Good day and welcome to the Pyxis Tankers' Conference Call to discuss the financial results for the Fourth Quarter 2018 call. As a reminder today's call is being recorded. Additionally a live webcast of today's conference call and then a company 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. Please go ahead sir.

Thank you, Operator. Welcome everyone and thank you for joining our call for the three months and year results ended December 31, 2018. Before starting please let me draw your attention to some important legal notifications on slide 2, that we recommend you read including our presentation today which will include forward-looking statements. Thank you. Turning to slide 3, our results for the fourth quarter 2018 reflected the decline over the comparable period of 2017. In the context of continuing challenging chartering environment especially for spot charter activities. These impacted our revenues and profitability despite ongoing cost discipline. In Q4, 2018 we generated time charter equivalent revenues of 4.4 million about 900,000 decrease over the same period in 2017. We had a net loss of 3.4 million or $0.16 per share for the fourth quarter of 2018 versus a net loss of 1.4 million or $0.08 per share in the same period in the prior year. Note that 2018 results were affected by 100,000 or $0.04 per share vessel impairment charge and higher shares outstanding by 1.94 million. Our adjusted EBITDA for Q4, 2018 was 200,000. In summary, 2018 was a very difficult period. Q1 started off on a positive note but during Q2 [indiscernible] steadily declined. By late summer rates for medium rates tankers MR became extremely weak. During this time we decided not to fix any of our tankers under the pressed time charters and rode out an equally disappointing spot market. However we did see a pick-up in rate starting November by mainly due to seasonal higher demand and fixed three of our MR and shortened time charter at an average daily rate of $13,300. Through the summer of 2019 we expect chartering activity to be choppy. However starting in the fall we expect the market to…

Thanks, Eddie. Let's start with our unaudited results for the three months and year-ended December 31, 2018, on Slide 10. Our time charter equivalent revenues for Q4 2018, which we define as voyage revenues minus voyage related costs and commissions were $4.4 million, a decrease of $900,000 or 17.5% from the same period in 2017, as a result of a difficult fleet target, greater spot charter activity and lower utilization. In Q4, 2018 our daily TCE rate was over $9600 across our fleet of six vessels and utilization of over 84%. Results of the smaller tanker is negatively affected the fleet wide results. Turning to Slide 11, we incurred a net loss of $3.4 million for the three months ended December 31, 2018 or $0.16 basic and diluted loss per share based upon 20.9 million weighted average shares outstanding, compared to a net loss of $1.4 million or $0.08 basic and diluted loss per share based on a lower share count of 19 million for the same period in 2017. Despite good discipline with vessel operating cost G&A expenses during the quarter. Lower net revenue directly impacted at the bottom line, also we took a further non-cash charge of $700,000 or $0.04 per share to write-down the carrying value of our two small tankers into the fair market values. Those results translated to adjusted EBITDA of $200,000 for Q4, 2018. Please turn to slide 12, with reviews our recent fleet data by vessel type. Given the size of our fleet, changes in this metrics relate to a single vessel in one reporting period can have a disproportion effect on the total fleet operating results. Focusing on the most recent quarter ended December 31, 2018 we would like to point out the three key take-aways. The TCE for our four MRs…

Thanks, Henry. We believe that late Q3 2019 will give us a start of a multi-year strong product tanker market leading to improving charter rates, cash flows and asset volumes. Our current mix of time charters and spot exposure should help us manage potentially top environment in the short term and then position us to take advantage of increasing rates. We hope to utilize our cost effective operating platform and deep management experience to take advantage of opportunities to enhance stock holders volume. In confusion we feel comfortable in the long term industry fundamentals and are positioned to capitalize on future events. I thank you for joining our call today and look forward to reporting on further progress at Pyxis Tankers.

Thank you. That does conclude the conference for today. Thank you all for participating and you may now disconnect. End of Q&A: