Good day and welcome to the Pyxis Tankers’ conference call to discuss the financial results for the fourth quarter 2020. 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 afternoon everyone. And thank you for joining our call for year and Q4 results ended December 31, 2020. First, I hope you, your family, friends and colleagues are managing for the best during this pandemic. We continue to be encouraged by the development and expanding distribution of vaccines worldwide. We are all looking forward to experiencing a return to a more normal way of living and enjoy friends and family. Before starting, please let me draw your attention to some important legal notifications on Slide 2 that we recommend you read, including our presentation today, which includes forward-looking statements. Thank you. Turning to Slide 3, our most recent quarterly results primarily reflected difficult chartering conditions and the impact of the sale earlier this year of our oldest vessel, the non-eco 2006 built, Pyxis Delta. In the three-month period December 31, 2020, we generated time charter equivalent revenues of $3.6 million, down 42% from the same period in 2019, as we had fewer operating days primarily considering the absence of one vessel, lower rates and special surveys for two of our ships. We had the net loss of $2.7 million or $0.12 per share for the three months ended December 31, 2020, both better than the same period in the prior year, due to the loss on vessel sale recognized in Q4 of 2019. Our adjusted EBITDA for Q4 2020, declined significantly to a negative $200,000. The product tanker chartering environment, during the fourth quarter of 2020 and year-to-date 2021 continued to reflect the previous charter rates, especially in the spot market. The usual, seasonal uplift in activity did not occur in the northern hemisphere due to the effects of the resurgence of COVID and renewed lockdowns in many countries. However, our operating results for Q4 2020 primarily reflected the…

Thanks Eddie. Let's start with our unaudited results for the three months ended December 31, 2020, on Slide 11. Our time charter equivalent revenues for Q4 2020, which we define as revenues net minus voyage-related costs and commissions, were $3.6 million, a decrease of 42% from the same period in 2019 due to fewer operating days in our fleet, primarily reflecting the sale of the older MR in early 2020, lower charter rates and two special surveys completed in the quarter. In Q4 2020, our daily TCE rate fleet-wide was less than $10,300, a $2,100 per day decline from the comparable 2019 period. The small tankers continued to negatively affect our results. Turning to Slide 12. We incurred a net loss to common shareholders of $2.7 million for the three months ended December 31, 20020, or $0.12 basic and diluted loss per share based on almost 21.7 million weighted average shares outstanding compared to a higher net loss of $3.6 million or $0.17 basic and diluted loss per share based on 400,000 fewer shares. The absence of one MR was a major factor influencing the bottom line for 2020. Adjusted EBITDA declined significantly to a negative $200,000 in the most recent quarter. Please turn to Slide 13, which reviews our recent fleet data by vessel type. Given the size of our fleet, changes in these metrics related to a single vessel in one reporting period can have disproportionate effects on the total fleet operating results. Given the majority of our fleet had special surveys in 2020; I would focus on year end results to get a better overall picture. Within the context of a declining rate environment, fleet OpEx was stable at roughly $5,800 per day per ship during the year. Turning to Slide 14, as you know, we believe…

Thanks Henry. We expect the tough chattering conditions to subside by this fall. In the meantime we have significant coverage on the stronger financing position. Our recent financing activities have dramatically improved our balance sheet and given us capital to pursue opportunities including accretive vessel acquisitions. We are excited about the prospects of a healthier and more prosperous world post-COVID and our company. We appreciate your interest in our company and thank you for joining our call today. We look forward to reporting on future progress at Pyxis Tankers. Be safe. Be well.

Ladies and gentlemen, that does conclude the call for today. Thank you all for joining. You may now disconnect.