Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Conference Call on the Fourth Quarter 2016 Financial Results. We have with us Mr. Stamatis Tsantanis, Chairman and Chief Executive Officer of the company. At this time, all participants are in listen-only mode. [Operator Instructions]. I must advise you this conference is being recorded today. Please be reminded that the company publicly released its financial results which are available to download on the Seanergy website at seanergymaritime.com. If you do not have a copy of the press release, you can contact Capital Link at 212-661-7566, and they’ll be happy to send it to you. Before turning the call over to Mr. Tsantanis, we would like to remind you that the conference call contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, considering 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 in rules and regulations applicable to the shipping industry, and other risk factors included from time-to-time in the company’s annual report on Form 20-F and other filings with the Securities and Exchange Commission, the SEC. The company’s filings 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 changes in events, conditions or circumstances on which any statement is based. Now I will pass the floor to Mr. Tsantanis. Please go ahead, sir.

Thank you, Judy. Good morning, everyone, and thank you for joining our call. 2016 was a worse year for the dry bulk market since the late 1980s. The dry bulk industry had not expanded such a low freight rate environment for almost thirty years. Seanergy however not only weathered through the storm with great success, but also emerged as a much larger and established player focusing in case Capesize vessels. Since the beginning of 2016, we have increased our fleet by almost 47%, reaching 1.7 million deadweight tons, performed the delivery of our recent commitment as compared to 1 million and -- 150 million deadweight tons in the beginning of 2016. By acquiring three additional Capesize vessels we have positioned the company favorably to take advantage of the strong growth of the Capesize market. We have established the ship operations and management platform as one of the lowest costs of the industry and achieved an improvement of 16% on our combined daily vessel operating expenses and management fees compared to 2015. We have also improved our financial flexibility by raising gross profit of 27.6 million from public offerings since August 2016. In addition, our reaching agreement with one of our lenders to buy [indiscernible] related to a significant profit and equity accretion of 11.4 million. I will now discuss the most important developments that took place in the fourth quarter of 2016 until today. Then I will continue by reviewing the financial highlights of the fourth quarter of 2016 before discussing dry bulk industry fundamentals, with emphasis on the Capesize sector. Finally, I will open the call for questions. Starting operating fleet expansion during the fourth quarter of 2016 we took delivery of two high quality Korean Capesize vessels built in 2010 and we agreed to acquire in September 2016.…

Thank you very much sir, [Operator Instructions] thank you for your patience the first question comes from the line of Quane Cancum from K2, please go ahead.

I would like to know whether you guys can give a range for the net asset value of your ships. Thank you.

Well, thank you, well we don't usually disclose the NAV of the fleet, what we can give is basically gross indications about what we -- again this is the management estimate so the gross fleet value of the company which is approximately right now at around 230 million to 240 million, this is the gross asset value of our fleet. And the debt outstanding again, pro forma upcoming financing that we have and excluding new vessel acquisitions in the range of 192 million to 195 million. This is more or less the guidance that we can give about the numbers.

Okay, alright thank you.

Thank you, very much. The next question comes from Michael Wort from National Securities, please go ahead.

I have two questions, one is with the dry bulk index up here, again now, I believe when you did the second year offering you said at around these levels you were profitable. Can you confirm the profitability of these rates?

Well first of all good morning, we expect the company if the market remains at these levels and what the future contracts excel, these levels just remain cash flow positive throughout the year, so you know the quick answer is yes. However again, it's not in our policy to make any predictions about the market as you can understand, but based on the focus that we have now, the market -- the company expects remains cash flow positive.

Okay, and then this ATM facility you have with Maxim, do you not think that's going to put a ceiling on the stock price because the market will just think you'll just keep issuing new shares. Maybe you can talk about your policy behind that and also if you have a dividend policy down the road. Thank you.

Okay, well about the ATM, as you have seen in our press release we have basically done very little of the total outstanding amount that we could absorb. So the company right now has a liquidity and capital resources, and is confident that it’s going to be in a position to finance the outcoming refinancing some deliveries that we have. So generally, we're not prone to be you know aggressively drawing down on the ATM and again we've only drawn like 10% while it has been outstanding for more than a month and a half. So we're not pushing the stock or we're not pushing any sales whatsoever. Contrary to a number of other companies that they don't care about plummeting share prices, just to raise stock. So we don't do these kinds of things. In respect to dividend, yes, it is in the expectation of the company to put a dividend in place and we hope that this dividend is going to be a substantial amount of over free cash flow. We have a very strong sponsor, we have where shareholders of the company themselves are interested in fully aligned with a third-party investment, so that is going to happen. The top priority right now is to increase the fleet as what we believe to be closing window of exploitable opportunity to acquire additional tonnage, and when that comes to a certain mature level and we have the cash flows that we expect to have then at that point the company's intention is to instate a dividend plan.

Great, thank you very much.

Thank you very much, currently having no further questions so to Mr. Tsantanis, please continue.

If there are not further questions then let's thank everyone for listening to the call and the questions asked. Thank you basically.

Thank you very much sir. Ladies and gentleman that does conclude the conference for today. Thank you all for participating. You may now disconnect your lines.