Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas conference call on the third quarter 2017 financial results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer, and Mr. Tasios 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 also advise the conference is also being recorded today. And please be reminded that the company has announced their results with a press release that has publicly been 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 two of the webcast presentation, which has the full forward-looking statements, and the same statement was 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 scheduled conference call. Together with me is Tasios Aslidis, our CFO. The purpose of today's call is to discuss our financial results for the three and nine-month periods ended September 30, 2017. Let's turn to slide three of our presentation for our financial results overview. Starting with our third quarter results, net loss for the period was $4.8 million, while adjusted net loss attributable to common shareholders was $0.7 million or $0.06 loss per share basic and diluted. The difference is the $0.5 million of dividends from the Series B preferred shares and the write-down of the $3.3 million for Monica and $1.3 million for Angeliki, which are both held for sale. Net revenues were $11.1 million and adjusted EBITDA was $2.8 million. On the right-hand side of slide three, we have our first nine-month 2017 results. Net loss for the period was $8 million, while adjusted net loss attributable to common shareholders was $5.3 million or $0.48 loss per share, basic and diluted. Net revenues were $29.4 million and adjusted EBITDA was $4.9 million. Please turn to slide four to discuss our operational highlights for the quarter. In September 2017, Euromar became a wholly-owned subsidiary of Euroseas and its majority shareholders, Eton Park and Rhône Capital, sold their shares to Euroseas for a nominal consideration. The nine vessels owned by Euromar were controlled by its lenders as the debt on the vessels were significantly higher than their market value. At the request of the lenders, the vessels were sold. Euroseas purchased four of those vessels, namely the feeder ships EM Athens, EM Oinousses and EM Corfu, and the Akinada Bridge, a post-Panamax size containership. The first three have already been delivered to us and the Akinada is…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. I will provide you with a brief overview of our financial statements and the results for the three and nine-month periods ended September 30, 2017. For that, let's turn to slide 21 and take a look at our results for the three-month period ended September 30, 2017 first. We reported total net revenues of $11.1 million, representing a 54% increase over total net revenues of $7.2 million during the third quarter of last year. We reported net loss for the period of $4.8 million and a net loss attributable to common shareholders of $5.3 million as compared to a net loss of $4.6 million and net loss attributable to common shareholders of $5 million respectively for the third quarter of 2016. The results for the third quarter of 2017 includes most notably a $4.6 million loss on write-down on two vessels classified as held for sale where the result for the third quarter of 2016 include mainly a $1.8 million loss on termination of a newbuilding contract. As Aristides mentioned earlier, the difference between net loss and net loss attributable to common shareholders of $0.5 million accounts for the dividend we paid to our Series B preferred shares in the third quarter of this year. These preferred dividends can be paid out at our option either in cash or in kind. And we have elected to paid it in kind for the last 15 quarters. Basic and diluted loss per share attributable to common shareholders for the third quarter of 2017 was $0.48 compared to basic and diluted loss per share of $0.61 for the third quarter of last year. Excluding the effect on the loss attributable to common shareholders for the quarter of a net…

Thank you, Tasios. I can now want to open up the floor for any questions we may have.

Thank you. [Operator Instructions]. Your first question is from the line of James Jang from Maxim Group. Your line is open.

Good afternoon, guys.

Hi, James. How are you?

So, I just have a question on the Euromar fleet. Have you guys had any internal discussions on what you plan to do? Is it just going to add in to the company, to a spinoff, what's the strategy there?

Well, as I said, we have now sold all the Euromar vessels. All Euromar vessels have now been sold. Euroseas was able to buy five out of those ten ships. And the Euromar joint venture is going to be wound down. The banks have taken all the proceeds and they have accepted to forgive the remaining of the outstanding loans. So, this is the case that is finished, it's done, it's close and we move ahead.

Okay. So, are there any plans to possibly shift towards a more pure-play model, take all the dry assets in one and move all the containers in the other?

Yes. This is something which the management is working upon. And it's something that may or may not happen. We have not decided yet conclusively. But having removed Euromar, having strengthened the balance sheet, and starting to see things in a much more positive way, we're trying to find the way to grow the company further. And making this to pure play companies rather than one mixed the company might make all these possibilities that we're thinking of easier. So, yes, it's a consideration. It's not final yet. But it is something that may happen.

Okay. I'm sorry. So, I know nobody has a crystal ball, but would we be able to see a decision on this in 2018, 2019…?

It could be a beginning of 2018 event. That is what management is considering at this point. So, it could be something that happens very soon.

Great, all right. And in terms of just fleet growth, asset prices on drybulk side, they are moving up. We haven't seen a huge move in older Handymax and Handy-size vessels, would that be something that you guys would look at to acquire more additional tonnage?

We think that prices, both for drybulk vessels and for containership vessels, especially containership vessels are still low and lower than historical average and lower than the earnings capability of all these vessels long-term. So, we think that it's still a period to be buying both drybulk and containerships. And that's why we're looking at ways of unlocking the value within our company, which would allow us to potentially grow the company easier with partnering up with other people. We have a letter of intent, as you know, out there with Technomar to perhaps do something together on the containers side. These are all things that are being discussed as we speak. And if we have any news, we will, obviously, announce it.

Okay, great. And I don't know if you could disclose this or not, but the deal with Technomar, how would that look? Would management stay the same or would Technomar management come alongside? How do you guys kind of envision that?

The principle is clear. If it was to happen with Technomar or with anybody else that we are discussing that has a solid technical operation, they would keep their technical management side of their business. But, of course, commercial activities and general management will be merged. So, we're happy to live with technical management from the other side that is considered by us capable technical management team and have Eurobulk do the technical management of our own ships, the Euroseas ships and somebody else do the technical management of the ships they contribute. But, of course, all the other functions need to be merged. This is a principle that we have been discussing with Technomar and a couple of other guys as well. But nothing has happened yet. So, please note that.

Okay, great. All right. I don't know how much trade you guys are doing in India on the grain side, but India, they passed those tariffs on, I guess, wheat and peas. And it looks like they're trying to limit what's being imported there to help the prices domestically. Have you seen any kind of slowdown at all on the grain side to India?

I don't think at this point we have any of our ships trading into India. So, I'm not exactly sure of the effect.

Okay. All right, great. All right, I'll jump off now. Thanks, guys.

Thanks a lot, James. Thank you.

There appear to be no further questions at this time. Speaker, please continue.

Okay. So, if there are no more questions, I'd like to thank you all for listening by. And we will be talking to you again at the beginning of next year for the results of the whole year. And thank you. Thank you very much.

Thanks, everybody.

That does conclude the conference for today. Thank you all for participating. And you may now disconnect.