Good day and welcome to the Pyxis Tankers Conference Call to discuss the Financial Results for the Second Quarter 2023. 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 morning, everyone, and thank you for joining our call for results of the 3 months ended June 30, 2023. The Russia, Ukraine were continuously but the global energy markets and disrupt economic and strategic priorities as well as global relationships on trade restrictive monetary policies have resulted in slowing economic activity and most recently, lowering of installation within many moist countries. In spite of this, the product tanker sector maintain solid chartering activity and high asset values. At Pyxis, we continue to successfully navigate through these uncertain times, and we are pleased to report good operating and financial results for the most recent period. Before starting, please let me draw your attention to some important notifications on Slide 2 that we recommend including our presentation today, which will include forward-looking statements. Thank you. Turning to Slide 3. Our most recent quarterly results reflected set financial performance on revenues, operating cost growth and profitability despite operating [indiscernible] vessels as a result of the 14 year old Pyxis Malou in late March. In the second quarter ended June 30, we generated consolidated time charter equivalent revenues of $8.6 million, a decrease of $2.7 million over the same period in 2022. Our daily TCE and margin Q2 2023 was approximately $25,000, which was down slightly for the same quarter last year due to less export chartering activity. We reported net income of $2.8 million or $0.25 basic EPS for the most recent period, which was down from last year. Our adjusted EBITDA in Q2 2023 was $5.2 million. Over the course of the second quarter, the product [indiscernible] environment experienced great softness. Despite reasonable demand for transportation fuel worldwide, moderating economic activity was met with seasonal refinery maintenance program. The online Russian-Ukraine, continues to result in tight inventories of petroleum products which…

Thanks Eddie. On Slide 13, let’s review our unaudited results for the three months ended June 30, 2023. Our time charter equivalent revenues for Q2 of 2023, which we define as revenues net minus voyage related costs and commissions declined to $8.6 million, a decrease of $2.7 million from the same period in 2022 and due to lower charter rates primarily in the stock market, which was offset by higher utilization. More important, with the sale of our oldest vessel in March ‘23, we operate one pure MR in the most recent period. For the second quarter of ‘23, the TCE rate for our MRs was $25,000 per day, still a healthy rate, but down 5% from the comparable 2022 period. Moving to Slide 14, we generated net income to common shareholders of $2.8 million for the three months ended June 30, 2023, or $0.25 basic and $0.23 diluted EPS compared to net income of $4.6 million or $0.43 basic and $0.38 diluted net income per share in the same period of ‘22. For a accounting purposes, the fully diluted earnings calculation assumes the potential conversion of all the outstanding Series A convertible preferred stock into common shares and the elimination of the associated dividend. In Q2 ‘23, a significant portion of the decrease in TCE revenues flowing through the income statement as adjusted EBITDA decreased $2 million to respectful $5.2 million. Now let’s flip to Slide 15 to review our capitalization at June 30, 2023, as foreclosed our consolidated leverage ratio of net funded debt stood at less than 19% of total capitalization. Due to increases in SOFR, our weighted average interest rate was about 8.2% for the most recent quarter. And the next bank loan maturity is in about 2 years. I should point out that at June 30, 2023, our total cash position was approaching $34.5 million. Most of our excess cash is invested in short-term money marketing expense, which is currently earning an average of 5.2%. Lastly, the Pyxis tanker is scheduled to have her second special survey with ballast water treatment system installation later this summer at a cost of approximately $1.4 million and 25 days off-hire. With that, I would like to turn the call back over to Eddie to conclude the presentation.

Thanks Henry. Over the near-term, fundamental demand is relatively in balance with supply. Macroeconomic headwinds and that certainty from geopolitical conflict creates challenges of opportunities for the Product Tanker segment. We continue to benefit from the combination of solid end market consumption, low refined project inventories in many parts of the world, changing trade patterns and expanding online. Scheduled developments for the refinery landscape only enhance the long-term outlook of our sector. We will effectively utilize our strong financial position of excess cash and low leverage as well as big industry relationships to seize investment opportunities that maximize shareholder value. We appreciate your interest and thank you for joining our call today. We look forward to reporting on future progress at Pyxis Tankers. Enjoy the summer and stay well.

And this concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.