Thank you for standing by ladies and gentlemen. And welcome to the United Maritime Corporation Conference Call on the First Quarter Ended March 31, 2023. Financial Results. We have with us Mr. Stamatios Tsantanis, Chairman and CEO and Mr. Stavros Gyftakis, Chief Financial Officer of United Maritime Corporation. At this time all participants are in a listen-only mode. There will be question-and-answer session. [Operator Instructions] Please be advised that this conference call is being recorded today Thursday, May 18, 2023. The Archived webcast of the conference call will soon be made available on the United Maritime website, www.unitedmaritime.ger. Many of the remarks today contain forward-looking statement based on current expectations. Actual results may differ materially from the results projected from those forward-looking statement. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statement is contained in the first quarter-ended March 31, 2023 earnings release, which is available on the United Maritime website again, www.unitedmaritime.gr. I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamatios Tsantanis. Please go ahead.

Good morning or good afternoon. I'd like to welcome everyone to United Martime's earnings conference call, where we're going to discuss our financial performance for the first quarter of 2023 as well as our main corporate and commercial developments. As a general reminder, United Maritime was established less than a year ago, with a main focus to take advantage of market opportunities in the mainstream shipping sectors. We've been very successful in our actions delivering $37 million in profits in 2022 in less than six months of operations. Following the highly profitable sale of three of our tankers by the end of last year, our average fleet size in Q1, 2023 was reduced to less than three ships, including our remaining tanker vessel, which underwent its special survey drydock for most of the first quarter. During this transitional period for our company, our average daily time charter equivalent rate was $10,300. We generated net revenues of $2.8 million and adjusted EBITDA of minus $1.5 million and adjusted net loss of $3.7 million. However, since the beginning of the current quarter, our tanker has resumed its time charter of $40,000 a day, while capesize rates have recovered sharply since March. Despite the temporary weak performance, we are declaring another dividend for the first quarter in continuation of our exceptional shareholder returns since our inception. This will bring the total cash dividends that have been declared in the last six months to $1.15 per share, which represents a cash yield of about 40%, compared to the recent closing price of our stock. The total cash dividends amounts so far to $8.7 million, which combined with the 6 million of buybacks of common shares, aggregate to $14.7 million in several other rewards, or 62% of our market cap as of May 16 2023.…

Thank you, Stamatios.And welcome everyone to earnings call. Let us start by reviewing the main highlights of our financial statements for the first quarter of 2023. Net Revenue for the quarter was equal to $2.8 million, while we recorded a negative adjusted EBITDA of $1.5 million and an adjusted net loss of $3.7 million. These figures reflect our decreased TCE for the quarter, which stood at $10,300. The key causes behind this, as Stamatios mentioned earlier, was a significant softening of the capesize market, which averaged at around $9,000 during the quarter, and the drydock survey of our only timeshare the Epanastasea which kept stay out of service for approximately 50 days of the quarter. Based on the recent improvements with dry bulk market, the Epanastasea resume service and the full integration of our new vessels we anticipated returning to profitability in the next quarter. With regards to our balance sheet, we ended the first quarter of 2023 with $20 million of cash and cash equivalent and $69.5 million in senior debt and liabilities. The reduction in our cost came mainly as a result of our fleet growth strategy through acquisitions which have already proven to be accretive and will allow us to retain our shareholder rewarding initiatives going forward. Most importantly, our growth has today been funded without resorting to diluted equity raisings. As of March 31, 2023, shareholders' equity was $62 million, while the book value per fleet stood at $117 million, including the advanced pay for the acquisition of the Cretansea, which was delivered in second quarter. On the debt fund, we have retained leverage in modest levels this quarter, despite the significant growth of our fleet, with loan to value at the end of the quarter standing at 50%. This ratio includes our liabilities under the…

Thanks, Stavros. After successful turnover of our initial fleet that has generated tremendous returns to our shareholders, we have now grown our fleet without diluting our shareholders. We have an optimum position to take advantage of another rising market cycle deriving from a strong demand for raw materials over the historically low investment in new vessels. Closing this call, I would like to say once again, that United Maritime will continue to be a unique value play in the public sector space, aiming high and immediate shareholder returns through well-timed transactions. From here, I would like to turn the call over to the operator and Stavros and I will be available to answer any questions you may have. So operator, please take the call.

Thank you, operator. Once again, I would like to thank everyone for participating in our call. And looking forward to providing some additional updates and news in the next few weeks. So thanks very much. Everyone, have a great day. Thank you.

And this concludes today's conference call. Thank you for participating. You may now disconnect. Speakers please standby.