Good day, and welcome to the Pyxis Tankers conference call to discuss the financial results for the first quarter 2024. I must advise you that the conference 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. Please go ahead, sir.

Hello, everyone, and thank you for joining our call for results of the three months ended March 31, 2024. The effects on global seaborne trade from the Russian-Ukraine war have been further compounded by the conflict in the Red Sea. Overall, global economic activity has been resilient, including the OECD despite the tight monetary policies by many central banks. Inflation is persisting and the prospects of interest rate cuts have been lower later this year. However, the fundamentals for our two markets, product tankers and dry bulk carriers are positive, characterized by healthy charter rates and the rising asset values. While market conditions are dynamic and beyond our control, we expect to continue to successfully manage our operations through these global volatile times. Before commenting on our solid operating and financial results for the most recent period, 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 healthy financial performance in revenues and profitability despite operating fewer tankers. After selling two MRs in 2023 for significant gains, we operated three product tankers in Q1 2024. However, during the quarter, we expanded our dry bulk fleet with the addition of Modern Kamsarmax and ended the period with five vessels in the company's fleet. In the quarter ended March 31, we generated consolidated time charter equivalent revenues, TCE of $10.2 million, an increase of 10.2% over the same period in 2023. Our daily TCE for our Eco fleet was approximately $27,600 for which the MRs average $31,719 Q1 2024, and our midsized bulkers average $16,950. For the most recent period, we reported net income of $3.6 million or $0.33 basic EPS, which…

Thanks, Eddie. On Slide 14, let's review our unaudited results for the three months ended March 31, 2024. Our time charter equivalent revenues for Q1 of '24, which we define as revenues net minus voyage related costs and commissions rose to $10.2 million, an increase of 10.2% as we operate a pure product tankers, but benefited from higher spot rates and the addition of the dry bulk carriers. Strong chartering conditions were reflected in our daily TCE for our MRs, which jumped to $31,790 in Q1 of '24. During the quarter, the overall fleet generated TCE of almost $27,600 per vessel through a mix of short-term time and spot charters. Moving to Slide 15. We generated net income to common shareholders of $3.4 million for the three months ended March 31, 2024, or $0.33 basic and $0.30 diluted EPS compared to net income of $8.7 million or $0.81 basic and $0.71 diluted income per share in the same period in 2023. The results from a year ago reflected the sale of our 2009 built MR, which we generated a gain of $8 million. Please note that 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 Q1 of 2024, the increase in TCE revenues of $900,000 and lower G&A expenses of $600,000 flowed through to adjusted EBITDA, which increased $1.8 million to $6 million. Now flip to Slide 16 to review our capitalization at March 31, 2024. At quarter close, our consolidated leverage ratio of net funded debt stood at 14% of total capitalization. Our weighted average interest rate was 8.2% for the most recent quarter and the next bank loan maturity is scheduled for July of '25. I should point out that at the end of March '24, our total cash reaching -- aggregated $49 million. Most of our excess cash is invested in short-term money market instruments, which currently earn 5.4%. Lastly, as of May 16, 2024, we had repurchased in the open market, 415,000 common shares in total under our initial $2 million buyback program, and there are approximately 10.5 million Pyxis shares currently outstanding. Please note that the planned redemption of 100,000 shares of our preferred stock will avoid potential dilution from conversion into 446,000 common shares. The approved issuance of $1.5 million of restricted stock as part of the Konkar Venture acquisition at an assumed share price of $5.60 would add about 268,000 common shares at closing. Overall, the effect of these two transactions would reduce the fully diluted share count by approximately 1/4 of a million shares at March 31 to 12.1 million fully diluted shares. With that, I'd like to flip the presentation back over to Eddie.

Thanks, Henry. The outlook for product tanker sector looks quite bullish for the near term. Supply and demand fundamentals for the dry bulk sector are expected to be reasonably balanced for the remainder of 2024. Ongoing major geopolitical conflicts continue to create operating challenges and opportunities for us. We continue to benefit from the combination of solid end market consumption, lower refined product inventories in many parts of the world, changing trade patterns and expanding ton-mile, scheduled developments for the refinery landscape only enhance the long-term outlook for the product tanker sector. Global GDP growth over the near term supports demand for a broad range of dry commodities. Chartering conditions for dry bulk carriers have also benefited from these major events, including unprecedented transit restrictions of the Panama canal, which are abating. We expect to utilize our strong financial position and extensive industry relationships to develop additional investment opportunities that maximize shareholder value, including further fleet expansion. We announced the purchase programs for our common and preferred stock will be accretive and should enhance the trading of our shares. We appreciate your interest, and thank you for joining our call today. We look forward to reporting on future progress at Pyxis Tankers.

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