In August, the Partnership issued 13.7 million common units at $9.25 per unit raising $126.6 million in gross proceeds. In September the Partnership entered into a new senior secured credit facility of up to $200 million led by ING Bank. The net proceeds of the issue together with $75 million draw-down from our senior secured credit facility and part of our cash balances were used for the acquisition of three container vessels with 12-year charters with Hyundai Merchant Marine for an aggregate price of --…

Thank you sir. (Operator Instructions). And your first question today come from the line of Jon Chappell from Evercore Partners. Please go ahead.

Thank you. Good afternoon Ioannis.

Hi Jonathan how are you?

Very well. Thank you. Hope you are as well. Thanks very much on the Capital Maritime input, that was very helpful. It sounds like that are a lot of potential eco vessels both in the container and the MR side, that could eventually end up the CPLP fleet but it also sounds at least on the MR side delivery is kind of '15, '16 and '17. So as you think about that and as other transactions that you completed or will complete this quarter from third party, do you think that in the meantime Capital can take delivery of their new vessels as you continue to do these types of transactions that you just pulled off?

Look Jonathan certainly the transaction we did this quarter and we expect to complete later this quarter it was a unique transaction. We are very happy with the vessel, we have both we are very happy with the price of the vessel we have sold and the financing arrangement went very well as effectively we did not use any money from our existing facility or from our new facility but instead we use the proceeds of that sale. So to that end, if we find other similar transactions and we can put together a similar structure, yes so we will be looking to do something before we have the opportunity to look into the program of Capital Maritime.

And would you want to use the same type of replacement structure where you are kind of modernizing the fleet as opposed to adding to fleet?

We will be looking at both.

Okay. And then the last time we spoke in the second quarter call, you made mention you have been very clear about the sustainability of the distribution but then also talked about the potential to expand and based on the way that you set up in the product tanker market it's obviously I quote a little bit but general directions been in the positive manner. Do you expect that you are going to kind of digest these, both the containership transactions and then this recent swap of the MRs and kind of just wait for the product tanker market to improve before there is any boost to the distribution or do you think you may be more aggressive [on the] conditions is the way to kind of get back quicker?

Look we have said that for distribution growth going ahead it depends on a number of things such as the distribution coverage it has been improving for a while now. It depends on the product tanker rates we can get and also for how long we can fix the product tankers that are coming up. And also I think we will be looking into the replacement capital expenditures and having said that following the OSG settlement I think this has been addressed to an extent. So subject to these factors we would be looking to our distribution and in the meantime as we have said before certainly we would like to look more into acquisitions going forward and opportunities such as I mentioned earlier the five containers we bought year-to-date along with the fact that we have put financing in place at least for the debt element. That means that we have the necessary firepower as factored by a strong balance sheet as well to execute if we find something accretive.

All right. Understood. Thank you Ioannis.

Thank you.

Thank you. (Operator Instructions). Your next question comes from the line of Justin Yagerman from DB. Please go ahead.

Good morning. This is Taylor Mulherin on for Justin.

Hi Taylor how are you?

Good. How are you?

I am okay.

So you guys have talked in the past about keeping some of your product vessels in shorter time charters and those are coming up in the next, let's say 12 months. So I am curious sort of what your perspective is on, at what point you start to look for longer charters, whether it's a point on the calendar or specific rate environment that would get you more aggressive in the sense?

As you have seen for instance with the motor tanker Avax we have fixed with B.P for one plus one with the second year being a rate of $15,600. So that gives an impression of rates that we would be looking for second year. Certainly the market has firmed, the period market is much stronger and we have seen many more fixtures than before. So certainly compared to year ago and even compared to earlier this year we have a much better market in period for product tanker. So at this point we have maintained this one year, one and half year fixture duration and I think that the handle has to be higher than '15 in order to go for a little longer.

Okay. Great. It's helpful. And then one follow up about the acquisition comments. Do you have any sort of preference between the product in container market or is it really just that you are agnostic toward it and whatever provides a better value, and I guess I am trying to get sense of which market looks more attractive to you at the moment?

The most important criteria in Taylor in making acquisition is how we improve our distribution coverage, so that's the number one criteria. We have managed to execute a number of container transactions recently because of the charters that are available in the market and now we have a number of vessels that are sponsor-built which are of very high specification and potentially, commercially very attractive. So to that end, I think that if and when they get fixed we'll certainly look at them and I think given the newbuilding program of our sponsor that offers a very important growth path for us going ahead given the size of it.

Okay. I appreciate your time. Thank you.

Thanks.

Thank you. (Operator Instructions). There seems to be no further questions, I would like to pass the floor back to Lazaridis for any closing comments. Thank you sir.