Our remarks today will be followed by a question-and-answer session. For those of you who want to follow our slide presentation, please go to the TBS Web site, which again is www.tbsship.com and click on the webcast link.Note that the slides are user controlled. For those of you who want to follow the webcast please click on the arrow at the bottom of the webcast screen to make the slides turn. Also, please note that the webcast will be archived on our Web site. Now I would like you to please turn to slide #one. This slide refers to forward looking statements. During the course of this conference call, we may make forward-looking statements. Such statements are just predictions and involve risks and uncertainties such that actual results may differ materially. I would like to refer you to our filings with the Securities and Exchange Commission, in particular our quarterly reports on Form 10-Q and our annual reports on Form 10-K. These documents contain and identify important factors that could cause the actual results to differ materially from those expressed in these forward-looking statements. With that, I’d like to introduce Joseph Royce, our Chairman, CEO and President. Joseph Royce Thank you, Fred. Good morning everybody and welcome to TBS International’s conference call for the results of the third quarter and nine months ended September 30, 2010. I’d like to begin with our presentation with slide #two, TBS Today. The TBS results for the third quarter 2010 reflect the continuing downward pressure on dry cargo freight rates that began in May, as evidenced by the Baltic Dry Indices, particularly the Indices for handysize and handymax vessels. This regression has impacted the TBS fleet, especially our bulk carriers and the trend is continuing in quarter four 2010. Our focus remains on sustaining cargo volumes and increasing market shares, despite the downturn in the market. Our business plan is to capitalize on the alliances TBS built during the past year and continue to employ our Five Star Service, which will sustain viable growth for the future, while retaining our competitive advantage.
We have an operational fleet of 49 vessels, consisting of 27 tweendeckers and 22 handymax/handysize bulk carriers, with an aggregate of 1.48 million total deadweight.We were on track with our goal to modernize and expand our fleet through our new building program of six multipurpose tweendeck vessels, of which we have taken delivery of three so far. We anticipate the delivery of remaining three vessels in 2011. Now I’d like to turn the floor over to Fred Lepere, our Senior Executive Vice President and Chief Financial Officer. Fred Lepere Thank you, Joe. We should now all be on slide #three. This slide summarizes our third quarter 2010 operating and financial highlights. For the third quarter ending September 30, 2010, total revenues were $99.8 million, an increase of 34% over the same period in 2009. Voyage revenues for the three months ended September 30, 2010, were $75.2 million, an increase of 31% from $57.2 million during the same period in 2009. Time charter revenues for the third quarter 2010, increased by $6.7 million to $22.7 million from $16 million for the three months ended September 30, 2009. Our net loss for the third quarter 2010, was $10.4 million after non-controlling interest, an improvement of 43% as compared to a net loss of $18.1 million during the same period last year. Earnings per share on a basic and diluted basis for the third quarter 2010, was a loss of $0.34 per share as compared to a loss of $0.61 per share for the third quarter of last year. EBITDA, which is a non-GAAP measure, was $21.9 million for the third quarter of 2010, an increase of $11.4 million over the same period in 2009. A reconciliation of EBITDA is provided in the appendix of this presentation. During the third quarter, we drydocked five vessels for 155 drydocking days, as compared to the 191 drydocking days in the third quarter of 2009. Read the rest of this transcript for free on seekingalpha.com