Thank you for standing by ladies and gentlemen and welcome to the Euroseas’ Conference Call on the Second 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 also being recorded today. Please be reminded that the company announced their results 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 the federal securities laws, matters discussed maybe 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 #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 statements 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 us today for our conference call. Together with me is Tasos Aslidis, our CFO. The purpose of today’s call is to discuss our financial results for the three and six month period ended June 30, 2015. Let’s turn to Slide 3 of our presentation for our financial results overview. Let’s start with our second quarter results. For the second quarter of 2015, we reported total net revenues of $9.4 million. Net loss for the period was $3.3 million, while net loss attributable to common shareholders for the period was $3.7 million or $0.64 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 second quarter of 2015 was negative $100,000. Turning to our first half 2015 financial highlights we reported total net revenues of $17.6 million. Net loss for the period was $8.7 million, while net loss attributable to common shareholders was $9.5 million, or $1.64 loss per share basic and diluted. The difference of $0.8 million is the dividends paid to our Series B preferred shareholders. Adjusted EBITDA for the first half of 2015 was minus $1.9 million. Our CFO, Tasos Aslidis will go over our financials in more detail later on during the quarter. Please turn to Slide 4. As you already know in Q4 2013 and Q1 2014, we embarked into an ambitious plan to renew and expand our drybulk fleet by placing an order for two newbuilding Ultramaxes and two newbuilding Kamsarmaxes costing about $120 million in total. The first three ships are due for delivery in Q1 2016 and the last one in Q4 of 2016. At the same time, we placed the orders. We issued about $30 million of preferred equity and…

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 and six months period ended June 30, 2015. For that, let’s turn first to Slide 23 and first take a look at our results for the second quarter of 2015 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 second quarter of 2015, we reported total net revenues of $9.4 million representing a 2.8% decrease over total net revenues of $9.6 million during the second quarter of last year. We reported a net loss for the period of $3.3 million and a net loss attributable to common shareholders of $3.7 million as compared to a net loss of $5 million and $5.4 million respectively for the second quarter of 2014. As Aristides mentioned earlier, the difference between net loss and net loss attributable to common shareholders is $0.4 million and accounts for the dividends we paid to our Series B preferred shares in the second quarter of 2015. The 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 six quarters. The results for the second quarter of 2015 include a $0.1 million unrealized gain on derivatives, a $0.9 million realized loss of derivatives as compared to $0.2 million unrealized gain and $0.2 million realized loss on derivatives for the same period of last year. Basic and diluted loss per share attributable to common shareholders for the second quarter of 2015 was $0.64 compared to basic and diluted loss per…

Thank you, Tasos. I now open up the floor for any questions we may have.

Thank you. [Operator Instructions] Your first question comes from Donald Bogden from Wells Fargo. Please ask your question.

Good morning, gentlemen.

Hi, Donald.

So, first question is a follow-up to your comments on rationalization measures in the drybulk market. You mentioned you expect about 35% of the 2015 order book when delivered due to a combination of slippage, cancellations, conversions, but can you go a little further and break down that among the three? I mean, what do you think the extent of cancellations have been to-date and slippage and conversions as well?

Difficult to say, don’t know what the breakdown is. Cancellations are obviously less than the slippage, but I don’t have the numbers to tell you. Cancellations and conversions are less than slippage. Slippage is more than half of the total and even more I would say.

Yes, fair enough. Tough to target. And then a follow-up on the market in general, I mean, how much do you attribute the sort of Q2 and today in Q3 rising rates to sort of demand – under demand fundamentals and how much do you think would be contributing to the widespread lapse that we are seeing and have you seen the recent rise in rates sort of put a hold on owners putting additional times into lap?

Well, on our size of ships in drybulk, Panamaxes and Handymaxes, Ultramaxes, Supramaxes all that, layer has been absolute minimal. So, I think we have seen more of that in the cape sector. But on our sizes, we haven’t seen a lot of that. There has been some pickup in the trade and also on the distances travelled. I mean Brazil exports have risen a little bit and that has helped. But it’s more demand picking up from the extremely low levels of the first half of the year rather than laid up ships in our sizes. Of course there was quite significant scrapping, but the deliveries have been more than the scrapping sources.

Okay. And just one last follow-up for Tasos, I just want to make sure I am thinking about the cash breakeven levels you guys alluded to on Slide 25 correctly, so that would be $9,400 per day and then the additional $1,550 is the assumed added costs for financing, the remaining portion of the new build order book, am I thinking about that correct?

Correct, the $9,400 is if we do the – if we pay the loans plus the operating expenses, the additional $1,500 is related to the balloons that we have due to pay. If the balloons are not at the cash flow breakeven another $1,500, if we manage to refinance the balloons then that $1500 would not be there. As I mentioned already one of the balloons of the three balloons that will need to be paid over the next 12 months, we have agreed refinance $3.4 million of the $8.8 million. We are documenting it – we are almost done documenting that financing of balloons, so the $1500 is already being reduced by $650.

Okay, I appreciate that color guys. And thanks again.

Thanks, Donald.

Thank you. We have no further questions from the phones, please continue sir.

Okay. So if there is no more questions, thank you very much. And we will talk to you again during the next quarter with the results of Q3. Thank you for listening.

Thanks everybody.

Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.