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Welcome to the Star Bulk Conference Call on the First Quarter 2012 Financial Results. We have today Mr. Spyros Capralos, President and Chief Executive Officer; and Mr. Simos Spyrou, Chief Financial Officer of the company.
At this time all participants are in 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 on Thursday, May 31, 2012.
We now pass the floor to one of our speaker today Mr. Spyros Capralos. Please go ahead sir.
Thank you, operator and good morning everybody. I’m Spyros Capralos, President and Chief Executive Officer of Star Bulk Carriers, and I’d like to welcome you to the Star Bulk Carriers’ first quarter 2012 financial results conference call. Along with me today to discuss our financial results is our CFO, Mr. Simos Spyrou.
Before we begin I kindly ask you to take a moment to read the Safe Harbor statement from Slide number two of our presentation. While you read it I’d like to personally address some of the most frequent questions we have been receiving from various investors.
First of all, it is true that this year unlike most of the previous year’s our first quarter results came out a little later than usual. The main reason behind this is the fact that as of the beginning of the year, we have appointed new auditors. In view of this, we decided it would be better to allow enough time for our new auditors namely Ernst & Young to complete all auditing procedures. Our cooperation with our previous auditors was exceptional and our relationship remained excellent, however, we believe that the company should reach auditors every five years in order to ensure better corporate governance and increase balance sheet towards its shareholders.