Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Conference Call on the Second Quarter 2022 Financial Results. We have with us today Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company. [Operator Instructions] I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed. Before passing the floor over to Mr. Pittas, I would like to remind everyone that in today’s presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements, which are based on current management’s expectation that involves risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to Slide 02 of the webcast presentation, which has the full forward-looking statement 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.

Hello, ladies and gentlemen, good morning, and thank you for joining us for the scheduled conference call. I have with me Tasos Aslidis, our Chief Financial Officer. The purpose of today’s call is to discuss our financial results for the six months period and quarter ended March 30, 2022. Please turn to Slide 3. Our income statement highlights are shown here. For the second quarter of 2022, we reported total net revenues of $21 million and the net income of $10.6 million or $3.61 per diluted share. Adjusted net income attributable to the common shareholders was $9.9 million or $3.38 per diluted share. Adjusted net income attributable to common shareholders was $9.9 million, a $3.38 per diluted share. Adjusted EBITDA for the period was $13.7 million. With positive release in the drybulk market that is still anticipated to remain firm for the second half of the year. We believe our stocks will be trading at much higher levels given the net asset value of the company as well. We believe these factors creates cultivating opportunities for us and therefore the Company’s Board of Directors has approved the share repurchase program there up to a total of $10 million of the Company’s common stock to be used with managements discretion. The Board will review the program after a period of 12 months. Share repurchases will be made from time-to-time for cash local market transactions with prevailing market prices all in drybulk negotiated transactions. Combining an amount of purchases and the program will be determined by management based at the market conditions and other factors. The program does not require the Company to purchase any specific number of or amount of shares and may be suspended during stated at any time and the Company discretion will be well noticed. Our CFO, Tasos…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next 5 slides, I will give you an overview of our financial highlights for the second quarter and first half of 2022 and compare them to the same periods of last year. For that, let’s turn to Slide 15. In the first second quarter of 2022, the company reported total net revenues of $21 million, representing a 48.8% increase. The total net revenues of $14.1 million during the second quarter of 2021, and that was the result on the higher charter time to operate our vessels during the second quarter of this year compared to the last year, but mainly because of the increase with the highest number of vessels we owned and operated second quarter of 2022 compared to the second quarter of last year. It’s worth noting compared to the second quarter of 2021, our fleet in the second quarter of this year is about 45% larger. The company reported net income and net income attributable to common shareholders for the second quarter of this year was $10.6 million as compared to net income of $2.2 million net income attributable to common shareholders for $4.5 million for the same period the second quarter of the 2021. Interest and other financing costs including interest income and loss on debt extinguishment for the second quarter of 2022 amounted to $0.8 million compared to $0.5 million at the same period of 2021 not including of $1.7 million loss on debt extinguishment that we reported last year. Interest expenses for the second quarter of 2022 was higher mainly due to the increased amount of debt that we said during the period as compared to the same period of last year and the higher underlying LIBOR costs.…

Thank you, Tasos. May I now open up the floor for any questions that you may have.

Thank you. [Operator Instructions] And we’ll pause briefly to allow everyone to signal for questions. And we do take our first question from Tate Sullivan of Maxim Group. Please go ahead.

Thank you. Good day. For summer repurchase plan how did you decide on the size, initial size of the repurchase plan at $10 million, we’re looking at what you recently generated in free cash flow every quarter just to start there please.

I think we’ve mostly decided on the sizes looking at looking at our current liquidity and wanting to put an initial size on it. We will see how things develop and we can anytime make it bigger if we want smaller or whatever. We thought it was just a reasonable amount to start with appropriate to the size of the company.

And then can you just review, is this in your history with public shipping companies and shipping sector, I mean, is this the first repurchase plan and 15 years forever, can you just review the repurchase history?

Yes, we had never done that in the past. But looking at how low our share price is, we felt compelled to do something to help support the price and make it a good return for our shareholders.

Yes, at this time to buy a new version is quite expensive as asset prices are extremely high compared to where we are trading. So it makes more sense to buy back our stock rather than to buy a new vessel.

Especially it trade 30% or 35% of --

Exactly, because of that.

And that was related to it. That’s related to one of my other questions you mentioned reluctant to make more acquisitions in this environment, even though you’re positive for the medium-term, is it mainly because asset prices are still high?

Yes, prices are still high since the correction of rates, we think that it’s the seasonal. But things are definitely uncertain. And at these prices, we don’t want to be making a new investment but a 30% of the price, which is when our stock price is trading it becomes interesting.

And then can you, the refinancing tussles, you mentioned as a debt I mean, what facility is due this year and when do you usually wait till three months when it matures? And what is the maturity on that facility and will it probably be at a higher interest rate or maybe even a lower still five years ago or so?

I think these years are no precedes maturity. The balloon dimension was one of our [Indiscernible] much better specific, so it is a loan, it was five-year loan is expired. It matures in the fourth quarter I believe for 2023 and we believe we can find out the balloon routinely as we did in the past. In addition, we have two vessels that are covering and encumbered. So we set the option to never have those vessels as well.

Next we move on to the line of Poe Fratt with Alliance Global Partners. Please go ahead.

Yes, good morning, Aristides. Good morning, Tasos. Good move seems like on the stock buyback program. Quick question on it, how quickly can you become active on the program?

We are set up and we can, I think over the next couple of days we’ll be ready to use it.

And then Tasos looking at the -- there was -- looks like an increase in the share count over the second quarter. And then looking at the cash flow statement, it looks like you might have issued a little bit of equity under your ATM the average price that I calculated was a little bit over 40 bucks. So that was probably done in late April. Can you just confirm those numbers or just give me an idea what happened under the ATM in the second quarter?

Look those are quite right we can use our ATM adding in the second quarter now share price goes above 40. So that will show, reflect this in the accounts really increase share counts for this quarter and significantly higher price and much closer to NAV. At this time I think it was very close to NAV.

Yes, understood. And then, as you mentioned is April 23 it looks like the outstanding balance. I think it’s what that 12-month unit or it’s going to be about $12 million at that point in time, would you look it during a more comprehensive refinancing and encumbering the two other vessels or can you just sort of talk about your a little more on finance terms, sort of what you’re refinancing plan is at that point in time, because after the renamed looking at what I have is the next tranche of debt would be the best of luck in April 24. And everything else would be turned out into pretty much 26 or 27 or beyond?

Yes, I think we’re going to race and decide whether to extend and refinance as we approach the time it is due I think, we’re looking to potentially put some debt on some of our encumbered vessels again by trying to find competitive price debt clearly prepared to little bit of higher [Indiscernible] the limitation of opportunity appears, and we need to move immediately liquidity, we cannot without waiting for banks to provide a loan. So we are flexible in our financial plan, we are looking to increase our cash balance a bit, but we are not in a current to do it a bigger all encompassing finance at this stage.

And I apologize I was probably not paying as much attention as I should have when you talked about operating expenses. Two other companies in the drybulk sector have had higher operating costs, whether it’s travel expenses, accrued changes or other things, can you talk about your OpEx a little bit more looking at the next 12 months?

I think we expect to see, increase but no dramatic increase in our operating expenses. I think compared to our 2022 balance we are actually right on target, maybe slightly below budget. Basically higher fuel cost and maybe higher double [Indiscernible] lubricant service higher because the -- the cost of the oil and related products is higher. But I don’t think -- is dramatic shift on our cost structure at this point. I mean, the marginal increases amounting roughly to up to 5% at least budget wise compared to the actual last year.

And you highlighted the three drydocking this quarter, can you just talk about end of the fourth quarter drydock activity, and then maybe lay out plans for 2023?

I think we don’t have anything for Q4 this year, as not too much next year, it’s very seldom that we have a quarter with three drydock, right with 10 sheets, one would anticipate that you have one drydock a quarter on average. So this is going to be a heavy quarter on drydock. It’s by coincidences it’s not so much by planning. It’s linked with a period, have been reduced. So the impact on earnings is not that significant. So it kind of helps us that we’re doing the drydocks right now that we’ve seen the reduction in the charter rates, as we do believe that in Q4, it would be better than it will be good to have the newly drydock fast vessels out of the drydocks.

In 2023, we said we believe about three or four drydocks that might be within the year. The next one is pandemic I believe.

In the first quarter earnings call. ‘23 first quarter.

It’s as I say, normally it’s about one drydock quarter.

There’s silver lining. I guess so the other drydocks is the lower opportunity cost. Thank you, Aristides. Thank you Tasos.

Thank you, Poe.

Thank very much, Poe.

[Operator Instruction] And we will return to the line of Tate Sullivan with Maxim Group for additional follow-up.

Thank you for taking the call. You mentioned the Pantelis drawing drydock in the 1Q '23 and then also you mentioned some repositioning days for the ship in the second quarter and I think some other drybulk companies and other shipping companies in other sectors has mentioned repositioning. Is this due mostly to the congestion that's still taking place imports from China. What would that, please tell.

Sure. It's due to the congestion that was some more importantly to the COVID related issues because where you spoke in order to be able to go to the port and take on new crew and all that stuff, you have to wait to pass the COVID test and all that stuff. So, the delays are mainly due to the COVID related issues on the congestion.

And then you mentioned in the market commentary on the congestion consideration. The congestion is in China, is that mainly the positive the 0.5 dynamic that can offset that in the medium term?

Well, congestion easy will mean more supplier issues. So, it's not a positive the congestion easing.

Right. But in terms of no additional limited number of new build the -- or is there other offsets to the congestion leaving perhaps --?

Exactly. Very limited altering and delivering during the next couple of years. Last we will see some further slow steaming especially as over next year with new regulations. So, these are positives of course.

Great, okay. Well, thank you. Have a great day.

Thanks, Tate.

Thanks, Tate.

At this time, there are no further signals. We return to Mr. Pittas for closing remarks.

Thank you all for listening to us today. And we'll be with you again with the next quarters result. Enjoy the rest of the summer. Good bye.

Thanks everybody. Good bye.

Thank you. This concludes today's teleconference. We thank you for your participation. You may disconnect your lines at this time. Have a great day.