Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Conference Call on the Fourth Quarter 2018 Financial Results. We have with us, Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company. 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 the conference is being recorded today. And I would now like to pass the floor to your first speaker Mr. Pittas. Please go ahead, sir.

Thank you all for joining us today for our scheduled conference call. Together with me is Tasos Aslidis, our CFO. The purpose of today's call is to discuss our financial results for the fourth quarter period ended December 31, 2018 and our full year 2018 results. In May 2018 Euroseas contributed to EuroDry, its drybulk fleet of six vessels, one Ultramax and two Kamsarmax vessels built between 2016 and 2018, and three Japanese-built Panamax vessels built between 2000 and 2004. EuroDry was spun off from Euroseas on May 30th 2018. The results in this presentation refer to the drybulk fleet for the periods presented. Please turn to Slide 3. Our income statement highlights are shown here. For the fourth quarter of 2018, we reported total net revenues of $7 million, adjusted EBITDA of $3.5 million, and adjusted net income attributable to common shareholders of $700,000. Basic and diluted earnings per share attributable to common shareholders for the fourth quarter of 2018 was $0.31 per share. Our CFO, Tasos Aslidis will go over our financial highlights in more detail later on in this presentation. Please turn to slide 4, for our chartering operational and sale & purchase highlights. We recently announced the acquisition of the Star of Nippon a Panamax size drybulk carrier of 75,000 deadweight built in 2004 in Japan for 10.1 million. The vessel was delivered to us on 30th November 2018 and renamed Starlight. This ship was immediately chartered out to the earliest delivery in July and latest in October 2019 at $9000 per day for the first 40 days and thereafter at a 100% of the BPI 4 times charter route index. Our Pantelis was fixed for a trip of about 20 days at $11,000 per day on November 9th, thereafter it was fixed for a trip…

Thank you very much, Aristides. Good morning from me, ladies and gentlemen. I will now take you over now over financial highlights for the fourth quarter and full-year of 2018 and compare to the carve out results of 2017 for a review of dry fleet. Let's look first at the fourth quarter numbers from Slide 14. For the fourth quarter of this year, we reported total net revenues of $7 million, representing a 21% increase of the total net revenues of $5.8 million during the fourth quarter of 2017, and that was the result of the increased number of vessels and the increased average time charter rates that our vessels earned during the period. We reported net income for the period of $0.8 million and net income attributable to common shareholders of $0.6 million as compared to net income and net income attributable to common shareholders of $1.3 million for the same period of last year. The difference between net income and net income attributable to common shareholders accounts for the dividend that we paid to our Series D preferred shares for the fourth quarter of this year. This preferred dividend was paid in time by issuing conditional Series D preferred shares. This is the last period that we paid the preferred dividend in kind starting in February 2019 we will be paying this dividend in cash. Adjusted EBITDA for the fourth quarter of was 3.5 million compared to 2.9 million achieved during the fourth quarter of last year, an increase of 22%. Excluding the effect from earnings attributable to common shareholders for the quarter of the gain or loss in derivatives, the adjusted net earnings attributable to common shareholders for the quarter ended December 31, 2018 would have been $0.31 per share basic and dilutive compared to adjusted income…

Thank you, Tasos. Let me open up the floor for any questions you may have.

[Operator Instructions] The first question is from the line of James Jang. Please go ahead, your line is now open.

So the rates have been a little weak for the lease for the first quarter. And so with the Pantelis being fixed at 5500, I mean what should we be looking at once that comes off charter at the end of the quarter? Would that be refix? Is there an option for the charterer to extend the contract?

The market currently seems to have stabilized a little bit and rising. Of course still we could expect a low number maybe around $6000 a day. But we've got a few days till the vessel opens up again. So let's see how the market evaluates.

So like for the Pantelis would you be more comfortable operating on the spot? Or would you look to fix it short-term?

The biggest we would do would be one voyage let's say from where we are to South America and back which would be 90 days, but we would not fix this elder ship on period because they trade better when they do direct voyages. So it will be again a fixer of between 20-25 days to 90 days. And a longer period fixer would probably be at even higher rate than the 6000 maybe 7000 or something like that today. But let's wait -- you know things move a lot these days so let's see how the market develops till the time it opens up.

And for the Alexandros it's in the Guardian Pool right? So how long is that? Is it going to maintain? I mean is it going to still be in the pool for the rest of the year?

Most probably it will. We can take it out after a few more months but we are generally satisfied with the performance of the pool. We are making a little bit more than the index of the vessel. So I think we will probably leave it there.

What are your thoughts on the macro side for coal this year? Do you think demand will stay elevated? Or do you think it will be flat year-over-year?

I think that coal has surprised on the upside more times than less during the last three four years. Again the basic expectation that most analysts hold is that it will be flat. I think it's possible that it can be a little bit higher than that. Coal is still needed and will be needed to provide electricity for quite some time now. We don't see peak coal have been limited.

[Operator Instructions] No more questions at this time. Speakers please continue.

Well, thank you everybody for listening in to our end of year results conference call. Will post another one in three months' time to see how things have developed since yes.

Thank you. That does conclude the conference for today. Thank you all for participating. And you may now disconnect.