Thank you for standing by, ladies and gentlemen. And welcome to the Euroseas’ Conference Call on three and six months period ended June 30, 2014 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 that the conference is being recorded today, on Friday, 8 August, 2014. Please be reminded that the company announced their results after the market closed yesterday with a 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, 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 the current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide #2 of the webcast presentation, which has the full forward-looking statement and that 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, 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 our financial results for the three and six months period ended June 30, 2014. Let's turn to slide 3 of our presentation for our financial results overview. The results for the second quarter of 2014 reflect the continued depressed state of the markets. For the second quarter of 2014, we reported total net revenues of $9.6 million same as the previous quarter. Net loss for the period was $5 million whilst adjusted net loss available to common shareholders was $5.3 million or $0.09 per share basic and diluted. The primary difference being the $0.4 million dividends paid to our Series B Preferred shares. Adjusted EBITDA for the second quarter of 2014 was negative by $1.6 million. Turning to our first half 2014 financial results, we reported total net revenues of $19.1 million. Net loss for the period was $7.2 million, while adjusted to common shareholders was $7.8 million or $0.15 loss per share basic and diluted. Again, the main difference is the $0.7 million preferred dividends. Adjusted EBITDA for the first half of 2014 was negative $0.6 million. Our CFO, Tasos Aslidis will go over our financials in more detail later on during the call. Turning to slide 4, we highlight our operational highlights that include employment extensions on six of our containerships that vary from short period of one to three months and up to 12 months, which is in line with our strategy to take cover up to maximum of one year whilst waiting for the market to recover further. All the (inaudible) were slightly levels on the previous charters. During the first half the containership market remained generally…

Thank you very much Aristides. Good morning from me as well ladies and gentlemen. As usual, I will now provide you with a brief overview of our financial results for the three and six months periods end of June 30, 2014. Let’s move to slide 20 and first take a look at our results for the second quarter of 2014 in comparison to the same period of 2013. I will repeat here some of the same figure that Aristides gave during the beginning of the presentation. For the second quarter of 2014, we reported total net revenues of $9.6 million representing a small increase of the total net revenues of $9.6 million again during the second quarter of 2013. We reported net loss for the period of $5 million, a net loss available to common shareholders of $5.4 million as compared to a net loss of $8.9 million for the second quarter of last year. As Aristides mentioned earlier, the difference between net loss and net loss available to common shareholders is the $0.4 million of dividends we paid to our Series B Preferred shares. We did not have preferred share outstanding in the second quarter of 2014. The preferred dividend can be paid at our option either in cash or in kind, but we have elected to pay in kind for the last two quarters. The results for the second quarter of 2013 include a $0.1 million net loss in derivatives as compared to a zero net contribution from derivatives and a $3.2 million loss on sale of our vessel for the same period of 2013. Basic and diluted loss per share available to common shareholders for the second quarter of 2014 was $0.09 compared to basic and diluted loss per share of $0.20 for the second quarter of…

Thank you, Tasios. Let me now open up the floor for any questions.

(Operator Instructions) Your first question comes from the line of Donald McLee, please ask your question. Donald McLee – Wells Fargo: Good morning guys. Thanks for taking my question. So, the first question is kind of, after the fine start to the year, we have seen drybulk rate generally drop and trend down towards 2013 level. Is there any degree or differentiation on charter between some of the older vessels and younger vessels in the market and where is that at?

The older vessels demand a little bit lower levels than the younger ones only where feed and consumption are different. If feed and consumption is the same and the size is the same, then charters treat it similarly if we are talking for soft periods, 13 for something like that. But now, the charters have flexibility they want to fix for the longer period for the year or two to grow for younger ships and it's difficult to fix and elder ship for a larger period. Having said that we don't want to fix for a larger period at these rates because we think that the traditional seasonally recover in the market towards the end of the year. Donald McLee – Wells Fargo: That makes sense, I guess, I am interpreting that as if even, if the current rate of environment persist is probably not a big chance of you scrapping any vessels?

We won't scrap, no if the market is extremely low and below $5,000 to the end of the year that will probably prompt us to scrap the elder Panamaxes as they come due for the drydock. But unless they come due for drydock and the market is below $5,000 a day, no we don't think to scrap this, the ship side is technically very good condition and we see no reason why to do that for ships that have very little debt on them. Donald McLee – Wells Fargo: Okay. I know in your presentation you guys covered the supply side in terms pretty well for the drybulk sector, are there any key covenants in demand side that you are looking for, indicating and proving fundamentals?

I guess the situation at China remains the main driver of demand growth, so as long as China develops or mostly our – we are content towards that and that we are watching of course.

But we expect more trade into China during the second half of the year as traditionally is the case. We except grains to pickup because as we’re in a good harvest in the U.S. and we are slightly, we’re modestly optimistic. Donald McLee – Wells Fargo: Okay. And then, just the last question before I turn it over, it seems like the outlook for the container markets a bit more positive than the drybulk outlook, how does that affect your growth strategy going forward, will we see potentially focused more on the containers in the immediate term or near term?

I think that you are right. The container sector is modestly better and not significantly better. We have the bulk of our container investments done through Euromar these days. So, you may see Euromar volume maybe adding the super slow on its fleet at this point in time.

But, we get sufficient exposure to the market through our ten ships and 11 ships via Euromar, if the container market does it bit better we will benefit not (inaudible). Donald McLee – Wells Fargo: Alright. Thanks guys. That’s helpful. Thanks for your time.

Thank you. We have no further question at this time. Please continue.

Well, thank you very much for attending our conference call today. We would be back to you in three months time with Q3 results. Good bye. Thanks everybody.

Ladies and gentlemen that does conclude our conference call today. Thank you for participating. You may now disconnect.