Thank you for standing by ladies and gentlemen and welcome to the Euroseas Conference Call on the Second Quarter 2019 Financial Results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Anastasios 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. Forward-looking statements, please be reminded that the Company announced the 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 law. 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 2 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 a scheduled conference call. Together with me is Anastasios Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three months ended June 30, 2019. As a reminder, I would like to mention that on May 30, 2018, the Company spun-off its drybulk fleet, excluding M/V Monica P, a handymax drybulk carrier, which was 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 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 Limited in May 2018. The historical comparative periods have been adjusted accordingly. Now please turn to Slide 3 to see our income statement highlights. For the second quarter of 2019 total net revenues were $8.1 million, net loss was $0.7 million, net loss attributable to common shareholders, after a $0.48 million dividend on Series B Preferred Shares and a $0.5 million preferred deemed dividend, was $1.7 million or $0.14 loss per share basic and diluted. Adjusted net loss attributable to common shareholders for the period was $1.8 million or $0.14 per share basic and diluted. Adjusted EBITDA1 was $1.6 million. With an increase in the size of the fleet, which was concluded beginning of August and assuming we will be able to re-charter vessels opening up within Q3 without waiting time. We forecast that the company should withhold profitability in…

Thank you very much, Aristides. Good morning for me as well, ladies and gentlemen. I will take the next three slides to give you an overview of our financial results for the six and three months periods ended June 30, 2019. The feature that we will review referred to the continuing comparisons of Euroseas, that is we have stripped out for the comparative periods the contribution of the vessels that were spun off in May 2019 into EuroDry. Let's start by looking at slide 17, for the second quarter of 2019 we reported total net revenues of $8.1 million compared to $9.8 million during the second quarter of last year. We reported net loss for the period of $0.7 million, which also includes a $0.3 million charge for the remaining portion of the backend fee of loan and finance that we find out during the quarter as compared to a net income of $2.2 million for the second quarter of last year. Furthermore, we reported a net loss attributable to common stockholders of $1.7 million as compared to a net income attributable to common stockholders of $1.8 million for the second quarter of 2018 The net loss attributable to common shareholders includes the $0.5 million cash dividends, payable to preferred shareholders and the deemed dividend of $0.5 million as well, which is due to the partial intention of our preferred shares and is related to the origination part of the [indiscernible]. Adjusted EBITDA for the second quarter of 2019 was $1.6 million compared to $2.3 million during the same period of last year. Basic and diluted looked per share attributable to common shareholders for the second quarter of this year was $0. 14 calculated on $12 million – plus $12.3 million basic and diluted weighted average number of shares outstanding…

Thank you, Anastasios. I would like to open up the floor for any questions you may have.

Thank you. [Operator Instructions] Your question – your first question comes from the line of Tate Sullivan, Maxim Group. Please go ahead, your line is open.

Hi. Thank you. A question on the acquisition of the four vessels, does the timing of issuing the shares – do you issue the shares when you took delivery of the vessels or how did that work?

Yes, we issued the shares when the delivery of the vessel happening, those delivers took places as we mentioned earlier in the first seven days of August, so we issued those shares then.

Okay, at each delivery. And can you help me just with my pro forma balance sheet for the deal, is the value of the shares issued, the value of your share price as of the date of your announcement or is it as of the date you took delivery or how will that work for your accounting for the balance sheet?

When the agreement to acquire the vessel happened, the sellers of the vessel agreed on the number of shares to be paid per ship on the basis of the share price or the weighted average – the volume weighted average share price at that time, that's about share price plus a portion that was paid in cash was what we paid for the vessels.

Can you give any details on the approximate total purchase price for the four vessels, sir? I apologize, if you have before, please.

Yes. And then the – when the shares were issued, there will be volume in our books, as the shares at the time of issuance, which I think last Friday when we – the latest issuance happened was around $0.55 per share.

Okay. And then just looking at how that will shape the balance sheet with your ending equity of about 1.7 million at 2Q 2019, I mean, and then adding for that purchase price and then my equity for that. Can you give an approximation of your current book value per share – or do we have to wait till the next quarter?

I can give you an approximation of the book share for this equity which would be 17 million, 18, I can provide this information separately if you want.

Perfect. Okay. Thank you. That helps with my forecast figure 2Q – for 3Q 2019. Thank you, I’ll jump back in the queue.

I’ll follow after the call if you want a tool on this.

Okay. Thank you.

Thank you. There were no further questions, sir. I'll hand the call back to you.

Thank you for participating in this conference call. We'll be back with our Q3 results…

In November.

In November, which hopefully will be profitable as well. Thank you very much.

Thank you everybody.

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