Good morning. My name is Maria and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions’ First Quarter 2020 Earnings Teleconference. Our hosts for today’s call are Mr. Ed Coll, Chairman and Chief Executive Officer and Mr. Gianni Del Signore, Chief Financial Officer. Today’s call is being recorded and will be available for replay beginning at 11:00 a.m. Eastern Time. The recording can be accessed by dialing 800-585-8367 or 404-537-3406 and referencing ID number 3289376. 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 Ms. Tiya Gulanikar with Prosek Partners.

Thank you, Maria and thank you for joining us for this morning’s first quarter 2020 earnings conference call for Pangaea Logistics Solutions. With us today from the company are Chairman and CEO, Mr. Ed Coll and Chief Financial Officer, Mr. Gianni Del Signore. Before I turn the call over to Ed, I would like to read the Safe Harbor statement. This conference 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 are not based on historical facts. Such forward-looking statements are based upon the current beliefs and expectations of 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 Pangaea Logistics Solutions’ filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Pangaea Logistics Solutions does not assume any obligation to update the information contained in this conference call. Also, please recall that a supplemental slide presentation will accompany this call. Those slides can be found attached to the 8-K that was filed with last evening’s release, which is available on the Investors section of www.pangaeals.com under Company Filings or on the SEC’s website at sec.gov. Now, I would like to turn the call over to Pangaea Logistics Solutions’ Chairman and CEO, Mr. Ed Coll, Ed?

Thanks, Tiya and good morning to all of you and thank you for joining us on the call. This morning, I will provide an update on our operations and the overall market before turning the call over to Gianni, our CFO, to provide a more detailed overview of the first quarter financials. We will then open the line for questions. We hope you have had time to review our press release and the accompanying presentation, which were issued last evening. First, I would like to begin by expressing good wishes to you and your families. I hope that everyone is healthy and safe and our thoughts are with all of those who have been impacted by COVID-19. We are very thankful to the healthcare professionals and essential workers for their work in the whole global community. We are especially thankful for all our crew members working onboard our ships for extra months who continued to do more than their part in making sure global supply chains continued to work properly. As always, Pangaea remains committed to the health and well-being of our employees and we as a company will continue to always follow all regulatory guidance and good practices when it comes to operating our business safely. First quarter of 2020, the shipping markets in which we participate continued on a path of volatility. Following the year 2019 with the Baltic dry index range from 595 to 2,518, the BDI averaged 549 during this year’s first quarter. Our quarterly results were negatively impacted by the slow market. The first quarter is typically a comparatively weak one for us and for the industry. This year, we experienced a warmer than normal winter in the Baltic Sea and the demand for ice class tonnage was impacted. Fuel costs decreased operating margins temporarily…

Thank you, Ed and thank you all for joining us on today’s call. Again, we hope everyone remains healthy and safe as we all adjust to new work environments and we thank our employees and crew for their extra efforts during these unprecedented times. Before walking through our financials, I would like to expand upon Ed's earlier comments in how we navigated another challenging market. 2020 began with a significant environmental regulation change for the shipping industry in its switch to IMO 2020 complaint fuel. The collective move toward compliance in stemming bunkers for our fleet just prior to the start of the year resulted in increased bunker expenses during the first part of the quarter. Of course, this is not the market we like to be in. However, as we have said in the past, our business model is built to limit the downside risk as it did in 2016 and as we currently make our way through 2020. While we recorded a net loss for the period, our nimble cargo-driven charter strategy delivered a 78% premium over the average of the Baltic, Panamax and Supramax indexes. The market volatility also presented an opportunity for us as we capitalized on low rate environment to improve our cost of capital by fixing interest rates on the Bulk Endurance, Bulk Pride and Bulk Independence debt facilities in March. We were also fortunate to sell vessels prior to the decline in the market generating approximately $8.3 million in cash proceeds and ending the quarter with $42.4 million of cash and cash equivalents as we maintain our strong footing in these uncertain times. With that I will now turn to our first quarter financials. Voyage revenue, which are revenues generated from carrying cargo for our clients was $86.5 million, an increase of approximately…

Thank you, Gianni. We thank our customers, our business partners and our shareholders for their continued commitment and partnership and we look forward to updating you further in coming quarters. I will now open the floor for questions.

Okay, thank you for taking the time to join us this morning and have a good day and everyone, please stay safe.

Thank you, ladies and gentlemen. This does conclude today’s conference call. You may now disconnect.