Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Conference Call on the Second 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 a listen-only mode. There will be presentation followed by a question-and-answer session. [Operator Instructions] I must also advise you that 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 and 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 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 us today. I'd like to open this call with a statement about the improved dry bulk market conditions, which contributed to our first positive EBITDA since our fleet renewal took place in 2015. Our EBITDA for the second quarter of 2017 was $3.5 million compared to negative $0.6 million in the same period last year. In the first part of 2017 the dry bulk market improved considerably compared to the historical lows in 2016 and the Baltic Capesize index peaked around $20,000 a day in March, while the value of five-year-old Capesize vessels exceeded $32 million. Despite this recovery, the time charter equivalent rate is still well below the 20-year average, so is the relevant Capesize value. As a result, we would like to express our confidence in our ability to further improve our operating income in this environment as the positive trend continues. The improved market conditions and our larger fleet led to a 125% increase over our net revenues in the second quarter as compared with the second period last year. Apart from this, the first half of 2017 has been very constructive towards the execution of our business plan. We have achieved equity accretion of around $29 million for our company, thanks to the excellent timing of our acquisitions as well a gain from our $0.70 on the dollar refinancing of the MV Championship. We have secured strong time charter contracts for two of our Capesizes that are estimated to generate considerable revenues for Seanergy as we'll see below. I will now discuss the most important developments that has taken place so far in 2017. We have recently regained compliance with NASDAQ's minimum bid price requirement. It is very important to note that we did not…

Thank you very much sir, [Operator Instructions] The first question today is from the line of James Jang from Maxim Group. Please go ahead.

Hey good afternoon, guys.

Hi James. Good morning, hi.

So, I just had a couple of questions on what's going on in Chine right now. So, it seems like the steel production is up, but there is also news that infrastructure spending is down. How do you guys look at imports for the rest of the year? Do you still feel bullish?

We're very bullish and what we actually saw in a report yesterday is that China's port stocks [indiscernible] have shown the steepest decline since 2015. That means that the last three months China has consumed more than 10% of the accumulated stock of iron ore, just to give you an example. So, we have seen a big decline in port inventories which is very good because they are consuming more and more of these inventories and this is coming ahead of the winter heating season and its basically pollution control policy. So, I think that they will produce as much as they can. We are now in a situation where the Chinese port stocks are declining rapidly and also it appears that the steel stocks inventories are also declining rapidly. So, there is a lot of iron ore and steel movement. So, we're very, very bullish for the next six months. We haven't seen this kind of reduction of stocks since 2015. So, at that time, the rates almost tripled when this happened in 2015.

Okay. I am just -- and looking ahead, it's really hard to gauge what China is doing, but there is news out of Guangzhou that they're banning coal imports and the cement output in China is falling. Are you guys looking to hedge any of these kind of black swans with more charters or are you comfortable riding out whatever happens until we get into the '18 and start looking at higher charter rates?

As discussed in the earnings calls, we are always open to discuss long term [indiscernible] employment. Personally, I will be in Singapore next week to visit our major charters and the previous time I was there back in May, we managed to fix the partnership at one of the highest rates seen so far in 2017. So, I intend to do the same. I cannot really guarantee the outcome, but one of the purpose of the treaty is to see whether we can lock in some of the payments for a period of 12 to 18 months. However, we're very bullish about the stock market. It's not that we're doing it because we feel that the rates will go down. We're very bullish about the stock -- about the time charter rates and at the same time we'll seek to take some of our ships on higher employment periods.

And my last question is on fleet growth, I know you guys have been active in growing your fleet out. What's the SMP market looking like now on the Capesizes? Are they still really tight or are you seeing more availability of vessels?

It is becoming tighter and tighter James unfortunately because a number of ships that were up for sale have been withdrawn from the market. We are still being offered a few ships, a few good candidates for potential acquisitions, but I think that we're going to be running out of good options by the end of the year as the market will further increase. So generally, the market becoming tighter and tighter. We still have a few months that we can potentially do some more acquisitions at historical low levels, but this trend is not going to last forever, sorry, the trend is higher, so the lower prices will not last forever I think it will come to a turning point where we will not see five-year-old ships in the 20s any more, which has already happened.

Yeah, looking at the five-year-old in the 30s, so let's say what level would you be comfortable at looking at let's say a five-year-old vessel like what's your threshold? If the market is really tight [indiscernible] continues to increase like right now I have a five-year-old Cape Japanese or Korean built at $33 million. If that goes higher to like $35 million, $37 million, will you still be comfortable with the five-year-old's or would you look to older vessels like 10-year-old?

Well for us, the actual value of a ship is subject to returning capacity. I think that five to seven or even 10-year-old is the sweet spot for the company and if the value starts to go up, we will start to explore investment opportunities on a project basis, which means that we'll try and look up certain long-term time charters if the budget is going in the mid 30s or the 40s. So at least has a portion of the fleet repaid or a portion of the ship repaid after completion of the time charter. So instead of speculative vessel-by-vessel acquisitions that we can still do and we have very successfully done so far, we look at it on a project-by-project basis.

Got you. Okay. That's all I have. Thank you, guys.

Thank you very much James. Thank you.

[Operator instructions] The next one is from Barry Blank from Divine Capital. Please go ahead.

Yes, congratulations. It was a very good quarter, but I have a question for you. Since the stock is over a $1, there really is no reason to have to do a reverse split because reverse splits are detrimental to price of the stock. What is your thoughts on that?

We do not have any need/plans to do any reverse stock split and as I said in the call before, we have nothing to do with other companies that have become serial reverse stock splitters. It has -- when we send out proxies for the AGM, at the time we needed to do the reverse stock split if the stock price is not recovered by November, so that was lifting whether it is going to be voted or not I think is going to be voted, but we do not intend and the Board and the management of the company does not have an immediate plans to do a reverse stock split by any means and we do not associate ourselves with companies that have resorted in these kind of things.

Thank you very much.

You're welcome.

There are currently no further questions waiting. I'll hand the call back to you.

Okay Judy. Thank you very much and thanks everyone for participating in today's call and look forward to catching up in our next conference call which I expect is going to be sometime in early November to discuss our third quarter finances. Thank you.

Thank you very much sir. Ladies and gentlemen, that does conclude our conference for today. Thank you all for your participation. You may now disconnect your lines.