Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Conference Call on the First Quarter 2017 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. There will be presentation followed by a question-and-answer session. [Operator Instructions] I must also advise, the 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 may 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 this 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, variations and 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 in 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 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 of the statement is based. Now, I will pass the floor to Mr. Tsantanis. Please go ahead, sir.

Thank you, Carlos. Good morning, everyone, and thank you for joining Seanergy today. I would like to open this call with the statement about the dry bulk market. In Q1 of 2017, our industry started to experience the improvement of the market fundamentals especially when comparing with the same period last year. To remind everyone, in the first quarter of last year in 2016, we saw the great market collapse to the lowest point of the last 30 years, which of course affected the asset values as well. The average daily time charter equivalent rate or TCE of a Capesize vessel was around $3,500 per day, while the value of a 5-year old ship dropped approximately $20 million. Just to put things into perspective, the relevant 20-year averages are $33,500 per day for the TCE rates, 10 times more than the lows of last year, $48 million for the value of a 5-year old Capesize to 150% more than the lows of last year. In the first half of 2017, the dry bulk market improved considerably compared to the historic lows. The Baltic Capesize Index picked at around $20,000 a day in March and the value of 5-year old Capesize exceeded 32 million. [Ph] Still, despite this recovery, the Time Charter Equivalent rate is well below the 20-year average, so is the relevant Capesize value. Regarding our Company, the improved market conditions and our larger fleet helped us achieve a 90% increase in the revenues and allowed us to make considerable headway forward to the successful implementation of our business plan. Since the beginning of 2016, we have increased our fleet capacity by almost 47%, reaching 1.7 million deadweight tons through the acquisition of three additional modern Capesize vessels, taking advantage of the lowest value environment. We have achieved an…

Thank you. [Operator Instructions] We’ve got one question. It’s from the line James Jang from Maxim Group. Your line is open.

So, we’ve seen a lot of good news around the dry bulk sector moving into, I guess Q3 and Q4. In terms of asset prices, what have you seen? Have you seen increase and prices that are being offered a lot higher or are they still relatively same from I guess the start of the year?

Well, as I mentioned in the beginning of my call, the asset values have recovered significantly since the absolute lows that we experienced in 2016, like for a five-year old ship we have seen $10 million of an increase. However, this is still significantly lower than historical averages of the last 20 years. So, there is still a very considerable upside concerning the values of the ships and of course the appreciation of the equity value associated with that.

So, what’s your outlook for the rest of the year? Do you think that rates are going to continue to move up or do you think it will be -- like incremental increases until we get to 2019?

We think that 2018, before we go to 2019, 2019 is going to be a very strong year because there is very limited order book that will be delivered, almost nothing. As I mentioned in the call, we expect to see anywhere between 4.5% and 6% increase in the sea bulk transportation of iron ore and coal. 2017, we also think that Q3 and Q4 will be considered to be stronger. If I am to take the projection, I will say that the physical market will beat the FSAs especially in Q4. And 2018 is going to be much, much stronger; than what the FSAs are projecting. So, therefore, I think that from the second half of the year until 2018 and 2019 for sure, we will see a much, much stronger market.

Okay, great. And just one more question on I guess the order book. So, investors have always been asked about what’s going on with the order book or the shipyards are doing. Have you guys seen any aggressive pricing being offered from the Chinese -- on the Chinese side on the dry bulk vessels or are they -- or do you think they’re focused more on different sectors right now?

The answer is yes. We have seen aggressive offers from shipyards in China. However, there are only two or three yards actually offering for Capesizes. The earliest delivery that everybody is quoting is mid 2019. And like I said before, there is a very limited capacity because not too many yards globally, not only in China, can actually deliver Capesizes. So, I don’t think that supply will be of any problem in the near future. Something also very important about the supplies and -- the supply of ships and new build that we’re still in a very high historical multiple of a new building as compared to five-year old ship, which means that even if you price a new building ship, high quality new building ship at $45 million and a five-year old ship is of 30, it doesn’t really make sense to order a new building today. We will need to see that spread [to narrow] significantly before we have people rushing in o new buildings again, which again will have at least 2.5 years to 3-year horizon.

There are no further questions at this time. [Operator Instruction] There are no further questions at this time. Speakers, please continue.

Thank you, guys. Have a nice day.

Thank you. That does conclude the conference for today. Thank you all for participating. And you may now disconnect.