Thank you for standing by, ladies and gentlemen and welcome to the EuroDry Ltd. call on the first quarter 2019 financial results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer and Mr. Tasos Aslidis, Chief Financial Officer of the company. At this time, all participants are in listen-only mode. [Operator Instructions]. I must advise you that this conference is being recorded today. Statements in this presentation may be forward-looking statements within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to potential risks and uncertainties including, but not limited to, the need to manage our growth and integrate additional capital, acquire additional vessels, volatility in the drybulk shipping business and vessel charter rates, our ability to obtain sufficient capital, the volatility of our stock price and other risks and factors. Forward-looking statements made during this presentation speak only as of the date on which they are made and Eurodry does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation. Because forward-looking statements are subject to risks and uncertainties, we caution you not to place undue reliance on any forward-looking statements. All written or oral forward-looking statements by Eurodry or persons acting on its behalf are qualified by these cautionary statements. This presentation also contains historical data about the drybulk trade, the drybulk and the drybulk. These figures have been compiled by the company based on available data from a variety of sources like broker reports and various industry publications or represent company's own estimates. The Company exercised reasonable care and judgment in preparing these estimates, however the estimates provided herein may not match information from other sources. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such jurisdiction. Now I would like to pass the floor to Mr. Pittas. Please go ahead, sir.

Good morning ladies and gentlemen and thank you all for joining us today for our scheduled conference call. Together with me is Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the first quarter period ended March 31, 2019. As a reminder, I would like to mention that in May 2018, Euroseas contributed to EuroDry, its drybulk fleet of six vessels, one Ultramax and two Kamsarmax vessels built between 2016 and 2018 and three Japanese-built Panamax vessels built between 2000 and 2004. EuroDry was spun off from Euroseas on May 30, 2018. Since the spin-off, EuroDry has bought an additional Panamax bulk. Comparisons in the following presentation to periods of last year refer to the drybulk fleet existing at the time for the periods presented. Please turn to slide three. Our income statement highlights are shown here. For the first quarter of 2019, we reported total net revenues of $5.8 million, adjusted EBITDA of $2.5 million and net income attributable to common shareholders of $0.4 million. Basic and diluted earnings per share attributable to common shareholders for the first quarter of 2019 was $0.18 per share. An average of seven vessels were owned and operated during the first quarter of 2019, earnings an average time charter equivalent rate of $9,472 per day. The company declared its fourth preferred share dividend of $0.5 million, which was paid partly in-kind $0.1 million by issuing additional Series B Preferred Shares and partly in cash $0.4 million. Our CFO, Tasos Aslidis will go over our financial highlights in more detail later on in the presentation. Please turn to slide four for our chartering, operational and sale and purchase highlights. During the first quarter of 2019, the drybulk markets continued its declining trend of the fourth…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. I will take you over now our financial highlights for the first quarter of 2019. And for that, please turn to page 13. For the first quarter of this year, we reported total net revenues of $5.8 million, representing a 25% increase over total net revenues of $4.6 million during the first quarter of 2018 and this increase was mainly due to the increased average number of vessels we operate. We reported net income for the period of $0.9 million and net income attributable to common shareholders of $0.4 million as compared to net loss and net loss attributable to common shareholders of $1.4 million for the same period of last year. The difference between net income and net income attributable to common shareholders is the preferred dividends of $0.5 million that we declared on our Series B preferred shares during the first quarter of this year. This preferred dividend was paid part in-kind $0.1 million by issuing additional Series B preferred shares and partly in cash the remaining $0.4 million. Interest and other financing costs, including interest income for the first quarter of 2019 amounted to $0.9 million compared to $0.4 million for the same period of 2018. Interest during the first quarter of 2019 was higher due to higher debt and higher LIBOR that we paid during the period as compared again to last year. Depreciation expenses for the first quarter of 2019 increased $1.6 million compared to $1.2 million for the same period of 2018, again as a result of the increased average number of vessels we operate. Increased general and administrative expenses reflect mainly the operation of the company as a separate public company following the completion of the spin-off that Aristides…

Thank you, Tasos. I would like to the floor out for any questions we may have.

[Operator Instructions]. We will now take our first question. Please go ahead. Your line is now open.

Hello. This is Tate Sullivan from Maxim Group. Thank you for taking my question. First question on cash flow on slide 15. Just to confirm, you said there are no more balloon payments due for the rest of 2019. Is that correct?

Yes. This is Tasos. That is correct. We don't have any balloons coming due into the remaining of this year and 2020. The next balloon payment would be in 2021.

2021. And then, it was a great cash flow quarter in the first quarter of 2019 with about cash flow from operations of close to $7 million. Is that probably the high for the year, just based on timing of collecting receivables? Or can you give any details into outlook for cash flow from operations or capital expenditure needs?

Yes. I think it was more due to collecting of receivables. Other than that, it was an average quarter because as you point out, the average earnings were lower than that same period of last year.

Okay. Understood.

It was also the lack of any drydocking expense.

Okay. Good point. And on that note, on the drydocking that you expect in 2Q, what are the usual expenses related to that period that it will be drydocked?

A typical cost for drydocking one of our vessels, one of our Panamaxes which are built between 2000 and 2004 is around $800,000 per drydock.

Okay. Great.

And we expect one drydock in Q2 and one in Q3 this year.

Okay. And while we are talking touching base to an impact of the recent tender of China and U.S. trade negotiations, has that come up in your negotiations with customers for future contracts at all? And what are specific examples of how that has impacted your fleet, please, if you can discuss?

We haven't had any direct impact from that. While we get the impact from the cargo flows generally as a market. There is nothing particular in our trading. For example, die to the grain tariffs, we tend to get less business out of over the U.S. for grains and more out of Argentina, Brazil, Latin America generally. But the overall sentiment is negative through these trade wars affects general sentiment. The general sentiment drives market.

Great. Absolutely. Well, thank you for that and have a great rest of the year. Thank you for all the detail..

Thank you very much.

Thank you.

Thank you. We will now take our next question. Please go ahead. Your line is now open.

Yes. Hi. Poe Fratt from Noble Capital Markets. Good morning.

Hi Poe.

I would just on the Starlight, it looks like it's up to 20 days as far as what you budgeting for downtime for the drydock?

Yes. I think that's about right, I believe.

And then the third quarter, can you specify which vessels are going to be in drydock and also like amount of time?

The Eirini and again about 20 to 25 days.

Okay. Great. And then when you look at the Pantelis and the Tasos right now, it looks like they are open at the end of this month. Can you give us an idea of sort of the current market for those two vessels? And then also the rationale for not doing any FFAs for the second quarter, but then loading them on for third and fourth?

Yes. We do have the FFAs on the second quarter. We still have them. I think just that I didn't mention them as we were talking. But yes, we do have FFAs there for the second the quarter as well and at around $11,000. So that's an omission. But they are there. And right now, the levels that we are seeing for vessels like Tasos and Pantelis is around $10,000, hopefully up to $10,000.

Great. That's helpful. And I did miss the second quarter FFA. So is that have you layered on to 270 or was it closer to the --?

It was 270 days. And it's our omission, it's not in the presentation, yes.

Great. That's helpful. And then in Tasos, when you look at the refinancing of the reneg debt, it looks like you may paydown part of the debt then push out the maturity. Can you sort of give us what exactly happened there?

So it was essentially direct refinancing of the amount. In part, we might have gotten slightly more, like almost $50,000 more. So it was just pushed out and of course the refinance debt is also amortized. So that's why you see the new balloon being lower than the original balloon.

Okay. So I can put the difference as what will be amortized over the -- so I assume it was pushed out for three years then?

Yes. Exactly three years. You can see from the chart. It's from about 44 million. The new balloon is $2.1 million. So the difference, roughly $1.9 million, was amortized equally over the next three years. It will be over the next three years.

Yes. And any change in the LIBOR spread or any other structural changes to that?

I think the LIBOR spread was marginally better but they would run around the same.

Okay. It's 2.7%.

Yes. 2.7%. I wasn't sure.

[indiscernible]. Great. Okay. Thank you so much. Actually one last one, if you wouldn't mind. Given what happened over the first quarter, has the tone of the M&A market changed at all? Or any comment on what you are seeing as far as potential expansion opportunities?

I think things have been this quiet during the quarter on that front. Everybody is still in wait-and-see mode to see how things develop. One, because of the trade wars, but second also because of the IMO changes and the fuel issues. So people dealing with these things more than looking actively at M&A at this stage. At least, that's what we see ourselves.

Great. Thank you so much.

Thank you.

Thank you Poe.

Thank you. [Operator Instructions].

I think there is no more questions.

There are no questions at this time.

Okay. So then I would like to thank everybody that was listening in and we will talk to you again in three months time with our Q2 results. Thank you.

Thanks everybody.

That does conclude the conference call today. Thank you for participating. You may all disconnect.