Good morning. My name is Crystal and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions First Quarter 2016 Earnings Teleconference. Our host for today’s call are Mr. Ed Coll, Chairman and Chief Executive Officer; Mr. Anthony Laura, Chief Financial Officer; and Mr. Josh Clarkson of Prosek Partners. Today’s call is being recorded and will be available for replay beginning at 11:00 AM Eastern Time. The recording can be accessed by dialing 1800-585-8367 domestic or 404-537-3406 international and referencing ID number 5418729. All lines are currently muted and after the prepared remarks there will be a live question-and-answer session. [Operator Instructions] It is now my pleasure to turn the floor over to Mr. Josh Clarkson.

Thank you for joining us for this morning’s first quarter 2016 earnings conference call for Pangaea Logistics Solutions. With us today from the company are Chairman and CEO, Mr. Ed Coll and Chief Financial Officer, Mr. Tony Laura. Before I turn the call over to Ed, I’d like to read the Safe Harbor statements. This conference could contain forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995 about Pangaea Logistics Solutions. Forward-looking statements are statements that are not historical facts; such forward-looking statements are based upon the current beliefs and expectations of Pangaea Logistics Solutions management and are subject to risks and uncertainties which could cause the actual results to differ from the forward-looking statements. Such risks are more fully discussed in Pangaea Logistics Solutions filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Pangaea Logistics Solutions does not assume any obligations to update the information contained in this conference call. Thank you. Also, please recall that this quarter a supplemental slide presentation that will accompany this call, those slides can be found attached to the 8-K that was filed with last evening’s release which is available on the investors section of www.pangaeals.com under company filings or on the SEC’s website at sec.gov. Now I would like to turn the call over to Pangaea Logistic Solutions’ Chairman and CEO, Mr. Ed Coll. Ed?

Thanks, Josh, and good morning to all of you and thank you for joining us on the call. This morning I will provide an update on our operations and the market at large before turning the call over to Tony, our CFO, to provide a more detailed overview of the first quarter financials, we’ll then open up the line for questions. In the press release issued last evening, and as you can see on slides three and four of the company presentation, we were very pleased to report net income of $1.2 million or $0.03 per share on a pro forma adjusted basis and revenue of $43.9 million for the first quarter compared to net income of $7.2 million or $0.22 a share on a pro forma adjusted basis and revenue of $95.1 million for the first quarter of 2015. We are pleased with our unique asset right strategy focused on servicing profitable voyages tied to contracts of affreightment or COAs with a mix of owned and chartered in vessels allows us to minimize the impact of low rates and generated a profit during the quarter. We deliver these results a mixed historically difficult operating environment that so many of our competitors are fretting at a loss. While our revenues and net income declined year-over-year, this was a function of our broader strategy to minimize our exposure to historically low market by reducing our overall shipping days and focusing on profitable business. Specifically in a weak market such as the current one, we hired vessels only if necessary to perform voyages under contract, and we therefore do not have excess ship days on which to earn revenue. While this element of our strategy naturally results in lower revenue, it more importantly allows us to support our operating margin, remain profitable,…

Thank you, Ed. Turning now to our financials for the first quarter which began on Slide 7 of the presentation. As you can see, revenue for the first quarter was $43.9 million compared to $95.1 million in the first quarter of 2015. This decline was a result of the number of total shipping days decreasing 30% to 2,862 in the three months ended March 31, 2016 compared to 4,064 for the same period in 2015. Further breakdown of our revenue shows that voyage revenue which is derived from our COA and other cargo business decreased by 54% to $42 million compared to $90.6 million for same period in 2015. Meanwhile, charter revenue which is tied to market rates decreased to $2 million from $4.5 million or 57% for three months ended March 31, 2016 compared to first quarter of 2015. The quarter also saw us improve our gross margin to 23% from 18% from the prior period, an increase of 27%. The increase in our operating margin in turn was driven by lower costs for chartered-in vessels from a weak dry bulk shipping market, optimization of vessel days to minimize positioning cost and risk of losses in a weak market, decreased bunker cost and performing under fixed price COAs at average rates that are higher than the current market. To break those expense reductions down a bit further, voyage expenses for the quarter were $18.5 million compared to $45.3 million for the comparable period in 2015, a decrease of approximately 59%. The decrease in voyage expenses was primarily due to lower bunker cost, the decline in voyage days, and a reduction in cargo relet expense. Charter hire expenses for the quarter were $8.5 million compared to $24.7 million for same period in 2015. The 66% decrease in charter expenses was…

Thank you, Tony. In 2016 and beyond, we’ll continue to focus on the strategy that served us well to-date, operating the best-in-class efficiency, mitigating the risk of a low rate environment, controlling cost, selective expanding and adding to our COAs, strategically servicing our specialized markets, and most importantly maximizing utilization for backhaul. As you can see in our first quarter results, steadfast adherence to these simple principles should enable future sustainable growth for our company and by extension shareholder value. With that we’ll open up the call to your questions.

All right, then I guess we can wrap this up.

Well, thank you all for taking the time to join us this morning and everyone have a good day. Thank you.

Thank you.

This concludes today’s conference call. You may now disconnect.