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 six month period and quarter ended June 30, 2020. Let's now turn to Slide 3 to see our income statement highlights. For the second quarter, we reported total revenue of $13.5 million, net income was $1.3 million and net income attributable to common shareholders after a $0.2 million dividend on the Series B Preferred Shares was $1.11 million or $0.20 gain per share basic and diluted. Adjusted net income attributable to common shareholders for the period was $1.4 million or $0.25 per share basic and diluted. Adjusted EBITDA was $4.4 million. Tasos will review our financial highlights in more detail later on in the presentation. Please turn to Slide 4 for details of some of our recent developments. During July 2020, the company completed the sale of three of its vessels, motor vessel Manolis P, motor vessel EM Oinousses and motor vessel Kuo Hsiung for a total of approximately $7.6 million of net proceeds, of which $7 million was used to repay the outstanding loans of the vessels. Motor vessels Manolis P was initially sold in March for $418 per lightweight or 2.72 million, but the deal did not materialize as the buyers failed to take delivery of the vessel due to the COVID-19 circumstances. Then, later in July it was sold anew for scrap for $318 per lightweight ton or $2.07 million net proceeds. The second ship M/V Oinousses following the fire accident suffered in January 2020 and the settlement of $2.7 million from the ship underwriters, the vessel was eventually sold for scrap for the amount of $3.69…

Thank you very much, Aristides. Good morning from me as well ladies and gentlemen. I will now take you through the next four slides to give you an overview of our financial results for the three and six-month periods ended June 30, 2020. With that, let's look first at Slide 16. For the second quarter of 2020, reported total net revenues of $13.5 million, representing 67.2% increase over total net revenues of $8.1 million during the second quarter of 2019, which was the result of increased average number and size of vessels we owned in the second quarter of this year, compared to the second quarter of 2019. The company reported net income for the period of $1.3 million and net income attributable to common shareholders of $1.1 million as compared to a net loss of $0.7 million and a net loss attributable to common shareholders of $1.7 million, respectively, for the same period of 2019. The results for the second quarter of 2020 also include $0.3 million of amortization of below market time charters acquired. Interest and other financing costs for the second quarter of 2020 amounted to $1.1 million, compared to $0.8 million for the same period of 2019. A period which also included additional finance charges of about $0.7 million. Interest during the second quarter of 2020 was higher due to higher average outstanding debt during the period as compared to last year, partly offset by the lower LIBOR rates our bank loans shipped to [indiscernible] during the period as compared to the same period of last year. Depreciation expenses for the second quarter of 2020 amounted to $1.7 million, compared to $0.8 million for the same period of last year, again reflecting the increased number of vessels we owned during this period. Adjusted EBITDA for the…

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

Thank you. [Operator Instructions] We will now take our first question from Tate Sullivan from Maxim Group. Please go ahead.

Hello. Thank you. Good day. I'm Tate Sullivan from Maxim Group. Just could we review the change in cash and balance sheet for this current quarter given the sales after the end of 2Q 2020? I think you had vessels held for sale of $7.1 million at the end of 2Q 2020 and then $7.6 million of sales. And so, just will you right that up, and is that – I mean, can you just clarify some of the changes in the balance sheet for this current quarter, please?

I mean, the balances shows the book value of the vessels held for sale. As Aristides mentioned, the vessels were sold for a net $7.6 million, of which $7 million were used to repay the debt, so there was a net contribution from the sale of the vessels to our cash balance.

Okay. And then for the insurance proceeds received in the quarter, did you receive cash with those insurance proceeds or maybe do you have a cash inflow related to that accrual in the upcoming quarter – in the current and upcoming quarters.

We have received about 40% already, and there is about – the remaining about $1.6 million or $1.7 million as receivables, which we expect to receive in Q3.

In Q3, can you give after the sales in that cash collected, can you give any updated total cash balance and I apologize if I missed it for the current quarter?

We received the remaining proceeds from the insurance claim, plus the remaining from the same. I think we were look to something close to $2.3 million incremental cash revision.

$2.3 million incremental cash this quarter. Thank you. And then also on the current make-up and after those sales in July, are you comfortable with your current fleet mix or you always evaluating maybe selling some of the older vessels for scrap going forward or can you comment on that please?

We might scrap one or two more vessels within the year depending a little bit on how the market develops over the next few months. Because we will need to pass some drydockings and we will have to evaluate if it makes sense to drydock the vessel and spend the amounts needed or it's best to scrap them. And this will be determined based on the time charter rates that we see in the next couple of months.

Okay. And you mentioned – last from me, pardon, you mentioned rates around $8,000 per day, would you say the volatility in the rates has decreased in the last couple of weeks or – I mean, I know your comments on, I mean it's hard to predict the near-term versus the China-U.S. dynamic, but I mean has volatility decreased in the rates at least a little bit in the last couple of weeks.

Yes. The rates have improved a little bit in the last month or so, especially for the larger vessels, less so for the smaller vessels, but it is always a matter of positioning, where you are at that time. There is not a huge inquiry by charters jumping to [take your seat], this was never the situation, and of course it's not still there again.

Okay, thank you for your time.

Thanks, Tate.

Thank you, Tate

Thank you. And your next question comes from Poe Fratt from NOBLE Capital Market. Please go ahead.

Yeah, hi, good morning Poe Fratt from NOBLE Capital Markets. Good morning, Aristides. Good morning, Tasos. Can you highlight your off-hire days in the third quarter and fourth quarter that you’re planned right now?

The off-hire days?

Yes, please.

We have assumed – typically we assume our historical average of about eight or five days per year per vessel. So, we are assuming four or five days per vessel for the remaining of the year.

And we have scheduled off-hire days for the dry vessels – to be dry docked and the [indiscernible] is the one that is scheduled to be drydocked.

We have one vessels, as Aristides mentioned, that we are evaluating whether to drydock it or not and pass it to survey. If we keep the vessel and pass through survey then we probably have another 20, 25 day of drydock of our vessel.

Okay. And would that be in the third quarter or the fourth quarter?

Both.

Okay. And Tasos could you just – I wasn't following exactly – you're amortization schedule that you have, can you just highlight how much amortization you have currently right now for the third and fourth quarter, and then you talked about potentially deferring $900,000 of amortization into – thrown it under the maturity date of the balloon. Can you just give me a little bit clarity – a little more clarity on that, please?

You're talking about our debt amortization, correct?

Yes.

So, we have paid about – as I mentioned $5.3 million in the first half, but in the second half there is $1.7 – roughly $1.7 million that we would expect, of which [half $0.9 million] very likely will be deferred. We have received the terms from the bank and we're about to document to – go through the documentation of it. So, we would probably have to pay something like $800,000 amortization in the remainder of this year.

Okay, great. And then can you talk about OpEx and your other costs. Looking forward, it seems like they might be a little bit higher than what your run rate has been, can you just talk about cost a little bit?

You mean in terms of the operating cost?

Yeah. Operating cost and then it looks like maybe with the smaller fleet your G&A per day is going to go up a little bit, but if you could just clarify that.

I think our estimates that we saw on Slide 18 include the reduction of our fleet in the back of the leverage of our G&A. So, this – that is what we expect to see, I mean it's based on our budget and the same is true for the operating expenses.

Okay, great. And then just to make sure that the insurance collectible or insurance proceeds was booked in the third – in the second quarter end, it was $2.7 million and that had a positive impact on your EBITDA that you reported a $4.4 million, correct?

Correct. The vessel was – the vessel – this is really an amount acclaimed [built over] the last six months after the vessels accident and related claims. So, it truly reflects the earnings, the vessel which we have had during the first half of the year and it was collected – it was finalized early in the second quarter. That's why we had it in the second quarter and a half in the first half and the second, we have collected about 40% of the claim and the remaining is to be collected as I explained to earlier in the third quarter.

Okay. And then you highlighted the $4.4 million of related party debt and I have – maybe I have seen this, maybe I missed it before, but you're highlighting now that it could be paid in shares. Is this something that is a high probability or likelihood looking forward or do you – will you just continually push that out not as repay with shares?

Our Board will decide when it’s time to pay. It is due December 31 of this year, and it is not – I mean under certain conditions the company can pay it in shares, probably we will not pay it in shares, but that is to be decided by our Board just before the payment needs to be made.

Okay. And then when you talk about, you have 58% of the remaining 2020 days booked or committed, do you have an average rate that's associated with those days?

I mean, I don't have [indiscernible] I can get back to you on that.

Okay, great. Thank you so much.

Thank you, thank you, Poe.

Thank you. And we now have no further questions. I'd like to hand the floor back to Mr. Aristides Pittas. Go ahead please.

Thank you. Thank you, everybody for participating in the call. And we hope to be able to come back to you in Q3 with good results again, and with the COVID having come a little bit behind us, not totally behind us, but have not deteriorated. Thank you very much.

Thank you. That does conclude our webcast. Thank you all for joining. You may now disconnect.