Good afternoon, ladies and gentleman. Thank you for standing by and welcome to the Euroseas Conference Call on the Third Quarter 2018 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 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 results in such expectations not being realized. I kindly draw your attention to slide 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. Pittas. Please go ahead, sir.

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three and nine-month period ended September 30, 2018. On May 30, 2018, Euroseas spun off its drybulk fleet, excluding Monica P, a handymax drybulk carrier that had been agreed to be sold into EuroDry, a separate publicly listed company also listed on the Nasdaq Capital Market. Shareholders of the Company received one EuroDry share for every five shares of the Company they held. As a result of the spin-off and the subsequent sale of Motor Vessel Monica P, the Company has become a pure containership company and the only publicly listed company concentrating on the feeder containership sector. The results in this presentation refer to Euroseas continuing operations excluding the contribution from Euroseas Ltd. of vessels spun-off into EuroDry in May 2018, the discontinued operations; historical comparative periods have been adjusted accordingly. Let’s now turn to slide three to see our income statement highlights for the third quarter. We had total net revenues of $8.3 million, adjusted EBITDA was $0.6 million, net loss $0.9 million and net loss attributable to common shareholders after a $0.2 million dividend on Series B Preferred Shares, of $1.1 million or $0.10 loss per share of basic and diluted. This loss was due to two facts. One, EM Astoria, was out of service for the whole quarter and the going repairs for the damage propeller as already reported; and two, our biggest vessel the Akinada Bridge was caught in the vacuum that was created due to the close of some lines for midsized vessels and experienced 17 days idle and lower earnings in general…

Thank you very much, Aristides. Good morning from me as well ladies and gentlemen. I will take the next four slides to give you an overview of our financial results for the three and nine-month period ended September 30, 2018. The figures that we will review, refer to the continuing operations of the Euroseas that is they strip out the contribution of vessels that were spun off in May 2018 into EuroDry. Let’s look at slide 13. For the third quarter of 2018, we reported total net revenues of $8.3 million, representing a 46% increase over total net revenue of $5.7 million during the third quarter of last year. We reported net loss for the period of $0.9 million and a net loss attributable to common shareholders of $1.1 million as compared to a net loss of $5.5 million and the net loss attributable to common shareholders of $5.9 million, respectively for the third quarter of 2017. The results for the third quarter of 2017 include a $4.6 million loss on write down on two vessels classified then as held for sale. 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 third quarter of this year and last year as well. This preferred dividend can be paid out entirely either in cash or in kind at our option, and we have elected to pay in kind for the last 18 quarters. In the third quarter of 2018, the dividend paid reflects the portion of the preferred shares that remained with Euroseas after the spinoff. Adjusted EBITDA for the third quarter of 2018 was $0.6 million compared to $0.5 million achieved during the third quarter of 2017. Basic and diluted loss per share attributable…

Thank you, Tasos and thank you everybody for listening. May I open the table for questions?

Thank you. [Operator Instructions] We will now take our first question. Please go ahead. Your line is now open.

Hi. This is James Jang from Maxim. Good afternoon, guys. So, I wanted to ask, so Poseidon is doing a deal with Global Ship Lease. So, are you guys looking for one-off vessel for fleet growth, or are you still looking for something more substantial?

We have our options always open, James. We are looking at other combinations. And it is possible that something will develop. But, if we don’t find something and we don’t have something ready to report right now, we are happy growing vessel by vessel as it goes. But, one of the reasons we span off Euroseas from EuroDry and separated the containers from the drybulk vessels was because it would enable us to discuss about block fleet coming into these companies in an easier way.

There is nothing specific that we are discussing right now.

Okay, great. And, with the revision down for the container trade, do you think that’s an effect of the tariffs?

So, the tariff is going to affect the trade…

Yes. So, for ‘18, it was a -- the teu was about 4.8, it’s down to 3.8, and then for ‘19 it’s been revised down also. So, have you guys seen something to kind of say this is probably due to the tariffs that are ongoing?

It’s obviously due to the tariffs to an extent. It’s not a direct impact of the tariffs because the cargo that’s flowing into the U.S. has not dropped, but it’s a parallel loss because the sentiment in all the world has become more negative and it’s holding up investments, it’s holding up consumption, it’s holding up a lot of people, the whole negative sentiment. And that’s why we have seen the revision down to these levels. These levels are still good enough to provide for the good market because the newbuildings that are expected in ‘19 and ‘20 are not too much but of course significant deterioration on those expectations would become a problem. But, this is not what is anticipated by the market.

Got you. And for the drydocking for the Joanna, what should we be looking at in terms of cost? Is it in water or out of water?

No. This is a normal drydocking which is done every five years. So, you should be budgeting I would say -- Tasos, do you have the numbers, 700, 800 max?

It’s something like that. I think, we have around $700,000 expectation.

Okay. Got you. And typically, how many days off-hire should we be looking, would this be about 22 days?

Yes, something like that, between 20 and 25, I guess.

We will now take our next question. Please go ahead. Your line is now open.

Hi. This is Poe Fratt from Noble Capital Markets. Good morning or good afternoon. It’s good to see the Akinada Bridge back to work. Can you talk about the trade-off between getting visibility for year [ph] versus the rate? The rate is quite a bit lower than where it was working over this summer. Can you just talk about that a little bit?

Sure. The midsized vessels suffered quite a lot in Q3 and towards the end of Q3. There were quite -- there were a few lines that dropped some services and closed some lines completely which released a lot of ships between 5,000 and 8,000 teu into the market. So, suddenly, there was too many of them. And this led to this very-rapid drop in the chartering levels. Now, this seems to have vended. The ships are being redeployed. And funny enough for the Akinada, we couldn’t find anything to do for the last month. And then, suddenly, we had two businesses for the Akinada and were even able to choose the one that we did. Had we waited, we cloud have perhaps gotten a higher number, but we waited long enough. So, it's still a profitable number, although slightly, and we ceded and fixed the vessel.

Great. Tasos, would you highlight any downtime you expect in 2019 at this point in time?

Based on what we know now and -- we don’t have any downtime. I think, we have planned a drydock of Akinada Bridge towards the end of the year after the current - the newly completed charter ends. And for what we would probably budget, I would say between -- at least 25 days because we’re going to have to do a more extensive drydocking.

Great. So, maybe fourth quarter of ‘19 but maybe first quarter of ‘20?

Third [ph] quarter of ‘19 I would say.

Third quarter, sorry, that time. Okay. And then, when you look at the preferred dividends, from what I recall, that’s just going to go, you no longer have the election ticket [ph] early next year. Is there any thought that you might try to refinance that or restructure that?

Yes, you’re correct. The dividend for the preferred shares will become 12%, starting February 2019, and we have obviously included, take that into consideration. And we’re looking continuously to find cheaper alternatives, but -- to that instrument.

Great. And I think with the recent announcement with the ATM, I think you’re still in the blackout period or you couldn’t issue. Can you just talk about how you plan to use the ATM and what the -- I know it’s small, but sort of the goals of the ATM are?

We plan to use it opportunistically when the market gives us the opportunity to complement the other means of providing funding for our operations and for our growth.

Okay. And going back to fleet growth, it seems like you’re looking but there is nothing that seems attractive right now. Is that a fair characterization? We think with the rates coming down that maybe there might be some more attractive opportunities, is that not the case?

We are looking at various projects. And as you say, we want to see if prices will start falling as well as because we haven’t seen that yet. So, two things may happen. Either the market may start improving, which we think will be something that we will see after the Chinese New Year, end of January, beginning in February, and we might see slight softening of the price enabling us to grow further or prices may stay as they are and we don’t see a lot of deals in the market. The truth is that we don’t see a lot of deals in the market today.

Great. And then, Tasos, when do you expect to complete the refinancing?

It should be completed, either by the end of this -- I think by the end of this month is the plan.

Great. Thanks a lot.

Thank you, Poe.

Thanks, Poe.

We have no further questions at this time. Please continue.

Okay. Thank you everybody for participating in this conference call and for your interest in our Company. We will be back with the end of year results in February. And, good bye.

Thanks everybody for attending.

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