Thank you for standing by, ladies and gentlemen and welcome to the Star Bulk Carrier’s Conference Call on the Third Quarter 2014 Financial Results. We have with us Mr. Petros Pappas, Chief Executive Officer; Mr. Hamish Norton, President; Mr. Simos Spyrou and Mr. Christos Begleris, Co-Chief Financial Officers of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I must advise you this conference is being recorded today Tuesday, December 02, 2014. We now pass the floor to one of your speakers today Mr. Petros Pappas. Please go ahead sir.

Thank you, operator. I am Petros Pappas, the Chief Executive Officer of Star Bulk Carriers, and I would like to welcome you to the Star Bulk Carriers conference call discussing third quarter and nine months of 2014 financial results. Before we begin, I kindly ask you to take a moment to read the Safe Harbor statement on slide number two of our presentation. Ladies and gentlemen, it is with great pleasure to report profits in the first quarter following the two transformative transactions announced back in December. We do look to more profitable quarters in the future, but this is certainly a good start, in particular, for the third quarter of 2014, Star Bulk reported net revenues of 25 million, adjusted-EBITDA of $9.7 million, and net income of $200,000 or $0.03 per share. Going through our recent corporate events, on July 11, 2014, we successfully closed the merger with Oceanbulk, approved essentially by all shareholders of Star Bulk. As a result of this transaction, we have recognized a non-cash gain from bargain purchase of $12.3 million. Furthermore, we continued to take delivery of the 34 vessels acquired en bloc from Excel Maritime. As of today, we have taken delivery of 20 vessels, nine of which during the third quarter of 2014. We expect to complete the delivery process by the end of the year. Total cash consideration paid as of today is $176 million, financed by $156 million debt and the remaining from cash on hand. We have drawn circa of $131 million from the Bridge loan facility provided by Oaktree and Angelo Gordon, while $24.75 million debt financing have been provided by DVB Bank. Having commissioned a major growth plan, we’ll have shifted our focus on securing financing for it. On November 07, 2014, we successfully completed the public…

Thank you, Petros. Please turn to Slide number 4 for a brief review of the characteristics of our fleet following the two transformative transactions with Oceanbulk and Excel Maritime. This graph illustrates our pro forma fleet, which is diversified across all five segments. You can see how the acquired fleet from Excel Maritime complements our existing fleet in sizes in which we had a little exposure. We believe that this versatility and diversity will enable us to better service our customers’ needs commercially. We will be able to do business with a variety of charterers and handle all types of dry bulk cargos. Furthermore, operating a large fleet allows us to provide scale to our dry bulk customers since they can charter many similar and sister vessels from us instead of the logistic issues of having to shop through various owners. Excluding the older 90s-built Panamaxes, the average age of the fully delivered fleet in August of 2016 when our last new buildings would have been delivered will be 6.5 years. It is worth mentioning that in terms of deadweight tonnage, over 60% of our fleet will be Capesize and Newcastlemax vessels with 39 such vessels in operation on a fully delivered basis. Newcastlemax vessels are slightly larger Capesize vessels, which are optimized for carrying iron ore. Our Newcastlemax vessels can carry 208,000 to 209,000 tons of cargo. On slide number 5, you can see our contracted growth by number of ships and deadweight tons. In December 2014, when we expect to have taken delivery of all 34 vessels of the acquired fleet, Star Bulk will own 68 ships on the water up from the 52 currently and up from the 17 prior to the merger with Oceanbulk. By Q4 2015, when we will have taken delivery of the majority of our eco new building orders, we will own and operate 96 vessels followed by our full fleet of 103 ships by August of 2016. This expansion plan was well timed across the shipping cycles from both the short and the long term perspectives. Slide number 6, provides a more detailed view. First of all, our new building orders were placed at one of the lowest points of the new building price cycle. Subsequently, we merged with Oceanbulk at an opportunistic time in July after high price levels of March had faded. We then agreed the acquisition of the Excel vessels in August taking advantage of even lower vessel prices at that time. Going forward, we continue to explore consolidation opportunities. Let us now turn to Slide number 7 of the presentation. With an on-the-water fleet of approximately 6.8 million deadweight tons as of December 2014 and a total owned fleet of 11.9 million deadweight tons on a fully delivered basis, we’re by far the largest U.S. listed dry bulk company by deadweight. I would like now to pass the floor to our Co-Chief Financial Officer, Christos Begleris to walk you through our third-quarter and nine-month financial statements.

Thank you Hamish. Let us now turn to Slide number 9 of the presentation for a preview of our third quarter 2014 financial highlights in comparison to last years. In the three months ended September 30, 2014, net revenues amounted to US$25.2 million versus $17 million during the same period of 2013. Net revenues represent our total revenues adjusted for non-cash items less voyage expenses. The reason we refer to our net revenues is because this figure nets out any difference in revenue recognition between voyage charter and time charters, and therefore it’s directly comparable to other periods. This increase is attributed to the increase of the average number of vessels to 31.5 in the third quarter of 2014 from 13 vessels in the third quarter of 2013. Note that the majority of the revenues from the management of third party vessels was being generated from Oceanbulk’s vessels which as of July 11 became owned vessels and thus we will not be getting management fees going forward. Adjusted EBITDA for the third quarter of 2014 was at $9.7 million, increased by 24% versus last year’s respective figure. Net income for the third quarter 2014 was $0.2 million or $0.03 per basic and diluted share versus $0.2 million net loss or $0.01 per basic and diluted share in the respective period of 2013. Excluding non-cash and one-off expenses related to the Star Bulk Oceanbulk merger, our adjusted net loss for the third quarter amounted to 2.2 million or $0.03 per basic and diluted share versus 2.3 million adjusted net income or $0.13 per basic and diluted share during the respective period of 2013. Our Time Charter Equivalent rate during this quarter was $11,159 per day compared to $14,652 per day last year. Our average daily operating expenses were $5,192 per day…

Thank you Christos. Let us now move to slide 12 to discuss the current status of our balance sheet and leverage profile. Currently, our total debt stands at $716.3 million and our total cash position $110.7 million consequently our net debt is $605.6 million. The above figures are inclusive of certain changes since September 30, 2014 such as the successful public offering of 50 million was of senior secured notes during 2019. The drove down of an additional $71.67 million from the bids loan provided by Oaktree and Angelo Gordon, the drove down of $24.75 million of debt financing provided by DVB in order to finance the acquisition of Christine. Going forward as you can see from the bottom graph our principally payment so far this year stand at $32 million while our remaining scheduled principally payments for 2014, 2015 and 2016 stand at $5.8 million, $70.8 million and $53.9 million respectively. Moving to slide 13, this is a list of the certified new building vessels we are scheduled to take delivery by the second quarter of 2016 and starting to financing for each one of those. We have obtained committed financing for 24 out of the 35 of our new building vessels. We are in negotiations for the financing of nine new building vessels and we expect this negotiations to turn into committed financing in the next one or two months. There are only two vessels for which we have not commenced negotiations yet and for which we are targeting a total of 65 million of senior debt financing which is the equivalent figure we have obtained for sister ships of those vessels. Regarding the on the water vessels we have recently signed committed term suites with CIT for up to 30 million secured debts financing on 11 1990s…

Thank you, Simos. Let’s now turn to Slide 16 in order to summarize the dry bulk trade demand dynamics. Commodities and raw materials currently experienced substantial price corrections with oil, iron ore and thermal coal prices being reduced by 32%, 49% and 21% year-on-year respectively. The top right graph illustrates these exact points. It is clear to us that this weakness in commodity markets is mostly supplier related and not demand related. Commodity demand remains healthy, while substantial supply expansion has resulted in surpluses across various commodity markets. These low price levels and the related trade arbitrage clearly provides a great incentive for importing countries to continue to source commodities, carried through the international seaborne market. Turning to China now, Chinese crude steel production growth has grown by 4% year-on-year, lower than last year's respective figure of almost 10%. At the same time Chinese steel exports are up 54% year-on-year which might not be a sign of weak domestic market as many analyst suspects, but may also be due to the trade arbitrage between Chinese and USA steel prices. Furthermore, given the fact that steel prices have fared better than iron ore and coking coal prices, Chinese steel mills production margins have increased substantially in certifying production expansion. As you can see from the bottom right graph, the cost produced one ton of crude steel in China used to be 73% of its selling price, while now it stands at only 54%. The above situations to support the revival of Chinese crude steel production growth. Interestingly, Chinese iron ore imports have grown year-over-year by 13%, which may be explained by the substitution of domestic production by imports and inventory buildup. Aside from increases in the volume of iron ore imported to China, the source of imports and the average differences…

Thank you Petros. Turning to Slide 21, we have an overview of our fleet employment and the portfolio of key charterers with whom we do regular business. As a result of our diverse fleet we serve almost every major charter around the globe including steel mills trading houses and multinational mining companies. From a commercial standpoint we’re currently exploring opportunities for direct and long term co-operations with major dry bulk consumers and producers which should provide us with steady flows of cargos and business. As Petros outlined earlier our market outlook calls for more spot oriented vessel employment leased in the short to medium term. Currently, including the influx of d new fleet we have secured about 71% of the limited remaining available days in 2014, 9% of those days in 2015 and just 2% in 2016. Overall, as of today our total contracted revenue amounts to approximately $72.8 million. On Slide 22, we present Star Bulk’s operating leverage after the acquisition of the 34 vessels Excel fleet which provides Star Bulk with significant earnings and cash flow upside in an improving market environment. On a fully delivered basis, we expect to have about 37,000 spot days in 2017 which would be after all of our new buildings have been delivered. As u can imagine each $1 swing in spot rates will have a material impact on our cash flow, for example a $1,000 per day increase in cape rates combined with the $400 per day increase in Panamax and Supramax rates would translate into an increase in EBITDA of approximately 23 million once the fleet is delivered. Let’s now turn to Slide 23 for a presentation of our commercial performance. As you can see from the slide we consistently outperformed the Baltic Capesize Index and the Baltic Supramax Index…

Thank you, Hamish. Before we close this presentation and pass the floor back to you for any questions that you might have, let me walk you through a summary of our strategy going forward as presented on Slide 25. On the chartering side, we will continue the spot employment of our fleet except in cases where we see opportunities to fix vessels for this and medium term charters. We want to be well positioned to capitalize on increases in demand for drybulk shipping in the second half 2015 onwards, when we believe that ship oil and raw materials will have kick started the world economy. We tend to employ our fleet in an active and sophisticated manner tailored to the fuel efficiency another specific attribute of its vessel. In particular, our eco new building vessels are ideal for employment on a voyage basis, while our older vessels maybe more appropriate for time charters. Once we see the market sentiment improving, we may start picking some of this vessel on longer term charters. Furthermore, as we have already demonstrated, we will keep on monitoring the market for further acquisition opportunities aiming to further consolidate the industry. We intend to continue to opportunistically acquire high quality fleets at attractive prices as long as such transactions are accretive to our shareholders. We aim at maintaining a young average age for our fleet and may opportunistically dispose some of our older assets depending on the market conditions and their overall commercial prospects. We will also continue to improve the performance of our fleet through modifications and enhancements that increase efficiency. The above will be facilitated by the combined 120 years of shipping industry experience that we have as a management team. Our relationship with charterers, shipyards, ship brokers, bankers, suppliers et cetera have developed…

Thank you. We will now begin the question-and-answer session. [Operator Instructions] And your first question comes from the line of Doug Mavrinac from Jefferies. Please go ahead.

Good afternoon guys and thank you for your detailed commentary, again in particular your market outlook, I thought that was very good. My first question pertains to just something much shorter-term in nature and that is the current market conditions. When you look at Capesize spot charter rates as a gauge of what’s going on, now they have been extraordinarily volatile since really the beginning of August with the most recent volatility being to the downside over the last couple of weeks, so can you describe to us what’s happening most recently in the Capesize market that caused us to see the down draft, really, I guess since mid-November .

Hi Doug. Thank you for the question. What’s happening actually is that Vale has not exported in the open market any cargos for the last two and half weeks. I think this is the reason why this is happening for the time being. I don’t think this can continue for long, and I believe that in case Vale puts some more cargos in the market, we will see a potential upturn within December or even January.

Got and Petros following up on your commentary about the importance of the ton mile impact on Vale’s exports, as soon as those come back, we should expect to see the same impact that we saw in mid-October, would you agree with that?

Yes, I would agree with that. Brazil is very material in what is going to happen. And according to what we see coming out of Vale, they say that their production is increasing by about, I think, 50 million tons next year, so under normal circumstances we should be seeing longer distances going forward and that would help the market.

Yes for sure. And then on the topic of volatility itself, what does the fact that Capesize rates can go from 6000 a day to almost 30,000 in a short period of time. What does that tell you guys about the underlying supply-demand balance, i.e., vessel utilization levels, and in short, how close are we to being in a more sustainable charter rate environment, based on what you may be able infer from that underlying supply demand balance?

Well, to me, one can go from 6 to 13 and from 13 to 6, it means that we are very tightly balanced in a way, and I think actually charters and shippers also realize that, and I think actually in a way they try to manipulate the market. But the fact that the minute the five new cargos will come on Monday or Tuesday in the market, and the market goes from six to 26, I think that means that it is relatively finally balanced.

Got it, I would totally agree. And then just two final questions before turning it over, when we look at the sale and purchase market, what have you guys been seeing in terms of activity in the S&P market, and then also given the volatility in the spot market, how asset value has been trending?

Assets values actually since July and till end of November that we did our very recent calculation have gone down by like about on average 12%. We’ve seen values goes down more on second hand vessels and less on new building vessels.

And so, that could be an opportunity I guess given the outlook. And then just final question, you guys have a lot of things going on and you’ve been very busy in the corporate M&A front in recent months. Given that, what you list as your top two or three priorities as a management team, say over the next few months, you’ve got a lot of things going on. What do you as being most important between now and March?

Well, you mean commercially or in which sense?

It is the immigration of the fleet and whether as you are doing that if acquisition opportunities enters the discussion, does a share repurchase program enter in the discussion? I mean, as you are kind of balancing all of your priorities, what is important to you and then maybe what is second?

Well first of all, the first priority is kind of a defensive one like putting our housing order. Because you were still taking delivery of the Excel vessels, and we have new buildings to take delivery off, so that is one main thing, and we organize our company accordingly. So that’s one thing, that’s the defensive part. We’re also dealing with our funding up, which is important as well. Now on the commercial side, we don’t believe that we should stay stagnant. We think there is going to be opportunities coming up. We have people approaching us and one thing to potentially merge with us. We have opportunities we think that we might see, some perhaps even lower prices beginning of next year, especially due to the Yen going down and that might create some other opportunities, so we are looking at the market -- we have one eye in the market and we also one eye in our in house -- putting our housing order.

Our next comes from Jon Chappell from Evercore. Please go ahead.

Thank you good afternoon guys. You just addressed I think the key to the whole story going forward which is the funding gap. Couple questions on that first of all what options are you looking at for the shortfall you obviously just called some 8% senior notes which -- is it horrible from an interest rate perspective are you thinking about pursuing other public debt issuances, equity how much leverage could you possibly take from the banks in addition to what you have already taken on and negotiated in the targeting? A – Hamish Norton: So Jon its Hamish, Hamish Norton. Looking at several alternatives we continue to examine the bond markets for opportunities we look at equity and equity-linked markets for opportunities, and of course we do have some vessels that are probably non-core to our fleet that would be an opportunity to raise liquidity and frankly between those three massive sites I think we will be more than well covered.

And just as a follow-up to that, you mentioned the older vessels and you have that in the, I think Petros just mentioned that think that asset values may fall actually in the beginning next year mostly to do with the Indiana gas probably also some market sentiments, what’s the realistic timings on the potential sale of those older ships, number one and to just got any facility associated with them and then number two, what’s your expectations that asset value still make an amount.

Look, it’s very hard to predict it could be as soon it could be a little bit later but I point out that these older vessels are on our books for not much and they are unlikely to be the vessels that would fall in a following market to any great degree.

And then also just the last bar on the graph, the fully delivered minimum liquidity just wondering if you could provide your best case scenario for that number obviously with the fleet your size almost all spot exposed, there is a lot of leverage to rate. So if there is upside and obviously that minimum liquidity to be covered by operating cash flow and then some but that there is downside that gap can also potentially widen. So could you just give an idea of the base case that goes into that number?

We have in our bank covenants the minimum liquidity covenant of $500,000 per vessel so with the 103 vessels that 51.5 million and that’s basically what we are referring to. And just getting to your -- I realized I didn’t answer your question about bank lending, but we have been doing a pretty good job levering up our new buildings and second hand acquisitions. And I wouldn’t expect that we would be squeezing the banks for more senior secured debt, what we need to raise now is something that’s unsecured debt, equity, equity-linked or possible some vessel sales.

Okay, one last one, that’s on this topic. Can you just remind us of the lockups for Oaktree and insiders I guess Angelo Gordon, Monarch and the family both for the Oceanbulk transactions and itself, if there are any?

There were no lockups as such, but Oaktree and Monarch are affiliates of the company and have to sale pursuant to a registration statement. And there has been an effective lockup in Excel, simply because we are taking the ships one-by-one and we understand that there is an intension to make a couple of distributions of Star shares by Excel to its shareholders and those shares when they are distributed would be covered by our registration statement. Angelo Gordon is not an affiliate of the company and so could sale as they chose Oaktree even for its Excel shares still remains restricted by its status as an affiliate and so it would be covered by volume limitations unless its old pursuant or registration statement.

Thank you, our next question comes from the line of Ben Nolan from Stifel. Please go ahead. Q – Ben Nolan: Thanks. Sort of circling back around to the funding gap, I think it was mentioned that there is sort of the net funding gap after vessel sales and other adjustments was a little over $100 million if I heard correctly, does that -- first of all does that include any operating cash flow assumptions in that $102.7 million number that was given?

It includes basically zero net operating cash flow after debt service. Q – Ben Nolan: Okay. And then sort of on that basis what kind of timeframe should we think about that coming to or meeting to be results either in part or in whole?

Our new buildings deliver through August of 2016, so this is kind of a continuing obligation to make equity payments on the new buildings. So we have got some time but we did a baby bond issue recently, and that buys us a fair amount of time before we have to do anything else. Q – Ben Nolan: Okay, that’s helpful. Well and sort of associated, I suppose with that and I know Hamish you outlined the number of alternatives, do you think that there would be any or there is any likelihood of sort of maybe some sort of a principle own or something from Oaktree or other affiliates should be capital markets not be available at the time that you may need the capital, is that at all an option or something that’s been considered?

It’s certainly not being considered. I think it’s unlikely that we would want something like that, but obviously Oaktree is a very large shareholder that will be a 57% shareholder roughly once all the Excel ships deliver and they are presumably going to want to make sure that their investment is protected, but we haven’t discussed anything like a bridge loan with them. And again I doubt that or anything like that is going to be required. Q – Ben Nolan: I agree and just currently the markets are bit not sure so, but you never know I guess the -- in my opinion funding debt is relatively small and should be not too challenging to tell. But that in sort of gets to my next question, with respect to the bank finance both what’s already on the books and what you’re seeking to finalize. Are there asset value covenants in those loans that might, and if your asset prices fall further might limit the amount that you could all ultimately draw down on those facilities relative to sort of the stated amount?

This is Christos; effectively we have a corporate covenant of net debt-to-market value of the assets being at 70%, so we’re far off this covenant. Especially I think new buildings get delivered, the financing that we book for the new buildings are in the high 50s with a cap on 60% to the fair market value of the vessel at the time of delivery of the vessel. And therefore we would not expect under any potential reasonable scenario that we would reach the 70% threshold that we have on d corporate control [ph] level. Q – Ben Nolan : So I suppose that the answer there is an outside charter really bad but you have so much clearance right now -- such that would create remote [ph] in your opinion that’s an affair analysis correct?

Right.

Thank you. Our next question comes from Sal Vitale from Sterne Agree. Please go ahead.

I just had a quick question, first on the utilization was in the high 70 third quarter. I assume that had to do with accepting delivery to the Excel vessels and redeploying them. And I guess the question is should that continue into 4Q and u get back to some kind of normalized mid-90s level, say in 1Q? How do I think about that?

This is Simos, this has nothing to do with the delivery of the Excel vessel, this is purely an accounting treatment and based on the U.S. GAAP, according to U.S. GAAP basically it’s distortion there the balanced leg of when you do a voyage trip the balanced leg of the voyage, you’re not basically allowed to book revenues up until the time that you sign the time charter agreement with the charter. So if you take the vessel from China to Brazil and basically you sign the time charter with the voyage charter with the charter in 20 or 30 days the first 20 or 30 days that you are ballasting basically you’re getting no revenues and are considered to be for the accounting according to the U.S. GAAP, so this is the region that we’re seeing this reduced utilization. Just to clarify, this is because we have a lot of vessels on voyage charter; a company that uses short term time charters instead of voyage charters is not going to have this accounting issue. Basically the number of voyage charter that we had this quarter versus the same quarter last year were significantly higher.

And the next question is really on the funding GAAP and I apologize I don’t have the presentation in front of me. You mentioned several figures earlier the 102.7 million in particular, just to clarify is that after -- does that reflect already some vessel sales in that? Or is that the before the effect of any vessel sales?

Yes, basically if you see it’s on Page 14. What we have assumed there is that the 11 90’s built Panamaxes which do not fit our profile are basically sold and what we have said is that, we are a bit conservative there and we’re considering for the funding GAAP calculations that these vessels are being sold for scrap. So there is a room that we might be getting something more there, but just for being conservative, we’re calculating this sale at a scrap value. And that’s why on the last column of this table this we have the minimum liquidity requirement 46 million is for our 92 vessels, so it’s 103 minus the 11 that will be sold.

Understood, so just following up on that, thank you for that clarification, I’m sorry go ahead.

Sorry. That’s a very conservative obviously estimate because, these vessels in these set of vessels you have vessels 97, 98, so assuming that these are sold for scrap is definitely extremely conservative even in the big market.

And then I guess just following up on that, thank you for the clarification, are there at number one, are there any other vessels that you would consider selling? And I guess maybe you can answer that question in the context of, if you addressing your funding gap you mentioned three options one being corporate debt, then asset sales and you mentioned equity, how do I think about where you’re leaning or what your preference is I guess and if I try to frame it this way perhaps accepting a slightly lower price and you’d like on selling a vessel versus having debt issue equity at this attractive price as you know your valuation is very low at this point, how do I think about that?

Look we will have to examine our alternatives and opportunities every day. I suspect that it’s more likely that you might see us selling other vessels if we see opportunities to buy better vessel then other vessels to fund our funding gap, but you know you never know.

And then just last thing on that on the vessel sales, you said that you’re assuming scrap value that’s what you’re assuming on that slide. If you assume say the most recently reported Clarksons prices which I don’t have in front of me, what would that do to the funding gap, we’ll take it down from 1027 to what?

It would definitely take it down, but I mean we don’t have Clarksons values in front of us, but I mean Clarksons value would be a good bit higher than scrap.

Thank you. Our next question comes from Noah Parquette from the Canaccord. Please go ahead.

Firstly, I just had -- going back to industry side, on the kind of the Indian coal situation. They’ve been running at critical stock pulse for a while now, I mean I guess what have you seen in terms of increase trade coal into India? And then looking forward, it seems like to Government is trying to restructure the coal monopoly there to hopefully increase production domestically, how do you see -- how you enjoy the success of that initiative and over what time frame do you expect that to occur?

Thank you, Noah. It’s going to take at least three years the Indian Government to manage to create the necessary infrastructure for even a percentage of their need, so this is not a short-term matter I would say, I look at it as something of the medium-term. In the meantime, they’re saying that in the next two years or three years, India will probably increase coal imports by about 25% and this will mostly benefit the smaller size vessels up to Kamsarmax we think and hopefully will create at some point some congestion as well.

And then continuing I guess we seen dramatic fall in oil prices and bunker fuel, I mean I know it’s complicated calculation, but have you seen any speeding up of vessels with rate through they’re probably not, but how does that how close to that are we?

I don’t think we’re close enough to that there’s two reasons why vessels will speed up, one is that fuel prices fall of course but the main thing is vessel will speed up if rates go up and rates have not gone up, they will need to -- the capes they will need to be above $20,000 at least for vessels to have to increase speed by about 0.25 knots or 0.5 knots. So we are not there yet. On the other hand, this is a micro-picture; on the macro-picture we believe that low oil and low material prices will have a beneficial effect worldwide in economies. And usually that comes with a lag of like six months. So we think that we’re going to see better demand going forward because of that also of course low material prices as you know and hands straight and they replace local production. So we see at lower raw material and low oil prices we see as a bonus to the market going forward.

Would you take out that for and say lower bunker fuel prices make shipping longer distances more feasible and the overall cost is lower.

Yes definitely especially you are very right especially from iron ore from Brazil to China and all types of grains from the Atlantic to the Pacific and the Middle East.

Okay and then just really quickly the non-cash stock compensation I think was just at 3 million this quarter. Was there anything one-time with deals ever been closed or is this kind of a regular number where we could expect going forward?

Sorry I think we may have not completely heard your questions.

Non-cash stock compensation I think it was just at 3 million so want to know if there is anything one time in that or what can we expect going forward.

Yes actually there is a portion associated with the transaction between the merger between Star Bulk and Oceanbulk there was a severance payment for the CEO who left after the merger and this was in one off.

So that’s a one-time expense.

Thank you and there are no further at this time. I would now like hand back for any closing comments.

As already said our aim is to run a low cost, transparent and efficient organization that is always in position to take advantage of opportunities and create value for its shareholders so we will try for that. Thank you again for joining us in this call and for your support and believe in our company.

Thank you very much. That does conclude our conference for today. Thank you for participating. You may now all disconnect.