Thank you for standing by, ladies and gentlemen. And welcome to the EuroDry conference call on the first quarter 2020 financial results. We have with us today, Mr. Pittas, Chairman and Chief Executive Officer and Mr. Aslidis, Chief Financial Officer of the company. 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 Tuesday, May 19, 2020. Please be reminded that the company announced its results with a press release that has been publicly distributed. Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meaning of the federal securities laws. The statements in today's conference call that are not historical facts including, among other things, the expected financial performance of EuroDry's business, EuroDry's ability to pursue growth opportunities, EuroDry's expectations or objectives regarding future and market charter rate expectations and in particular, the effects of COVID-19 on the financial condition and operations of EuroDry and the drydock industry in general may be forward-looking statements such as defined in Section 21A of the Securities Exchange Act of 1934, as amended. Matters discussed may be forward-looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide two of the webcast presentation, which has the full forward-looking statements and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. And I would now like to pass the floor over to Mr. Pittas. Mr. Pittas, please go ahead.

[AUDIO GAP] Call is to discuss our financial results for the three months period ended March 31, 2020. Please turn to slide three. Our income statement highlights are shown here. For the first quarter of 2020, we reported total net revenues of $5.1 million, adjusted EBITDA of $0.6 million and adjusted net income attributable to common shareholders of minus $2.1 million. Adjusted basic and diluted earnings per share attributable to common shareholders for the first quarter of 2020 was minus $0.91 per share. An average of seven vessels were owned and operated during the first quarter of 2020, earning an average time charter equivalent rate of $7,885 per day. The company declared its fifth cash dividend of $0.4 million approximately on Series B preferred shares, resulting in a net loss attributable to shareholders of $2.6 million or $1.17 loss per share basic and diluted. Please turn to slide four for our chartering operations and sales and purchase highlights. The Pantelis was fixed for a trip of about 45 to 55 days at around $5,000 per day. The Tasos was initially fixed for a trip of about 20, 25 days at $2,500 per day and afterwards it was fixed for a period of 95 to 100 days at $6,875 per day passing Singapore, which including the ballast voyage equates to time charter equivalents of about $6,000 per day. Ekaterini was fixed for a period of minimum 12 months at 106% of the Kamsarmax 5TC index. The first quarter of 2020, we have no FFA contracts. In reference to drydocking costs and repairs in 2020, up-to-date, they are as follows. The Tasos entered the drydock on March 22, 2020 and stayed there for a period of approximately 18 days at a preliminary estimate cost of about $900,000 dollars. The Pantelis just entered…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. I will take you over now through our financial results highlights for the three months ended March 31, 2020. For that, please turn now to page 15. For the first quarter of 2020, we reported total net revenues of $5.1 million, representing a 12.5% decrease over total net revenues of $5.8 million during the first quarter of 2019 and that was a result, as Aristides mentioned, of the lower time charter rates our vessels earned during the quarter. The company reported a net loss for the period of $2.3 million and a net loss attributable to common shareholders of $2.6 million as compared to net income and net income attributable to common shareholders of $0.9 million and $0.4 million, respectively, for the same period first quarter of 2019. Depreciation expenses for the first quarter of 2020 were $1.6 million and remain unchanged compared to the same period of last year. Adjusted EBITDA for the first quarter of 2020 was $0.6 million compared to EBITDA of $2.5 million during the first quarter of last year. Basic and diluted loss per share attributable to common shareholders for the first quarter of 2020 was $1.17, calculated on 2.3 million basic and diluted weighted average number of shares outstanding, compared to basic and diluted earnings of $0.18 for the first quarter of 2019 calculated on approximately 2.2 million basic and diluted weighted average number of shares outstanding. Excluding the effect on the loss attributable to common shareholders for the quarter of the unrealized loss on derivatives and the loss on inventory valuation, the adjusted loss for the quarter ended March 31, 2020 would have been $0.91 basic and diluted, compared to adjusted loss of $0.21 for the same period of…

Thank you Tasos. Can we have some questions, if there are any, please?

[Operator Instructions]. We will now take our first question. Please go ahead. Your line is now open.

Hi. Good day. It's Tate Sullivan from Maxim Group. I hope you can hear me okay. I always I appreciate the update on the downtime expected. In the upcoming quarter, you mentioned no more expected downtime for 2020 and I am looking at slide six specifically. Are you done upgrading or installing your ballast equipment in the other five boats? Or can you set some expectations for 2021, please, for potential downtime?

I am not sure about 2021. The ballast water treatment plants will be all of the ships except for the Tasos which would be due I think in 2022. And I don't think we have any other drydocks in 2021 either. We just have one drydock in 2021 which is for the Xenia.

Okay. Great. Thank you. And then it was small in the completed quarter ones you have seen that before for you inventory write-down. What is that related to? Is that fuel? Or can you give some more description about that?

It is fuel that we had onboard one of our vessels, which was operating one a voyage charter basis and because of the significant drop of oil prices between February and the end of the quarter, we had to take a write-down on the value of the fuel.

Okay. Thank you. And then last for me is, I know it's every country, every region has different reactions to the current global situation, the economic and COVID situation. Can you remind me where your banks are located in roughly? And then when you start discussions to extend balloon payments that start in 2021, please?

We have two banks located in Greece. We are talking with another bank's office in Greece. And the remaining of our banks are based in Germany. We have already had some discussions about possibly finding ways to reschedule some of our debt, of the near-term debt.

Thank you for that detail, as always. Have a good rest of the day.

Thank you very much Tate.

Thank you. And your next question, we will take our next question. Please go ahead. Your line is now open.

Hi. Good morning. This is Poe Fratt from Noble Capital Markets. Good morning Aristides. Good morning Tasos.

Hi Poe.

Hi. Could you give us the current rate or maybe the first quarter 2020 rate on the Alexandros P that was in the Guardian Pool? Where did that pool average in the first quarter? And then, if you can give us an idea of maybe an average to-date in that pool for this quarter?

Tasos, do you have that handy?

Yes. I can maybe give you. It should be below $10,000 obviously but I need to -- can I get back to you on that? Or may be later in the call?

Yes. That would be great. Maybe if you look at the TCE rate in the first quarter of just a little bit under $8,000, you talked about forward cover for the rest of the year. Maybe if you could just drill down to the second quarter. If we look at the forward cover, what forward cover, on a percentage basis, would you be comfortable quoting? And then on top of that, where would the quarter’s average to-date be for TCE rate?

Poe, it's relatively easy for you to calculate because except for the Tasos and the Pantelis, which are always chartered at spot voyages and we include in the presentation the charter rates, the remaining four vessels are based on the index. So if you just look at the index, you can calculate the index for the Panamaxes and the index for the Kamsarmaxes, you can calculate the exact rate, except on one vessel Xenia where we are based on the index, but we have a floor of $11,000. So that vessel is earning $11,000. So it's easy to calculate. The remaining three Panamaxes are based on the index, as you can see in the presentation. So you just have to use that number to get where you think we should be. And for the Alexandros, which is in the Guardian Pool, I would just tell you that we are trading, that the pool is performing slightly better than the Supramax index and the Alexandros P having a 114 points is actually earning a little bit more than 114% of the index.

In fact, to respond to your earlier question, Poe, Alexandros earned on a net net basis about $8,500 in the first quarter. The Supramax spot rates averaged around $7,400. So that supports the point that Aristides mentioned.

Yes. That's helpful. And then could you, Tasos, walk us through your current liquidity and beyond cash what you have available? And maybe highlight some of the unencumbered assets that you potentially could lever up? And I guess my goal was to sort of see how you are positioned to maybe either partially or fully redeem the preferred before that rate goes up by about 500 basis points?

Yes. I think the --

Poe, can I answer this question. In the near term, Tasos has started saying the market is not helping us to make it easy for us to be able to refinance the preferred that we want to do by February next year. We have in mind that we will use any liquidity that we manage during the next months to create through existing ships, but also refinance some of the ships, either through sale and leasebacks or direct refinancing to be able to repay the preferred because obviously it becomes expensive. So this is the plan. We think, initially we thought we would be doing this time of the year but obviously because of the developments, I don't think it would be very easy to do now. And it will be something that will probably happen during the fall.

Great. That's helpful. And then if you could just expand on the ballast water treatment program and it sounds like you may not have a ballast water treatment installation in 2021. Did I hear that correctly? If you could just walk through the ballast water treatment program schedule, that would be helpful again.

There is only -- the Pantelis which just entered the drydock today is going to put the ballast water treatment plant during this drydock. After that, all vessels will have a ballast water treatment plant except for the Tasos. The Tasos will need to install that ballast water treatment plant in its next drydocking which should be 2022 or 2023.

Great. Thank you. That's very helpful.

Thank you, Poe.

Thank you.

There are currently no further questions. Mr. Pittas and Mr. Aslidis, please continue.

Thank you very much. We would like to end this call here and we will be with you next quarter hopefully with a better market situation at the time.

Thanks everybody for attending.

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