Thank you for standing by and welcome to the Seanergy Maritime Conference Call on the Fourth Quarter and 12 months ended December 31, 2012 financial results. We have with us Mr. Stamatis Tsantanis. Chief Executive Officer, and Ms. Christina Anagnostara, Chief Financial Officer of the company. I must advise you that this conference call is being recorded today, Thursday, April 18, 2013. Please be reminded that the company publically releases financial results today before the market opens to New York where it is available to download on the Seanergy website which is www.seanergymaritime.com. If you do not have a copy of the press release, you may contact Capital Link 212-661-7566 and they will be happy to fax or email a copy to you. Before turning the call over to Mrs. Tsantanis we would like to remind you that this conference call contains forward-looking statements as defined in section 27A of the Securities Act of 1933, as amendment and Section 21E of the Securities Exchange Act of 1934, as amendment. Concerning future events and the Company's growth strategy and measures to implement such strategy, words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to competitive factors in the market in which the Company operates; risks associated with operations outside the United States, change and rules and regulations applicable to the shipping industry, another risk factors included from time to time in the company’s annual report on form 20F and other filings with the securities and exchange commission or the SEC. The company’s fillings can be obtained free of charge on the SEC’s website at www.sec.gov, The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Now, I will pass the floor to Mrs. Tsantanis, please go ahead sir.

Thank you, Paul. Good morning everyone and thank you for joining our call. We will first review our fourth quarter and full year 2012 results and important company developments. Christina will give you an overview of the figures in more detail. Seanergy Financial performance in 2012 was adversely affected by the prevailing low market rate. For the three months ended December 31, 2012; our net revenues were $8.5 million, down 69% compared to the same period last year, while adjusted EBITDA was negative $1.7 million. This excludes non-cash losses of $109 million incurred on vessel sales and impairments. Our adjusted net loss was $8 million while net loss was $117 million or $9.79 per basic and diluted share. Our financial performance is mainly a reflection of available supply of dry bulk vessels and new comers entering the market which has resulted in a weak rate environment. Since the start of the fourth quarter 2012, a series of vessel sales and transaction unwinding has allowed us to significantly reduce our debts and enhance our shareholder value. Sales included the BET Intruder, the Clipper Grace, the Clipper Glory, and recently the African Oryx. The aforementioned vessels represent a deadweight reduction of a (154.5000) tonnes and the associated loan repayment amounted to $25 million. In addition, as part of our restructuring plan, we sold a 100% ownership stake in Bulk Energy Transport for a nominal cash consideration. At the time of sale, BET owned the two remaining Capesize vessels in our fleet, the BET Commander and the BET Prince with a total carrying capacity of 313,000 deadweight tonnes. The transaction closed on December 30, 2012 and as a result overall indebtedness of the Seanergy group decreased further by $46.7 million. In January 2013, our subsidiary, Maritime Capital Shipping Limited, sold its 100% ownership…

Thank you, Stamatis, and good morning to everyone. For the fourth quarter of 2012, net revenues were $8.5 million compared to $27.5 million in the same quarter in 2011. The 69% fall in net revenue reflects lower trade rate earned by our vessels compared to the same quarter of last year as well as a 25% reduction in vessel ownership from 30 vessels to 15 vessels. Adjusted EBITDA was negative $1.7 million excluding losses of $109 million resulting from the vessel sales and non-cash impairment losses. Including the non-cash items, EBITDA was negative $110.7 million compared to EBITDA of $15.6 million in the fourth quarter of 2011. Net loss for the quarter was $117 million or $9.79 loss per basic and diluted share, as compared to net income of $6.6 million or $0.91 earnings per basic and diluted share in the same quarter in 2011. The weak market environment is rather than deteriorating of underlying operating performance as compared to last year even though we implemented several cost saving measures. Let’s discuss the results of 2012. Net revenues amounted to $55.6 million in 2012 as compared to $104.1 million in 2011, a decrease of 47%. Adjusted EBITDA was $5 million in 2012 excluding losses of $167.1 million resulting from vessel sales and non-cash impairment charges compared to $53.8 million in 2011. Including the aforementioned non-cash charges EBITDA was negative $162.1 million in the 12 months ended December 31st while EBITDA was negative $148.1 million in 2011. Excluding the effects of non-cash losses a 49% fall in daily Time Charted Equivalent rates and fewer fleet operating days resulted in deteriorating of operating performance as we selected in adjusted EBITDA. Net loss in 2012 was $193.8 million or $16.74 loss per basic and diluted share as compared to a net loss of…

Thank you, Christina. To conclude, today’s economic uncertainty is making particularly difficult to forecast the exact timing of the market in charter. Yet it is our firm belief that as dry bulk shipping has affected a global economic growth and development, the industry’s long term prospects remains prevalent. Regarding our company, as we discussed earlier, we have made significant progress in the implementation of our restructuring plans to-date. During 2012 and up to now, we reduced our indebtedness by 50% to $173 million through finalized agreements with three of our five lenders. We are currently holding discussion with our remaining two lenders to repatriate the outstanding indebtedness and we aim to reach a mutually acceptable solution that will stabilize the company’s financial position, enhance our balance sheet and significantly improve our shareholders value. Once again we would like to thank you for joining our call today. Thank you.

And with many thanks to our speakers today, that does conclude our conference. Thank you for participating. You may now disconnect.