Good day and welcome to the Pyxis Tankers Conference Call to discuss the Financial Results for the Third Quarter 2022. As a reminder, today's call is being recorded. Additionally, a live webcast of today's conference call and accompanying presentation is available on Pyxis Tankers’ website, which is www.pyxistankers.com. Hosting the call is Mr. Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers, and Mr. Henry Williams, Chief Financial Officer of the company. I would like to pass the floor to one of your speakers today, Mr. Eddie Valentis. Thank you. Please go ahead, sir.

Good afternoon, everyone and thank you for joining our call for results of the three months ended September 30, 2022. The impact from the Russian invasion of the Ukraine continues to take center stage, affecting global energy markets and resetting personal, economic and strategic priorities as well as global relationships. Many countries are battling high inflation, cost of living increases and the slowdown in economic activity. However, the product tanker sector continues to be positively affected with strong chartering activity and rapidly increasing asset values. At Pyxis, we continue to successfully manage through this unprecedented times. 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. Our most recent quarterly results reflected strong financial performance in revenues, growth and profitability. In the third quarter ended September 30, 2022, we generated consolidated time charter equivalent revenues, TCE of 12 million, an increase of 8.5 million over the same period in 2021. Charter rates continue to accelerate during the quarter, especially in the spot market, our daily TCE for Q3 2022 for our 5 Eco MRs was $29,062 sequentially, up 10.6% over the prior quarter, and up a factor of four versus the results in the same period last year. Moreover, we reported net income of 5.3 million or $0.48 basic EPS for the most recent period, versus losses in 2021. Our adjusted EBITDA in Q3 '22, climbed to 8 million. Over the course of the third quarter, the product tanker chartering environment experienced further strength. This was a function of increased mobility with some amplified demand for transportation fuels, despite moderating economic activity. In addition, the ongoing Russian invasion of the Ukraine has resulted in…

Thanks, Eddie. On Slide 12, let's review our unaudited results for the three months ended September 30, 2022. Our time charter equivalent revenues for Q3 of '22, which we define as revenues net minus voyage-related costs and commissions accelerated to $12 million, an increase of $8.5 million from the same period in 2021 due to higher charter rates, especially in the spot market, where we incur voyage related costs and commissions as well as the impact from changes in our fleet. Since summer of last year, we have added 2 MRs and sold 2 small tankers. In the third quarter of '22, the TCE rate for MRs was $29,062 per day, a dramatic increase from the comparable 2021 period. Moving to Slide 13, we generated net income to common shareholders of $5.1 million for the three months ended September 30, 2022 or $0.48 basic and $0.42 diluted EPS compared to a net loss of $3.7 million or $0.37 basic and diluted loss per share in the same period in 2021. For accounting purposes, the fully diluted earnings calculation in 2022 assumes the potential conversion of all outstanding Series A convertible preferred stock into common shares and the elimination of the associated dividends. In Q3 '22 a substantial portion of the increase in TCE revenues dropped to the bottom-line. Adjusted EBITDA rose to $8 million an improvement of $9.2 million from the third quarter of last year. Please turn to Slide 14, which reviews our recent MR fleet data as we operate 1 eco-modified vessel and 4 eco-efficient tankers. Given the size of our fleet, changes in these metrics related to a single vessel in one recording period can have a disproportionate effect on the total fleet operating results. Beyond the significant improvement in TCE for 2022, the key takeaway here…

Thanks, Henry. The combination of solid demand, recent geopolitical events including the war, low refined product inventories in many parts of the world has been particularly beneficial to our sector. Despite slowing economic activity, we are optimistic about the prospects of the chartering environment. Over the long-term, we find further support in the positive supply demand fundamentals of the product tanker sector. Given the various uncertainties, we will stay on course with our mixed chartering strategy of spot employment complemented by time charters in order to prudently optimize revenues and provide cash flow visibility. Unless we find an attractive, accretive acquisition, we expect to use excess cash flow to further include improve our financial position. We appreciate your interest and thank you for joining our call today. We look forward to reporting on future progress at Pyxis Tankers. Be safe. Be well.

This will conclude the conference call for today. You may all disconnect. Have a nice day.