Thank you for standing by, ladies and gentlemen. And welcome to the EuroDry Conference Call on the Second Quarter 2019 Financial Results. We have with us today, Mr. Pittas, Chairman and Chief Executive Officer; and Mr. Aslidis, Chief Financial Officer of the company. At this time, all participants are in listen-only mode. There will be a presentation, followed by a question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today, Friday the 9th of August, 2019. Please do remind that the company announced its results with the press release that has been publicly distributed. Before passing the floor to Mr. Pittas, I would like to remind everyone that in today presentation and conference call EuroDry will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed maybe forward-looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide two of the webcast presentation, which has the full forward-looking statements and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. And I would now like to pass the floor over to Mr. Pittas. Thank you, sir. Please go ahead.

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 six-month period and second quarter ended June 30, 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 ‘18 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 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 second quarter of 2019, we reported total net revenues of $6.2 million, adjusted EBITDA of $1.8 million and net income of negative minus $1.8 million. The company declared it second preferred shares dividend of $0.6 million on Series B preferred shares and the $0.2 million preferred deemed dividend, and therefore, net income attributable to common shareholders was negative $2.6 million. Therefore, basic and diluted earnings per share attributable to common shareholders for the second quarter of 2019 was minus $1.14 per share, an average of seven vessels were owned and operated during the second quarter of 2019, earnings an average time charter equivalent rate of $10,724 per day. Turning to slide four for the market highlights for the second quarter of 2019. During the second quarter the drybulk markets started recovering with the spot market reaching multiyear highs by the month of July. Along with the investments of certain short-term factors like…

Thank you very much, Aristides. Good morning from me as well as ladies and gentlemen. I will take you over now our financial results highlights for the second quarter and first half of 2019. For that, please turn to page 14. For the second quarter of this year, we reported total net revenues of $6.2 million, representing a 1% increase over total net revenues of $6.1 million during the second quarter of 2018. This was mainly the result of the increased average number of vessels that we operated, partly offset, but they increased the average spend charter equivalent rate of vessels here in the second quarter. We reported net loss for the period of $1.8 million and net loss attributable to common shareholders of $2.6 million, as compared to net income of $0.5 million and net income attributable to common shareholders of $0.4 million for the same period for 2018, respectively. The net loss attributable to common shareholder includes a $0.6 million cost and dividend payable to the preferred shareholders and deemed dividend of $0.2 million due to the partial redemption of our preferred shares and that relates to the origination of cost of the securities. The results for the second quarter of 2019 also include a $0.2 million of unrealized losses on an interest rate swap contract and a $0.9 million of unrealized loss on a forward freight agreement contracts. Adjusted EBITDA for the second quarter of 2019 was $1.8 million, compared to $2.4 million achieved during the second quarter of 2018. Basic and diluted loss per share attributable to the common shareholders for the second quarter of 2019 was $1.13 per share calculated on $2.2 million basic and diluted weighted average number of shares outstanding, compared to $17 -- to earnings of $0.17 per share for the second…

Thank you, Tasos. Let me open up the floor for any questions we may have.

Thank you. [Operator Instructions] Your first question today comes from the line of Tate Sullivan from Maxim Group. Please go ahead. Your line is open.

Hi. Thank you. First reviewing the downtime in the quarter for the Starlight, did they end up being a bit longer than you forecasted or within budget or what were some on it, were there any unexpected costs related to that please?

No. We budgeted five days less to be honest on that drydock. But the weather was not helping so things got a little bit delayed. The ballast water installation ended up being a little bit more costly than expected. But other than that the end result was about $1.4 million in 35 days.

Okay. Thank you. And looking at -- is the other ship scheduled to go in drydock this current quarter that are undergoing a similar process to what the Starlight did and do you expect similar costs?

It is, but we expect the cost to be lower at $1 million to $1.1 million.

$1.1 million.

$1.1 million and the duration to be less than 30 days.

Is that due to been a smaller ship or different shipyard or what other factors?

It has an easier ballast water treatment plant installation because the way the machinery was laid out, it was much easier to do. Other than that the ships are quite similar ships. But this one required a little bit less work than the other.

Okay. Thank you for that detail.

Sure. Anything else?

Thank you. Thank you, sir. There are no further questions, I’ll hand back to you for closing remarks.

Thank you very much for listening into us. We’ll back in November with our Q3 results. Thank you.

Thanks, everybody.

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