Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the first quarter, 2013 financial results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasios 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 the conference is being recorded today, Friday, May 17, 2013. Please be reminded that the company announced their results this morning with a press release. Before passing the floor to Mr. Pittas, I would like to remind everyone that in today’s presentation and conference call, Euroseas 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 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. I would now like to pass the floor to Mr. Aristides Pittas, Chairman and Chief Executive Officer of Euroseas. Please go ahead, sir.

Good morning and thank you for joining Euroseas for our conference call today. Together with me is Tasios Aslidis, our CFO. The purpose of today’s call is to discuss the financial results for the first quarter ended March 31, 2013. Let us turn to slide three for our first quarter ended March 31, 2013 financial results overview. In the first quarter, we reported total net revenues of $10.9 million. Net loss for the period was $4.6 million or $0.10 loss per share basic and diluted. The results for the first quarter include $0.5 million unrealized gain on derivatives and the $0.4 million realized loss on derivatives. Excluding the effect of the loss for the quarter of the unrealized gain and realized losses, the adjusted loss per share for the quarter ended March 31, 2013 the cost remained the same at $0.10 per share basic and diluted. Adjusted EBITDA for the first quarter of 2013 was minus $0.1 million. We declared the quarterly dividend of $0.015 per share for the first quarter of 2013 payable on June 14, 2013 to shareholders of record on June 5th. This is the 31st consecutive quarterly dividend declared. Our balance sheet remains strong with about $36 million of cash and the net debt to market value of the fleet of below 30%. Please turn to slide four. For the last seven years, we have been loyal to our strategy of declaring meaningful dividends which represents the yield of between 5% to 12%. Despite the continued challenges in both the drybulk and the container sectors in which we operate, and which we expect will persist in 2013, we felt it is right to maintain our dividend at current levels since we expect the markets to start improving towards the end of the year and certainly within…

Thank you very much, Aristides. Good morning, ladies and gentlemen. I will now provide you with a brief overview of our financial results for the three months period ended March 31, 2013. For that, let’s move to slide 19, which shows our first quarter 2013 results in comparison to the same period of 2012. I will go over here some of the same figures which Aristides gave you at the beginning of the presentation. For the first quarter of 2013, we reported total net revenues of $10.9 million representing a 21.7% decrease of our total net revenues of $13.9 million during the first quarter of last year. We reported losses for the period of 4.6 million as compared to a net loss of 9 million for the first quarter of 2012. The results for the first quarter of 2013 include a $0.5 million unrealized gain and derivatives and a $0.4 million realized loss on derivatives. Excluding the effect on the loss for the quarter of the unrealized gain and the realized loss on derivatives, the exact loss as said for the quarter ended March 31, 2013 which have remained the same at $0.10 per share basis and diluted. Our adjusted EBITDA for the first quarter of this year was negative 0.1million down from 4.9 million achieved during the first quarter of 2012. As, Aristides mentioned earlier, we declare a quarterly dividend of $1.5 per share which is a 31st consecutive quarterly dividend declared during the accessed the capital markets in August of 2005. Let's now move to slide 20, which shows our fleet performance for the first quarter, in comparison to the same numbers for the previous year. With your work imbalance as user, our utilization rate into commercial and operational. For the first quarter, we reported a 99.3% commercial…

Thank you, Tasios. This concludes our presentation and we are ready to take any questions that you may have.

Thank you. We will now begin the question-and-answer session. (Operator Instructions). And our first question comes from the line of Michael Webber from Wells Fargo. Please go ahead.

This is Donovan for Michael. The first question I have is about, in your press release you mentioned Euromar is looking to acquire two to four vessels. I just wanted to know would these vessels be from early new bills or S&P purchases and do you expect to secure any long term charters with the vessel?

No, we are not going to be doing new bills at this stage and money is going to be used to acquire second-hand ships. We are not sure if we will come with the charter or not, it’s not that prerequisite. We will be looking into the market within the next few months to see what we will buy. It will depend on the circumstances of which by picking opportunity. If we can come, we are going to touch after a month.

And continuing that question; is there any color in terms of the timings for these acquisitions?

As you saw, our belief here is right now that 2013 is the year where the market bottoms. And from 2014, we see an improvement in the market. So obviously the intention is to affect these acquisitions both on Euromar level but also in the Euroseas level as well within this year, and probably not too late in the year.

Finally just in terms of your liquidity, if you could provide us an update on where that stands, and for acquisitions at the Euroseas vessel, do you have any preference for container acquisitions versus drybulk acquisitions?

As we have been investing mostly in containers with Euromar, our priority in Euroseas is probably the bulk market. However, prices for drybulk has increased a little bit over the last couple of months. We expect some probability to bring in really good summer and be able to proceed with drybulk acquisitions. But I would not continue this buying a containership as well perhaps as replacement of one or two of our older ships, which we are taking or perhaps replacing new more modern ships.

Thank you. (Operator Instruction). Thank you. There are no further questions at this time. Please continue.

Okay. We have no more questions. Thank you all for participating in this conference call. We will be talking to you again in three months’ time with the results of the first half of the year. Thank you.

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