Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the First Quarter 2023 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 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 Tasos Aslidis, our Chief Financial Officer. The purpose of today’s call is to discuss our financial results for the three months period ended March 31, 2023. Let us turn to slide 3 of the presentation. Our first quarter financial highlights are shown here. For the first quarter of 2023 we reported total net revenues of $41.9 million and net income attributable to common shareholders of $28.8 million, or $4.10 per diluted share. Adjusted net income attributable to common shareholders was $21.7 million, or $3.09 per diluted share. Adjusted EBITDA for the period stood at $26 million. A reconciliation of adjusted net income attributable to common shareholders and adjusted EBITDA is presented in the press release. 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 first quarter of 2023, which is payable on or about June 16th to the shareholders of record on June 9, 2023. This is the fifth consecutive $0.50 dividend that we are paying. As of May 16, 2023, under our share repurchase plan of up to $20 million, which was announced in May 2022, we had repurchased 348,000 of our common stock in the open market, representing about 5% of our stock for a total of about $7 million. Our CFO Tasos Aslidis will go over the financial highlights in more detail later on in the presentation. Please turn to slide 4 where we discuss a recent sale and purchase, chartering and operational developments. As previously announced on April 6, 2023, the Company took delivery of its first newbuilding vessel, motor vessel Gregos, an eco 2,800 teu feeder containership built…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next four slides, I will give you an overview of our financial highlights for the first quarter of 2023 and compare the results to the same period of last year. Let’s turn to slide 17. For the first quarter of 2023, the Company reported total net revenues of $41.9 million, representing a 7.6% decrease over total net revenues were $45.4 million during the first quarter of 2022. The Company reported net income for the period of $28.8 million as compared to net income of $29.9 million for the first quarter of 2022. Interest and other financial costs for the first quarter of 2023 amounted to $0.9 million, partly offset by imputed interest of $1.1 million, which is capitalized and it is due to the self financing of the pre-delivery installments of our newbuilding program. In addition, we set $0.23 million of interest income. For the same period of last year, the interest and finance costs amounted to $1 million. We had no imputed interest and practically no interest income last year. The increase in the top-line of our interest expense is due to the increased amount of debt and the increase in the weighted average LIBOR/SOFR rate in the current period compared to the same period of 2022. Adjusted EBITDA for the first quarter of this year was $26 million, compared to $31.1 million achieved during the first quarter of 2022. Basic diluted earnings per share for the first quarter of 2023 were $4.11 and $4.10, respectively, calculated on about 7 million basic and outstanding -- and diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $4.15 and $4.13, respectively, calculated on 7.2 million shares for the…

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

[Operator Instructions] And our first question is from the line of Climent Molins with Value Investor’s Edge. Please proceed with your questions.

Good morning. Thank you for taking my questions. I wanted to start by asking about the tender. So, the vessel was initially scheduled to be delivered in the second quarter of 2023, but it seems -- expecting in the first quarter of 2024. Could you provide some commentary on the reason behind the delays and whether we should expect any financial impact?

I’m not sure that that vessel was ever scheduled for the second quarter. It was scheduled for the fourth quarter and it has been delayed by a month or so to be delivered in the beginning of 2024. We have seen some small delays in some of the ships in the region of a month or two, because of issues in South Korea with the shipyards. They had some labor issues and some difficulties in sourcing material and equipment. But it’s minor delays of one to two months. I don’t expect them to be huge delays.

We have vessels TERATAKI scheduled for the second quarter of 2023 and -- TC to early July 2023.

Yes, correct.

Most of your newbuild program remains open. And how should we be seeing about securing new contracts? Are you comfortable employing them on short-term charters or you still be looking for medium term employment?

It will really depend on what the market environment is towards the end of the year. Because the TERATAKI, which will be delivered at the beginning of July, instead of end of June, as was the initial plan is already fixed was Asyad Lines at $48,000 per day for three years together with Gregos some time ago at the peak of the market. The remaining vessels, which are all going to be delivered in 2024, we are not in a hurry to fix now, because we would get extremely discounted rates if we wanted and insisted and trying to fix them today. So, we will wait for the right opportunity to fix them. We know that these are very modern and efficient vessels, much more economical when similar sized vessels that were built 10 and 15 years ago. So, we are pretty confident they will be fixed at very good rates, but how good, it will really depend on the market.

Yes, makes sense. And regarding the Aegean Express, you mentioned you expect to win the proceedings, but that the execution may be difficult as a charterer is hiding its assets. How should we think about the timing for the resolution of the proceedings?

I think that within the next couple of months, certainly within -- by our next call, this will have been resolved, the legal issues will have been resolved, and we will know we if we had won the award, which we think is a no brainer. But when you’re in arbitration, you’re never 100% sure. But as I said, the most difficult thing is to recover from a charterer, who is hiding and indeed was the smallest charterer from all the charters that we have in all our other ships. So, we have to see how that will go.

[Operator Instructions] At this time I’ll turn the floor back to Mr. Pittas for closing remarks.

Thanks everybody for listening to us today. And we will be back in three months’ time with the Q2 results.

Thanks everybody. Have a nice day.

Thank you everyone. This will conclude today’s call. You may disconnect your lines at this time. Thank you for your participation.