Good day and welcome to the Pyxis Tankers Conference Call to Discuss the Financial Results for the Three and Nine Months Ended September 30, 2018. As a reminder, today’s call is being recorded. Additionally, a live webcast of today's conference call and an accompanying presentation is available on Pyxis Tankers website which is www.pyxistankers.com. Hosting the call today is Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers; and Henry Williams, Chief Financial Officer. I would like to now introduce the Pyxis Tankers’ Chief Executive Officer, Eddie Valentis.

Thank you, operator. Welcome, everyone, and thank you for joining our call for the three and nine months results ended September 30, 2018. Before starting, please let me draw your attention to some important legal notifications on slide two that we recommend you read, including our presentation today, which will include forward-looking statements. Thank you. Turning to slide three. Overall, our results for the third quarter 2018 were disappointing. In Q3 ’18, we generated time charter equivalent revenues of $2.6 million, a 50% decrease over the same period in 2017. Our adjusted EBITDA was negative $1.5 million, a decline of $2.4 million from the year-ago period. As the third quarter unfolded, our medium range tankers continued to trade into a very difficult spot market. Weaker demand for MRs was caused by temporary market disruptions in the Atlantic basin, led by lower activity in the U.S. Gulf, continued drawdowns of refined product inventories in storage and intrusion of larger ships, including newbuild crude carriers, which transported clean products on their maiden voyages. For the quarter, the TCE for MR averaged $6,524 per day, while our small tankers averaged at $4,603 per day. During this difficult environment, we have continued to focus on our costs. The success of our efforts in Q3 was demonstrated by our total operational costs, which we define as operating expenses, general and administrative costs and management fees per vessel per day that were kept in check. Our eco MRs achieved an average of average of just over $7,900 per day per vessel for the quarter, only up by 1% compared to the year ago period. With respect to our debt agreements, in September 2018, we entered into a new $24 million loan agreement for the purpose of refinancing the outstanding backlog of Eighthone Corp., owner of the…

Thanks, Eddie. Let's start with our unaudited results for the three and nine months ended September 30, 2018, on slide 10. As you can see, our spot market activities dramatically affected our results in the most recent quarter. Our time charter equivalent revenues for Q3 2018, which we define as voyage revenues minus voyage related costs and commissions were $2.6 million, a decrease of approximately 50% from the same period in 2017, primarily a result of a lower charter rates. We achieved daily TCE rates of approximately $6,000 across our fleet of six vessels in Q3 2018, with fleet utilization of 80%. Our fleet-wide TCE for the third quarter of 2018 was approximately 44% lower, compared to the year-ago period, primarily due to lower charter rates for our MRs. Turning to slide 11. We generated a net loss of $4.1 million for the three months ended September 30, 2018, or $0.20 basic and diluted loss per share, based upon 20.9 million weighted average shares outstanding, compared to a net loss of $1.3 million or $0.07 basic and diluted loss per share, based upon a lower share count of 18.3 million shares for the same period in 2017. Those results translated into an adjusted EBITDA of negative $1.5 million for Q3 2018, representing a decrease of about $2.4 million from the same prior period in 2017. More specifically, voyage revenues were $7.4 million for the three months ended September 30, 2018, an increase of $1.1 million at 17.6% over the comparable period in 2017. The increase was primarily related to greater spot charter activity, partially offset by lower time charter equivalents rates as well as a decrease in total operating days. Voyage related costs and commissions of $4.8 million for Q3 2018, represented an increase of $3.7 million or 320% over…

Thanks, Henry. We believe that 2019 will be the start of a sustainable, stronger product tanker market, leading to improving charter rates, cash flows and further asset appreciation. We should be in a good position to benefit from a potential multi-year market recovery. The flow through of higher charter rates over our relatively fixed cost operating platform should lead to enhanced profitability. In conclusion, we feel confident that in the long term industry fundamentals and our position to capitalize on future events. I thank you for joining our call today and look forward to reporting on further progress at Pyxis Tankers. End of Q&A: Ladies and gentlemen, that does conclude today's conference. Thank you for attending. You may now disconnect.