Stavros Gyftakis: No, this is a — hi Tate. As you very correctly pointed out, these are fees and income from United. So, basically, as you may recall, United is managing the operations of Seanergy, so Seanergy is getting an administrative fee out of United. And at the same time, the dry bulk vessels of United are being managed by Seanergy’s in-house dry bulk management company. Lastly, Seanergy is also earning fees on the earnings of United ships and on the sale and purchase activity of United. This should be seen in conjunction with a small increase that we had in our G&A. The income from United is there to set of the increase, which has incurred as a result of Seanergy basically managing United’s operations.
Tate Sullivan: Thank you very much.
Stamatis Tsantanis: Thank you, Tate.
Operator: Thank you for your question. We are now taking the next question. Please standby. The next question comes from J Mintzmyer. Please go ahead. Your line is open.
J Mintzmyer: Hi, good afternoon gentlemen. Thanks for taking my question.
Stamatis Tsantanis: Hello, J. Nice to hear from you.
J Mintzmyer: Yeah. The first question I had, I’m looking at your results, and it’s been 2.5 months in the year, you had the convertible repurchase, you had two ships that you sold. I’m wondering if you have a pro forma figure for liquidity, how much cash liquidity you have right now?
Stamatis Tsantanis: Right now, we are — if I recall well, in the mid-20s, $20 million. But please have in mind that we have a certain refinancings lined up now, which are to the benefit, of course, of the overall capital structure. So this figure is going to change depending on what’s going to be the final agreement on that. But that’s a good region. I mean, anywhere between, let’s say, $25 million and $30-plus million, if I remember well.
J Mintzmyer: Thank you. Yeah, I was wondering on the convertible repurchase. I thought that was very accretive, good job on that, but you left about $3 million of those outstanding. What was the thought process behind that? And is there a potential to wrap-up the rest of those?
Stamatis Tsantanis: Yeah. So there was absolutely no reason. It was just the way we wanted to get on with the housekeeping effect of whatever that was on the basis of the agreement. And we expect that to close completely, hopefully, within the first half of the year. So in the next few months, we will most likely extinguish the whole thing.
J Mintzmyer: Sounds good. Looking forward to that one. I know last time we talked a little bit back in January, the goal was to maintain a fixed dividend level, which, of course, would have been $0.25 a share. I see you cut the dividend by 90% today. Can you talk a little bit about the — what changed your mind there in February and March? Is it just the week rates, or is there something else going on?
