Good morning. My name is Maria and I’ll be your conference facilitator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Third Quarter 2015 Earnings Teleconference. Our host for today’s call are Mr. Ed Coll, Chairman and Chief Executive Officer, Mr. Anthony Laura, Chief Financial Officer and Mr. Thomas Rozycki, Managing Director at Prosek Partners. Today’s call is being recorded and will be available for replay at 08:00 a.m. Eastern. A recording can be accessed by dialling 800-585-8367 for domestic or 404-537-3406 for international and referencing ID number 75101707. All lines are currently muted and after the prepared remarks there will be a live question and answer session. [Operator Instructions] It is now my pleasure to turn the floor over to Mr. Thomas Rozycki.

Thank you, Maria and good morning and thanks to all of you for joining us for our third quarter 2015 earnings conference call. As we have stated on the line today we have Mr. Ed Coll, current CEO and Chairman and Tony Laura, CFO. Before I turn the call over to Ed, I’d like to read the Safe Harbor statements. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Pangaea Logistics Solutions. Forward-looking statements are statements that were not historical facts; such forward-looking statements are based upon the current beliefs and expectations with Pangaea Logistics Solutions management and are subject to risks and uncertainties which could cause the actual results to differ from the forward-looking statements. Such risks are more fully discussed in the Pangaea Logistics Solutions filings with the Securities and Exchange Commission. The information set forth within this call should be understood in light of such risks. Pangaea Logistics Solutions does not assume any obligations to update the information contained in this conference call and the accompanying slide presentation. Thank you. Also, please remember that this quarter we had a supplemental slide presentation that will accompany the call and those slides can be found attached to the 8-K that was filed with last evenings press release and is available on the investors section of our website under company’s filings at pangaeals.com or on the SEC’s website at sec.gov. At this time, I’d like to turn the call over to Mr. Ed Coll, Chairman and the CEO. Ed?

Thanks Tom, and good morning to all of you and thank you for joining us on the call. This morning I’ll provide an update of operations and the market at large before turning the call over to Tony, our CFO, to provide a more detailed overview of the third quarter financials. And then we’ll open up the line for questions. Last evening, and as you can see on slide three and four of the accompanying presentation, we were very pleased to report our third consecutive quarter of profitability with net income attributable to Pangaea Logistics Solutions of $3 million for the quarter or $0.08 a share on a pro forma basis compared to a loss of $2.09 million or $0.08 per share on pro forma adjusted basis in the third quarter of 2014. Our ability to generate profits in an environment where many others are operating at a loss is due to our flexible access like strategy and disciplined approach to generating revenues. This strategy allows us to minimize our exposure to the low rate environment and instead focus on profitable voyage revenue tied to our portfolio of long term contracts of affreightment or COAs. We are also focused on controlling expenses and improving efficiencies while selecting adding to our book of business. The dramatic improvement in our performance compared to the prior year period was largely attributable to our improved operating margin. As you will see on slide 5, our operating margin increased to 6.8% for the third quarter of 2015 from the negative 2.1% in the third quarter of 2014. The uptick in our operating margin in turn was driven by lower cost for chartering vessels from weak dry bulk shipping markets. Optimization of vessels based to minimize positioning cost and list of losses in a weak market…

Thank you, Ed. Turning now to our financials for the third quarter, which begins on slide 7 of the presentation. As you can see Pangaea’s revenue for the quarter ended September 30, 2015 were $71.2 million compared with $91.2 million for the third quarter of 2014. This decrease was primarily attributable to 16% decrease in the company’s total shipping days which were 4099 days in the third quarter of 2014, with only 3,443 days in the third quarter of 2015. Further breakdown shows that voyage revenue which is derived from our COA and other calls of business decreased 20% year-on-year to $64.6 million from $80.6 million in 2014. Charter revenue which is tied to market rate charters decreased 38% on year-on-year from $6.6 million from $10.6 million in 2014. As Ed touched on earlier, our expense declined more than our revenue leading to a dramatic improvement in margin, specifically voyage expense declined 35% year-on-year to $30.4 million from $46.6 million due predominantly to a decrease in bumper prizes and charter high expenses decreased 40% year-on-year to $20.6 million from $34.3 million due to the decline in market rates. Income from operations was $4.9 million for the three months ended September 30, 2015 as compared to a loss from operations of $1.9 million for the three months ended September 30, 2014. As Ed noted earlier, this increase is due to lower costs for chartered-in vessels decreased once [ph] before and performing under fixed price for COAs. Voyage expense as a percentage of voyage revenues decreased from 58% to 47% and charter hire expense as a percentage of total revenue decreased from 38% to 29%. Adjusted EBITDA from $8.1 million for the third quarter of 2015 compared to $1.2 million for the third quarter of 2014 a nearly six fold increase driven…

Thank you, Tony. As Ed previously said, we will continue to focus on the strategy that has propelled our strong profitable results in 2015. Operating the best-in-class of [Indiscernible] indicating the risk of a low rate environment controlling costs, expanding debt into our COA base, strategically servicing our specialized markets and most importantly maximizing utilization for backhaul. As you can see in our 2015 results to date, steadfast appearance for these simple principles should enable future growth for our company and by extension shareholder value. With that, we’ll open up the call to your questions.

[Operator Instructions]. Your first question comes from the line of Jacob Ma-Weaver with Cable Car Capital. Hi, good morning Ed, and Tony.

Good morning.

Yes, I was hoping. Yes, I was hoping let’s say a couple of questions on the ice-class fleet. In particular, can you remind us of the seasonality of that business and its impact on your financials, and then also give us a broader update on the competitive and the regulatory environment on the two and the various northern [Indiscernible] passage there?

Okay, basically how it works with those ships we -- the ice-season for them generally will start really in January where they are going to be trading mostly in the Baltic and sometimes eastern Canada, but basically in the Baltic. So that will run basically into April and then we have the summer season where we have added a big contract of affreightment this year with ArcelorMittal that can cover every ice-ship for that all summer season. But we have options of putting lesser ice-class vessels in that program. So this past summer, rather than send ships over the Northwest Passage or the northern sea route we plied all the ships into this Baffin Island project. In the future, I can see that in a better market condition we would likely charter ships for the Baffin Island and then use the Northwest Passage and northern sea route for voyages to the east and we are working on other projects there for that. The reason we haven’t done it this year is its pure economics, have lower rates per tonne and lower fuel prices, the economic don’t dictate having the ships go out there in those conditions. So we are able to earn good money in the Baffin Island contract.

Got it. And then is the ships there trading with a premium in the winter, is that correct?

Yes, I mean, I think year-to-date put in there we’ve actually outperformed the market quite a bit, but you know the problem is the general market is so terrible for regular access. So we are pleased that we can outperform them around good money but we sure wish that we could earn a lot more and I think in a different market condition that will naturally occur.

Perfect. Great, well thanks guys.

Thank you.

[Operator Instructions] And at this time there are no questions in queue.

Okay, well thank you all for taking the time to join us this morning and have a good day.

This concludes today’s conference call. You may now disconnect.

Thank you Maria.