Thank you for standing-by ladies and gentlemen, and welcome to the Euroseas’ Conference Call on the Third Quarter 2013 Financial Results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasios 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 you that the conference is being recorded today, Tuesday, November 12, 2013. Please be reminded that the Company announced their results today before the market opened 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, Euroseas will be making forward-looking statements. These statements are within the meaning of the Federal Securities Laws. 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 Number 2 of the webcast presentation, which has the full forward-looking statement 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 we now pass the floor to Mr. Pittas. Please go ahead, sir.

Good morning and thank you for joining Euroseas for our conference call today. Together with me is Anastasios Aslidis, our CFO. The purpose of today’s call is to discuss our financial results for the three and nine months period ended September 30, 2013. Let us turn to Slide 3 for our third quarter and nine months ended September 30, 2013 financial results overview. For the third quarter of this year, we reported total net revenues of 9 million. The net loss for the period was 3.8 million or $0.08 loss per share basic and diluted. The results for the third quarter of 2013, included 0.3 million unrealized gain on derivatives, a 0.4 million realized loss on derivatives and 1.3 million gain on the sale of a vessel. Excluding the effect on the loss for the quarter of the gain on sale of a vessel, the unrealized gain on derivatives and the realized loss on derivatives, the adjusted net loss per share for the quarter ended September 30th would have been 5 million or $0.11 loss per share basic and diluted. Adjusted EBITDA for the third quarter of 2013 was minus $0.5 million. For the first nine months of 2013, we reported total net revenues of 29.5 million. The net loss for the period was 17.3 million or $0.38 loss per share basic and diluted. The results for the first nine months of 2013 include a 1.2 million unrealized gain on derivatives, a 1.3 million realized loss on derivatives and a 1.9 million net loss on sale of vessels. Excluding the effect on the loss for the first nine months of 2013 of the unrealized gain on derivatives, realized loss on derivatives, realized gain on trading securities and the net loss from sale of vessels, the adjusted net loss for the…

Thank you very much Aristides. Good morning ladies and gentlemen. I will now provide you with a brief overview of our financial results for the three and nine month period ended September 30, 2013. For that, let’s move to Slide 19 and start with our third quarter 2013 results in comparison to the same period of 2012. I will go over here some of the same figures that Aristides gave you in the beginning of the presentation. Specifically for the third quarter of 2013, we reported total net revenues of 9 million representing a 32.8 decrease over total net revenues of 13.4 million during the third quarter of last year. We reported a net loss for the period of 3.8 million or $0.08 loss per share as compared to a net loss of 0.8 million or $0.02 loss per share for the third quarter of 2012. The results for the third quarter of 2013 include a 0.3 million unrealized gain on derivatives, a 0.4 million realized loss on derivatives, and a 1.3 million gain on the sale of a vessel as compared to 0.2 million unrealized gain on derivates, 0.4 million realized loss on derivatives for the same period of 2012. Excluding the effect on the loss for the quarter of the gain on sale of the vessel, and the changes in the value of our derivatives we adjusted loss per share for the quarter ended September 30, 2013 was 5 million or $0.11 loss per share basic and diluted compared to a net loss of 0.6 million or $0.1 per share for the quarter ended September 30, 2012. Our adjusted EBITDA for the third quarter of 2013 was minus 0.5 million as compared to 4 million achieved during the third quarter of last year. As Aristides mentioned earlier, our…

Thank you, Tasios. We are ready to take any questions you may have.

and:

Thank you very much indeed gentlemen. (Operator Instructions) And you have a question from Wells Fargo from the line of Michael Webber. Please ask your question. Your line is now open, sir.

Sorry I was mute this is Jonah Meekly on for Michael Webber. The first question is just about the dividend. I know you mentioned you were looking at investment opportunities in the market, but how much of that was driven by your near-term debt maturities. It looks like you have about 16 million due in Q4 if I am not mistaken or installment payments rather? Wells Fargo Securities: Sorry I was mute this is Jonah Meekly on for Michael Webber. The first question is just about the dividend. I know you mentioned you were looking at investment opportunities in the market, but how much of that was driven by your near-term debt maturities. It looks like you have about 16 million due in Q4 if I am not mistaken or installment payments rather?

Say that again. We have regular repayments in Q4. We have-- our next balloon is during in April of 2014.

But just I guess in terms of the overall amount that’s due. There is $11 million repayment in -- is that in Q4? Wells Fargo Securities: But just I guess in terms of the overall amount that’s due. There is $11 million repayment in -- is that in Q4?

No, we have over the next 12 -- in 2014 as you can see here from the slide it’s about 13 million. And in Q4 I think we have about 3 million or 4 million of debt to be paid.

Okay, got you. I am just misinterpreting the graph. But how much does that factor into suspending the dividend? Wells Fargo Securities: Okay, got you. I am just misinterpreting the graph. But how much does that factor into suspending the dividend?

That didn’t have an influence on that. The reason of the suspension as I mentioned previously was because we intend to use that cash in addition with the other cash that we have to grow the Company. And we have seen that despite the fact that we had been paying dividends consecutively for so many years, the market didn’t really appreciate that. So we listen to our shareholders. We talked to a couple of them and we understand that they want more aggressive story which is what we want as well at this point in time, because really we think it’s a time to be growing the Company. So we decided to suspend the dividend in order to focus on growth and not of course because we had to or because anybody forces to do that or we had the debt issues or whatever. We have no debt issues whatsoever. We have no breaches with any of our covenants. The financial position is very sound, it’s just like it is better use of our shareholders’ money.

And I guess within that same vein, do you expect to focus more on the drybulk side or containership acquisitions? Wells Fargo Securities: And I guess within that same vein, do you expect to focus more on the drybulk side or containership acquisitions?

Currently we are focusing more on the drybulk side. Euromar our joint venture with the two private equity firms is focusing on the container sector. We want to grow on the drybulk sector at this point.

Okay, and with that focus on drybulk, do you intend to maybe sell off some additional older containerships? Wells Fargo Securities: Okay, and with that focus on drybulk, do you intend to maybe sell off some additional older containerships?

The older containerships currently are valued at scrap. So if we sell them we get scrap value. As long as the ships are earning more than that cost their costs they are contributing. We have cash in our balance sheet. So, as long as we have enough cash in our balance sheet, we are using that to grow the Company. If we need more cash to grow our Company this is a possibility that at some point we sell some of our elder containerships. Right now, we view them simply as an option and they have the value of an option if container trades improve we will earn money on those ships.

And then I guess just looking at your potential drybulk acquisitions, are you going to primarily focus on secondhand purchases or is there is a possibility for a new build order in there? Wells Fargo Securities: And then I guess just looking at your potential drybulk acquisitions, are you going to primarily focus on secondhand purchases or is there is a possibility for a new build order in there?

There is a possibility for a new build order as well. We are looking at both secondhand and new build orders, yes.

And then just the last question in terms of rate volatility it looks like container line the DRIs have struggled throughout the year and I just wanted to know how that’s affected your view on counterparty risk? Wells Fargo Securities: And then just the last question in terms of rate volatility it looks like container line the DRIs have struggled throughout the year and I just wanted to know how that’s affected your view on counterparty risk?

Counterparty risk to its container lines has always been much smaller than what it was with the drybulk companies because there are more substantial operations and they have assets and one way or the other they manage is to find the additional equity they need to survive, either being too big to fail, being supported by stock markets, being supported by governments being supported by individual investors. Generally we feel that most container lines are and will continue to be very safe, especially the bigger ones. Some smaller container lines could be a risk but we try to avoid fixing with them.

And actually just one more question and it’s in terms of the recent drybulk rate upside we have seen particularly for Capes but more near sector for the Panamax vessel. Is there a specific level where you begin to think about extending some of your time charter contracts? Wells Fargo Securities: And actually just one more question and it’s in terms of the recent drybulk rate upside we have seen particularly for Capes but more near sector for the Panamax vessel. Is there a specific level where you begin to think about extending some of your time charter contracts?

Yes, we would extend time charter contracts if we see levels in the mid teens, so if we see levels in the mid teens which is a very positive levels. We would fix year or so maybe even 2 and this is something that may very well happen in the first half of 2014.

Thank you, sir. (Operator Instructions) As there are no further questions at this time, we will now pass the floor back for closing remarks.

Thank you all very much for listening in and we hope to have you with us again in three months time.

Thanks everybody.

And with many thanks to all our speakers today, that does conclude our conference. Thank you all for participating. You may now disconnect.