Such forward-looking statements are based on assumptions, expectations, projections, and beliefs as to future events that may not prove to be accurate. For a description for the risks, uncertainties, and other factors that may cause future results to differ materially from what the forward-looking statements, please refer to the company’s filings with the Securities and Exchange Commission.And with that, let me turn the call over to Mr. Simeon Palios, Chairman and Chief Executive of Diana Shipping. Simeon Palios Thanks, Ed. Good morning and thank you for joining us. Diana Shipping followed a consistent strategic course in 2011 as we have seen the inception of the company. We have navigated prevalent economic and market conditions by chartering our vessels in a balance and conservative manner while delivering a stable, reliable revenue stream and maintaining a sound balance sheet. In addition, we have included a forward-looking in deploying our strong disposition to acquire our vessels at attractive vibrations in the strategy, design to position the company for the next industry cycle. Turning to some highlights of the year, we increased the size of the fleet by adding two Panamaxes vessels. The Arethusa agreed to purchase in May 2011 and the Leto acquire in November 2011. The fleet now stands at 2076 including the two Panamaxes vessels. We count in it. They delivered in February this year in Philadelphia, which is scheduled to be delivered early in the second quarter of 2012. As we go forward, we will continue our program of selectively and gradually adding to our fleet as market conditions permit us to acquire vessels at attractive prices. We’ll continue to manage the fleet in a responsible manner that promotes that promotes a balance of time charter maturities and produces a predictable revenue stream. Currently, our fixed revenue days are 89% for 2012. The majority of our advances are charter for periods ranging from 2013 to 2015 and beyond. We’ll continue to enjoy excellence in the relationships with many of the industry’s strongest and most respected charter.
We have maintained one of the strongest balance sheets in our industry. Our cash position at December 31st, 2011 was approximately $417 million or about $71 million less than a year in 2010.We continue to operate with a very manageable degree of leverage, long-term debt including current position was $373.3 million compare to stockholder equity of $1.2 billion The company also has good access to credit facilities as demonstrated by our recent cool down under our existing facility with the export/import Bank of China, which was used to partially finance the cost of the newly built Los Angeles. Now, let me review some of the key aspects of our results for fourth quarter and full-year 2011. Net income to Diana Shipping Inc. was $20.2 million for the fourth quarter of 2011 and it reached $107.5 million for the whole year. Time-charter revenues total of $57.4 million for the fourth quarter of 2011and $255.7 for the whole year. Time-charter average $25,714 for the 2011 fourth quarter compare with $31,602 in the fourth quarter of 2010. Looking ahead, we believe that the global economy will remain challenging for the foreseeable future and a time-charter range will be under pressure for the (inaudible) tons capacity. In this environment, we will continue to apply our consistent, prudent strategies to maintain predictable revenues and profitable operations. We will continue to invest opportunistically in the growth of our fleet to enhance our long-term revenue generation capacity. And we will use our focused balance sheet to provide stability in a volatile market and to support our growth strategy. With that, I will now turn the call over to our president, Anastasios Margaronis for a perspective in the industry conditions. We will then be called by our Chief Financial Officer, Andreas Michalopoulos who will provide a financial overview. Read the rest of this transcript for free on seekingalpha.com