Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Fourth Quarter 2022 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 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 with 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. And now, I'd like to pass the floor over 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, Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the quarter ended and full year December 31, 2022. Tasos will go over our financial highlights in more detail later on in the presentation. Let's turn to Slide 3. Our income statement highlights are shown here. For the fourth quarter of 2022, we reported total net revenues of $42.9 million and net income attributable to common shareholders of $20.3 million or $2.86 per diluted share. Adjusted net income attributable to common shareholders was $17.7 million or $2.50 per diluted share. Adjusted EBITDA for the period stood at $22.9 million. Please refer to the press release for the reconciliation of adjusted net income attributable to common shareholders and adjusted EBITDA. As part of the Company's common stock dividend plan, our Board of Directors declared a quarterly dividend of $0.50 per common share for the fourth quarter of 2022, which will be payable on or about March 16 to the shareholders of record on March 9, 2023. As of February 14, 2023, we had repurchased 251,685 of our common stock in the open market for a total of about $5.3 million, under our share repurchase plan of up to $20 million, which was announced in May 2022. For the full year of 2022, our net revenues were $183.3 million, and net income attributable to common shareholders was $106.2 million or $14.78 per share diluted. Adjusted net income attributable to common shareholders for the period was $95 million or $13.23 and $13.22 per share basic and diluted, respectively. Adjusted EBITDA for the period stood at $114.4 million. As CFO, Tasos will go over the…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. As usual, over the next four slides, I will give you an overview of our financial highlights for the fourth quarter and full year of 2022 and compare them with our results and the equivalent periods of 2021. Let's start by turning to Slide 17. For the fourth quarter of 2022, the Company reported total net revenues of $42.9 million, representing a 12.1% increase over total net revenues of $38.3 million during the fourth quarter of 2021. That engage was the result of the higher average number of vessels we operated in the fourth quarter of last year compared to the fourth quarter of the year before. The Company reported a net income, net income attributable to common shareholders for the fourth quarter of 2022 of $20.3 million as compared to a net income, net income attributable to common shareholders of $22.8 million during the fourth quarter of 2021. Interest and other financing costs for the fourth quarter of 2022 amounted to $1.6 million compared to $0.8 million during the same period of 2021. This increase is due to the increased amount of debt and the increase in the average LIBOR rate that we paid in the amortization period compared to last year. In 2022, we also had interest income [Technical Difficulty]

Okay, our speaker accidently disconnected, but he's back with us.

Basic earnings per share attributable to common shareholders for the fourth quarter of 2022 were $2.87 calculated on 7.08 million weighted average number of shares outstanding, while diluted earnings per share were $2.86 calculated on 7.1 million weighted average number of shares outstanding compared to basic diluted earnings per share of $3.16 and $3.14, respectively, for the fourth quarter of 2021. Excluding the effect on the income attributable to common shareholders for the quarter of the unrealized gain on derivatives, the amortization of below market time charters acquired and the vessel depreciation on the portion of the conciliation of vessels acquired with attached time charters allocated to below market time charters. The adjusted earnings per share attributable to common shareholders for the quarter ended December 31, 2022, would have been $2.50 per share basically diluted, compared to adjusted earnings per share of $3.19 basic and $3.18 diluted for the quarter ended December 31, 2021, after making similar adjustments for the year -- for the period. Usually, security analysts do not include the above items in their published estimates of earnings per share. Let's now move to the third part of the slide to review the same figures for the full year of 2022. The Company for the full year reported total net revenues of $182.7 million, representing a 94.6% increase over total net revenues of $93.9 million during 2021, again, as a result of both increased number of vessels owned and operated and also average charters that our vessels earned during last year compared to 2021. The Company reported a net income and net income attributable to common shareholders for the year of $106.2 million, as compared to a net income of $43 million, net income attributable to common shareholders of $42.4 million for the 12 months of 2021.Interest and…

Thank you, Tasos. Let us open up the floor now for any questions that we may have operator, please.

Perfect. Thank you. At this time, we will be conducting a question-and-answer session. [Operator Instructions] Our first question comes from Tate Sullivan with Maxim Group. Please proceed with your question.

On the Continental Shipping Line news, the Aegean Express only chartered by CSL, please to start.

Yes, of course, I was expecting this question. And indeed, this is the only ship that is chartered to this charter. This is a small charter with whom we have had quite a long relationship, having had the vessel on his chart for quite some time. It is very unfortunate what has happened. And we hope that it moves, but it has. And now, we are taking legal action against the charter who has defaulted. So, we will see what the outcome will be on that. All our other vessels are fixed to much bigger and stronger names. So, I don't really anticipate any issue with those charters going forward.

And related to the new builds coming into your fleet and the two coming in the next three, four months, you already have contracts for. And then the third schedule for delivery, I believe in 4Q '23, can you talk about the recent newbuild contracting environment for similar built ships? And I mean, what your -- what the potential levels for that ship is, or has there been any similar size ships entering the market recently?

There hasn't been any, as far as I know for similar type ships, but the area around which this would be secured, if they were would be around the prices that we've paid. We have not seen newbuilding prices generally dropped dramatically. And this is for two reasons. One thing is the dollar is dropping a little bit compared to where it was a few months ago. And secondly, due to the global inflation, the cost of building a ship is becoming more expensive. So, I do not think that we will see significantly lower prices for new ships that may be older. In fact, it could be even higher at some point. So that is concerning the prices. Concerning chartering of our remaining seven vessels, the first one is to be delivered in December '23, and the last one December '24, so several vessels that we will get sometimes in 2024. We are not in any project to fix them at this point in time. We are very confident that we will be able to easily employ them and to employ them at decent levels. Of course, not as high as the levels that we fixed our first couple of vessels, but still at very profitable levels, but we will do that much closer to the delivery time.

Okay. And then my last is on, I think you had announced some contract developments with the Joanna for $14,500. What is the current -- when does that current contract expire? Or does that match your slide deck on Page 7 as well, please?

Sure. It expires in -- Joanna, it can expire in about 2.5 months from today. This is the -- it can expire and it can last for another two, three months. We live with that maybe three, four weeks ago, I can't remember. The level is a decent level, giving us a decent profit on the ship. The charter market is still above, still at profitable levels for all ships, despite the huge drop. We tend to think that all this is a disaster on what has happened, but it's not really take away the super cycle, which was exorbitant. It's still good levels that we are seeing.

[Operator Instructions] There are no questions at this time. At this point, I'd like to turn the call back over to Euroseas CEO, Mr. Pittas. Thank you. You may close the call.

Thank you very much, everybody, for listening in to our Q4 and end of year results. We will be with you about in three months time for our Q1 results. Have a good day.

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.