Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas’ Conference Call on the Second Quarter 2016 Financial Results. We have with us 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’ll be a presentation followed by a question-and-answer session [Operator Instructions]. I must advise you that the conference is being recorded today. Please be reminded that the Company announced their results with a press release that has been publicly distributed. Before passing the floor to Mr. Pittas, I’d 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 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. And I’d now like to pass the floor to Mr. Pittas. Please go ahead.

Good morning and thank you all for joining us today for our presentation and conference call. Together with me is Tasos 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, 2016. Let’s turn to Slide 3 of our presentation for our financial results overview. Starting with the second quarter of 2016 located on the left hand side of the table. We reported total net revenues of $7.3 million. Net loss for the period was $19.2 million, while net loss attributable to common shareholders was $19.6 million. The difference being approximately $0.4 million of dividends and Series B preferred shares. Adjusted net loss attributable to common shareholders for the period was $4.1 million or $0.51 per share basic and diluted. Adjusted EBITDA for the second quarter of 2016 was negative $0.9 million. The results for the second quarter of 2016 include $1.4 million loss on a newbuilding vessel termination contract and $14 million impairment charge on investment in Euromar joint venture. Moving to the right hand side of the table to go over our first half 2016 results, we reported total net revenues of $13.9 million. Net loss for the period was $22 million, while net loss attributable to common shareholders was $22.9 million. The difference being $0.8 million and dividends and Series B preferred shares. Adjusted net loss attributable to common shareholders for the period was $2.82 per share basic and diluted. Adjusted EBITDA for the first half of 2016 was negative $1 million. The results for the first half of 2016 include $1.4 million loss on termination of the newbuilding vessel contract and $14 million impairment charge in Euromar joint venture. During the last few months we have managed to improve the liquidity of…

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 statements for the three and six months period ended June 30, 2016. For that, let’s turn to Slide 23 and first take a look at our results for the second quarter of 2016 in comparison with the same period of last year. I will repeat here some of the same figures that Aristides gave you in the beginning of the presentation. The results for the second quarter of 2016 reflect the continued depressed state of the drybulk and containership shipping markets. For the period, we reported total net revenues of $7.3 million representing a 22.3% decrease over total net revenues of $9.4 million during the second quarter of 2015. We reported a net loss for the period of $19.2 million and a net loss attributable to common shareholders of $19.6 million as compared to $3.7 million for the second quarter of 2015. As Aristides mentioned earlier, the difference between net loss and net loss attributable to common shareholders is $0.4 million in accounts for the dividends we paid to our Series B preferred shares in the second quarter of 2016. This preferred divided can be paid out at our option either in cash or in kind and we have elected to pay it in kind for the last 10 quarters. The results for the second quarter of 2016 among other items include $0.1 million loss in derivatives, $1.4 million loss on the newbuilding vessel contract termination and $14 million impairment charge on investment in joint venture, our Euromar investment. Basic and diluted loss per share attributable to common shareholders for the second quarter 2016 was $2.42, compared to basic and diluted loss…

Thank you, Tasos. I am now opening the discussion for any questions that people may have. Thank you.

Thank you very much indeed, sir. [Operator Instructions] And you have a question from Wells Fargo from the line of Donald Bogden. And your line is now open.

Good afternoon, guys. How are you?

Good afternoon, Donald.

Hi.

Just a quick shock giving question, I joined the call little late, so I apologize if you had already said this. What is the remaining CapEx in 2016 on the uncanceled newbuilding?

Well, we got three newbuildings right, so the first one has been canceled, the second one is facing significant delays and most probably we will have a similar situation. I can’t say too much about it because it’s developing. And the third one, the Kamsarmax, we have the option to cancel that all together, so the remaining CapEx is going to be extremely low if any, yes.

Yes. Definitely there will be no CapEx in 2016 if the second Ultramax is not delivered and we will see what we will do with the contract of the Kamsarmax, as Aristides mentioned, we have the option, we haven’t decided to call it, but we will see how the market develops over the next five months.

Okay. Thank you for that. And then just following up on your negotiations with the shipyard I guess it sort of influx so you can comment to much higher than one point stuck out in the - the studies have the opportunity to buy a proud to vessels in the yard and user deposit for that. Are you seeing a lot of opportunities from shipyards of owners being unable to take delivery to the financial can straight the vessels and those shipyards pushing those contracts to you?

Sure. This is happening to mainly shipyards and with many owners we are particularly focusing to the shipyards where we are building our vessels, but we have seen opportunities from other shipyards as well.

Okay. That concludes my question guys. Thank you.

Thanks.

Thank you very much indeed. Now from Eastwood Partners, we have a question from the line of Tony Kamin and your line is now open, sir.

Hello. On Euromar I believe you have a mechanism to potentially merge the companies at a relative net asset value, that’s the right time today within Euromar have any barring on making that more or less likely to occur and what are sort of your current thoughts on Euromar?

Euromar at the moment and the way things stand has a very small value, its NAV might even be negative or very close to that, so we are not particularly focused towards affecting that merger at this point in time.

It remains the option of Euromar to use their rights to try to merge, but definitely from our point of view even if that happens it will be a non-recurring situation, because we want Euroseas that must have any - provide any guarantees and provided some small preferred investment that could be potentially used, but we won’t see any negative precaution on Euroseas even if Euromar partners may convert their selves into Euroseas.

Great.

It doesn’t seem likely to happen at this stage.

Okay. So it gives you potentially some future upside optionality, but no real risk?

Exactly.

That’s correct.

Okay. Second question, as you noted there has been increased activity in the stock which has been encouraging, but as of today we are still sort of near the all-time low, so my question is in implementing the [indiscernible] is one of the objectives to kind of act harmoniously or synergistically with the rising share price and volume and to make sure that ATM by itself doesn’t sort of become an obstacle or cap to an increase.

Absolutely. The reason we came out with the ATM was to help existing shareholders rather than because of any need of the company over the additional equity. So whatever we do if we do it, it will be done very carefully not to affect the vessel price and not to be negative for our current shareholders. It will be used to help the trading liquidity in the rising market it may be used if we have a very good acquisition proposal, we feel we need the extra equity, but it will be done having - it’s just another weapon in our [indiscernible].

Great thank you very much.

Thanks.

Thanks.

Thank you very much. [Operator Instructions] Gentlemen there appear to be no further request for question so I shall pass the floor back to you for closing remarks.

Thank you all very much for attending this call and we will be back to you in a quarter’s time with our Q3 press conference. Thanks very much.

Thank you.

Thank you very much indeed gentlemen. And with many thanks to both our speakers today. That does conclude the conference. Thank you all for participating. You may now disconnect. Thank you gentlemen.

Thank you, Jenny.

Bye.