Good day and welcome to the Pyxis Tankers Conference Call to discuss the Financial Results for the Third 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 Pyxis Tankers website, which is www.pyxistankers.com. Hosting the call today is Mr. Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers; and Mr. Henry Williams, Chief Financial Officer. I would like to now introduce Pyxis Tankers' Chief Executive Officer, Mr. Eddie Valentis. Please go ahead sir.

Good afternoon, everyone, and thank you for joining our call for the three months results ended September 30, 2020. First, I hope you, your family, friends and colleagues are managing for the best during this pandemic. We are We are encouraged by the major announcement earlier this week about the results of a highly effective vaccine, which would be a blessing for all. 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 3. Our recent results reflected the impact of the sale earlier this year of our oldest vessel, the non-eco 2006-built Pyxis Delta within the context of an ongoing challenging chartering environment as well as significant operating and financial events. In Q3, we generated time charter equivalent revenues of $4.4 million, about $1.8 million lower than the same period in 2019, as we had fewer operating days, primarily considering the absence of one vessel and lower rates. We had a net loss of $1.9 million or $0.09 per share for the three months ended September 30, 2020, both higher than the same period in the prior year. Our adjusted EBITDA for Q3 2020 declined significantly to $0.6 million. The product tanker chartering environment, during the third quarter of 2020, continued to experience a downward trend in charter rates, especially in the spot market. However, our operating results for Q3 2020 primarily reflected the stability and contribution from the short-term time charters for our medium range, MR product tankers. The average daily time charter equivalent for our MR was $14,565 during Q3, slightly lower than the prior quarter. As of November 11, 68% of our available days in the fourth quarter of…

Thanks, Eddie. Let's start with our unaudited results for the three months ended September 30, 2020, on Slide 11. Our time charter equivalent revenues for Q3 '20, which we define as revenues net minus voyage-related costs and commissions, were $4.4 million, a decrease of 29% from the same period in 2019 due to fewer operating days of our fleet, primarily reflecting the sale of the older MR earlier this year. In Q3 '20, our daily TCE rate fleet-wide was almost $11,800, a 5% decline from the comparable period in 2019. The small tankers continue to negatively affect our results. Turning to Slide 12. We incurred a net loss of $1.9 million for the three months ended September 30, 2020, or $0.09 basic and diluted loss per share based on 21.6 million weighted average shares outstanding compared to a lower net loss of $800,000 or $0.04 basic and diluted loss per share on 400,000 fewer shares. The absence of the 1 MR resulted in lower revenue, which flowed through to the bottom line. Not surprising, adjusted EBITDA declined significantly to $600,000 in 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 standard MR. Focusing on the periods ended September 30, 2020, we would like to point out 4 key takeaways. For the most recent quarter, the TCE for our 2 eco-efficient and 1 Eco-MRs averaged over $14,500 per day. During Q3 2020, operating expenses for our eco-efficient MRs were temporarily higher, reflecting the dry-docking of the Pyxis Epsilon, but we expect this to normalize in…

Thanks, Henry. We expect that the remainder of 2020 will continue to be challenging with lower chartering activity as a result of the delayed global economic recovery and the certain developments of the COVID-19 pandemic. We continue to have a positive long-term outlook, given the expected net vessel supply growth and the prospects for improving demand, especially in light of the beneficial economic effects of a vaccine potentially available starting as soon as year-end or early 2021. We appreciate your interest in Pyxis Tankers, and thank you for joining our call today. We look forward to reporting on future progress at Pyxis Tankers. Be safe. Be well.

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