Thank you for standing by ladies and gentlemen and welcome to the Euroseas’ Conference Call on the Fourth Quarter 2019 Financial Results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Anastasios 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 this 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 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 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. 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 Anastasios Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three and twelve months period ended December 31, 2019. Let’s move to Slide 3 to see our income statement highlights. For the fourth quarter total net revenues were $13.3 million, net loss was $0.8 million, net loss attributable to common shareholders after the $0.2 million dividend on Series B Preferred Shares was $0.9 million, or $0.18 loss per share basic and diluted. Adjusted net loss attributable to common shareholders for the period was $1.6 million or $0.32 per share basic and diluted. Adjusted EBITDA was $1.2 million. I have to say that in this quarter we had to be drydocking of our biggest ship the M/V Akinada, which resulted in the significant – contributed to the results of this quarter negatively. Please turn to Slide 4 for details of our fleet expansion activities. The company is focused on its strategy of providing a public consolidation platform. We continuously evaluate opportunities that would allow us to expand or renew our fleet. This has already happened twice during the last two quarters with the addition of eight additional container ships in cash and share transactions, one in August and one in November 2019. Specifically, in August 2019, we acquired four vessels from affiliates, EM Hydra and EM Spetses both 1,700 teu vessels, EM KEA is 3,000 teu vessels and M/V Diamantis P 2,000 teu vessels were delivered to our fleet in the beginning of August 2019. Their average age is about 14 years. The vessels were bought through a combination of cash and shares issued to the affiliates at $5.68 per…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. I will take you the next four slides to give you an overview of our financial results for the four and twelve months period ended December 31, 2019. The figures that we will review at least as for full-year is concerned we refer to the continuing operations of Euroseas, that is we stripped out the contribution of vessels that were spun-off in May 2019 in EuroDry. Let's start by looking at Slide 15, for the fourth quarter of 2019, we reported total net revenues for $13.3 million representing a 66% increase over total net revenues of $8 million during the fourth quarter of last year. We reported net loss for the period of $0.8 million and a net loss attributable to common shareholders of $0.9 million as compared to a net loss of $0.5 million, net loss attributable to common shareholders of $0.8 million respectively for the fourth quarter of last year. Adjusted EBITDA for the fourth quarter of 2019 was $1.2 million unchanged from the fourth quarter of 2018. Basic and diluted loss per share attributable to common shareholders for the fourth quarter of 2019 was $0.18 calculated on 5.03 million basic and diluted weighted average number of shares outstanding, compared to basic and diluted loss per share of $0.53 for the fourth quarter of 2018, calculated on 1.48 million basic and diluted weighted average number of shares outstanding. These shares count that I mentioned reflect the one for eight reverse stock split that took effect on December 19, 2019. Excluding the effect on the loss attributable to common shareholders for the quarter of the unrealized gain on derivatives and the amortization of below market time charters acquired, the adjusted loss attributable to common shareholders…

Thank you, Anastasios. Let me open up the floor for any questions you may have.

[Operator Instructions] We'll now take our first question from the line of Tate Sullivan from Maxim Group. Please go ahead.

Hi. Good day. This is Tate Sullivan from Maxim Group. Good morning. The first question if I may on the balance sheet and the comments about paying off some of the current debt with shares. Is that, can you talk about, I see there's a related party loan, current amount $5 million and then due to a related company about $0.8 million. Is it the total of potential shares issued, the current stock price divided by that amount or can you clarify that please? And when is the timing potentially for that?

These loans to the affiliates, as we mentioned, are to be paid within 2020. There is – one loan has scheduled repayments, four repayments, one every quarter. The other one needs to be paid in a balloon, in a bullet form at the end of the year. We have to make payments in cash, exceptive – if there is limited liquidity of the company, in which case we might – the company might elect to pay in shares at the price of the shares at the time, we'll show in adjustments.

Is there any potential discussions with other lenders to extend that debt or is that on your longer term facilities or how does that pair with your longer term debt?

I don't think – these are amongst junior to our longer term debt and based on our understanding of how our trends or financial trends are going to be, we expect to make full payment of the loans in cash.

Okay. So in your forecast, expect with cash. Okay. And then also in the ship summary, and I apologize if I missed it in your comments to the current ship that you list that is still undergoing repairs, when do you, can you comment again when you expect that to re-enter the fleet, your active fleet?

For that we cannot yet tell you when we expect that to happen because the surveys are still being evaluated, the surveyors comments, the vessel will need to go to a shipyard to undertake these repairs. So it will be, I can tell you at least 30 to 50 days, till we are able to use the vessel.

Okay. And then the acquisitions, the most recent one in November and last for me, I apologize, is a, all the shares issued for those acquisitions and the cash out the door for those – is that all fully complete?

Correct, that is fully complete, yes.

Both the acquisitions are fully complete yes.

Okay, great. Thank you. Have a good rest of the day.

Thank you, Tate. [Operator Instructions] There are no more questions coming through, so I would like to hand the call back to Mr. Pittas.

Well, thank you all for participating in our today's call. We will be with you again in three months time to discuss how the first quarter ended and how things are developing. Thank you very much. Bye-bye.

Thanks everybody.

Thank you. That does conclude today's conference. Thank you for attending you may now disconnect.