Thank you for joining us for Navios Maritime Partners First Quarter 2018 Earnings Conference Call. With us today from the company are Chairman and CEO, Angeliki Frangou; Chief Financial Officer, Stratos Desypris; and Executive Vice President of Business Development, 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 can also be found there. Now I'll 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 from 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 on this call should be understood in light of such risks. Navios Partners does not assume any obligation to update the information contained in the call. The agenda for today's call is as follows; first, Mr. Frangou will offer opening remarks; next, Mr. Desypris will give an overview of Navios Partners financial results; then, Mr. Achniotis will provide an operational update and industry overview and wrapping, we'll open the call to questions. Now I turn the call over to Navios Partners Chairman and CEO, Angeliki Frangou. Angeliki?

Thank you, Laura, and good morning to all of you who joined us on today's call. I am pleased with the results for the first quarter of 2018, for which Navios Partners reported a net income of $5.5 million. During the quarter, we reinstated distribution announcing an annual distribution of $0.08 per unit with a current annualized yield of about 4%. The first quarterly distribution of $0.02 per unit will be paid on May 14 to unitholders of record on May 10. I'm also pleased that we were able to restore distribution to our unitholders. Over the past couple of years, we used our cash flow to solidify our balance sheet and to renew and expand our drybulk fleet. In the process, we established a unique drybulk platform capable of generating significant cash flow. We also levered the pronounced weakness in the container sector in an established Navios Containers, a growth vehicle dedicated to the sector. As you can see from Slide 4, NMM today owns 33 drybulk vessels and five container ships. Slide 5 provide some of Navios Partners highlights. NMM has no near-term debt maturities and low leverage. NMM has about $615 million in contracted revenue, of which about 90% is through charters longer than three years. In addition, our credit ratios are strong with 33.8% in net debt to book capitalization as of Q1 2018. Slide 6 highlights NMM's dynamic drybulk growth platform. Navios Partners has very challenging market and emerged as a vibrant [indiscernible] company. NMM has renewed drybulk fleet via the net nine vessels since the beginning of 2017, resulting in an approximate 40% increase in the drybulk fleet deadweight ton capacity and 12% reduction in the drybulk fleet average age. NMM also recently sold two of its 8,200 TEU containerships to Navios Containers for…

Thank you, Angeliki, and good morning, all. I will briefly review our unaudited financial results for the first quarter ended March 31, 2018. The financial information is included in the press release and is summarized in the slide presentation on the company's website. Moving to the financial results, as shown on Slide 10. Our revenue for the first quarter of 2018 increased by 25.1% to $53.1 million compared to $42.4 million for Q1 of 2017. The increase was mainly due to the 9.8% increase in the time charter agreement that we've achieved in the first quarter of 2018, reflecting the improvement in the drybulk market as well as the 14% increase in our available days due to the increased drybulk fleet. Adjusted EBITDA for the first quarter of 2018 increased by 21.8% to $31.5 million compared to $25.9 million in Q1 of 2017, primarily due to the increase in revenues, which was mitigated mainly by the 16.4% increase in management fees due to a increased fleet. Net income for the first quarter of 2018 amounted to $5.5 million, $11.1 million higher than the corresponding quarter of last year. Operating surplus for the first quarter of 2018 amounted $17.5 million. Replacement and maintenance CapEx reserve was $6.1 million. Fleet utilization for the first quarter of 2018 was almost 99%. Turning to Slide 11. I will briefly discuss on key balance sheet data as of March 31, 2018. Cash and cash equivalents was $48.7 million. We do not have any debt maturities until 2020. Net debt to book capitalization reduced to 33.8% at the end of the quarter. This is a decrease of 8.1% compared to the end of last year. Pro forma for the sale of the two containerships to Navios Containers for $67 million discussed earlier, and the expected use…

Thank you, Stratos. Please turn to slide 19. The IMF forecast world GDP growth at 3.9% for 2018 and 2019. Emerging markets are expected to grow at a healthy 4.9%. On the back off synchronized global economic growth, drybulk rate grew by 4% in 2017 and is forecasted to rise by 2.6% in 2018 above the expected 2.1% net fleet growth. Moving to Slide 20. Data from the IMF shows further evidence of the global economic expansion as all major economies are growing simultaneously. This was last experienced during the period 2004 to '07, and previously to that in the late '80s. Important for seaborne trade, the percentage of countries showing export growth has risen to 85% which is the highest on the record. I would like to point out that the drybulk market still has substantial upside as it remains about 40% below the 20-year average. Turn to Slide 21. Worldwide steel production experienced a 5% increase in 2017, while the bulk of [indiscernible] steel prices. Chinese steel production also rose by 6%. Chinese steel exports have reduced to trade it for the increased domestic demand, which has been stimulated by large infrastructure projects and recovery in the housing market. The One Belt, One Road project is a cornerstone of the Chinese economic plans for the next five years and supports steel and power demand upside, inside and outside of China. Substitution of Chinese expensive, low-quality iron ore with higher-quality and lower-priced imports continues. Iron ore imports into China for 2017 rose 5% or 50 million tons and our forecast to rise further in 2018. Vale recently reiterated that they expect to meet their 2018 production target of about 390 million tons which were a result in increased export volume for the balance of the year, since Q1 was…

Thank you, George. And we'll open the call to questions.

[Operator Instructions] Your first question comes from the line of Espen Landmark with Fearnley.

Angeliki, I wanted to start with the container transaction, I mean, it makes perfect sense for me, strategic standpoint, simplifying the dividend story and expanding on the container side. But from a valuation standpoint, these ships seldom can chance in the secondhand market. So, at least for us, hard to have a good opinion on the charter fleet values. Can you discuss how you ended up with the various prices that you now have based on broker codes, comparable transactions, et cetera?

This was done with valuations from brokers and it was done independently by the Conflict Committee of the Board of Directors of the each company negotiated between the 2.

Okay. And then if you kind of add on the cash proceeds from the sale, you probably have around $65 million to $70 million of cash in hand by the end of June. Is there any remaining CapEx on the two other Panamaxes that you acquired, I guess, that were in the second quarter?

I mean, those – in essence, we bought three vessels from the beginning of the year, and we are located on the Panamax sector. We see that, that sector has a good upside potential as already the gauge had a nice run. Even though we are very bullish overall on the drybulk and where cash flows can go from here, you can have easily another 50% upside. So we allocated in the Panamax sector. So the exact – if you see from the $67 million, we had about $13 million for the purchase of the vessel, we add it to our balance sheet, and we deleveraged by about $22 million. So we have a nice cash cushion to do further acquisitions. One thing that I like to add is that you have a strong growth – drybulk growth platform in NMM but you also have very conservative balance sheet. I think for smaller tiers, we have one of the lowest net debt to EBITDA. I mean last year, we're about $3.5 million, this year, we'll be below $3 million and EBITDA to interest is about 4.5% will be this year. And the company is really – apart from the growth potential is really in – is recognized by rating agency, and we are – that we have a strong balance sheet, and we are in an upgrading cycle.

All right. And then last question is, I mean, on the cash conversion you had, I think three quarters in a row now where the EBITDA is in excess of $30 million and in 4Q, I know there was a big build up in working capital. In this quarter you have EBITDA of $31 million and then you have a cash flow from operations of $6 million. Is the difference there – is it just the interest and then there is a significant build up of working capital also in the first quarter?

This is a timing issue. You should not forget that we also have the advance for the vessels that we have not announced for the first quarter, including also the bareboat vessel that we'll be delivery in the second half of 2019. And the results are some time in working capital activities.

There are no questions at this time. I will turn the call back to Ms. Frangou for any additional or closing remarks.

Thank you. This completes our Q1 results.