Thank you for standing by ladies and gentlemen, and welcome to the Euroseas Conference Call on the First Quarter 2019 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 number two on 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 pass the floor to Mr. Pittas. Please go ahead, sir.

Good morning, ladies and gentlemen, and thank you 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 3 months period ended March 31, 2019. As a reminder, I would like to mention that on May 30, 2018, the company spun-off its drybulk fleet, excluding Monica P, a handymax drybulk carrier which has been agreed to be sold into EuroDry Ltd., a separate publicly listed company also listed on the NASDAQ Capital Market. Shareholders of Euroseas received one EuroDry Limited share for every five shares of Euroseas they held. As a result of the spin-off and the subsequent sale of M/V Monica P, Euroseas has become a pure containership company and the only publicly listed company concentrating on the feeder containership sector. The results below refer to Euroseas Ltd. continuing operations excluding the contribution of vessels spun-off into EuroDry in May 2018, the discontinued operations. The historical comparative periods have been adjusted accordingly. Now please turn to slide 3 to see our income statement highlights. For the first quarter of 2019, total net revenues were $8.3 million, net loss was zero million, net loss attributable to common shareholders after a $0.5 million dividend on Series B Preferred Shares was $0.5 million or $0.04 loss per share of basic and diluted. Adjusted net loss attributable to common shareholders for the period remind unchanged compared to net loss attributable to common shareholders. Adjusted EBITDA was $1.5 million. Please turn to Slide 4, for our chartering and operational highlights. Let's start with our chartering activity. The EM Athens was extended for the period to minimum September 1, 2019, and maximum October 31, 2019 at $9,000 per day. The Joanna was fixed…

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-month period ended March 31, 2019. The thing I would like to mention that the figures were used for the comparison period of 2018 will refer to the continuing operation of Euroseas that is, which have stripped out from the results we published last year, the contribution of the vessels that were spun-off in May 2018 into EuroDry Limited as Aristides mentioned earlier. Let's look at Slide 15, for the first quarter of 2019, we reported total net revenues of $8.34 million compared to $8.31 million total net revenues during the first quarter of last year. We reported net loss for the period of $0.2 million and total net loss attributable to common shareholders of $0.5 million as compared to a net loss of $1.4 million, a net loss attributable to common shareholders of $1.9 million respectively for the first quarter of 2018. Adjusted EBITDA for the first quarter of 2019 was $1.44 million compared to $0.3 million during the first quarter of last year. Basic and diluted loss per share attributable to common shareholders for the first quarter of 2019 was $0.04 per share calculated on 12,340,000 basic and diluted weighted numbers of shares outstanding compared to basic and diluted loss per share of $0.17 for the first quarter of 2018 calculated to 11,115,000 shares basic and diluted. Excluding the effect on the loss for the quarter of the unrealized gain on derivatives, the adjusted lost per share for the quarter ended March 31, 2019, which should remain as unchanged at $0.04 per share. Let's now turn to Slide 16 to review the fleet performance for the…

Thank you, Tasos. Let me open up the floor for any further questions.

Thank you. Your first question comes from the line from Maxim Group. Please go ahead. Your line is open.

Hi. This is Tate Sullivan from Maxim Group. As you previously stated, you're looking to balance both investment opportunities and other and consolidating the fleet versus refinancing. Given your current outlook, I mean -- will you be focusing on refinancing or potentially buying more ships?

Yes. I think refinancing is paramount for us. And I think we will -- we are working already on some plans to affect a significant refinancing. Hopefully, we'll be able to announce something in the near future. At the same time, we are looking at possibilities of using the shares of the company as currency to buy further ships. So, we are working on both fronts very, very closely.

Okay. Thank you for that. That's all for me. Thank you.

Thank you.

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

Good morning. This Poe from Nobel Capital Markets.

Hi, Poe.

And I apologize, as I'm on cell phone, you may not hear clearly. You talked about some of your upcoming contracts, keeping the capacity for the store, you have said to be inspired by the end of the third quarter. If I'm looking at my third question, can you give a little bit flavor for where rates are expected to be in the third quarter as opposed to what you signed up over the course of the first quarter?

It's difficult to say, I couldn't hear you very well, but I think the question is, if we have any visibility on where rates are going to be in the third and fourth compared to today. And other than expressing the optimism that usually seasonally this month and the next two coming months are quite strong. It's a bit difficult to say because of the uncertainties in the standing from the trade talks mainly and for where the global economy is heading to. But if we trust the economists that suggest that we will still have a strong 3.3% GDP growth within this year worldwide and the next year is going to rebound back to 3.6% GDP growth. These are very positive developments because the orderbook as we have explained is at the lowest levels ever. So, fewer ships are coming in, if demand holds, we should expect an improvement in charter rate. I do not expect a dramatic improvement, but I do expect an improvement for feeder vessels as well. We've seen a very significant improvement in charter rates for ships between 5,000 and 8,000 TEU. And also the Panamax vessels have recovered from their extremely lows. So I am cautiously optimistic that we should see somehow better rates in Q3.

Yes. It is interesting too. But, the larger the 5,000 or 8,000 or 10,000, they've also seen a lot of time 3 years plus. So the other question I had, you sort of talked about M&A or making acquisitions. Can you talk about that the tone of the market right now and sort of how far away the bid asked or [indiscernible]?

I think the biggest problem that we have seen in these discussions is that, some participants wants to value companies based on their market capacity rather than their net asset value. And that is as you know more than 50% or about, 50% difference. So, that of course is something that creates some difficulty in attracting other players to complete usage in the list of the entity.

Okay. And then, like to get to net, but in your press release on page 3, in the fleet profile, it had in the header, it had included in the three vessels that were under agreed to be acquired. And I just wondered if you could clarify that because I don't recall that you had announced any acquisition or co-spin-off made any acquisition?

No. This is in fact some things that has been discussed, but has not been finalized. So, we -- I'm not able to comment more on this right now. But, it is under discussion and we do expect to finalize some thing soon.

Three potential acquisitions down the radar?

Correct. Correct.

Okay, great. Thanks for your time.

Thank you very much. Thank you very much.

Thank you. [Operator Instructions]

Hello. If there are no more questions, then we can conclude the call.

Thank you. There are no further questions at this time.

Thank you very much. Have a good model. We will talk again next quarter. Bye.

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