Good day and welcome to the Pyxis Tankers Conference Call to discuss the Financial Results for the Second Quarter 2020. 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 the 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 now introduce Pyxis Tankers' Chief Executive Officer, Eddie Valentis. Please go ahead sir.

Good afternoon, everyone, and thank you for joining our call for the three months results ended June 30, 2020. First of all, I hope you, your family, friends and colleagues are managing for the best during this pandemic. Secondly and 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 three, our results for the second quarter of 2020 reflected an improvement from an operating perspective over the comparable period of 2019 but for the impact of the sale of our oldest vessel, the non-eco 2006 built Pyxis Delta. In Q2 2020 we generated time charter equivalent revenues of 4.5 million almost 1 million lower than the same period in 2019 as we had one fewer tanker in our fleet due to the sale of our oldest vessel earlier in the year. We had net loss of $1.2 million $0.06 per share for the three months ended June 30, 2020, both improvements over the same period in the prior year. Our adjusted EBITDA for Q2 declined slightly to $1.1 million. The product tanker chartering environment during the second quarter of 2020 experienced unprecedented volatility from an extreme spike during late April to early May due to a surprising increase in demand for storage vessels, which was followed by a rapid rate decent, but our operating results for the second quarter 2020 primarily reflected the stability and contribution from the time charters we had previously entered into during 2019 for our medium-range product tankers as well as continued cost discipline. The average daily TCE for our $14,800 during Q2, as of August 06, 62% of our available days in the third quarter of 2020 are booked…

Thanks, Eddie, let's start with our unaudit results for the three months ended June 30, 2020 on slide 11. Our time charter equivalent revenues for Q2 '20, which we define as voyage revenues minus voyage related costs and commissions were $4.5 million, a decrease of 17% from the same period in 2019 primarily due to the sale of the Pyxis Delta earlier this year. In Q2 2020, our daily TCE rate fleetwide was almost $11,800 a 2% improvement over the comparable 2019 period. Small tankers continue to negatively affect our results. Turning to slide 12, we incurred a net loss of $1.2 million for the three months ended June 30, 2020 or $0.06 basic and diluted loss per share based upon $21.45 million weighted average shares outstanding compared to a higher net loss of $1.6 million or $0.08 basic and diluted loss per share based on 400,000 fewer shares outstanding. Overall lower cost more than offset the lower revenue contribution from the one MR which was sold. However, adjusted EBITDA declined slightly to $1.1 million for the most recent quarter. Please turn to slide 13 which reviews our recent fleet data by vessel type. Given the size of our fleet, changes in these metrics related to a single vessel and one reporting period can have disproportionate effects on the total fleet operating results. For example, we no longer hold the older MR the Pyxis Delta. Focusing on the quarter ended June of 2020, we would like to point out three key takeaways. The TCE for our two eco-efficient and one eco-mod MR averaged approximately $14,900 per day. The average TCE for our small tankers improved nicely to about $5,450 per day with better utilization in the spot market and fleetwide daily vessel operating expenses were less than $5,500 a day,…

Thanks Henry. We expect the second half of 2020 will continue to be challenging with volatile chartering conditions within the context of unpredictable global economic recovery and the uncertain development of the COVID-19 pandemic. We continue to have a positive long-term outlook given the vessel supply and the prospects for improving demand. MRs will continue to be the workhorse within the product tanker sector providing stability of cash flows and solid asset values. We appreciate your interest in Pyxis Tankers and thank you for joining our call today. We look forward to reporting on future product progress at Pyxis Tankers. Be safe, be well.

That does conclude our conference for today. Thank you for participating. You may disconnect.