Thank you for standing by ladies and gentlemen, and welcome to Safe Bulkers conference call to discuss financial results for the second quarter 2012. Today we have with us from Safe Bulkers Chairman and Chief Executive Officer Polys Hajioannou, President Loukas Barmparis and Chief Financial Officer Konstantinos Adamopoulos. [Operator Instructions] Following this conference call if you need any further information on the conference call or on the presentation please contact Mafio Avanante at Capital, Inc. at 212-661-7566. I must advise you that this conference is being recorded today, Tuesday, August 7, 2012. Before we begin please note that this presentation contains forward-looking statements as defined in Section 27-A of the Securities Act of 1933 as a mandate, and Section 21E of the Securities Exchange Act of 1934 as a mandate. Concerning future events the company’s growth strategy and measures to implement that strategy including expected vessel acquisitions and entering into further time charters. Words such as expect, intend, plans, beliefs, anticipates, hopes, estimates and variations of such words and similar expressions are intended to identify forward-looking statements. Although the company believes the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties, and contingencies, many of which are beyond the control of the company.
In trading on Friday, shares of Safe Bulkers Inc's 8.00% Series B Cumulative Redeemable Perpetual were yielding above the 8% mark based on its quarterly dividend (annualized to $2.00), with shares changing hands as low as $22.74 on the day. This compares to an average yield of 8.02% in the "Transportation" preferred stock category, according to Preferred Stock Channel.