Thank you for standing by ladies and gentlemen and welcome to the Seanergy Maritime Conference Call on the Third Quarter 2019 Financial Results. We have with us Mr. Stamatis Tsantanis, Chairman and Chief Executive Officer; and Mr. Stavros Gyftakis, Chief Financial Officer 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 advice you that 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 did not have a copy of the press release, you may contact Capital Link at (212) 661-7566 and they will be happy to send it to you.Before turning the call over to Mr. Tsantanis, we would like to remind you that this conference contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended in Section 21E of the Securities Exchange Act of 1934, as amended, concerning future events on 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; changes 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 and any change in events, conditions or circumstances on which any statement is based.Now, I’ll pass the floor to Mr. Tsantanis. Please go ahead sir.

Thank you, Nicole. Good morning everyone and thank you for joining us today to discuss our results for the third quarter and nine-months period ending September 30, 2019. During the third quarter of the year, we saw sharp recovery in the capsize charter rates that sustained in the day. The recovery was mainly driven by the normalization of item exports out of Brazil, close to pre-crisis levels, as well as healthy trade volumes of iron ore, coal and bauxite globally.In addition, we saw further charter rate spikes due to the vessel supply disruptions caused by the extensive accumulation of ships in the forest and shipyards for scrubbing them. The Baltic Capesize Index briefly exceeded 5,000 points at the end of September, the highest seen in several years well most importantly, it's the first time since the fourth quarter of 2011, that we see daily capsize rates standing consistently above $20,000 per day for more than 10 weeks.As a result, we achieved the time charter equivalent rate of $20,143 per ship a day in the third quarter of the year, 2.4 times higher than the $8,368 per day seen in the first six months. Our fleet was well positioned to capture the recovery with our mix of spot and index-linked charters. The positive trend is continued in the fourth quarter of 2019 where so far approximately 80% of our fleet operating days have been fixed at another expense at equivalent rate of approximately $25,800 per ship per day. This represents an increase of about 68.5% as compared to time charter equivalent rate of $15,312 in the fourth quarter of 2018.The sharp improvement was also experienced in our net income despite the heavy dry docking of our vessels for scrubber and ballast water treatment system installations, which in most cases are completed…

Thanks Stamatis. Good morning, everyone. Thanks for participating in our call. I would now discuss our financial results for the third quarter of 2019, due to the recovering date experience since the end of the second quarter, our profitability in the third quarter improved substantially and with despite our fleet staging capacity haven't been restricted by periodic dry docking surveys and scrubber installations. Our fleet achieved time charter equivalent date of $20,143 up 19% compared to the third quarter of 2018 and by 140% from the first half of the year.Nonetheless, the recorded TCE does not capture in full the commercial performance of our vessels. This is because we recognized revenues using the low to mid accounting and therefore validates at the end of the quarter contributes negatively towards the TCE calculation for the period. Therefore, we expect to realize part of the benefit of our group features in the fourth quarter as reflected in this time charter equivalent guidance provided in our earnings release.Net revenues for the quarter amounted to $24 million, a decrease of 9% compared to $26.4 million in the same period of 2018. The negative alliance may be added up to 21% decrease in operating days due to the dry docking related to free scrubber installation and ballast water treatment installations and two scheduled dry docking surveys, including that of the 2001 leadership. This well set to large extent by the highest time charter equivalent and (inaudible).While the third quarter of 2019, we recorded vessel operating expenses of $4.8 million, a decrease of 3% compared $5 million in the third quarter of 2018. The decrease was due to 9% decrease in ownership days, that was offset by 7% increase in daily OPEX which was due to the timing of certain expenses, which have to do mainly…

Thank you, Stavros. In 2019, we saw a very healthy demand for seaborne transportation of iron ore, coal and bauxite. Unfortunately bad incidents in Brazil and Australia, all of which occurred in the first half of the year led to a reduction of more than 60 million to 70 million tons in the third quarter volumes of iron ore.Since the beginning of the second half of 2019, similar normalization of non-supportive volumes, and hence the market has moved to much higher levels as we have been discussing throughout the call to-date. The average five routes are the Baltic Capesize Index, the year based period is higher than the same period of last year even after all the negative effects of the first half. It is not above this improvement has taken place over a period of high macroeconomic uncertainty, as well as other events contributing to high volatility, which makes us optimistic about the supply and demand fundamentals at present.Looking beyond the north or the near-term outlook in 2020 growth, the seaborne trade of iron ore is expected to accelerate by 3% in terms of total mile demand according to Clarksons Research. The interest in ton miles is a result of rising Brazil and Australian exports and comes after other short year-on-year decline of 3.1% expected in the full-year period of 2019.Furthermore, we have seen a few positive development supporting an growth in the next years. Recently, Vale was given the green light to restart production on the Alegria Mine which is expected to introduce about 8 million tons of additional supply into the Supramax. Additionally, further 16 million tons a year of our capacity in that province, is expected to restart in 2020 and 2021.Moreover, they have decided to take the necessary steps to initiate the restart of operations…

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] Thank you. We will now take our first question, please go ahead. Your line is now open.

Hi, thank you. It’s Tate Sullivan from Maxim Group. Apologize if I miss some context on this earlier but that I hear you mentioned the potential for $60 million EBITDA annually, and what are the variances in that or the expectations that lead to that number, please?

Well, I mean on an current rate environment, I mean, the EBITDA of the company can exceed $60 million or even $65 million of EBITDA. But that’s again on an annualized basis, and assuming that charter rates remain at $25,000 a day. So, yes, I mean, that's an accurate figure, although no one can guarantee that we can have right now annualize $25,000 a day as daily time charter equivalent rate for the Capesize.

Okay, thank you. Thank you. And then out of your 10 vessels, so 80% of the days are fixed for 4Q, and do all 10 of your vessels have the option to switch to a fixed rate for three to six months period, so how does that in general work?

Well, not all of them have the option to opt out of the existing fleet that is operating on the two ships, three ships actually have the option to convert into a fixing. So I don't think that will have any immediate intention of fixing for December, for example, we will consider once we progress towards the end of the year, and see how the rates, the follow-out develop for Q1, we will decide at the time but for the time being we’re just going to take the market which right now is averaging around $24,000, $25,000 a day for now.

Okay, thank you and last from me. In terms of the downtime related to the scrubber installations and pulling forward the ballast equipment work and the reimbursement from the customers, should I look at that reimbursement is almost a pass through. So what you're spending during the downtime to install the scrubbers is being reimbursed in most cases on a real time basis from the client or some delay in that?

Thank you, Tate, this is Stavros, thanks for your question. It’s actually, very good question. It's not entirely pass through with very informative table in the press release, which discusses, for example, for the third quarter each of these were reimbursed by the charters and which were covered by Seanergy who have sent an agreement, some of the catalyst cover 100% of the base, in some cases where we're doing bounds for certain seasons, and we passed the vessels to the schedule grade and then days for Seanergy’s account.

Okay, great. I'll take a look at that.

The expenses, the expenses you said in some cases it's pass-through, in some cases we’re in virtual expenses either through lump sums when we deliver the vessels and we are expecting time charters all through fixed premium over the index-linked hires.

All right. Okay, thank you for all that detail. Have a good rest of the day.

Thank you, Tate.

Thank you. [Operator Instructions] There are currently no further questions on the lines. Please continue.

Because there are no further questions, then we will disconnect the call.

Okay, thank you. That does conclude the conference for today. Thank you for participating. You may disconnect.

Thank you, everyone. Thank you. Bye-bye.