Good day and welcome to the Pyxis Tankers Conference Call to discuss the Financial Results for the Fourth 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 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 results of the three months and fiscal year ended December 31, 2021. As we all know, the difficulties caused by COVID-19, especially the recent Omicron variant has been displaced by the unfolding events of the Russian invasion of the Ukraine. Expanding global distribution of vaccines and improving healthcare management has led to an effective response to Omicron, especially in the Western Hemisphere. However, recent geopolitical events have set off a shock to the global energy market and resetting personal and economic priorities as well as global relationships, especially here in Europe. The ability to effectively manage through these uncertain times is critical. So stay safe and strong, as we all strive to overcome these challenges in the pursuit of a more normal way of life. Before starting, please let me draw your attention to some important legal notifications on Slide 2, but 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 impact of one additional MR in the context of a poor chartering environment. In the 3 months period ended December 31, 2021, we generated time charter equivalent revenues of $3.9 million, up 9% from the same period in 2020, primarily due to the addition of the Pyxis Karteria, which we acquired last summer. Also, fleet-wide utilization was better, but medium-range tanker MR charter rates were dramatically lower. We had a net loss of $5.6 million in Q4 2021, which was significantly higher than the same period in the prior year due to higher costs and the $2.4 million noncash loss on sale of the 2 small tankers, which were noncore assets. Our loss of $0.14 per common share reflected an…

Thanks, Eddie. Let's focus on our unaudited results for the 3 months ended December 31, 2021 on Slide 14. Our time charter equivalent revenues for Q4 of 2021, which we define as revenues net minus voyage-related costs and commissions, were $3.9 million, an increase of 9% from the same period in 2020, primarily due to 139 more operating days as we added 1 MR and experienced greater fleet utilization. Nevertheless, we suffered low charter rates, especially for our MRs that were employed in the spot market. In the fourth quarter of '21, our fleet-wide daily TCE was approximately $8,000, was significantly lower than the comparable 2020 period. Moving to Slide 15. We incurred a net loss to common shareholders of $5.7 million for the 3 months ended December 31, 2021, or $0.14 basic and diluted loss per share based on 38.9 million weighted average shares outstanding compared to a lower net loss of $2.7 million or $0.12 basic and diluted loss per share based upon 17.1 million pure shares. Besides lower TCE revenues, the most recent quarterly results were negatively impacted by increases in vessel operating expenses and other costs including the effects of COVID on accruing expenses as well as $2.4 million noncash loss on the sale of the small tankers. Adjusted EBITDA declined to a negative $700,000 in Q4 of '21. Now, turning to Slide 16, which reviews our recent fleet data by vessel type. Simply, the key takeaway for our MRs in Q4 of '21 was tough chartering conditions in the spot market. Please turn to Slide 17 to review our capitalization at December 31, 2021. At quarter close, our consolidated leverage ratio of net funded debt stood at approximately 55% of total capitalization. During the year, we completed a number of debt and equity financings. Our weighted average interest rate was 4.2% for the most recent quarter and the next bank loan maturity is July of 2025. Our interest rate caps cover 28% of the current outstanding LIBOR-based bank debt. With that, I would like to turn the call back over to Eddie to conclude our presentation.

Thanks, Henry. While we navigate through unchartered waters, we continue to be positive on the longer-term supply-demand fundamentals for the product tanker sector. Right now, there seems to be interesting opportunities in the spot market, which we hope to take advantage of. Our fleet of 5 Eco-MRs, mixed chartering strategy and experienced management team, should help us achieve a balance of risk and return in the rising market. 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.