Thank you for standing by, ladies and gentlemen, and welcome to the Globus Maritime conference call on the Third Quarter and Nine Months 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] I must advise you the conference is being recorded today, Monday 8th December 2014. 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 expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical fact 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 does not 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. And I now pass the floor to one of your speakers 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 September 30, 2014, and the first nine months of the year. I’m 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, [technical difficulty] please note that with Nikos Kalapotharakos, our Financial Controller. For those of you that just joined [technical difficulty] and the two notable trends that we see are first, short-term pessimism [ph] associated with the traditional weakness experienced in the first quarter of every year. And two, the forward rates for 2015, ’16, and ’17, pointing to a steady very low earnings market for a long period. The fall of the BCI’s TC average last week below $8,500 a day had an obvious negative influence on the market decelerating the positive movement of the other dry-bulk segments. Although average freight rates have improved compared to the average levels of Q3, they’re still well below expectations built up before the last quarter. This is clear by now -- it is clear by now that this supporting market will continue into the New Year as well. Under the current freight environment and with rates looking unable to bounce back for a longer period, it seems that investment interest is scaling back currently. In the new building sector, a very strong 2013 in terms of orders and the equally strong beginning of this year as well originally allowed ship builders to become more relaxed as their slots were fully booked for 2015 and the first half of 2016. As the last quarter of 2014 is nearing to its end, the lack of demand for securing new slots and…

Thank you, George. I’d like now to discuss in more detail the financial results of the Company for the third quarter of the year 2014, which should be read in conjunction with the details that appear on our results released on Friday December the 5th. So let's turn to Slide number 11, which corresponds to the Company's profit and loss for the period. Early results and operational highlights can be found at Slide number 4, while at Slide number 12, you will find a graph representing a performance analysis for the quarter and nine months period under discussion compared to the corresponding period last year. During the three months period ended September 30, 2014, our revenue decreased by approximately 17% reaching $6.3 million versus $7.6 million during the same period last year, mainly due to the decrease in the average time charter rates achieved by our vessels during the quarter under discussion compared to the same quarter last year. Our time charter equivalent rate for the third quarter of 2014 amounted to $7,524 per vessel per day against $10,212 per vessel per day during the same period last year corresponding to a decrease of 26%. Voyage expenses increased by $0.2 million and amounted to $0.9 million during the third quarter of 2014 against $0.7 million during the same period in 2014. 67% of voyage expenses, approximately $0.6 million constitute the cost of bunkers consumed during periods that our vessels traveled seeking employment. In 2013, $0.4 million consumed during the same period. Vessels operating expenses for the third quarter of 2014 amounted to $2.4 million or $4,277 per vessel per day versus $2.6 million or $4,774 per vessel per day for the same period last year corresponding to a decrease of 10% or making evident our continued efforts towards operational efficiency.…

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

Thank you very much indeed, sir. We’ll now begin the question-and-answer session. [Operator Instructions] Thank you. And from Wikborg Sons [ph] -- your first question comes from the line of Andreas Wikborg [ph]. Your line is now open, sir.

Yes. Hi, good morning. I was wondering if, from your perspective that 2014 turned out to be as good a year as you expected, and what is your outlook looking forward?

Thank you, Andreas [ph]. Well, unfortunately 2014 has not proven to be as successful as we were expecting, and as I think everybody was expecting in a market. And the reasons are mostly associated with the difference that we had between supply and demand. In the beginning of the year we were expecting that supply and demand would be balanced to around 4%, 4.5% each. Unfortunately when -- as the year progressed, we believe that the trade growth is expected to be around 4%, where fleet growth is going to reach around 5%. So we do have a mix-match between supply and demand. On the demand side, although we had significant increases into the iron ore trade volumes. As I said previously of approximately [technical difficulty] later and cheaper date. So these are, I think the five, six reasons why -- that might explain why 2014 did not turn out to be as prosperous as everybody was expecting in the beginning of the year. Now regarding 2015, we have -- the anticipation is that, supply and demand will be more or less even. However we still had to absorb the other capacity that resulted from double-digit increases in all fleet sizes, in all segments of the fleet during 2011, 2013. So, we still have a lot of supply I think to absorb. However, there are a few developments like the substitution of domestic iron ore mining in China and coal mining with exports due to the price differential that exist between domestic prices and imports, which might help us with a better market. Further more, as a lot of new capacity will be coming from Brazil on the iron ore trade next year; that might increase further the ton mile demand for the Capsizes which might have a positive effect also in the smaller sizes. So, all in all, I’m not very pessimistic about next year. This is the fourth year that we are in a market which has not produced the results that everybody was expecting. And eventually I think supply and demand will reach a balance and that will allow for better days to come. I hope that we will see these better days in 2016. Hello?

Yes, sir.

Do we have any other questions?

We do indeed, and that comes from Wunderlich from the line of Nicholas Bender. Your line is now open, sir.

Good morning, gentlemen. I hope you’re doing well. A quick question, sort of following up towards on your commentary about, really the importation of iron ore and that replacing domestic production in China. Do you feel as though, given sort of broader weakness in the commodity complex that were sort of newer term potentially going to put in a bit of a floor on iron ore prices just given the potential for Chinese imports to increase or do you have some sense that there is still some additional downside anticipated. I realize, I’m sort of asking you what your thoughts are on iron ore prices, but that is I guess the crux of the question?

I can only tell you Nick, what the big mining companies claim and both Vale and BHP believe that the price of the iron ore has corrected too far -- has decreased too far too soon. So, my guess is that we should be seeing a gradual increase in the iron ore prices starting in 2015, and this is what Vale and BHP are expecting.

Right, right. Understood. Another question for -- tangentially related to the broader commodity discussion. Obviously you included that graph of bunker prices in the presentation. Do you have any sense at this point that lower bunker prices potentially changes market dynamics in 2015 or are we still at the point that rates are simply too low near-term to really change any of the slow steaming type of behavior that’s become such a common place thing in the industry over the past couple of years?

As you know Nicholas, high bunker prices usually eat up -- eat away capacity -- supply capacity, because they force the charters to operate the vessels at lower speeds.

Right.

In the last three months, we witnessed a very drastic reduction in the prices of bunker fuel. However time charter rates today are at such -- such as low level where I do not see -- we have not experienced yet in our business any requests that will increase the traveling speed of the vessels. So unless we see rates being solidly or being, are gaining double digits, exceeding $11,000, $12,000 a day, I do not foresee that the benefits that they will acquire by them speeding up will be enough to counter balance the savings that they’re having today from a reduced bunker cost.

Right. Yes, that math certainly makes sense. Okay, last one for me. You mentioned some potential opportunity in the secondhand market. Can you refresh us on where you stand with your flexibility to potentially address an opportunity that you see, to see a cash on hand and a little bit of capacity you still have on the credit facility et cetera?

We do not have a lot of cash. We have approximately around $3 million of cash in our bank account at the moment. And whether we do have, as you know a credit facility from our shareholder that we can tuck it into which is an additional $4 million. This might not be enough in order to take advantage of any significant new opportunities that might arise. But we believe that we are approaching a very low state of prices that eventually would present the industry with other opportunities. In order for us to take advantage of these opportunities, we will need to reexamine whether we will -- whether we’ll have enough cash in our balance sheet or we need to do some capital increases. This is a discussion that the Board is continuously making and should we decide to do something like that, we’ll let you know immediately.

Understood. Thanks guys. I appreciate it.

Thank you very much indeed. [Operator Instructions] There appear to be no further questions at this time, so I shall pass the floor back for closing remarks.

Well, I would like to thank everyone for participating in this call, and I’m looking forward to talking to you again in three months time with the year end results for Globus Maritime. Thank you very much. Thank you, operator.

Thank you very much, sir. With many thanks to both our speakers today, that does conclude our conference. Thank you all for participating. You may now disconnect.