Good day and welcome to the Pyxis Tankers’ Conference Call to discuss the financial results for the Second Quarter 2018. 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 Web site which is www.pyxistankers.com. Hosting the call today is Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers and Henry Williams, Chief Financial Officer. I would like to now introduce the Pyxis Tankers Chief Executive Officer, Eddie Valentis. Please go ahead sir.

Welcome everyone and thank you for joining our call for the three and six months results ended June 30, 2018. Before starting, please let me draw your attention to some important legal notifications on Slide 2. The comment you read including our presentation today which will include forward-looking statements. Thank you. Turning to Slide 3. Overall, our results for the second quarter 2018 were mixed. In Q2, we generated time charter equivalent revenues of $5.1 million, a 13.2% decrease over the same period in 2017. Our adjusted EBITDA was $1.1 million, a decline of quarter million dollar from a year ago. As the second quarter unfolded, the time charters for our medium range tankers rolled-off into a very difficult spot market at much lower rates. Weaker demand for MRs was caused by temporary market disruptions in the Atlantic basin, led by lower activity in the Gulf of Mexico, continued drawdown of refined product inventories in storage and intrusion of larger ships, including newbuild crude carriers, which transported clean products on their maiden voyages. For the quarter, TCE for MR averaged $11,240 per day, led by our eco units, which average over $1,100 higher at almost $12,400 per day. As for our small tankers, we experienced a nice improvement in trading activity compared to the first quarter of 2018. During this difficult environment we have continued to focus on costs. The success of our efforts in Q2 clearly demonstrated by our improved total operational costs, which we define as operating expenses, general and administrative costs and management fees per vessel per day. For example, our modern eco-efficient MRs achieved an average of just over $7,500 per day per vessel for the quarter, which we believe is very expensive compared to our peers. For the balance of 2018, we continue to expect…

Thanks Eddie. Let's start with our unaudited results for the three and six months ended June 30, 2018, on Slide 10. Our time charter equivalent revenues for Q2 2018, which we define as voyage revenues minus voyage related costs and commissions were $5.1 million, a decrease of $800,000 or about 13% from the same period in 2017, primarily as a result of a lower charter rates. We achieved daily TCE rates of $10,200 across our fleet of six vessels in Q2 2018, with fleet utilization of 91.4%. Our fleet-wide TCE for the second quarter of 2018 was approximately 12% lower, compared to a year ago period, primarily due to lower charter rates for our MRs. Turning to Slide 11, we generated a net loss of $1.3 million for the three months ended June 18, or $0.06 basic and diluted loss per share based on 20.9 weighted average shares outstanding, compared to a net loss of $800,000 or $0.04 loss per share based upon a lower share count of 18.3 million shares for the same period in 2017. Those results translated into adjusted EBITDA of $1.1 million for Q2 2018, representing a decrease of about $0.25 million from the same prior period in 2017. More specifically voyage revenues were $7 million for the three months ended, June 30, 2018, a decrease of $1.4 million 16.8% over the comparable period in 2017. The decrease was primarily related to a decline in charter rates. Voyage related costs and commissions of $1.9 million for Q2 2018, represented a decrease of $600,000 or 25% over the comparable period in 2017. This decrease was primarily attributable to lower charting activities which encouraged voyage related expenses. Vessels operating expenses of $3 million for the three months ended June 18, represented an decrease of $100,000 or 4.5% compared…

Thanks Henry. We believe the fourth quarter will be the start of a sustainable stronger product tanker market leading to improving charter rate, cash flows and further asset depreciation. We should be in good position to benefit from a potential multi-year market recovery. The flow through higher charter rates over our relatively fixed cost operating platform should lead to enhance profitability. In conclusion, we feel confident in the long-term industry fundamentals and our position to capitalize on future events. I thank you for joining our call today and look forward to reporting on further progress at Pyxis Tankers.

Ladies and gentlemen, that does conclude your presentation for today. Thank you for participating. You may now disconnect.