Good day and welcome to the Pyxis Tankers' Conference Call to discuss the financial results for the First Quarter 2019. 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, that's P-Y-X-I-S-T-A-N-K-E-R-S.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 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 results ended March 31, 2019. 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 first quarter 2019 reflected an improvement from an operating perspective over the comparable period of 2018 and more importantly, over the very difficult chartering environment of last fall. In Q1 2019, we generated time charter equivalent revenues of $4.8 million over 5% higher than the same period in 2018. We had a net loss of $2.3 million or $0.11 per share for the first quarter of 2019 versus a net income of $600,000 or $0.03 per share in the same period in the prior year. Note that 2018 period was affected by two major items, a $4.3 million gain from early debt extinguishment and a $1.5 million non-cash vessel impairment charge related to a small tankers. Our adjusted EBITDA for Q1 2019 increased by $400,000 to $500,000. As previously mentioned, charter rates for the product tanker sector were extremely weak last fall. However, our operating results for the first quarter 2019 reflected the stability and contribution from the certain time charters we entered into during Q4 2019 for our medium range product tankers as well as continued cost discipline. The average daily time charter equivalent for our MRs was approximately $12,700 per day during Q1. Through the summer of 2019, we expect chartering activity to be choppy. All of our MRs continue to be employed under time charters of varying durations. Starting this fall, we expect the market to improve significantly beyond the historical seasonal upswing for the fourth…

Thanks, Eddie. Let's start with our unaudit results for the three months ended March 31, 2019 on Slide 10. Our time charter equivalent revenues for Q1 2019, which we define as revenues net minus voyage related costs and commissions were $4.8 million, an increase of 5.3% from the same period in 2018, primarily a result of higher vessel utilization. In Q1 2019, our daily TCE rate fleet-wide was basically flat at $10,600 compared to the 2018 period, but utilization improved to 87.7%. Results for the small tankers negatively affected to these results. Turning to Slide 11, we incurred a net loss of $2.3 million for the three months ended March 31, 2019 or $0.11 basic and diluted loss per share based on 21.06 million weighted-average shares outstanding, compared to net income of $600,000 or $0.03 basic and diluted earnings per share based on a slightly lower share count. Please note that the quarterly results in Q 2018 were impacted by two non-cash items. One, $4.3 million gain from the early prepayment of loans on three of our vessels, as one of our long time lenders exited the industry and we refinanced with the new bank. And two, a $1.5 million impairment charge related to the write-down of the carrying value of our two small tankers to their then fair market values. Continued discipline within vessel operating costs and G&A expenses during Q1 2019 resulted in an improvement of adjusted EBITDA to $0.5 million. Interest expense rose significantly in Q1 2019 due to a higher LIBOR rate on our floating rate loans as well as higher rates from debt refinancing on four of our ships. Please turn to Slide 12, which reviews our recent fleet data by vessel type. Given the size of our fleet, changes in these metrics related to…

Thanks, Henry. We believe that the fall of 2019 will be the start of a better and sustainable product tanker market, leading to improving charter rate, cash flows, and asset values. Our current mix of time charters and spot exposure should help us manage a potentially choppy environment in the short-term and then further 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 stockholders value. In conclusion, we feel confident 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.

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Thank you very much, ladies and gentlemen. That does conclude the conference for today. Thank you for participating. You may all disconnect.