Diana Shipping inc.

and welcome to the Diana Shipping second quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ed Nebb, Investor Relations for Diana Shipping. Thank you. You may begin.

Thank you, Jesse, and thanks to all of you for joining us for the Diana Shipping, Inc. 2020 Second Quarter Conference Call. The members of the company's management team who are with us today are Mr. Simon Palios, Chairman and Chief Executive Officer, Ms. Sammy Ramis Palio, Deputy Chief Executive Officer and Chief Operating Officer, Mr. Anastasios Margaronis, President, Mr. Yanis Zafirakis, Interim Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary, and Ms. Maria Dede, Chief Accounting Officer. Before management begins their remarks, let me briefly remind you of the Safe Harbor Notice. Certain statements made during this conference call, which are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act, and such forward-looking statements are based on assumptions, expectations, intentions, and beliefs as to future events that may not prove to be accurate. For a description of the risks, uncertainties, and other factors that may cause future results to differ from the forward-looking statements, please refer to the company's filings with the SEC. And now it is my pleasure to turn the call over to Mr. Simon Palios, Chairman and Chief Executive Officer.

Thank you, Ed. Good morning and thank you for joining us today to discuss the results of Diana Shipping Inc. for the second quarter of 2020. I am pleased to be addressing you today and I am happy to report that I feel very well. I especially want to thank all of you who expressed your best wishes for my recovery from the coronavirus. The company has continued to steer a steady course through challenging market conditions and the uncertainty of the pandemic. To summarize the 2020 second quarter, Diana Shipping Inc. reported a net loss of 10.8 million U.S. dollars, and a net loss attributed to common stockholders of $2.2 million for the second quarter of 2020, including a $2.6 million impairment loss. This compares to a net loss of $1.2 million and net loss attributed to common stockholders of $2.7 million in the second quarter of 2019. Time charter revenues were $41 million for the second quarter of 2020, compared with $55 million for the same period of 2019. The balance sheet remains strong with cash and cash equivalents and restricted cash totaling $101.7 million at June 30, 2020. In recent months, we took advantage of financial market conditions to restructure several credit facilities. Earlier this month, we repurchased an aggregate amount equal to $8 million of the outstanding senior unsecured bonds. In June, we signed a supplemental agreement with PNP Paribas to extend by 2.5 years the maturity and existing secure loan facility until May 2024. In May, we signed a term loan facility with ABN Amro Bank for 52.885 million US dollars This enables us to continue two existing loans with the lender into one facility, maturing in June 2024. Also in May, we refinanced a loan facility with Nordea Bank for $55,848,000. In this process, we extended the loan facility until March 2022, with an option to extend the repayment by two more years until March 2024. Finally, continuing our activity fleet management, we agreed to sell the 2007-built vessel Arethusa to an unaffiliated third party with delivery to the buyers dated by August 31, 2020, for a sale price of $7.85 million before commission. As we move forward through uncharted waters, we will continue the prudent management of our financial position and our fleet, and we'll maintain our focus on delivering value to our shareholders. With that, I will now turn the call over to our President, Stacey Margaronis, For a perspective on industry conditions, we will then be followed by our interim chief financial officer, chief strategy officer, treasurer and secretary, Yann Zafirakis, who will provide a more detailed financial overview. Thank you.