Thank you for standing by ladies and gentlemen, and welcome to the Globus Maritime Conference Call on the Third Quarter 2013 Financial Results. We have with us, Mr. George Karageorgiou, President and Chief Executive Officer; and Mr. Nikos Kalapotharakos, Financial Controller of the Company. At this time, all participants are in a listen-only mode. There will be presentation followed by a question-and-answer session. (Operator Instructions). I must advise you this conference is being recorded today, on Thursday, November 21, 2013. This communication contains forward-looking statements as defined under U.S. federal securities laws. Forward-looking statements provide Globus’ current expectations or forecast of future events. Forward-looking statements include statements about Globus expectations, beliefs, plans objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as anticipate, belief, continue, estimate, expect, intend, may, ongoing, plan, potential, predict, project, will or similar words or phrases or the negatives of these words or phrases may identify forward-looking statements, but the absences of these words does not necessarily mean that the statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties that are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Globus’ actual results could differ materially from those anticipated in forward-looking statements for many reasons, specifically as described in Globus’ filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should however review the factors and risks Globus disclosed in the reports it will file from time-to-time with the Securities and Exchange Commission after the date of this communication. And now I pass the floor to one of your speaker today, Mr. Karageorgiou. Please go ahead, sir.

Thank you, operator. Welcome to our conference call, and thank you for joining us today in order to discuss Globus’ operating and financial results for the three months ended September 30, 2013, and the first nine month for the year. I am George Karageorgiou, President and CEO of Globus Maritime, and with me today is Nikos Kalapotharakos, our Financial Controller. For those of you that just joined, please note that we have posted a slide presentation for this conference call, which you will be able to download from the homepage of our website. The same presentation can also be accessed from our Investor Relations page under the Webcasts and Presentations menu. Let me quickly refer everyone to slide number 2, which contains the disclaimer about any forward-looking statements, which should be noted in the context of this conference call. Let’s start with slide number 4 that highlights our performance. Our net income for the quarter came to $1.2 million or $0.12 per share. Our net revenue was $6.9 million, while our EBITDA was $3.6 million. Our fleet utilization rate reached 99.7%. Looking at the nine month numbers, our net income increases to approximately $1.4 million. Our net revenue was $19.7 million and our EBITDA $10.2 million. Our fleet utilization rate reached 98.9%. Moving on to slide number 5, our operating highlights, you will see that the company’s fleet has remained at seven vessels with 644 ownership days, 642 operating days and utilization increasing 99.7%. For the quarter, the average daily time charter equivalent rate came to $10,212 per vessel per day. On the expenses front, I’m glad to report that our efforts to our keep costs as low as possible continue to produce a noteworthy result of the quarterly figure came to $4,774 per vessel, per day while the nine…

Thank you, George. I would like now to discuss in more detail the financial results of the company for the third quarter of the year 2013, which should be in conjunction with the details that appear on pages 7, 8 and 9 of yesterday’s press release. So let’s turn to slide number 15, which corresponds to the company’s statement of comprehensive income for the period. Early results and operational highlights mentioned can be found on slide number 5. For the three months period ended September 30, 2013 and 2012, our revenue was $7.6 million and $7.4 million respectively. The 3% increase in revenue was mainly attributed to bulk bonuses received and recognized during the third quarter of the year 2013 amounting to approximately $0.9 million and [23%] increase in operating days to 642 days during the third quarter of 2013 from 625 days for the same period last year mainly due to the Sun Globe dry dock that took place during the third quarter of 2012. The increase in revenue is also depicted in the increase on the fleet time charter equivalent rate to $10,212 per vessel per day during the third quarter of 2013 from $9,868 per vessel per day achieved during the same period last year. Vessel’s operating expenses for the third quarter of 2013 amounted to $2.6 million or $4,774 per vessel per day versus $2.5 million or $4,611 per vessel per day for the respective period last year corresponding to an increase of 4%. It is important to note though that longer periods of time are more accurate basing conclusions on rather than on a quarter-over-quarter basis. For example, vessel’s operating expenses for the nine months period ended September 30, 2013 amounted to $7.3 million or $4,482 per vessel per day versus $7.5 million or $4,540…

Thank you, Nikos. Operator can you open the floor to questions.

(Operator Instructions) And your first question comes from the line of Nicholas Bender from Wunderlich Securities. Please go ahead.

Yes, good morning gentlemen and congratulation on a very nice quarter. It certainly seems the prevailing conditions are little more conducive to some of these nice results. I just have a couple of questions around some sort of more specific events during the quarter. The first is on utilization, obviously utilization an excellent 99.7% with no dry docking. I believe you said back in the second quarter that you thought you might have another vessel and dry dock in the second half of this year. And I just wondered if you could update us on the status of that and whether you expect, I know you said you don't expect it before the end of 2013, but perhaps early in 2014 or something of that nature?

Thank you, Nicholas. You're absolutely right. In the previous call we said that there might be an opportunity to dry dock, the Moon Globe within 2013. However, due to the trading pattern of the vessel, we will not be able to dry dock the vessel within this year. My best guess is that the Moon dry docking will be expanded towards the first quarter of 2014.

Okay. Thank you. That's helpful. Looking at depreciation and amortization certainly the decreases make sense as far as the low depreciable base volume, the impairment charge, as well as the amortization of the prior Moon Globe charter, I guess my question is as I look at it from a modeling perspective moving forward. Do you expect to see D&A come down any more sequentially in coming quarters or should it sort of stabilize around this $1.5 million level or in this range for now?

Yes. We are expecting to be stable for the next quarter.

Okay. And then the last question I had related to the [dead] load certainly a couple of $5 million of principal payments coming up during the fourth quarter. Can you just provide a little bit of an update on your liquidity situation, you obviously feel comfortable on making those prepayments, do you still foresee any asset dispositions or anything like that in coming quarters?

Thank you, Nicholas. As you know, we still have the Tiara Globe in our books as [ahead of foresee] which means that we are actively looking to sell the vessel. The vessel at the moment if we do sell it will fetch around $11 million worth. So we are in discussions with various people about the Tiara Globe, but we have not yet decided and we have not yet concluded that we will be selling the vessel at these levels. I remind you that the vessel is now earning $13,500 a day consistently from the beginning of the summer all the way up until now. So she is a very good earner and we had just completed her drydocking in May and the vessel is earnings quite healthy returns. So for the time being, we have the luxury of sitting back and waiting in order to get the right offer before selling the vessel. In terms of principal repayments, you are absolutely right we need to pay a little more than $5 million by the year end to Credit Suisse and DVB. We have that money available. We have some -- we have increased cash balances today due to the increase in the freight market and I don’t foresee any problem in satisfying that principal repayment before the year end. Going forward, I would like to emphasize that the company repays debt at an extremely aggressive rate. We are paying down debt at two times our depreciation charge. In other words, we are creating equity value extremely fast. We will continue to do so as long as the market allows us to be cash flow positive. And if the rates continue to be where they are today, we are cash flow positive, so there is no need in altering the city payment profile. So we are in an extremely good position vis-à-vis the banks. We are repaying debt extremely fast, the banks love us, and our loan to value covenants have decreased significantly. We now comply with the loan to value rations that we had in the loan agreements prior to receiving the waivers. So I think we are in a unique position to explore very good 2014.

Thanks. That’s a great color. And certainly you guys have been very aggressive on the debt front. So I commend you for that and I appreciate all the color, congratulations again and talk to you soon.

(Operator Instructions). Your next question comes from the line of (inaudible). Please go ahead.

As it relates to your interactions with charters and given the improvement that we have seen in spot rates over the last three or four months, have you started to see an increase in interest or increase and increase from charters, whether asking if you have any available ships for one year charter or three year charter? Also the follow-up, even if you are not looking at the duration at this point, are you at least seeing an increase in enquiry levels or they are not there yet?

Yes, the enquiry levels have increased substantially, most of the charterers would like to secure (inaudible) before the market rises even more. So yes, we have received a lot of enquiries. However, as I said earlier, we are not willing to make -- to book vessels on long-term charters at this moment. We believe that it will be better to operate in on in the spot market or on short-term time charters in order to maximize the earning potential of the fleet, or next year, only about if you see there is a graph on page six or seven if I am not mistaken, which shows that for next year only about 29% of our revenue base have been fixed at very higher rates 16,000 per vessel day and 14,250 as a bareboat charter. The remaining 71% of the available days will be traded in entirely in the spot market or on time charters that are less than six months duration.

Great, thank you very much.

(Operator Instructions). There seems to be no further questions. I would like now to pass the floor back to Mr. Karageorgiou for any closing remarks. Thank you, sir.

Thank you, Operator. I would like to thank everybody for participating in this call. And I am looking forward to talking to you again at the end of February next year when we’ll present the year-end results. Thank you for participating. And bye, bye.

Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you all for participating and you may now disconnect.