Thank you for standing by, ladies and gentlemen. And welcome to the Euroseas’ Conference Call on the First Quarter 2015 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 you that this conference is being recorded today, Thursday the 21st of May, 2015. Please be reminded that the company announced their results after the market closed yesterday with a press release that has 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 federal securities laws, matters discussed maybe forward-looking statement, which are based on current management expectations that involve risks and uncertainties that may result in such expectation not being realized. I kindly draw your attention to slide #2 of the webcast presentation, which has the full forward-looking statement and read it. I would now like to pass the floor to Mr. Aristides Pittas, Chairman and Chief Executive Officer of Euroseas. Please go ahead, sir.

Good morning and thank you for joining Euroseas for our conference call today. Together with me is Tasos Aslidis, our CFO. The purpose of today's call is to discuss our financial results for the three-month period ended March 31, 2015. Let's turn to slide three of our presentation for our financial results overview. The operating results for the first quarter of 2015 reflect the continued depressed state of the drybulk market, putting further pressure on the cash flows of our drybulk ships. At the same time, timecharter rates for our medium and large feeder containerships did not yet reflect the significant improvement seen in rates since March 2015. In fact, we did loose about 5% of our container operating days due to availability of employment for two of containerships during the first quarter. We expect to have no commercial off-hire during the second quarter and also to start enjoying the benefits of the improving charter rates. For the first quarter of 2015, we reported total net revenues of $8.2 million. Net loss for the period was $5.4 million, while adjusted net loss was $5.2 million. Adjusted net loss attributable to common shareholders for the period was $5.6 million or $0.10 loss per share basic and diluted. The difference being the $0.4 million in dividends paid to our Series B Preferred Shareholders. Adjusted EBITDA for the first quarter of 2015 was a loss of $1.8 million. Regardless of the losses, our balance sheet remains at conservative levels. As of March 31, 2015, our total cash was $23.8 million, was about $8.3 million of drop in restricted funds and retention accounts. Our outstanding debt was $52.3 million. Our CFO, Tasios, will go over our financials in more detail later on during the call. Please turn to slide four, to see our operational…

Thank you very much, Aristides. Good morning from me as well ladies and gentlemen. As usual, I will now provide you with a brief overview of our financial results for the three months period ended March 31, 2015. For that let’s turn slide to 21, and take first a look at our results for the quarter in comparison to the same period of last year. I will repeat here some of the same figures that Aristides gave you in the beginning of the presentation. For the first quarter of 2015, we reported total net revenues of $8.2 million representing an about 14% decline of total net revenues of $9.5 million during the first quarter of 2014. We reported net loss for the period of $5.4 million and a net loss attributed to common shareholders of $5.8 million as compared to a net loss of $2.2 million to $2.5 million respectively for the first quarter of last year. As Aristides mentioned earlier, the difference between net loss and net loss attributable to common shareholders is $0.4 million of the dividends we paid to our Series B Preferred shares in the first quarter of 2015 and a similar amount $0.3 million in the first quarter of last year. This preferred dividend can be paid at our option either in cash or in kind, and we have elected to pay it in kind for the last five quarters. The results of the first quarter of 2015 include a total of $0.2 million of realized and unrealized loss on derivatives. Basic and diluted loss per share for the first quarter of 2015 was $0.10 compared to basic and diluted loss of $0.05 per share for the first quarter of 2014. Excluding the effect on the loss for the quarter of the realized and unrealized…

Thank you, Tasios. I’d like to open the floor to any questions there might be.

Thank you [Operator Instruction] Your first question comes from the line of [Donald Bukten] [ph] of Wells Fargo. Please go ahead.

Good morning, gentlemen.

Hello, Donald. How are you?

Doing well, thank you.

Yeah.

My first question is a follow-up to your slides on rationalization measures in the drybulk market and I am -- we’ve already seen a sharp rise in scraping? But can you quantify other rationalization measures, are you seeing either operational or coal vessel laps and if so, are they widespread yet?

We are seeing mostly on the case side vessels, we have seen also some even coal layoffs but also ideal ships. And on the smaller ships we are not seeing that too much, they still manage to find employments, there might be a few waiting days for Panamaxes, Supramaxes and Handysize has manage -- still manage better than that.

Great. Thanks. And also if you are an owner and you are going to the yard currently, I mean, how far back can you push a vessel via slippage for say 2015 and 2016, is it just simply a month or two or yards negotiating longer than that now?

Well, it depends on the yard and on the circumstances. But generally for, I would say, listed companies like us would substance, your negotiating powers are not huge, you have a contract, you have to buy that and the easier way to obtain an extension is to order an additional ship and the push everything further down the road. So in essence you pay more but over a longer period of time you don’t want to do that, it’s not easy to get extensions for long durations. In our case I think what will happen is that both ships that are due for 2016 delivery will be delivered at beginning of 2016 and I think this is probably what will actually happen, although, we don’t have any such agreement. It’s probably what will happen and probably also the ship that is for delivering at the end of 2016 will be delivered at the end of 2017 -- at the beginning of 2017, sorry.

Okay. Appreciate it. That’s very helpful. And finally, just a last rationalization measure, I mean cancellations, are you seeing cancelations occurring yet? And are these cancelations being marketed to other owners if there are resale buyers out there, because I mean given the lack of S&P liquidity is very difficult to sort of ascertain what the sort of process going on with your cancellations is?

Yes. I agreed cancellations are not happening a lot. Resale, there is interest for resale both yours but also owners does not take delivery of the suits. They have all been the one, don’t have the capacity to do that. are marketing some ships to be sold, and that’s not too much happening.

Okay. And finally one last question on financing, the general drybulk market financing situation remains pretty murky. We are hearing that some traditional shipping banks have put drybulk financing efforts on hold with others actively seeking to reduce their exposure. How do you see this playing out as owners try to finance much of the late 2015 and more so 2016 order book?

I think financing for the good clients and the strong balance sheet is always going to be there. We always know that the bank let the people to donate the money. When they are afraid about the survivability of an owner, there will be very cautious in doing that. Also finance I think will continue to be there, but it will continue to be there as a percentage of the market value of the ship. So if one has secured 65% financing on a newbuild when it cost I don’t know 35 million and it cost today 28 million, you will get 65% finance on that, not on the initial 35 million.

Okay. Well, I appreciate your color on those questions, guys. Have a good day.

Thank you, Donald.

[Operator Instructions] Your next question comes from Paul Berghaus of Cornerstone Asset Management. Please go ahead. Mr. Berghaus, your line is open. Please go ahead.

Yes. I have just two questions. Can you comment on what you’re planning to do if anything in terms of maintaining your listing on NASDAQ and any possible share buyback or reverse split plans that you have for the future? That would be my first question.

Sure. If we plan to do a reverse split, we will definitely do this for us. It’s more of a technicality rather than something extremely important. So of course, we are going to comply with the requirements of the NASDAQ. We have the approval of the general assembly, so it’s matter of time to do it whenever we feel it’s appropriate to do it.

So are you intending to do a reverse split in order to get your price over 1? And it always seems to me reverse splits are kind of a test now for shareholders?

That is the only way to technically comply given the circumstances in the market where -- in parallel. So that is the easy way to comply with and obviously in parallel, we are trying to manage the combined weight that shows its value and the stock price increases. But if that doesn’t happen within the period that we will have to comply, we will do the reverse split.

I see. And I saw that one-time several months ago you had mentioned the possibility or at least raised the possibility of having a share buyback program by the company. Is that no longer in view because of your declined revenues and increasing expenses?

Yeah. It’s not happening at this point because of the reasons that you stated. We have to take delivery of the newbuildings and we think that we need to preserve the company cost to enable us to take delivery of the ships. So it’s a time where people and company should be buying assets, buying ships rather than selling.

Okay. And then just one last question. Again, with declining revenues and increasing expenses and I know it’s been a tough-tough market for you all, can you give us any kind of color or perspective in terms of whether you believe we’ve reached the bottom of the trough in terms of the cycle and that the worst is behind and maybe some light at the end of the tunnel over the next six to nine months or is that still a premature view?

No. No. I think we are -- and of course, this is a forward-looking statement. But I think that we contained the market following the strong recovery. Charter rates have improved substantially. I don’t think it’s just a belief that it will go away. I think, ‘15 and ‘16 are going to be good years for the container market and that is going to definitely support us where 10 months of our 15 ships in the water are container ships at this point in time. So the containership market, we think is going to help us significantly during the next year or so. The drybulk, we are at rates where I don’t think charter rates can go lower. They are faithful but we will have to be patient there for probably around the year. But overall for Euroseas, I believe that we are over the trough at this point in time. We have to concentrate on growing the company and this is where the management focuses at this point.

Okay. Thank you very much. That does it for me.

Thank you.

Thank you, too.

Thank you. There appear to be no further questions on the phone lines. Please continue.

Okay. Thanks. If there is no more questions, let’s leave it here and there will be review again at the end of next quarter. Thank you.

Thanks everybody.