Thank you for standing by, ladies and gentlemen. We'e to the Star Bulk Conference Call on the Fourth Quarter 2013 Financial Results. We have with us Mr. Spyros Capralos, President and Chief Executive Officer and Mr. Simos Spyrou, Chief Financial Officer of the'pany. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. Operator Instructions I must advise you the conference is being recorded today, Wednesday, March 05, 2014.We now pass the floor to one of your speakers today, Mr. Spyros Capralos. Please go ahead, sir.
Spyros Capralos - President, Chief Executive Officer, Director
Thank you, Operator. I'm Spyros Capralos, President and Chief Executive Officer of Star Bulk Carriers, and I would like to we'e you to the Star Bulk Carriers' fourth quarter and 12 months 2013 financial results conference call. Along with me today to discuss our financial results is our CFO, Mr. Simos Spyrou.Before we begin, I kindly ask you to take a moment to read the Safe Harbor statement on slide number two of our presentation. Since I know that you read very fast, now go to the downward slide number two. I would like to summarize our recent strategic initiatives as presented on slide number four.First of all, we have designed and executed an aggressive fleet expansion and renewal strategy with 11 fuel efficient newbuildings from top-class yards as well as opportunistic acquisitions of premium second-hand tonnage, at what is essentially the bottom of the drybulk shipping cycle.
We secured'pelling delivery slots in 2015 and early 2016 now worth $60 million $65 million above the contract price. We have adopted the flexible'mercial strategy so as to maintain long-term spot market exposure taking full advantage of a market recovery as well as the savings from our fuel efficient new buildings.We have diversified the'position of our fleet by weighing more on larger vessels, which will benefit mostly from our broad market recovery due to the economies of scale they offer of a per ton basis and the increase in long-haul shipments.