Good day, and welcome to the Pyxis Tankers' Conference Call to Discuss the Financial Results for the Fourth Quarter 2019. As a reminder, today's call is being recorded. Additionally, a live webcast of today's conference call and the accompanying presentation is available on Pyxis Tankers' website, 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’d now like to introduce Pyxis Tankers' Chief Executive Officer, Eddie Valentis. Gentlemen, you may begin.

Thank you, operator. Welcome, everyone, and thank you for joining our call for the three months and year results ended December 31, 2019. I appreciate your time to share update, despite there’s some stronger global headwinds, and economic challenges facing all of us. Whilst we hope that we will soon overcome these temporary difficulties, our thoughts and wishes go to all affected by this terrible pandemic. 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. Turning to Slide 3, our operating results for the fourth quarter 2019 reflected substantial improvement over the comparable period of 2018. In Q4 '19, we generated time charter equivalent revenues of $6.2 million, a 39.5% increase over the same period in 2018. We had a net loss of $3.6 million, or $0.17 per share for the quarter ended December 31, 2019, slightly higher than the same period in 2018, which was primarily due to a non-cash loss of $2.8 million or $0.13 per share on the sale of our oldest vessel, the Pyxis Delta. Our adjusted EBITDA for Q4 '19 increased $1.7 million to $1.9 million. The last part of 2019 reflected a period of steady improvement from a terrible 2018 and the high volatility of the first three quarters of 2019. Charter rates for medium range tankers increased into a very solid fourth quarter. At various times during the year, we decided to fix all 4 of our MRs and the standard time charters at higher rates and minimized various uncertainties surrounding the impact of the new IMO 2020 fuel regulations. We decided to take advantage of the stronger environment and sell our only non-eco MR in order to achieve a…

Thanks, Eddie. Let's start with our unaudited results for the 3 months and year ended December 31, 2019 on Slide 11. Our time charter equivalent revenues for Q4 '19, which we define as voyage revenues minus voyage related costs and commissions, were $6.2 million, an increase of $1.8 million, or 39.5% for the same period in 2018 as a result of a better freight market, greater time charter activity and better fleet utilization. In Q4 '19, our daily TCE rate was approximately $12,400 across our fleet of 6 vessels with utilization of almost 91%. Results for the small tankers offset the strong results for our MRs. Turning to Slide 12, we incurred a net loss of $3.6 million for the 3 months ended December 31, 2019 or $0.17 basic and diluted loss per share, based upon 21.4 million weighted average shares outstanding compared to a net loss of $3.4 million or $0.16 basic diluted loss per share, based on a lower share count of 20.9 million shares for the same period in 2018. Good discipline in vessel operating costs, management fees and G&A expenses continued to be evident during the most recent quarter. As previously mentioned, in Q4 '19, we took a non-cash loss of $2.8 million or $0.13 per share on the sale of the Pyxis Delta, which contributed to a significant portion of the net loss. During Q4 '18, we took a non-cash charge of $700,000 or $0.04, due to the write-down of the carrying value of our 2 small tankers to the fair market values. Our adjusted EBITDA increased substantially from $200,000 in Q4 '18 to $1.9 million in the most recent quarter. Please turn to Slide 13 to review our most recent fleet data by vessel -- fleet. Changes in these metrics related to a single…

Thanks, Henry. We are all seeing there’s various uncertainties, including a potential global recession. But we're optimistic that these headwinds will be short-lived. We believe in the long-term fundamentals of the product tanker sector, leading to improving charger rates, cash flows and assets values. Our cost effective operating platform, modern fleet and current mix of time charters on spot exposure should help us manage a potentially choppy environment in the short-term, and then position us to take advantage of opportunities to grow Pyxis and enhance shareholder value. I thank you all for joining our call today. And look forward to reporting on further progress at Pyxis Tankers. Stay healthy and be safe.

That concludes the conference call today. Thank you for participating. You may all disconnect. End of Q&A: