Thank you for joining us for Navios Maritime Partners' Second Quarter and First Half 2017 Earnings Conference Call. With us today from the company are Chairman and CEO, Mrs. Angeliki Frangou; Chief Financial Officer, Mr. Efstratios Desypris; and Executive Vice President of Business Development, Mr. George Achniotis. As a reminder, this conference call is being webcast. To access the webcast, please go to the Investors Section of Navios Partners website at www.navios-mlp.com. You'll see the webcasting link in the middle of the page and a copy of the presentation referenced in today's earnings conference call, which can also be found there. Now I'd like to review the Safe Harbor statement. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios partners. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners' management and are subject to numerous material risks and uncertainties which could cause actual results to differ materially from the forward-looking statements. Such risks are more fully discussed in Navios Partners' filings with the Securities and Exchange Commission, including the company's most recent 20-F. The information discussed in this conference call should be understood in light of such risks. Navios Partners does not assume any obligation to update the information contained in the conference call. The agenda for today's call is as follows: First, Mrs. Frangou will offer opening remarks; next Mr. Desypris will give review of Navios Partners' financial results; then Mr. Achniotis will provide an operational update and industry overview; and lastly we'll open the call to take questions. Now I'll turn the call over to Navios Partners' Chairman and CEO, Mrs. Angeliki Frangou. Angeliki.

Thank you, Laura, and good morning to all of you joining us on today's call. For the second quarter of 2017 Navios Partners reported revenue of $50 million and adjusted EBITDA of $32.2 million. Last year was a challenging run for the Drybulk market with the BDI reaching the historical low in the first quarter of 2016. Also last year, was an extraordinarily difficult year for the container sector, as it suffered from the adjustment to the enlargement of the Panama canal and [Indiscernible] structuring, which led to industry consolidation. The sustainability of many Maritime companies was tested. Navios’ strong balance sheet and disciplined cost management allow us to weather the storm and prosper. As you can see from Slide 4, today, NMM owns 37 vessel fleet consisting of 30 drybulk vessels and 7 container vessels. Recently, we formed Navios Maritime Containers Inc, a growth vehicle dedicated to opportunities within the container sector. Navios Partners owns 59.7% of Navios Containers and has warrants for an additional 6.8% ownership in the company. Slide 5 provides some of the company highlights. NMM is a unique platform expected to generate significant cash flow with no significant near-term debt maturities. We are in the process of renewing our drybulk fleet with younger and larger vessels. We have about $700 million in contracted revenue and 84% of wage is earned through charters longer than 3 years. The average charter duration of an entire fleet is about 2.4 years, and our credit ratios are strong with 33.3% in net debt to capitalization as of Q2 of 2017. Please now turn to Slide 6, which describes our strategic initiative of renewing our drybulk fleet. Given the market opportunity, we are replacing older vessels with younger vessels, at attractive prices, compared to historical average values. So far, we…

Thank you, Angeliki. And good morning all. I will briefly review our unaudited consolidated financial results for the second quarter and 6 months ended June 30, 2017. The consolidated financial information is included in the press release and summarized in the slide presentation on the company's website. As Angeliki mentioned earlier, in June, Navios Containers completed a $50 million private placement and was listed in the Norwegian OTC market. Navios partners invested $30 million and received 59.7% of the equity of Navios Containers, plus warrants for 6.8% of the equity. As such, the results presented below are consolidated including the 23 days of operations from Navios Containers. Moving to the financial results, as shown on Slide 12. Our revenue for the second quarter of 2017 increased by 11.4% to $50 million, compared to $44.9 million for Q2 of 2016. The increase was mainly due to the increase in Navios Partners revenue by $2 million and $3.1 million revenues of Navios Containers. Adjusted EBITDA for the second quarter of 2017 amounted to $32.2 million, compared to $29 million for the same quarter of 2016. The increase in adjusted EBITDA was primarily attributable to the increase in revenues discussed above. The increase was partially mitigated by a $1.2 million increase in all other costs. EBITDA for the second quarter of 2016 was negatively affected by the $17.2 million impairment loss recognized on one of our vessels. Net income, excluding equity compensation expense amounted to $4.6 million. Operating surplus for the second quarter of 2017 amounted to $22.1 million and the replacement and maintenance CapEx reserve was $3.5 million. Fleet utilization for the second quarter of 2017 was almost 100%. Moving to the 6 months operations, time charter revenue for the 6 months increased to $92.4 million, compared to $90.5 million in the…

Thank you, Efstratios. Please turn to Slide 19. World GDP growth in 2017 is expected to be 3.5% and will increase to 3.6% in 2019, accelerating from the 3.1% growth in 2016. Emerging economies growth is forecasted to increase from 4.3% in 2016 to 4.6% in 2017 and 4.8% in 2018. Connected to GDP growth, drybulk trade growth is expected to more than double from 1.3% in 2016 to 3.4% in 2017. At current BDI levels, the drybulk market is about 240%, above the all-time low of 290% in February 2016. With substantial upside, this still remains 60% below their 20-year average. The recovery in drybulk rates continues with a BDI average in the first half of 2017, double the average of the first half of 2016. The fundamentals in the second half of 2017 remained positive and the balance between supply and demand supports higher charter rates going forward. We expect that we will see a series of higher lows over the next few quarters. Turning to Slide 20. The imports of iron ore into China for 2017 are forecasted to rise by about 7.3% or 70 million tons. Up to the end of May, Chinese iron ore imports were up 8% year-on-year. Steel production in China continues to expand and it has been up 4% year-to-date. Good domestic demand has translated into almost a 4-year high in steel prices, as a result, Chinese steel mills are enjoying their best profit margins in the last decade. High Chinese domestic steel demand has been stimulated by large infrastructure projects in recovering the housing market. Chinese steel exports have decreased to manage the impressive growth in domestic demand. As a result, steel production in the rest of the world has increased, further aiding seaborne iron ore shipments. Off note, Brazilian exports,…

Thank you George. And we now open the call to questions.

[Operator Instructions] Our first question comes from the line of Noah Parquette with JP Morgan.

You guys have been really active buying ships. I noticed one of the more recent ships, the Capesize had units as part of their consideration at pretty senior premium too. Can you talk about like why that was included in the price and if you are open to using your units as currency here?

You know, we saw that this was giving us indications to apply the units to even do that it was – we issued the price of 2.1, which was at last raising. So it was not significant, it’s only one million units. But one of the things, as we’ve seen on our activities is we have concentrated on [indiscernible] in total seven vessels, and we are focusing on two things: Reducing age profile of our fleet and increasing the deadweight of our fleet almost by one million tons. So concentration on age on all sectors – mainly on age, and this provides us with the ability to refocus on and renew our dry bulk fleet at the right time.

And then may be other shift to Handymax. Is the related party the parent? It looks like the Celestial and if so --?

No we follow them, very good market with all these prices.

Okay, okay. That answered my question. And I guess, just quickly on the financing, it looks like you’ve been pretty successful, getting 3- to 4-year terms, at roughly 50% of the value. Are you comfortable with kind of that level of financing for future purchases?

I mean, we’ve been doing – this is within the very acceptable level of financing. We have been added [ph] new banks to our – make sure markets -- are strong in the market and this is part of mix of bank financing, that we like to have.

Okay, great. That’s all I have, thank you.

Thank you.

At this time, there are no further questions. I would turn the call back over to Angeliki Frangou.

Thank you. This completes our second quarter. Thank you.