Thank you for standing by, ladies and gentlemen, and welcome to EuroDry Conference Call on the Fourth 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. 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 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 call to Mr. Pittas, I would like to remind everybody that in today's presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meanings of the federal securities laws. Matters discussed may be 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 will kindly draw your attention to Slide #2 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 now I would like to pass the floor over to Mr. Pittas. Please go ahead sir.

Good morning, ladies and gentlemen, 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 fourth quarter and full year ended December 31, 2022. Tasos will go over our financial highlights in more detail later in the presentation. Please turn to Slide 3. Our income statement highlights are shown here. For the third quarter of 2022, we reported total net revenues of $15.1 million and a net income of $6.3 million or $2.20 per diluted share. Adjusted net income attributable to common shareholders was $3.3 million or $1.18 per diluted share. The difference spanning mostly from the one time profit we had selling our eldest vessel M/V Pantelis. Adjusted EBITDA for the period was $7.3 million. Please refer to the press release for the reconciliation of adjusted net income attributable to common shareholder and adjusted EBITDA. As of February 10, 2023, we had repurchased 147,362 shares of our common shares in the open market for about $2.1 million under our repurchase plan of up to $10 million announced in August 2022. We will continue to execute the share repurchase program as management's discussion. For the full year 2022 our net revenue was $70.2 million and net income was $33 million or $11.62 per diluted share. Adjusted net income for the period was $28.4 million or $9.86 per share diluted. Adjusted EBITDA for the period was $43.2 million. Please turn to Slide 4 for our chartering and operational highlights. On the chartering front, we have been active in securing short-term employment for all our vessels as a result of the weakened Q4 2022 market in belief that when the market turns we can fix these vessels…

Thank you, very much Aristides. Good morning from me as well ladies and gentlemen. Over the next four slides, I will give you an overview of our financial highlights for the fourth quarter and full year of 2022 and compare them with our actual results in the equivalent periods of 2021. For that, let's turn to Slide 15. For the fourth quarter of 2022, the company reported total net revenues of $15.1 million, representing a 32.3% decrease of the total net revenues of $22.3 million during the fourth quarter of last year, which was the result of the decreased average time charter equivalent rate our vessels earned in the fourth quarter of this year compared to last year. The company reported net income and net income attributable to common shareholders for the period of $6.27 million as compared to a net income of $16 million and net income attributable to common shareholders of $15.2 million for the same period of the fourth quarter of 2021. Interest and other financing costs for the fourth quarter of 2022 increased to about $1.5 million as compared to $0.7 million for the same period of 2021. Interest expense was higher, mainly due to the increased amount of debt and of course the increased liabilities [ph] are launched here to pay during the period as compared to the same period of last year. Adjusted EBITDA for the fourth quarter of 2022 was $7.3 million compared to $16 million achieved during the fourth quarter of 2021. Basic and diluted earnings per share attributable to common shareholders for the fourth quarter was $2.21 basic calculated on $2.8 million and $2.20 diluted calculated again on about $2.9 million, weighted average number of shares outstanding compared to $5.38 basic and $5.32 diluted during the same period of last year.…

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

Thank you. [Operator Instructions] Our first question is from Tate Sullivan with Maxim Group. Please proceed.

Hello. Good day. Good day both. In the press release you mentioned maybe using this current environment as an opportunity to buy ships or merge public shares as a merger. What are incentives for other ship owners to sell currently or to consider a merger?

First of all, we need to find our incentive to buy ourselves, because as I said during the discussion prices are still quite high relative to where the current charter rates are, and I think we would see, we would need to see prices softening a little bit before we were able to act on these expansion plans that we have.

Okay. All right, and then I think you mentioned you gave some commentary about positioning of the ships and I mean I've seen the slide on in terms of your spot rates for this current quarter. Is there a potential for more positioning after the current contracts expired in this current quarter, should we factor that into our estimates for 1Q 2023?

Well, half of our vessels are practically fixed throughout Q1. The other half will come up for re-chartering within the next 40 days till the end of the quarter, so we will be obviously fixing those ships as well, because the market is at these low levels we do not anticipate in fixing longer-term charters now. We think that there is a correction, the usual cyclicality that we have in dry bulk trade where Q1 is the lowest quarter, everything else being equal of course, we think that this will transpire this year as well, and we will see recovering rates within Q2.

Okay. And then Tasos, on the wage expenses a bit volatile with the gain on bunkers and going back to expenses as opposed to a negative $2 million in 3Q 2022. I mean will this be consistently an expense or what has to happen to have a gain on bunkers going forward, please, or should we just, should I just continue to factor in about $1 million of voyage expenses every quarter?

It depends on, wage expenses depends on the style of fixing we did time charters obviously we don't have significant wage expenses other than voyage expenses result of buying and selling fuel delivery and re-delivery between charters. If we fix on a broader basis, and I think we do have a voyage charter in in Q1, which will be shown in the Q1 results, then of course both revenues and voyage expenses will be high. So the best way to model it is to, in my opinion at least, is to model the time charter equivalent basis and assume a level of voyage expenses, but possible gains on voyage expenses that you see occasionally is because of the gains that we realize when we buy at a lower price and sell to next charter at the higher price. We shouldn't count of this, of these continuing, they are sort of one off situations.

Yes, so voyage expenses are very much affected by fuel prices, not the actual fuel prices, but if fuel prices are going up or fuel prices are going down, because we buy from charter, we buy from the market, sell to charters and vice versa and it all depends on how that is going. So this is a difficult thing to model, as Tasos rightly said.

Understood. Okay, cool. Well, thank you. Thank you for the background in the commentary. Have a good rest of the day.

Thanks, Tate.

Thanks, Tate, bye.

[Operator Instructions] There are no further questions. I would like to hand the conference back over to management for closing comments.

Thank you, everybody for listening in to our results of this quarter. We will be back to you at the end of Q1 with the results of the first quarter of 2023. Have a great day.

Thank you everybody.

Thank you. This does conclude today's conference. You may disconnect your lines at this time and thank you for your participation.