Thank you for standing by, ladies and gentlemen and welcome to the Euroseas' conference call on the third 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 will be a presentation followed by a question-and-answer session. [Operator Instructions]. I must advise you that the conference is being recorded today, Thursday, November 10, 2016. 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 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 two 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 to Mr. Pittas. Please go ahead, sir.

Good morning and thank you all for joining us today for our scheduled 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 nine months period ended September 30, 2016. Let's turn to slide three of our presentation for our financial results overview, starting with the third quarter of 2016 located on the left hand side of the table. We reported total net revenues of $7.2 million. Net loss for the period was $4.6 million, while net loss attributable to common shareholders was $5 million. The difference being the $0.4 million of dividends and the Series B preferred shares. Adjusted net loss attributable to common shareholders for the period was $3.3 million or $0.40 per share basic and diluted. Adjusted EBITDA for the third quarter was $0.3 million. The results for the third quarter of 2016 include $1.8 million loss on the termination of second Ultramax newbuilding contract and a $700,000 loss on our investment in the Euromar joint venture. Moving to the right hand side of the table to go over our first nine months 2016 results. We reported total net revenues of $21.1 million. Net loss for the period was $26.6 million, while net loss attributable to common shareholders was $27.9 million. The difference again being the$1.3 million of dividends and the Series B preferred shares. Adjusted net per share loss attributable to common shareholders for the period was $10.5 million or $1.29 per share basic and diluted. Adjusted EBITDA for the first nine months of 2016 was negative $0.8 million. The results for the first nine months of 2016 include $3.2 million loss on termination of the two Ultramax newbuilding contracts and the $14 million impairment of our investment in the Euromar…

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 nine month periods ended September 30, 2016. For that, let's turn to slide 23 and first take a look at our results for the third 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 third quarter of 2016 reflect the continued depressed state of the drybulk and containership shipping markets. For the period, we reported total net revenues of $7.2 million representing a 36.1% decline over total net revenues of $11.3 million during the third quarter of last year. We reported net loss for the period of $4.6 million and a net loss attributable to common shareholders of $5 million as compared to a net loss of $1.4 million and $12.8 million, respectively for the third quarter of 2015. As Aristides mentioned earlier, the difference between net loss and net loss attributable to common shareholders is $0.4 million and accounts for the dividends we paid to our Series B preferred shares in the third quarter of 2016. This preferred dividend can be paid out at our option either in cash or in kind and we have elected to pay in kind for the last 11 quarters. The results for the third quarter of 2016 among others include an $1.8 million loss on termination of a newbuilding contract. Basic and diluted loss per share attributable to common shareholders for the third quarter of 2016 was $0.61 compared to basic and diluted loss per share $0.29 for the third quarter of 2015. Excluding…

Please go ahead. You are still connected.

I am repeating the last sentence. Excluding the effect on the loss attributable to common shareholders for the first nine months of 2016 of the unrealized and realized loss on derivatives, the loss on termination of two newbuilding contracts, the gain on sale of a vessel and the impairment of our investment in our Euromar joint venture, the adjusted net loss per share attributable to common shareholders for the nine-month period ended September 30, 2016 would have been $1.29 compared to a loss of $1.85 basic and diluted for the same period of last year. Adjusted EBITDA for the first nine months of 2016 was negative $0.8 million compared to a positive $0.1 million achieved during the first nine months of last year. Let's now move to slide 24. In this slide, we provide you with our fleet performance for the three and nine month periods ended September 30, 2016. As always in comparison to the same periods of last year. Let's start with our fleet utilization rate. We have broken down the presentation for our utilization rate in commercial and operational we do like every quarter. For the third quarter of this year, we reported a 96.7% commercial utilization rate and 100% operational utilization rate as compared to a 98% commercial and 99.1% operational utilization rate for the same period of last year. I want to remind you that our utilization rate calculation does not include vessels in scheduled drybulk or scheduled repairs during the reporting periods. The third quarter of this year, we operated 11 vessels and we set a time charter equivalent rate of $7,737 per vessel per day, representing almost a 13.5% decrease compared to the time charter of $8,929 per vessel per day that we had during the same periods of 2015, a period during…

Thank you Tasos. I would now like to open up the floor for any questions we might have.

[Operator Instructions]. Your first question comes from the line of Donald Bogden from Wells Fargo. Please ask your question.

Good morning gentlemen and thank you for taking my question. My first question is on your current cash balance. How do you think about that moving forward given expectations that the market is going to remain within range of current levels? And would you consider further asset sales for liquidity?

Good question. The cash flow this quarter and cash flow is quite delicate. We think that we should be able to withstand this period till we get the refund guaranties from the shipyards. That is about $18 million. So obviously this would give the company tremendous runway under even more difficult circumstances. So we might need to bring couple of million dollars during this period and we are looking at various ways of doing that.

Okay. Thank you for that. And just a follow-up, you had walked through the amortization schedule earlier, $6.4 million in Q4 that you are current negotiating with your bank for an extension and if I got you correctly, there is no major balloon payments till 2019 after that? So there is no amortization at 2017 and 2018?

There is amortization. There is $3.2 million of balloon payment, there is one balloon basically, that is due in 2018 and a smaller one of $1.1 million balloon that is due in 2017.

Okay. Great.

If you look at slide 25, I think there is quite graphic presentation of the balloons and the repayments.

Okay. Well, thank you. That is good color. Yes?

However, let me add that when the time comes for the balloon payments, we are very comfortable that we should be able to extend those further, if needed because the vessels at that time, it's more of a scrap related loan that is still outstanding and usually the banks are there to extend this quite easily.

Right. That makes sense. All right. Well, thank you for the market color, gentlemen.

Okay. Thanks.

[Operator Instructions]. We appear to have no other questions at this time. Please continue.

Well, thank you all for attending our conference call. We will be again with you in about three months time for the end of year conference call. Thank you.

Thanks everybody.

That does conclude the conference for today. Thank you for participating. You may all disconnect.