Good afternoon, and welcome to the Pyxis Tankers Prerecorded Conference Call to discuss the Financial Results for the Three Months and Year Ended December 31, 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 today is Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers; and Henry Williams, Chief Financial Officer. I would now like to introduce Pyxis Tankers' Chief Executive Officer, Eddie Valentis.

Hello, everyone, and thank you for joining our call for results of the three months and year ended December 31, 2023. The effects on global seaborne trade from the Russia-Ukraine war have been compounded by the conflict in the Red Sea. By and large, global economic activity has been resilient, especially in the OECD despite the tight monetary policies by many central banks. Fortunately, inflation is decelerating and there are prospects of interest rate cuts later this year. The fundamentals for our two markets, product tankers and dry bulk carriers, are strong characterized by healthy charter rates and rising asset values. But market conditions are dynamic and beyond our control. So we expect to continue to successfully navigate through these uncertain times. Before commenting on our solid operating and financial results for the most recent period, 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 healthy financial performance in revenues and profitability despite operating fewer tankers. In December 2023, we completed the sale of our 2015 built product tanker to realize a $17.1 million gain and report $26.4 million in net cash proceeds. In the fourth quarter ended December 31, 2023, we generated consolidated time charter equivalent revenues, TCE, of $12 million, a decrease of 13.6% over the same period in 2022. Our daily TCE for our eco-MR2 in Q4 2023 was approximately $30,500, which was down 8% over the same quarter last year due to less spot chartering activity. For the most recent period, we reported net income of $21.9 million or $2.04 basic EPS, which was dramatically up due to the gain on vessel sale. Our adjusted…

Thanks, Eddie. On Slide 15, let's review our unaudited results for the three months ended December 31, 2023. Our time charter equivalent revenues for Q4 of '23, which we define as revenues net minus voyage-related costs and commissions, declined to $12 million, a decrease of $1.9 million as we operated one less tanker and spot exposure was lower. However, we completed the sale of our eight-year-old tanker in mid-December at a very attractive price to realize a gain of $17.1 million. Our combination of time and spot charters for MRs yielded an average daily TCE of approximately $30,500, which was down from the same period in 2022, but up sequentially from Q3. Moving to Slide 16. We generated net income to common shareholders of $21.6 million for the three months ended December 31, 2023, or $2.04 basic or $1.76 diluted EPS, compared to net income of $6.5 million or $0.61 basic and $0.53 diluted income per share for the same period in 2022. For accounting purposes, the fully diluted earnings calculation assumes the potential conversion of all outstanding Series A convertible preferred stock into common shares and the elimination of the associated dividend. In Q4 '23, a substantial portion of the decrease in TCE revenues flowed through the income statement as adjusted EBITDA decreased $2 million to a respectful $7.7 million. For fiscal year-end 2023, we reported EPS of $3.38 per basic share and $2.94 fully diluted with adjusted EBITDA of $22.6 million. Now flip to Slide 17 to review our capitalization at December 31, 2023. At core close, our consolidated leverage ratio of net funded debt stood at less than 3% of total capitalization. Due to increases so far, our weighted average interest rate was 8.3% for the most recent quarter and our next bank loan maturity is scheduled for July of 2025. I should point out that at year-end '23, our total cash position was over $56 million. Most of our excess cash is invested in short-term money market instruments, which currently earn over 5.5% interest. Lastly, we have repurchased in the open market, 375,000 common shares in total and have $565,000 still remaining under the buyback program. With that, I'd like to flip it back to Eddie to conclude our presentation.

Thanks, Henry. Both of our sectors, dry and refined products, fundamental demand is relatively in balance with supply. Major geopolitical conflicts have created operating challenges and opportunities for us. We continue to benefit from the combination of solid end market consumption, lower refined product inventories in many parts of the world, changing trade patterns and expanding ton-miles. Scheduled developments for the refinery landscape only enhances the long-term outlook for the product tanker sector. Global GDP growth over the near term supports demand for the broad list of dry commodities. Chartering conditions for dry bulk carriers have also benefited from these major events, including unprecedented conditions at the Panama Canal. We expect to utilize our strong financial position and extensive industry relationships to develop investment opportunities that maximize shareholder value, including further fleet expansion. We appreciate your interest, and thank you for joining our call today. We look forward to reporting on future progress at Pyxis Tankers.