Thank you for standing by, ladies and gentlemen, and welcome to the Globus Maritime conference call on the First Quarter and Half Year 2014 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). Please be advised, this conference is being recorded today, on Thursday, September 11, 2014. This communication contains forward-looking statements as defined under U.S. Federal Security 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, believe, continue, estimate, expect, intend, may, ongoing, plan, potential, predict, project, will or similar words or phases or the negatives of these words or phases, may identify forward-looking statements, but the absence of these words don't necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and 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 describes in the reports it will file from time to time with the Securities and Exchange Commission after the date of this communication. I will now pass the floor to your speaker today, Mr. Karageorgiou. Please go ahead, sir.

Thank you, operator. Welcome to our conference call, and thank you for joining us today to discuss Globus' operating and financial results for the three months ended June 30, 2014, and the first half of 2014. 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 the PDF by clicking on the banner titled, Second Quarter Earnings Conference Call, located on 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 two, 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 four that highlights our performance. Our net loss for the quarter came to approximately $1.2 million. This number includes a $1.7 million impairment charge that we had to take on the value of the vessel Tiara Globe that is held for sale in our books and as such, we have to mark it against its marketed value every quarter until its sale. If it wasn't for the Tiara Globe impairment charge, our net income for the quarter would have been $473,000. Our gross revenue was approximately $7.2 million, while our net revenue was $6.1 million. Our EBITDA was approximately $2.7 million and our average TCE rate was $9,189 per day per vessel while our operating expenses came at $5,000 per day per vessel. Our fleet utilization rate reached 100% as we did not suffer from any unplanned stoppages. Looking at the first half numbers. We closed the half…

Thank you, George. I would like now to discuss in more detail the financial results of the company for the second quarter of the year 2014, which should be read in conjunction with the details that appear on pages seven, eight, nine of yesterday's press release. So let's turn to slide number 10 which corresponds to the company's statement of comprehensive income for the period. Early results and operational highlights mentioned can be found at slide number four, while at slide number 11, you will find a graph representing a variance analysis with respect to the second quarter of 2014 compared to the same period last year. During the three month period ended June 30, 2014, our revenue increased by approximately 6% reaching $7.2 million versus $6.8 million during the same period last year, mainly due to a 4% increase in our operating days from 593 days during the second quarter of 2013 to 619 days during the quarter under discussion. Voyage expenses increased by $0.1 million to $1.1 million during the second quarter of 2014 from $1 million during the respective period last year. It should be noted that during both quarters, voyage expenses included approximately $0.7 million [affiliated] [ph] to the cost of bunkers consumed during periods that our vessels were traveling seeking employment. Consequently our time charter equivalent rates during the second quarter of 2014 reached $9,189 per vessel per day versus $8,838 per vessel per day during the respective period last year corresponding to an increase of 4%, in line with the increase in our revenue as already discussed. Vessel operating expenses for the second quarter of 2014 amounted to $2.7 million or $5,002 per vessel per day versus $2.6 million or $4,791 per vessel per day for the same period last year corresponding to an…

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

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

Good morning, George. Good morning, Nikos. How are you?

Hello, Nicholas. How are you?

Very well. Thank you. You guys once again alluded to the fact that hopefully this little bit of strength we see in the market in recent weeks gives you the option of perhaps locking in some medium term type charters potentially as we move into the fourth quarter. Can you give a little more color on that just in terms of both the length of charter you are looking for and how much confidence do you have that charter rates will get to your targeted level, let's say, before the end of the year? Just given that obviously there is a lot of pretty robust optimism about the fourth quarter but certainly still concerned about the beginning of 2015 to some extent.

Correct. This is why, as we said earlier, we are looking for some hedging. This is why we are anticipating that within the next three, four months, we will obtain the opportunity - the market will give us the opportunity to fix a few of our vessels, two or maybe three, out of the seven, in medium term charters. When I am talking about medium term, I am talking about charters that extend 12 to 14 months. We believe that the market will give us the opportunity closer to October or perhaps November, when seasonally it's the strongest part of the BDI in order to help us and secure rates that are above $10,000 a day for at least two or maybe three of our vessels.

Okay. That's very helpful. And then, certainly you guys have done a good job but just systematically sort of reducing leverage, where the market is today, do you give any thought to additional fleet expansion or perhaps, I know we have talked in the past about potentially selling the Tiara Globe at some point, obviously it’s held for sale on the books and moving into a newer vessel, a different vessel, a newbuild or an attractive secondhand vessel. Can you just talk about if there is any plans with the fleet outside of the current seven vessels?

You are absolutely correct. As you know, we intend to sell the Tiara Globe. It is held for sale in our books and we are seeking a buyer. And we plan to replenish it -- replace it, sorry, with some modern units. We are also looking at the Ultramax resale market and we have already engaged into some discussions about the possibility of doing or expanding in that sector within the next six months. So we are looking at Ultramax resales, eco build vessels and that will happen immediately after we sell the Tiara Globe, hopefully between now and the year-end.

Okay. All right. Thank you very much. I appreciate it.

Thank you, Nicholas.

(Operator Instructions). We seem to have no further questions coming through gentlemen. I would now like to pass the floor back to sirs for any closing remarks. Thank you.

Well, I would like to thank anyone who participated in this call, and I am looking forward to speaking to you in about three months time when we will report the third quarter financial results. Thank you very much.

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