Georgios Karageorgiou - Director, President, CEO and CFO Nikos Kalapotharakos - Financial Controller

Thank you for standing by, ladies and gentlemen, and welcome to the Globus Maritime Conference Call on the Fourth Quarter and Full Year 2014 Financial Results. We have with us Mr. George Karageorgiou, President and Chief Executive Officer; and Nikos Kalapotharakos, Financial Controller of the Company. At this time, all participants are on 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. 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 about Globus’ 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 phrases or the negatives of these words or phrases, 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 now I pass the floor to one of your speakers today, Mr. Karageorgiou. Please go ahead, sir.

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 and 12-months ended December 31, 2014. 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, please note that we have posted a slide presentation for this conference call, which you will be able to download in PDF by clicking on the banner titled fourth quarter earnings conference call, located on the homepage of our Web site. The same presentation can also be accessed from our Investor Relations page under the Webcasts & 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. Before starting with 2014 financial results, I would like to reiterate the last paragraph of my commentary from our yesterday’s press release. Based on our cash flow projections for the year-ending December 31, 2015, cash on hand and projected cash flows from operating activities, would incorporate our most prudent assumptions over the freight-rates for the remaining of the year. These might not be sufficient for us to be in compliance with the minimum liquidity requirement contained in certain of our loan and credit facilities, or to cover scheduled debt payments during 2015. We are currently planning to strengthen our balance sheet, improve our liquidity position through restructuring our loan and credit arrangements and to finance our operations through the sale of equity, including a potential write offering incurring debt or other financing alternatives. Let’s start now on slide number three that will bring you up-to-date with our 2014 financial results. Our net income for the quarter came…

Thank you, George. I will now discuss, in more detail, the financial results of the Company for the year-ended December 31, 2014. I will focus on the Company’s annual performance rather than its performance during the fourth quarter of 2014, because I believe that the annual results are considered to be as more representative. Detailed information on the quarterly and yearly results, of course can also be found in yesterday’s press release. So, let’s turn to slide number seven, which corresponds to the Company’s profit and loss for the periods under discussion. Daily results and the operational highlights can be found at slide number four. While slide number eight, you will find the graphical representation of the Company’s performance for the periods under discussion, compared to the corresponding periods in the prior year. During the year-ended December 31, 2014, our revenue decreased by approximately 10%, reaching 26.4 million versus 29.4 million during the same period last year, mainly due to the decrease in the average time-charter rates achieved by our vessels during the year 2014 compared to the prior year. Our time charter equivalent rate for the year 2014 amounted to $7,969 per vessel per day against $9,961 per vessel per day last year, corresponding to a decrease of 20%. Our time-charter equivalent rate for the year 2014 was also negatively affected by an increase in our voyage expenses. Voyage expenses increased by 1.4 million, and amounted to 4.3 million during the year 2014, against 2.9 million during the year of 2013, approximately 63% of voyage expenses or 2.7 million, constitute the cost of bankers’ consumption during periods that our vessels travelled seeking employment against 1.4 million consumed the prior year. Vessels operating expenses for the year 2014 amounted to 9.7 million or $4,432 per vessel per day versus 10…

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

I would like to thank everybody who participated on this conference call. And I am looking forward to talking to you again in about a month’s time with the results of the Q1 2015. Thank you very much.

Thank you. That does conclude today’s conference call. Thank you all for participating. You may now disconnect.