Good day, and welcome to the Pyxis Tankers conference call to discuss the financial results for the fourth quarter 2022. 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 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. Please go ahead, sir.

Good morning, everyone, and thank you for joining our call for results of the 3 months and year ended December 31, 2022. 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 and trade. Many countries within the OECD are showing resilience as they battle high inflation, cost of living increases and the slowdown in economic activity. In spite of this, the product tanker sector continues to be positively affected with solid chartering activity and high asset values. At Pyxis, we continue to successfully manage through these unprecedented times and are pleased to report outstanding operating and financial results for the most recent period. 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 most recent quarterly results reflected exceptional financial performances in revenues, operating cost control and profitability in the fourth quarter ended December 31, 2022. We generated consolidated time charter equivalent revenues TCE of $13.8 million, an increase of $10 million over the same period in 2021 and sequential growth of 16% over the previous calendar quarter. Charter rates continued to accelerate during the quarter, especially in the spot market. Our daily TCE for Q4 2022 for our 5 eco-MR2’s was $33,182 sequentially, up 14.2% over the prior quarter, and that's up a factor of 3.8x versus the results in the same period last year. Moreover, we reported net income of $6.5 million or $0.61 per share basic EPS for the most recent period versus significant losses in 2021. Our adjusted EBITDA in Q4 2022 climbed to $9.7 million. I should point out that…

Thanks, Eddie. On Slide 13, let's review our unaudited results for the 3 months ended December 31, 2022. Our time charter equivalent revenues for Q4 of '22, which we define as revenues net minus voyage-related costs and commissions, further accelerated to $13.8 million, an increase of $10 million from the same period in 2021 due to higher charter rates, especially in the spot charter market where we incur higher voyage-related costs and commissions as well as the impact from changes in our fleet. In the 2022 period, we operated 1 additional MR. In the fourth quarter of '22, the TCE rate for our MRs was $33,182 per day, a dramatic increase from the comparable 2021 period. Moving to Slide 14. We generated net income to common shareholders of $6.5 million for the 3 months ended December 31, 2022 or $0.61 basic and $0.53 diluted EPS compared to a net loss of $5.6 million or $0.58 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 the outstanding Series A convertible preferred stock into common shares and the elimination of the associated dividend. In Q4 '22, a substantial portion of the increase in TCE revenues dropped to the bottom line. Adjusted EBITDA rose to $9.7 million, an improvement of $10.4 million from Q4 of last year. Now let's review year-end results. For the 12 months ended December 31, '22, we reported TCE revenues of $41 million, an increase of over $23.2 million, primarily due to significantly higher spot charter rates and greater spot employment. In fiscal '22, the daily TCE for our MRs was $25,739, substantially higher than 2021. After payment of preferred stock dividends, we generated net income of $12.5 million, a…

Thanks, Henry. As we discussed, over the near term, fundamental demand is relatively in balance with supply. However, 2 major catalysts for the product tanker sector are now underway. The impact from increasing sanctions of seaborne cargoes of Russian refined products and very opening of China despite the recent macroeconomic headwinds and geopolitical conflicts, the combination of solid end market consumption, moderating product inventories in many parts of the world, changing trade patterns and expanding ton-miles continue to support a strong chartering environment. Scheduled developments for the refinery landscape only enhance the long-term outlook of the sector. Given various uncertainties on growing complexity, we will stay on course with our mixed chartering strategy of time charters complemented by spot employment in order to prudently optimize revenues and provide cash flow visibility. Our sizable cash position and low leverage, strengthen our operating and financial flexibility as well as broaden strategic opportunities to further increase shareholder value. 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.