Good day and welcome to the Pyxis Tankers Conference Call to discuss the Financial Results for the Third Quarter 2021. 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 now to pass the conference over to your speaker today. Please go ahead.

Thank you, Sam. Good afternoon, everyone. And thank you for joining our call for the three months results ended September 2021. While we continue to be encouraged by the expanding global distribution of vaccines and other medical developments as well as the positive impact to personal and commercial activities, we are concerned about the lagging distribution in less developed countries and the uncertain effects of any new COVID variants. So, stay safe and strong as we all recover and return to a more normal way of life. Before starting, please let me draw your attention to some important legal notification 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 primarily reflected the poor chartering environment. In the same month period ended September 30, we generated time charter equivalent revenues of $3.4 million, down 21% from the same period in 2020, primarily due to depressed charter rates. We had a net loss of $3.7 million in Q3, which was significantly higher than the same period in the prior year. Our loss of $0.10 per share reflected an increase count of $16.8 million for the most recent period. Our adjusted EBITDA for the period ended September 30, 2021, was a negative $1.3 million. The product tanker chartering environment during the third quarter 2021 reflected a further compression of rates both in the spot and period markets, well below circle averages. Our operating results for Q3 primarily reflected poor results for our medium range product tankers that were trading in the spot market and lower time charter rates. The average daily time charter equivalent for MRs was $7,326, dramatically lower than in the same period last year. However, we have recently seen an improvement…

Thanks, Eddie. Let's focus on our unaudited results for the three months ended September 30, 2021. Our time charter public revenues for Q3 2021, which we define as revenues net [Technical Difficulty] costs and commissions were $3.4 million, a decrease of 21% from the same period in 2020, primarily due to lower charter rates, especially employment in the spot market. In the third quarter of 2021, our fleetwide daily TCE rate of $7,000 was dramatically lower than the comparable period in 2020. Moving to slide 13. We incurred a net loss to common shareholders at $3.7 million for the three months ended September 30, 2021 or $0.10 basic and diluted loss per share based upon 38.3 million weighted average shares outstanding compared to a lower net loss of $1.9 million or $0.09 loss per share based upon 16.8 million fewer shares. Besides lower TCE revenues, the most recent quarterly results were negatively impacted by an $850,000 increase in vessel operating expenses due to the startup of the newly acquired Pyxis Karteria and higher crewing costs fleetwide due to the effects of COVID-19. Adjusted EBITDA declined to a negative $1.3 million in Q3 2021. Please turn to slide 14 which reviews our recent fleet data by current vessel type. The key takeaways are as follows. Q3 2021 data was impacted by the Pyxis Karteria, which joined our fleet in mid-July. Certain one-time vessel operating costs were incurred during that time and vetting approvals had to be obtained after initial voyages. Depressed chartering conditions were evident by the substantial decline in TCE as a number of our MRs traded spot in the most recent period and the performance of our small tankers improved markedly in a number of metrics. Please turn to slide 15 to review our capitalization at September 30, 2021. At quarter close, our consolidated leverage was comparable to many publicly traded tanker companies as net funded debt stood at approximately 44% of total capitalization. The weighted average interest rate was 4.3% during the third quarter of 2021 and a net bank loan maturity was scheduled for Q1 of 2023. We have interest rate caps covering 35% of our outstanding LIBOR based bank debt. With that, I would like to turn the call back over to [Technical Difficulty].

We believe the recent start in the recovery of charter rates, combined with a positive longer term supply and demand fundamentals, delivers an optimistic view of the product tanker sector and our company. These recent acquisitions of modern eco-efficient MRs enhance our competitive position and create opportunities for further growth, as well as greater profitability and asset appreciation. As we wrap up a challenging year, we are excited about the prospects of a healthier and more prosperous 2022. We appreciate your interest and thank you for joining our call today. We look forward to reporting on future progress at Pyxis Tankers. Be safe. Be well.

Thank you. This concludes today's conference calls. Thank you for participating. You may now disconnect.