Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Conference Call on the First Quarter 2023 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 surprise you that this conference is being recorded today. Please be reminded that the company announced its results for the press release that has been publicly distributed. Before passing the floor 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 expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to Slide number 2 of the webcast presentation which has a 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 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 Mr. Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the 3-month period ended March 31, 2023. Please turn to Slide 3 of the presentation. Our financial highlights are presented here. For the first quarter of 2023, we reported total net revenues of $11.3 million and a net loss of $1.5 million or $0.55 loss per basic and diluted share. Adjusted net income, though attributable to common shareholders was $0.4 million or $0.14 earnings per basic and diluted share, respectively. The main difference to our net income was the unrealized portion of the change of value in our derivative contracts. Adjusted EBITDA for the period was $2.4 million. A reconciliation of adjusted net income attributable to common shareholders and adjusted EBITDA is presented in the press release. As of May 15, 2023, we had repurchased 198,721 shares of our common stock in the open market, around 7% of our total stock for about $3 million under our share repurchase plan of up to $10 million announced in August 2022. We will continue to execute the share purchase program at management's discretion. Tasos will go on with our financial highlights in more detail later on in the presentation. Please turn to Slide 4 for our operational highlights. On the far-end side, we have new charters on 8 of our vessels, the majority of the ships we are employing in short-term charters, while two vessels, the Blessed Luck and Eirini P were fixed for previous 6 to 9 months. You can see the specifics of the various charters we faced in the accompanying presentation. I remind you that two of our…

Thank you very much, Aristides. Good morning from me, ladies and gentlemen. I will use the next 4 slides to give you an overview of our financial highlights for the first quarter 2023 and compare those results to the same period of last year. For that, let's turn to Slide 15. For the first quarter of 2023, the company reported total net revenues of $11.34 million, representing a 38% decrease for a total net revenue of $18.20 million achieved during the first quarter of last year. In spite of the result, of the lower time charter rate our vessels earned during the first quarter this year, which was partly offset by the increased average number of vessels we operated and the one-time charter rate revenue recognized in respect of one of our vessels. The company reported net loss for the period of $1.451 million as compared to a net income of 10.49 million for the same period of 2022. The interest and other financing costs for the first quarter of 2023 increased to $1.47 million as compared to $0.65 million for the same period of last year. The same time, we said during the first quarter of this year, interest income of about $0.27 million as opposed to very minimal interest income for the same period of 2022. Adjusted EBITDA for the first quarter of this year was $2.36 million as compared to $12.71 million achieved during the first quarter of 2022. Basic and diluted loss per share for the first quarter of 2023 was $0.55 calculated on about 2.8 million basic and diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $3.69 and $3.64, respectively, for the first quarter of 2022, calculated approximately of 2.8 million and 2.9 million weighted average number…

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

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

Starting on your comments of just the slower-than-expected economic growth in China and the real estate market really not picking up, what could be catalysts for the dry bulk market in the near term in terms of data points from China that we might see? Or do you think it just might settle around current rates going forward, please?

Yes. I think that there are two aspects here. One is China, which is, as we all know, the most significant dry bulk stimulus that one can have. And especially, it's iron ore requirements, which, of course, drives mainly the capesize sector, but also the smaller sizes to an extent. So what happens with the real estate sector of China and its general growth is of paramount importance here. So this is the one thing. But China is not a norm in this world. This is a globe that has many, many constituents. And what is happening in the rest of the world is also extremely important. So global growth generally and China, especially are the two things to watch.

And can you provide -- commented on the new build market and hesitant to play place newbuild orders. Is reship the limited number of new builds coming up dry bulk, new builds coming out of the yards. Do they already have contracts, do you see any opportunities to purchase ships currently under construction or would you in the new builds?

I think there are very few ships coming out of the shipyards at this point, a few of them have fixed charters there is a very few that are built with capacity to run on LNG or methanol or whatever, which are making the headlines and which are done in combination with charters. But the big, big majority of the ships that are being built are coming out without charters and the owners will have to face the market. Of course, they are very economical ships. So they should have an advantage over older vessels. But we will see, I don't see currently any particular deal that we are looking at. We are generally looking at the market and will take our decisions probably within the summer period.

And then, I apologize if I missed the comment on the repurchase plan. And Tasos, can you remind me when the current plan expires and I believe you still have, what, about $7 million of capacity remaining under the plan. Is that correct?

Yes. I think we approved the repurchase plan late last year, and we have built for, I think good two quarters now. So we have [indiscernible] two quarters before our growth has used the line. We can use it to the level we believe it was appropriate for the government sector on our share trading. And we have significant capacity to use more than what we could use. We spent $3 million, we were paying $7 more-million in the plan.

[Operator Instructions]

I presume there are no more questions.

Yes. There are no more questions at this time. I'd like to hand the floor back over to Mr. Aristides Pittas for any closing comments.

Well, thank you very much for standing by for our conference call today. We will be back to you in the quarter's time to discuss the latest developments. Good day.

Thank you, everybody.

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.