Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas conference call on the fourth quarter 2017 financial results. We have with us Mr. Tasos Aslidis, Chief Financial Officer, and Mr. Symeon Pariaros, Chief Administrative 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. Please be reminded that the company announced their results with a press release that has been publicly distributed. Before passing the floor to Mr. Aslidis, 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 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, now I would like to pass the floor to Mr. Tasos Aslidis. Please go ahead.

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Symeon Pariaros, our Chief Administrative Officer. The purpose of today's call is to discuss our financial results for the three-month period and full-year ended December 31, 2017. Let's turn to slide three of our presentation for our financial results overview. Starting with our fourth quarter results, it's a pleasure for me to report that in this quarter we returned to profitability for the first time since 2011. Specifically, net income for the three-month period was $2 million, while the adjusted net income attributable to the common shareholders was $1.1 million or $0.10 per share basic and diluted. Both are drybulk and our container ship fleets had positive results for the quarter, contributing to the overall gain. The difference between income and net income attributable to common shareholders includes a $500,000 of dividend [ph] on Series B preferred shares, and $300,000 gain on the sale of Aggeliki. Net revenues for the quarter were $13.5 million, and the adjusted EBITDA was $4.4 million. On the right-hand side of slide three we have our full-year 2017 results. Net loss for the year was $6.1 million, while adjusted net loss that's attributable to common shareholders was $4.2 million or $0.38 loss per share basic and diluted. The difference here again includes $1.8 million of dividends paid on Series B preferred shares, and a $4.6 million loss on write-downs of our vessels Aggeliki and Monica P, which were held for sale in the third quarter of 2017. Net revenues, $42.9 million, and the adjusted EBITDA for the year was $9.3 million. Please let's turn to slide four to discuss some of our operational highlights for the quarter. Let's start with our recent sale…

Thank you, Tasos, and good morning ladies and gentlemen. My name is Symeon Pariaros, and I'm the Chief Administrative Officer of Euroseas, and today I will talk a little bit about how the market performed during the last three months of 2017 along with expectations going forward in both segments that we operate. Let us now move to slide 13 for a brief overview of the charter market. The index, the BDI, stood at 1,356 points in the end of the third quarter of 2017 and ended up with a slight increase at 1,366 points in the last trading day of the year. However, within the same period, the index peaked at 1,743 points on December 12 having seen the lowest level at 1,308 points on October 3. Today as of March 5, the index stands at 1,210 points. Cape size spot rates averaged $23,708 in the fourth quarter while Panamax spot rates averaged $12,069 for the same period and Supramax spot rates averaged $12,841 again for the same period. The year ended up at $21,600 for the Capes, $11,063 for the Panamaxes and $12,553 for the Supramax vessels. As of March 1st those rates stood out $12,395 for the Capes, $12,055 for the Panamaxes and $11,403 for the Supramaxes, and the market seems to be firming up even more as we approach the seasonal traditional peak. One-year time charter rates also increased across both sizes. Between the third and the fourth quarter the average one-year time charter rate for the Cape sizes has moved from about $15,000 to about $17,000 while today Cape sizes turned in excess of $21,000 for the same period. Panamaxes also rose from around $11,100 to about $12,100 while today we're hearing that such rates hover in the area around $40,000 per day. For the…

Thank you very much, Symeon. Let us now take a closer look at our financial statements and results for the three month period and full year ended December 31st 2017. For that, let's turn to slide 21 and first take a look at our results for the three month period ended December 31st 2017. We reported total net revenues of 13.5 million representing an 85% increase over total net revenues of 7.3 million during the fourth quarter of 2016. We reported a net income for the period of 2 million and the net income attributable to common shareholders of 1.5 million as compared to a net loss of 17.6 million, a net attributable to common stakeholders of 18.1 million for the fourth quarter of last year. The results for the fourth quarter of 2017 include 0.1 million net gain in derivatives and the 0.3 million net gain on sale of a vessel as compared to a 0.1 million net gain on derivates and a 5.9 million loss on write down of vessel held for sale and a 3.8 million loss on termination of a ship building contract alongside the 4.7 million impairment loss in other investments for the same period of 2016. As I mentioned earlier, the difference between net income and net income attributable to common shareholders accounts for the dividend we paid to our Series B preferred shares in the fourth quarter of this year. This preferred dividend can be paid either in cash or in kind. And we have elected to pay it in kind for the last 16 quarters. Basic and diluted earnings per share attributable to common shareholders for the fourth quarter of 2017 were $0.13 compared to basic and diluted loss per share of $2.17 for the fourth quarter of last year. Excluding the…

Thank you very much. [Operator Instructions] Our first question is from the line of James Jang from Maxim Group. Please go ahead.

Good afternoon guys.

Good afternoon, James.

So, can you give us an update on the Poseidon Containers Holdings?

Okay. I think I made the reference in the beginning of my remarks, James. We'll continue discussion with Poseidon to potentially form a combination with their fleet. This is part of our overall strategy of using our public platform to consolidate with other companies, and Poseidon is one of those entities we are speaking with.

So, would it be still the same thing possibly spinning out -- if this happens to spin out the containers and the drybulk separately?

I think that's something that we are seriously considering, yes.

Okay, great. And it looks like the feeder rates, they're really strong. The order book is pretty minimal. Do you look at this as an opportunity to continue to build that out aside from the Poseidon deal?

Possibly. I think I would agree. And we would agree with you that that segment of the container ship market probably would have the best supply-demand dynamics, as I think Symeon described, that the supply very likely will be -- the supply growth will be negative, and we expect demand for this segment to follow the overall trend of demand for containerized trade. So we consider that segment as quite an attractive segment, and prices haven't really recovered -- they have recovered but there is still room to go. Potentially that is an area that we could consider expansions.

So like…

We have already positioned ourselves in that sector. I mean we took delivery of a few of the Euromar vessels in the last quarter. So please bear that in mind as well.

Okay. Yes, because I don't have I guess market asset values, I have lagged asset value. So I don't know. Have they been picking up though on the SMP market?

They have definitely moved up from the lows, and noticeably, but not as much as the drybulk vessels.

Okay, and what about any opportunities for the Euromar vessels that we're taking in to the private fleet to enter the public fleet?

I don't think I can comment on that at this point simply because Euroseas does not have cash to acquire those vessels. I don't think there is anything there at this moment.

Okay, great. And so the good news is the Kamsarmax. So it's going to be delivered in May now, right?

Yes.

That's the plan, yes. The delivery has been brought forward a bit by the yard, and we welcome that because we believe we can load the vessel very productively in the market.

Got you. Okay, so that was led by the yard, not you guys asking for it to be pulled ahead, right?

Actually if we asked the yard can you do it then it wouldn't be possible. So the yard was able to do it, and willing to take the vessel a little earlier.

All right, great. All right, that's all I have. Thanks guys.

Thank you, James.

Our next question is from the line of Tony Kamin from Eastwood Partners. Please go ahead.

All right. I may have missed this…

Good morning.

Good morning. I missed the early part of the call. But when you talk about using the company potentially as a consolidation platform, and then you talk about accretive acquisitions being the other main strategy, do you anticipate that any consolidation that you would do would be sort of immediately and potentially strongly accretive to shareholder value?

Potentially yes. I think we will not do any move, any transaction that would be dilutive to our shareholders. I think we are trying, with our strategy, to help our value recover and realize potential. We're one of the few companies that rate at significant discount to NAV. And we believe that our strategy will help our price recover and realize their value, and as a result help our shareholders. So I expect any transaction that we'll do along those lines to be automatically accretive. But of course there's an expectation we've yet to see.

Okay, and then secondly. I know that previously you'd announced the potential for consolidation on the container side, but now you're saying in both sectors. So are you seeing opportunities that you weren't necessarily seeing before in the drybulk side to consolidation?

I think the answer to that is yes, I think we're seeing opportunities. We have been seeing opportunities in the past, but the fact that the market was depressed but did not give any urgency to the discussions in the past. Now, with the market becoming more welcoming to shipping, I think there will be more opportunities for both sectors for us to play out this strategy.

Great. A great quarter, and good luck on all that. Thank you.

Thank you.

Thank you very much.

[Operator Instructions] Thank you. Okay. There are no further questions coming through.

I would like to thank you all for your interest and participation in this conference call. And I would like to remove our roof [ph] for our next quarterly results in May. Thank you all.

Thank you.

Ladies and gentlemen, that does conclude our conference for today. Thank you all for participating. You may now disconnect your lines.