Thank you for standing by ladies and gentlemen and welcome to the Euroseas’ Conference Call on the Third 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 Wednesday, 11 November 2015. 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 number two 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 Pittas. Please go ahead, sir.

Thank you. 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 nine month period ended September 30, 2015. Let’s turn to slide three of our presentation for our financial results overview. Let’s start with our third quarter results. For the third quarter of 2015, we reported total net revenues of $11.3 million. Net loss for the period was $1.4 million, while net loss attributable to common shareholders was $1.8 million or $0.29 loss per share basic and diluted. The difference being the $0.4 million in dividends paid through our Series B preferred shareholders. Adjusted EBITDA for the third quarter 2015 was $2 million. Turning to our first nine months of 2015 financial highlights, we reported total net revenues of $28.9 million. Net loss for the period was $10.1 million, while net loss attributable to common shareholders was $11.3 million, or $1.92 loss per share basic and diluted. The difference of $1.2 million is the dividends paid to our Series B preferred shareholders. Adjusted EBITDA for the first nine months of 2015 was $0.1 million. Our CFO, Tasos Aslidis will go over our financials in more detail later on during the presentation. Please turn to slide four for a brief discussion on the funding of our fleet expansion and shareholder rights offering results. Our new building program constitutes of four ships, two Ultramaxes and two Kamsarmaxes, two different Chinese yards. The first three ships scheduled for delivery in the first half of 2016 and the second Kamsarmax in Q4 2016. We already started our first Kamsarmax for four years of $14,100 per day. To-date we have paid $26.3 million to the yards with about…

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 and nine months period ended September 30, 2015. For that, let’s turn first to slide 22 and take a look our results for the third quarter 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 third quarter of 2015, we reported total net revenues of $11.3 million representing an 13.7% increase over total net revenues of $9.9 million during the third quarter of 2014. We reported net loss for the period of $1.39 million and a net loss attributable to common shareholders of $1.8 million as compared to net loss of $3.7 million and $4.1 million respectively for the third quarter of last year. As Aristides mentioned earlier, the difference between net loss and net loss attributable to common shareholders is $0.4 million in accounts for the dividends we paid to our Series B preferred shares in the third quarter of 2015. The preferred divided can be paid out at our option either in cash or in kind and we have elected to pay in kind for the last nine quarters. Basic and diluted loss per share attributable to common shareholders for the third quarter of 2015 was $0.29 compared to basic and diluted loss per share of $0.72 for the third quarter of last year. Excluding the effect on the loss attributable to common shareholders for the quarter of the derivatives, the adjusted net loss per share attributable to common shareholders for the quarter ended September 30, 2015 would have been $0.26 per share basic…

Thank you Tasos. Can we open up the floor for any questions you may have.

Of course we can. Thank you, sir. We’ll now begin the question-and-answer session. [Operator Instructions] Your first question comes from the line of Wells Fargo from Donald Bogden. Your line is now open.

Good morning, guys. Is there a preference for a sale versus a new charter for the Marinos and if it was a sale what could you expect you get on a value basis there?

I think that the sale is probably is very close to scrap price, I would say. So, $2.3 million, $2.5 million, $2.8 million maximum. We have put the vessel in the market on Monday, we want to see how that goes, in the meantime we are looking to see if you can find the employment and we’ll take it from there, if we can’t find the employment, we will sell the vessel.

Got you, thanks. And my next question is the general question on I guess increasing balance sheet risk in the space heading into next year specifically within some of the private drybulk companies. Can you talk a bit to the posture that you think banks are taking as people try to renegotiate loans and people start to blow through covenants heading into 2016, I mean your own I guess funding gap with the newbuild program looks significantly more management than some of the public peers and that’s before even getting to some of the risk within private companies in the space, so I was just wondering if you could just kind of talk to that your general outlook on balance sheet risk?

Well I think that you are right there is a general problem within the industry especially the drybulk industry, right. Most private companies tend to be better capitalized than public companies. The balance sheets are usually stronger and the owners of those companies have the capacity to support their business. But obviously there will be cases where that is not the case and where banks will be anxious. For sure there is a lot of discussion happening between banks and owners at this stage and we have to see how it develops.

Got you, thanks for that. And then just follow-up on the containership market and to your comments on port efficiency, could you sort of quantify that where are these port improvements taking place? I mean as you think about port improvements versus I guess potential for delays within the completion of Panama canal I mean how do you think about sort of infrastructure developments impacting the containership market heading into next year?

We have already seen the last couple of years in Africa a significant improvement in the port infrastructure there and bigger ports being in operation with their own crane capacities, which have resulted in bigger gearless ships trading there. We are seeing the similar thing in Latin America plus also in the Indian Subcontinent. So ports are becoming more efficient and more capable of handling bigger vessels and this is what has actually helped the cascade process happen up to now. The new Panama Canal of course will also have an impact on the use of the bigger ships and will result in some of the traditional Panamax ships having to try and find the employment elsewhere.

Okay, appreciate that color guys. I have some housekeeping question that I’ll probably follow-up with you offline on. But thanks again.

Thank you, Donald.

Thank you.

Thank you, Mr. Bogden. [Operator Instructions] Gentlemen there appear to be no further request for questions. So I pass the floor back now to you for closing remarks.

Thank you all for attending our conference call for this quarter. We will be back to you next year with the end of the year results.

Thank you.

Thank you very much gentlemen and many thanks to our speakers today. That does conclude our conference. Thank you all for participating. You may now disconnect. Thank you Mr. Pittas and Mr. Aslidis.