Thank you for standing by ladies and gentlemen, and welcome to the Euroseas' Conference Call on the Second Quarter 2017 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 this 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 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 web cast presentation, which has the full forward-looking statements 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 pass 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 three and six months ended June 30, 2017. Let's turn to slide 3 of our presentation for our financial results overview. The results of the second quarter of 2017 reflect the improving levels of the containership in dry bulk markets compared to the same period of 2016. Although charter rates peaked in early May, and have softened since, they remain at levels noticeably higher than the respective periods of last year. Net loss for the period was $1 million, while adjusted net loss attributable to common shareholders was $1.5 million or $0.13 loss per share basic and diluted. The difference is the $0.4 million of dividends from the Series D preferred shares. Net revenues were $10 million and adjusted EBITDA was $2 million. On the right hand side of slide 3, we have our first half 2016 results. Net loss for the period was $3.2 million, while adjusted net loss attributable to common shareholders was $4.6 million or $0.42 loss per share basic and diluted. The difference is the $0.9 million of dividends from the Series B preferred shares, and the $0.5 million gain on sale of vessel. Net revenues were $18.3 million and adjusted EBITDA was $2.2 million. Please turn to slide 4 to discuss our operational highlights for the quarter. We agreed to purchase and took delivery of M/V EM Astoria a feeder size containership vessel of 2,688 TEU built in 2004 from Euromar, with 100% bank financing and a 35% profit share agreement with the bank. The construction of our second Newbuilding Kamsarmax, a sister ship to our motor vessel Xenia,…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. As in every quarter, I will provide you with a brief overview of our financial statements and results for the three and six month periods ended June 30, 2017. For graphic, let's turn first to slide 23 and take a look at our results for the three month period ended June 30, 2017. For the second quarter of 2017, we reported total net revenues of $10 million, representing a 36.4% increase over total net revenues of $7.3 million during the second quarter of last year. We reported net loss for the period of $1 million, and then net loss attributable to common shareholders of $1.5 million, as compared to a net loss of $19 million and net loss attributable to common shareholders of $19.6 million respectively for the same period of 2016. Please note, that the results for the second quarter of 2016, include amongst others, $1.4 million loss on termination of a newbuilding contract and a $14 million impairment charge on investment in joint venture, none of which incurred in the second quarter this year. As Aristides mentioned earlier, the difference between net loss and net loss attributable to common shareholders of $0.4 million, accounts for the dividends we pay to our Series B preferred shares in the second quarter of the year. This preferred dividend can be paid out at our option, even in cash or in kind, and we have elected to pay in kind for the last 14 quarters. Basic diluted loss per share attributable to common shareholders for the second quarter of 2017 was $0.13 compared to basic and diluted loss per share of $2.42 for the second quarter of 2016. Excluding the effect on the loss attributable to common shareholders…

Hello, we are ready to take any questions you may have.

[Operator Instructions]. And you do have a question from James Jang from The Maxim Group. James, your line is open.

Hey, good afternoon guys.

Good afternoon James.

Hey James. Hi.

So I just had a quick one about the feeder side. What have you seen in terms of activity in inquiries on the feeders? Have you been getting more or less, how does the outlook look for the rest of 2017 and 2018?

On the chartering side?

Yeah.

It has followed a similar path, I would say, to the drybulk generally. We saw an improvement leading up to April, May, a softening afterwards and we still haven't seen a significant strengthening yet, but we have seen the idle fleet go down, which is a good indication, and we hope that we will see a reversal of this slight of the consolidating downward trend we have seen in the last couple of months. We hope to see that reversing a little bit. But overall, the demand has been strong, and the supply is not increasing strongly. So we think that, if not this year, 2018 will be a still better year.

Okay. So segueing into that, so a number of the feeders, they come off charter, Q3, Q4. Are you planning to recharter those vessels when they will be delivered, or would you wait until 2018, when rates are supposed to get stronger?

No. Of course we will charter them, but we will charter them at -- for lower periods to smaller periods, aiming to charter them for longer periods, when we see time charter rates exceed $10,000 a day, which is something that we consider might happen within 2018.

Okay, great. And one final one, do you guys have any -- have you had any discussions internally about possibly adding more vessels into the fleet?

Sure. We are looking into that possibility and having some discussions. So definitely, the intention is to grow the fleet, yes.

Are they primarily focused on the Euromar fleet or outside vessels?

We are looking at both Euromar vessels, but also at vessels from the market.

Okay. Great. All right. That's all I had. Thanks guys.

Thanks a lot James. Thanks.

Thank you. [Operator Instructions]. There are no more questions sir. Please do continue. Thank you.

Thank you all for listening into this conference call, and we will be back in about three months time. Thanks.

Thanks everybody.