Good day and welcome to the Pyxis Tankers Conference Call to discuss the Financial Results for The First Quarter 2022. 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.

Thank you, Darcy. Good morning, everyone and thank you for joining our call for results over the three months ended March 31st, 2022. Just when the major economies were recovering from the latest COVID-19 variant, Omicron, earlier this year, The Russian invasion over Ukraine commenced at the end of February. The war has sent a shock to the global energy markets and resetting personnel economic and strategic priorities, as well as global relationships, especially here in Europe. While various governments have been dealing with the fallout from this difficult situation the product tanker sector has been positively affected. The ability to effectively manage through these uncertain times is critical. So, stay safe and strong, as we try 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, 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 reflected the lingering effects from the Omicron variant on mobility and economic activity, which resulted in a continuation of a soft spot doctoring environment. Moreover, our results for the period ending March 31st, 2022, were impacted by non-recurring events, including completion of the sale of our two small tankers and the accidental grounding of one of our MR, which resulted reducing operating days for having opportunities. For the first quarter 2022 within a rabid consolidated time charter equivalent revenues, or TCE, of $3.8 million, down 10% from the same period in 2021, due to lower charter rates and greater spot chartering activity from which we incur volume-related costs and commissions. However, given the recent change as in the operating fleet, we believe it is best to focus on…

Thanks, Eddie. On Slide 12, let's review our unaudited results for the three months ended March 31, 2022. Our time charter equivalent revenues for Q1 of '22, which we define as revenues, net minus voyage-related costs and commissions were $3.8 million, a decrease of 10% from the same period in 2021, primarily due to lower charter rates, especially in the spot market where we incurred higher boards related costs and commissions and more off-hire days associated with our MRs. In the first quarter of '22, the daily TC rate for our MRs were approximately $1500 lower than the comparable 2021. Moving to Slide 13. We incurred a net loss to common shareholders of $3.7 million for the three months ended March 31, 2022 or $0.09 basic and diluted loss per share based upon $42.5 million weighted average shares outstanding compared to a lower net loss of $2.1 million, or $0.07 basic and diluted loss per share based on $13.2 million shares outstanding. Besides lower TCE revenues, the most recent quarter results were negatively impacted by increases in vessel operating expenses and non-recurring items associated with the recent changes in our fleet and certain events, including the delivery costs associated in the completion of the sale of our two small tankers and the grounding and the Epsilon in February. Adjusted EBITDA declined to a negative $700,000 in Q1 of '22. Please turn to slide 14 to review our capitalization at March 31st, 2022. At quarter close, our consolidated leverage ratio, our net funded debt stood at approximately 59% of total capitalization. We continue to be in full compliance for our loan agreements. Our weighted average interest rate was 4% for the most recent quarter. And our next bank loan maturity is July of 2025. We have interest rate caps covering 28% of our current outstanding and LIBOR-based bank debt. With that, I'd like to turn the call back over to Eddie to conclude our presentation.

Thanks, Henry. The impact of recent global events, including the war and low inventories in many parts of the world, have been beneficial to us. While we are uncertain as to how long and how high this charter rates will last, we find solace in the positive long-term supply and demand fundamentals over the product tanker sector. We look to continue to take advantage of some interesting opportunities in the spot market, but we likely maintain our mixed chartering strategy complemented by short time charters, our experienced management team should help us achieve a balance of risk and return during these unpredictable times. 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. End of Q&A: