Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the company operates, risks associated with operations outside the United States and other factors listed from time to time in the company’s filings with the Securities and Exchange Commission.The company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with respect to any change in events, conditions or circumstances on which any statement is based. Now we pass the floor to Dr. Barmparis. Please go ahead sir. Loukas Barmparis Good morning, I'm Loukas Barmparis, president of Safe Bulkers. Welcome to our conference call and webcast to discuss the financial results for the second quarter of 2012, which were announced yesterday after the close of the market in New York. Before we present them we will discuss that information in relation to our industry and to our company. Safe Bulkers is a premier dry bulk shipping company, mainly transporting cargo such as coal, grain, iron ore and other dry bulk commodities. In slide four, we present our current fleet and our order book. Currently Safe Bulkers owns 21 high specification vessels comprising of 5 Panamaxes, 4 Kamsarmaxes, 10 Post-Panamaxes and 2 Capes. We have a contracted order book of eight vessels from top quality shipyards in Japan and China comprising of 3 Panamaxes, 2 Kamsarmaxes, 2 Post-Panamaxes and 2 on Capes to be delivered through 2014. We currently own one of the youngest, modern and high-quality fleets in the industry with an average age of 4.2 years as of July 31st, 2012.
In slide 5 we provide a background information for the company. We think our [inaudible] in our long history predecessor since 1958, we have experienced many shipping cycles, management investing in shipping activities show you through Safe Bulkers, cash is fully aligned with our public shareholders. Management has adopted [inaudible] approach resulting in operational excellence. Company’s policies are consistent and well adapted to market conditions.On slide six we present average 40C [ph] Baltic cape and Baltic Panamax index. Capital market was challenging during the first half of 2012, affecting financial performance of main companies and asset values. Middle sized vessels such as Panamax and Kamsarmaxes have been trading relatively better than Cape sized vessels which were traded in the region of 8000. This is mainly due to the wider range of trading areas and transportable cargos of this class. For example Panamaxes have been benefited from the increased trading at [inaudible] during the portion of the past six months due to the seasonal grain activity from South America. However, the unprecedented growth in South America has been a barrier in further growth of grain trading. Overall, presently, Panamax vessels are trading in the region of 7000 lower than the past 12 months average trade which was 11000 and considerably lower than the 10 years average which is about 27,800. On the other hand, certain issues dominating that on our market and temporary easing of construction activity have pushed the Capes market at lower level as well below the historical averages, but in many cases even lower than their operating expenses. At this point, we remind you that all our Capes chartered out, chartered at comfortable levels. Main reason for the current outlook of the market is the excess supply of vessels which is expected to increase in few of the big order book going forward in 2012 and in lesser extent in 2013. Read the rest of this transcript for free on seekingalpha.com