Good day and welcome to the Pyxis Tankers Conference Call to discuss the Financial Results for the Third Quarter 2023. 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 three months ended September 30, 2023. The Russia-Ukraine war continues to be center stage for the impact to the global energy market and disrupt economic and strategic priorities, as well as global relationships and trade. The recent turmoil in the Middle East may have far-reaching implications for all, including increasing global volatility for the oil market. Restrictive monetary policies have resulted in slowing economic activity and most recently, lowering of inflation within many OECD countries. China's economic recovery continues to lag expectations. In spite of these geopolitical and macroeconomic events, the product tanker sector maintains solid chartering activity and high asset values. At Pyxis, we continue to successfully navigate through these uncertain times and we are pleased to report good operating and financial results for the most recent period. 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. Please turn to slide three. Our most recent quarterly results reflected healthy financial performance in revenues, operating cost control, and profitability, despite the effects of operating one fuel vessel in our fleet. In the third quarter, end of September 2023, we generated consolidated times charter equivalents PC's, of $9.3 million, a decrease of $2.7 million over the same period in 2022. Our daily time charter equivalent for our four eco-efficient MRs in Q3 2023 was approximately $28,000, which was down 3.6% over the same quarter last year, due to less spot charting activity. We reported net income of $3.1 million, or $0.29 basic EPS, for the most recent period, which was down from last year. Our adjusted dividend Q3 ‘23 was $5.5 million. Please note,…

Thanks Eddie. On slide 12 let's review our unaudited results for the three months ended September 30th, 2023. Please note the company due to our control of the dry bulk joint venture consolidates in its financial statements the newly acquired Konkar Ormi. While we incurred approximately $700,000 of startup expenses at the end of the quarter, no revenues were recognized as your first voyage did not start until early October. Our time charter equivalent revenues for Q3 ‘23, which we define as revenues, net minus voyage related costs and commissions, declined to $9.3 million, a decrease of $2.7 million from the same period in 2022, due to lower spot chartering activity, which was offset by our utilization. More importantly, with the sale of our oldest vessel in March of ‘23, we operated one pure MR in the most recent period. In the third quarter of ‘23, the TCE rate for our MRs was $28,000 per day. Still a healthy historical rate, but down $1,000 in the comparable 2022 period. Moving to slide 13, we generated net income to common shareholders of $3.1 million for the three months ended September 30th, 2023, or $0.29 basic or $0.26 diluted EPS, compared to a net income of $5.1 million or $0.48 basic and $0.42 diluted income per share in the same period in ‘22. For accounting purposes, the fully diluted earnings calculation assumes the potential conversion of all the outstanding series A convertible preferred stock into common shares and the elimination of the associated dividend. In Q3 ‘23, a significant portion of the decrease in TC revenues flowed through the income statement as adjusted EBITDA decreased $5.1 million to respectful $5.5 million. Now, flip to slide 14 to review our capitalization at September 30, 2023. At quarter close, our consolidated leverage ratio of…

Thanks, Henry. Over the near-term, we expect fundamental demand to remain relatively imbalance exceptionally. Macroeconomic headwinds and rising uncertainty from geopolitical conflicts create challenges and opportunities for the product tanker sector. We continue to benefit from the combination of solid and market consumption, moderate to low refined product inventories in many parts of the world, changing trade patterns and expanding ton life. Scheduled developments for the refinery landscape only enhance the long-term outlook of our sector. We will effectively utilize our strong financial position of excess cash and the potential availability of moderate leverage, as well as deep industry knowledge and relationships to seize compelling investment opportunities that maximize shareholder value. We appreciate your interest and thank you for joining our call today. We look forward to reporting on future progress at Pixie Pyxis Tankers. Enjoy the fall and upcoming holidays and be well.

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.