Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas' Conference Call on the First Quarter 2016 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'll be a presentation followed by a question-and-answer session [Operator Instructions]. I must advise you that the conference is being recorded today. Please be reminded that the company announced their results with a press release that has been publicly distributed. Before passing the floor to Mr. Pittas, I'd 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 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 statement and read it. And I'd now like to pass the floor to Mr. Pittas. Please go ahead, sir.

Good morning and thank you all 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 months ended March 31, 2016. Let's turn to slide three of our presentation for our financial results overview. For the first quarter of 2016, we reported total net revenues of $6.5 million. Net loss for the period was $2.8 million, while net loss attributable to common shareholders was $3.3 million. The difference being approximately $0.4 million in peak [ph] dividends paid through our Series B preferred shareholders. Adjusted net loss attributable to common shareholders for the period was $3.1 million or $0.38 loss per share basic and diluted. Adjusted EBITDA for the first quarter of 2016 was negative $0.1 million. As of March 31, 2016, our outstanding debt excluding the unamortized loan fees was about $55 million, versus restricted and non-restricted cash of about $12.6 million. We are in compliance with all our loan covenants subject to finalization of documentation of an in-principle agreement for the relaxation of loan-to-value covenants with certain of our banks, which is also combined with relaxation on installment repayments and balloon extensions. We estimate that about $3.5 million of repayments due this year and next will be pushed to the end of 2017. Please turn to slide four to discuss operational highlights. Whilst we have been focusing in managing our cash flow and liquidity due to the difficult markets, at the same time we've been trying to take advantage of this poor market and renewing our fleet most optimally. We are looking for opportunities to replace our older vessels with vessels several years younger with minimal incremental investment as prices for vessels older than 15 years, especially container ships,…

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 ended March 31, 2016. For that, let's turn first to slide 21 and take a look at our results for the first quarter of 2016 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. The results of the first quarter of 2016 reflect the continued depressed state of the drybulk containership markets. For the period we reported we reported total net revenues of $6.5 million representing a 20% decrease over total net revenues of $8.2 million that we had during the first quarter of last year. We reported net loss for the period of $2.8 million and a net loss attributable to common shareholders of $3.3 million as compared to net loss of $5.4 million and $5.8 million respectively for the first quarter of 2015. 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 first quarter of 2016. This preferred divided can be paid out at our option either in cash or in kind and we have elected to pay it in kind for the last 9 quarters. Basic and diluted loss per share for the first quarter of 2016 was $0.4 compared to basic and diluted loss per share of $1 for the first quarter of 2015. Excluding the effect of the unrealized and realized loss on derivatives the adjusted loss per share for the quarter ended March 31, 2016 would have…

Thank you, Tasos. If we have any questions, we would like to take them at this moment.

Thank you very much indeed, sir. [Operator Instructions] And you have a question from Wells Fargo from the line of Donald Bogden, and your line is now open, sir.

Good afternoon gentlemen, and apologies if you mentioned this because I was dropped, but what's your remaining CapEx for the new buildings in 2016 and 2017 respectively?

In 2016, we are to take delivery of, according to the schedule that Aristides has provided, of two Ultramaxes. For those, the remaining payments, we expect them to be about $17 million each.

$17 million each, okay, and in 2017 for the last remaining new building?

2018 –- it's currently scheduled at the first quarter of 2018. We have no new building deliveries in 2017.

Okay.

And for the two Ultramaxes that are coming later on this year, we have arranged financing already from banks.

Banks financing it…

Yes.

All right, thank you, that's it from me gentlemen.

Thanks, Donald.

Thank you very much, sir. And there appear to be no further requests for questions. I shall pass the floor back to you for closing remarks.

Thank you for listening to us in today's results. We will be contacting you again in three months time with the results of the second quarter, and hopefully a slightly better market. Thanks a lot.

Thanks everybody.

Thank you very much gentlemen. And with many thanks to both our speakers today, that does conclude the conference. Thank you all for participating. You may now disconnect. Thank you so much gentlemen.

Thank you.