Thank you for standing by, ladies and gentlemen and welcome to the Euroseas' conference call on the fourth 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 will 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 the 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. I would now like to hand the floor to Mr. Pittas. Please go ahead, sir.

Good morning and thank you all for joining us today for our scheduled conference call. Together with me is Tasos Aslidis, our CFO. The purpose of today's call is to discuss our financial results for the fourth quarter and 12 months ended December 31, 2016. Let's turn to slide 3 of our presentation for our financial results overview, starting with the fourth quarter of 2016 located on the left hand side of the table. We reported total net revenues of $7.3 million. Net loss for the period was $17.6 million, while net loss attributable to common shareholders was $18.1 million. The results of the fourth quarter 2017 include the $5.9 million loss from the write-down of M/V Eleni which was held for sale. $3.8 million loss on excepted termination of our Kamsarmax newbuilding contract and $5.5 million impairment loss in our Euromar investments. Adjusted net loss attributable to common shareholders for the period was $3.7 million or $0.45 loss per share basic and diluted. Adjusted EBITDA for the fourth quarter was a loss of $0.4 million. Moving on to the right hand side of the table you can see our 12 months results. We reported total net revenues of $28.4 million. Net loss for the period was $44.2 million, while net loss attributable to common shareholders was $45.9 million. The difference being the $1.7 million of dividends from the Series B preferred shares. The results for the 12 months of 2016 include the $5.9 million loss on the write-down of the M/V Eleni, a $7.1 million loss from the termination of our Ultramax New Building contracts and on expected termination of our Kamsarmax newbuilding contract. And then $18.7 million impairment loss and loss in our Euromar investments. Adjusted net loss per share attributable to common shareholders for the period was…

Thank you very much Aristides. Good morning from me as well, ladies and gentlemen. As usual, I will provide you with a brief overview of our financial statements and results for the fourth quarter and full year 2016. For that, let's turn to slide 24 and first take a look at our results for the three month period and full year ended December 31, 2016. . I will repeat here some of the same figures that Aristides gave you in the beginning of the presentation. The results for the fourth quarter of 2016 reflect the continued depressed state of the drybulk and containership shipping markets. For the fourth quarter 2016, we reported total net revenues of $7.3 million representing a 17% decrease over total net revenues of $8.8 million during the fourth quarter of 2015. We reported net loss for the period of $17.6 million and a net loss attributable to common shareholders of $18.1 million as compared to a net loss of $3.9 million and $4.4 million, respectively for the fourth quarter of last year. 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 fourth quarter of last year. This preferred dividend can be paid out at our option either in cash or in kind and we have elected to pay in kind for the last 12 quarters. The results for the fourth quarter of 2016 among others include a $5.9 million loss on write-down for vessel held for sale for our vessel M/V Eleni a $3.8 million loss on expected termination of our newbuilding contract and $4.7 million impairment loss in our Euromar investments. Basic and diluted loss per share attributable to common…

Thank you Tasos. Let me open up the floor for any questions that you may have.

Okay. Well, this concludes our conference call for today and we will be with you again in three months time for the results of the first quarter of 2017. Thank you very much.

Have a nice day to everybody.