Good day and welcome to the Pyxis Tankers conference call to discuss the financial results for the second 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. Sir, please go ahead.

Hello everyone and thank you for joining our call for results of the three months ended June 30, 2024. The disruption in global seaborne trade from the Russia-Ukraine war and the conflict in the Middle East continues. Global economic activity remains resilient despite the tight monetary policies by many central banks. Inflation is decelerating and interest rate cuts are expected, starting this fall. The fundamental outlook for our two markets, product tankers and dry bulk carriers, remains positive, characterized by healthy charter rates and rising asset values, but market conditions are dynamic and can be significant influenced by macroeconomic and geopolitical events which are beyond our control. Before commenting on our 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 strong financial performance in revenues and profitability, driven by healthy market conditions and our successful expansion into the dry bulk sector. With the acquisition of the 2015 build Kamsarmax in late June, our fleet of six modern midsized eco vessels consists of three MR2 product tankers, one Ultramax and two larger Kamsarmax bulk carriers. In the quarter ended June 30, 2024, we generated consolidated time charter equivalent revenues of $12.2 million, marking an increase of almost 42% over the same period in 2023. Our daily time charter equivalent for our fleet in Q2 2024 was approximately $29,150, of which the MRs averaged close to $32,900 and our midsized bulkers averaged $22,300 per day. For the most recent period, we reported net income of $5 million or $0.48 basic EPS, substantially better than Q2 2023. Our adjusted EBITDA in the most…

Thanks Eddie. On Slide 15, let’s review our unaudited results for the three months ended June 30, 2024. Our time charter equivalent revenues for Q2, which we define as revenues net minus voyage-related costs and commissions, rose to $12.2 million, an increase of almost 42% as we benefited from higher demerge income under spot charters, better market conditions, and more operating days due to the addition of the dry bulk vessels. Strong chartering rates were reflected in our daily TC for our MRs, which improved to $32,868 in Q2. Our bulkers reported an average daily TC of $22,333 for the same period. During the quarter, the overall fleet generated an average TC of $29,156 per vessel, almost a 17% increase through a mix of short term, time and spot charters. Moving to Slide 16, we generated net income to common shareholders of $5 million for the three months ended June 30, 2024, or $0.48 basic and $0.43 diluted EPS, compared to net income of $2.8 million or $0.25 basic, $0.23 diluted income per share in the same period in 2023. Please note for accounting purposes, the fully diluted earnings calculations assume the potential conversion of all the outstanding Series A convertible preferred stock into common shares and the elimination of the associated dividend. In Q2 2024, a majority of the increase in TCE revenues of $3.6 million flowed through to adjusted EBITDA, which increased $2.8 million to $8 million for the period. Now flip to Slide 17 to review our capitalization at June 30, 2024. At quarter close, our consolidated leverage ratio of net funded debt stood at approximately 23% of total capitalization. Our weighted average interest rate was 8% in the most recent quarter, and the next bank loan maturity is now scheduled for December of 2026. I should point out that at the end of June 2024, our total cash position aggregated $44.6 million. Most of the excess cash is invested in short term money market investments, which currently earn 5.5%. Lastly, given the recent common share buybacks, the partial redemption of the convertible preferred stock offset by the issuance of restricted shares of the Konkar Venture acquisition, we have approximately 10.7 million common shares outstanding as of August 9 and 12 million shares on a fully diluted basis. With that, I’d like to flip the presentation back over to Eddie to wrap up.

Thanks Henry. The outlook for both the product tanker and dry bulk sectors remain positive in the near term, supported by healthy chartering environments. While the order books for our class of vessels have grown significantly since the beginning of 2023, we find solace in the large number of older vessels which are less competitive operationally and face demolition soon. The 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 miles Scheduled developments for the refinery landscape only enhanced the long term outlook for the product tanker sector. Further, global GDP growth over the near term supports demand for a broad list of dry commodities and benefits our class of bulk carriers. We expect to utilize our solid financial position and extensive industry relationships to develop additional investment opportunities that maximize shareholder value, including selective fleet expansion. We also look to continue our common share repurchase program and of course repay scheduled debt. Enhancing our balance sheet remains a key priority. We appreciate your interest and thank you for joining our call today. We look forward to reporting on future progress at Pyxis Tankers. End of Q&A: This concludes today’s conference. You may now disconnect your lines. Thank you for your participation.