Pyxis Tankers Inc (PXS) 2022 Q4 法說會逐字稿

Good day, and welcome to the Pyxis Tankers conference call to discuss the financial results for the fourth 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.

美好的一天，歡迎參加 Pyxis Tankers 電話會議，討論 2022 年第四季度的財務業績。提醒一下，今天的電話會議正在錄音中。此外，Pyxis Tankers 網站 www.pyxistankers.com 上提供今天電話會議的網絡直播和隨附的演示文稿。 Pyxis Tankers 董事長兼首席執行官 Eddie Valentis 先生主持了電話會議；公司首席財務官 Henry Williams 先生。今天我想請您的一位發言人發言，Eddie Valentis 先生。請繼續，先生。

Good morning, everyone, and thank you for joining our call for results of the 3 months and year ended December 31, 2022. The Russian invasion of the Ukraine continues to take center stage, affecting global energy markets and resetting personal, economic and strategic priorities as well as global relationships and trade. Many countries within the OECD are showing resilience as they battle high inflation, cost of living increases and the slowdown in economic activity. In spite of this, the product tanker sector continues to be positively affected with solid chartering activity and high asset values.

大家早上好，感謝您加入我們的電話會議，了解截至 2022 年 12 月 31 日的三個月和一年的結果。俄羅斯入侵烏克蘭繼續成為焦點，影響全球能源市場並重新設定個人、經濟和戰略優先事項以及全球關係和貿易。經合組織的許多國家在應對高通脹、生活成本增加和經濟活動放緩時表現出了韌性。儘管如此，成品油輪行業繼續受到穩健的租船活動和高資產價值的積極影響。

At Pyxis, we continue to successfully manage through these unprecedented times and are pleased to report outstanding operating and financial results for the most recent period. 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.

在 Pyxis，我們繼續成功地度過了這些前所未有的時期，並很高興地報告最近一段時間的出色運營和財務業績。在開始之前，請允許我提請您注意幻燈片 2 上的一些重要法律通知，我們建議您閱讀這些通知，包括我們今天的演示文稿，其中將包含前瞻性陳述。謝謝。

Turning to Slide 3. Our most recent quarterly results reflected exceptional financial performances in revenues, operating cost control and profitability in the fourth quarter ended December 31, 2022. We generated consolidated time charter equivalent revenues TCE of $13.8 million, an increase of $10 million over the same period in 2021 and sequential growth of 16% over the previous calendar quarter. Charter rates continued to accelerate during the quarter, especially in the spot market. Our daily TCE for Q4 2022 for our 5 eco-MR2’s was $33,182 sequentially, up 14.2% over the prior quarter, and that's up a factor of 3.8x versus the results in the same period last year.

轉到幻燈片 3。我們最近的季度業績反映了截至 2022 年 12 月 31 日的第四季度在收入、運營成本控制和盈利能力方面的出色財務表現。我們產生了 1380 萬美元的綜合期租等效收入 TCE，比上一年增加了 1000 萬美元與 2021 年同期相比，環比增長 16%。本季度租船費繼續加速上漲，尤其是在現貨市場。 2022 年第 4 季度，我們 5 個 eco-MR2 的每日 TCE 連續為 33,182 美元，比上一季度增長 14.2%，比去年同期增長 3.8 倍。

Moreover, we reported net income of $6.5 million or $0.61 per share basic EPS for the most recent period versus significant losses in 2021. Our adjusted EBITDA in Q4 2022 climbed to $9.7 million. I should point out that last week, we announced the sale of our oldest vessel, the Pyxis Malou, for $24.8 million, a very high price in relation to historical averages. The transaction should close by the end of the month and net us about $18 million in cash after repayment of the vessel's debt and related fees and expenses.

此外，我們報告最近一個時期的淨收入為 650 萬美元或每股基本每股收益 0.61 美元，而 2021 年出現重大虧損。我們在 2022 年第四季度調整後的 EBITDA 攀升至 970 萬美元。我應該指出，上週，我們宣布以 2480 萬美元的價格出售我們最老的船隻 Pyxis Malou，與歷史平均水平相比，這是一個非常高的價格。該交易應在本月底完成，並在償還船舶債務和相關費用和支出後為我們淨賺約 1800 萬美元現金。

We expect to book a noncash gain on the vessel sale of $8 million or $0.75 per basic share in the first quarter of 2023. We will use these funds for general corporate purposes, including further loan repayment and strategic opportunities. Over the course of the fourth quarter, the product tanker chartering environment experienced further strength. This was the function of increased mobility, which amplify demand for transportation fuels, despite moderating economic activity.

我們預計 2023 年第一季度船舶銷售的非現金收益為 800 萬美元或每股基本股 0.75 美元。我們將把這些資金用於一般公司用途，包括進一步償還貸款和戰略機會。在第四季度，成品油輪租賃環境進一步走強。這是流動性增加的作用，儘管經濟活動放緩，但增加了對運輸燃料的需求。

In addition, the ongoing Russian invasion of Ukraine has resulted in tightening of product inventories, which continue to be below 5-year averages in a number of locations around the world, changing trade patterns, expansion of ton-miles, dislocation to end markets, creating arbitrage opportunities and higher transportation costs. While high inflation persists, petroleum product prices, such as gasoline and diesel have declined since the high points of last summer 2022.

此外，俄羅斯對烏克蘭的持續入侵導致產品庫存收緊，全球許多地區的庫存繼續低於 5 年平均水平，貿易模式發生變化，噸英里擴大，終端市場錯位，創造套利機會和更高的運輸成本。儘管高通脹持續存在，但自 2022 年夏季的高點以來，汽油和柴油等石油產品價格已經下跌。

The refinery activity continues to be solid with healthy crack spreads, reflecting good global demand. These developments have translated in strong product tanker charter rates in the spot market and greater time charter activity. However, and usually winter weather in parts of the Northern Hemisphere and stockpiling of certain refined petroleum products in Europe, such as diesel, temporarily moderate spot charter rates in the planting basin in the first part of the new quarter. Our bookings for Q1 2023 continue to be constructive.

煉油活動繼續穩健，裂解價差健康，反映出良好的全球需求。這些發展已轉化為現貨市場強勁的成品油輪租船費率和更活躍的期租活動。然而，北半球部分地區的冬季天氣通常以及歐洲某些精煉石油產品（例如柴油）的庫存暫時降低了新季度第一季度種植盆地的現貨租船費率。我們對 2023 年第一季度的預訂繼續具有建設性。

And as of March 14, 80% of our available base for the first quarter were booked at an average estimated TCE of $28,000 per day. We are continuing to maintain our mixed chartering strategy of time and spot charters with a focus on diversification by customer and duration.

截至 3 月 14 日，我們第一季度 80% 的可用基地已被預訂，平均估計 TCE 為每天 28,000 美元。我們將繼續保持我們的定期和即期租船的混合租船策略，重點是客戶和期限的多樣化。

Please turn to Slide 4 for information on our existing fleet and employment activities. As you can see, one of our vessels, the Pyxis Malou is currently in the spot market and the remaining 4 MRs are contracted under short-term time charters that run up to next fall. For the Q1 bookings, the average estimated spot charter rate is $26,400 per day and another time charter rate of $29,400. We believe our chartering strategy provides a reasonable balance of risk and return, especially for a small company like ours. Please note that upon the sale of Malou, the average age of the fleet will be around 8 years.

請轉到幻燈片 4，了解有關我們現有機隊和就業活動的信息。如您所見，我們的一艘船 Pyxis Malou 目前處於現貨市場，其餘 4 艘 MR 則根據短期定期租約簽訂合同，有效期至明年秋天。對於第一季度的預訂，預計平均即期租船費為每天 26,400 美元，另一個定期租船費為每天 29,400 美元。我們相信我們的包機策略提供了風險和回報的合理平衡，特別是對於像我們這樣的小公司。請注意，出售 Malou 後，船隊的平均年齡將約為 8 年。

Next, please turn to Slide 6 for a further update on the product tanker market. In addition to my prior comments about the market, the recent economic activity for most of the world has been affected by the war and other geopolitical events. Initial sanctions on exports of petroleum products have had limited financing impact on Russia, which has benefited from market dislocation and low inventories in many parts of the world. In advance of the EU and G7 group ban on seaborne cargoes of Russian refined products starting in early February 2023, and related price cash, extensive inventories have been built up in Europe since December.

接下來，請轉到幻燈片 6，了解成品油輪市場的進一步更新。除了我之前對市場的評論外，最近世界大部分地區的經濟活動都受到戰爭和其他地緣政治事件的影響。對石油產品出口的初步製裁對俄羅斯的融資影響有限，俄羅斯受益於世界許多地區的市場混亂和低庫存。在歐盟和 G7 集團從 2023 年 2 月初開始禁止海運俄羅斯精煉產品以及相關價格現金之前，自去年 12 月以來，歐洲已經積累了大量庫存。

This pull forward of demand is viewed as temporary and high inventory should be unwound by the second quarter. And nevertheless, events like this one, add to the complexities of the market. Exports from the refineries located in the Middle East, U.S. and certain parts of Asia are expanding. Last year, U.S. exports of oil products grew on average 10%.

這種需求的拉動被認為是暫時的，高庫存應該會在第二季度得到解決。然而，像這樣的事件增加了市場的複雜性。位於中東、美國和亞洲某些地區的煉油廠的出口正在擴大。去年，美國石油產品出口平均增長 10%。

According to Drewry, an independent industry research firm, in 2022, shipborne trade of oil products increased 2.8% to over 1 billion tons, while ton-miles rose 6.7% to almost 3.5 trillion. Overall, research analysts estimate that transfers and sanctions could potentially provide up to 12% in incremental product tanker demand in 2023. The recent changes in trade routes can be seen on Slide 7.

根據獨立行業研究公司 Drewry 的數據，2022 年，石油產品的船運貿易增長了 2.8%，超過 10 億噸，而噸海裡增長了 6.7%，接近 3.5 萬億噸。總體而言，研究分析師估計，轉移和製裁可能會在 2023 年提供高達 12% 的成品油輪需求增量。貿易路線的近期變化可以在幻燈片 7 中看到。

Near-term demand for refined products should also get a boost as China has lifted its severe COVID restrictions over the last 3 years. We have already seen increasing demand for transportation fuels, more recently for air travel and mobility expand and the economy accelerates. Higher levels of government approved export quotas during the late 2022 and Q1 2023 has supported chartering activities, primarily in the Pacific basin.

隨著中國在過去 3 年中取消了對 COVID 的嚴格限制，對精煉產品的近期需求也應該會得到提振。我們已經看到對運輸燃料的需求不斷增加，最近對航空旅行和機動性的需求不斷擴大，經濟也在加速發展。 2022 年底和 2023 年第一季度政府批准的更高級別的出口配額支持了租船活動，主要是在太平洋盆地。

Please turn to Slide 8 to review several macroeconomic considerations, which support fundamental sector demand. Historically, , seaborne trade of refined products has been relatively correlated to global GDP growth. In January, the IMF upgraded its GDP growth estimates to 2.9% for this year due to stronger economic activity, primarily in the OECD and the reopening of China, which is now expected to grow 5.2% versus the recent historical low of 3% last year.

請轉到幻燈片 8，回顧支持基本行業需求的幾個宏觀經濟因素。從歷史上看，精煉產品的海運貿易與全球 GDP 增長相對相關。 1 月份，國際貨幣基金組織將其今年的 GDP 增長預期上調至 2.9%，原因是經濟活動增強，主要是經合組織的經濟活動以及中國的重新開放，目前預計中國將增長 5.2%，而去年的近期歷史低點為 3% .

The IEA recently revised its global oil consumption to increase 2 million barrels per day or 2% to an average of approximately 102 million barrels per day for 2023. Adequate supply of crude oil should be available from OPEC+, which should adhere to its production quarters through the end of the year. According to the EIA, the U.S. should increase average oil production in 2023 by 4.7% to 12.5 million barrels per day. Exclusive of sanctioned countries, such as Venezuela and Iran, added oil production is expected from Canada, Norway and Guyana.

國際能源署最近修訂了其全球石油消費量，到 2023 年每天增加 200 萬桶或 2%，達到平均每天約 1.02 億桶。OPEC+ 應能提供充足的原油供應，OPEC+ 應堅持其生產季度到年末。根據 EIA，美國應在 2023 年將平均石油產量增加 4.7% 至每天 1250 萬桶。不包括委內瑞拉和伊朗等受制裁國家，預計加拿大、挪威和圭亞那的石油產量將增加。

Now move to Slide 9. Over the longest term, we expect demand for the product tanker sector to be supported by refinery additions led by the Middle East and Asia. Drewry estimates that over 4.7 million barrels per day of new refinery capacity is scheduled to come online by 2026, mostly outside the OECD. Originally planned shutdowns are likely to slow given better refinery economics.

現在轉到幻燈片 9。從長遠來看，我們預計成品油輪行業的需求將受到以中東和亞洲為首的煉油廠增加的支持。德路里估計，到 2026 年，每天將有超過 470 萬桶的新煉油廠產能上線，其中大部分位於經合組織之外。鑑於更好的煉油廠經濟狀況，原計劃的停工可能會放緩。

But over the long run, closures should further contribute to the importing of refined products into mature, large OECD markets and provide additional ton-mile expansion. As we approach seasonal refinery maintenance programs, mainly refineries, including those in the U.S. are experiencing solid throughput and healthy crack spreads in order to meet solid product demand. Buying cheap Russian crude oil has been a margin advantage for refineries primarily located in India and China, supporting domestic supplies and seaborne exports. Many of these cargoes consist of transportation fuels, which continue to be carried on MRs within the Asian region.

但從長遠來看，關閉應該進一步有助於將精煉產品進口到成熟的大型經合組織市場，並提供額外的噸英里擴展。當我們接近季節性煉油廠維護計劃時，主要的煉油廠，包括美國的煉油廠，正在經歷穩定的吞吐量和健康的裂解價差，以滿足穩定的產品需求。購買廉價的俄羅斯原油一直是主要位於印度和中國的煉油廠的利潤優勢，支持國內供應和海運出口。其中許多貨物由運輸燃料組成，在亞洲地區繼續由 MR 運輸。

Let's move on to Slide 10. The product tanker supply picture is much clearer as the outlook for MR2s continues to look very promising. The order book is historically low with the limited new ordering for product tankers. According to Drewry, as of February 28, 2020, the order book for MR2s stood at 5.8% of the global fleet or 99 vessels of which only 31 are scheduled for delivery during the remainder of the year. Due to the surge in ordering of new containers ships, gas carriers and dry bulk vessels, many Asian yards don't have available construction slots for a month with deliveries until at least 2025. Delays in new-build deliveries continue to be a concern and slippage around 15% in 2022. Known decision-making process for tanker and new ordering is further complicated by ongoing developments in ship and engine designs, stricter environmental regulations, escalating ship-building costs as well as an evolving and still unclear selection of availability of lower carbon fuels.

讓我們繼續看幻燈片 10。隨著 MR2 的前景繼續看好，成品油輪供應情況更加清晰。由於成品油輪的新訂單有限，訂單處於歷史低位。根據 Drewry 的數據，截至 2020 年 2 月 28 日，MR2 的訂單佔全球船隊的 5.8%，即 99 艘船，其中只有 31 艘計劃在今年剩餘時間交付。由於新集裝箱船、天然氣運輸船和乾散貨船的訂單激增，許多亞洲船廠至少要到 2025 年才能交付一個月的可用建造槽位。新造船交付的延遲仍然是一個令人擔憂的問題，到 2022 年將下滑 15% 左右。由於船舶和發動機設計的不斷發展、更嚴格的環境法規、不斷上升的造船成本以及不斷變化且仍不清楚的可用性選擇，油輪和新訂單的已知決策過程變得更加複雜低碳燃料。

New IMO regulations governing CO2 emissions, including data collections and ratings under EEXI & CII starting 2023, and could limit available supply due to slow steaming of older vessels. Only 5 MR2s were demolished in 2022, principally due to the stronger chartering environment. However, 178 vessels or 10.4% of the global fleet is 20 years of age or older, almost double the order book. Given this large number, combined with declining economics of older vessels, major scrapping should occur over the next 5 years. Thus, we estimate the net fleet growth for MRs of less than 2% per year through 2024.

管理二氧化碳排放的新 IMO 法規，包括從 2023 年開始的 EEXI 和 CII 下的數據收集和評級，並且可能會由於舊船航行緩慢而限制可用供應。 2022 年只有 5 艘 MR2 被拆除，這主要是由於更強勁的租船環境。然而，有 178 艘船（佔全球船隊的 10.4%）的船齡在 20 年或以上，幾乎是訂單的兩倍。鑑於數量龐大，加上老舊船舶的經濟效益下降，未來 5 年內應該會發生大規模拆解。因此，我們估計到 2024 年，MR 的淨機隊增長率每年不到 2%。

Turning to Slide 11. In robust charter conditions have led to steep increases in asset prices across the board. New-building prices are now approximately $45 million, exclusive of yard supervision and add-ons with deliver in about 2 years. Values for young, eco-efficient MR2's are near historical highs and acquisition opportunities are rare. Higher asset prices have increased our fleet valuation and net asset value. And our recent sale of the Pyxis Malou confirms that. But unfortunately, we still trade at a significant discount to NAV.

轉到幻燈片 11。在穩健的租船條件下，資產價格全面上漲。新建築價格現在約為 4500 萬美元，不包括庭院監督和大約 2 年內交付的附加設施。年輕、生態高效的 MR2 的價值接近歷史高位，收購機會很少。較高的資產價格增加了我們的機隊估值和資產淨值。我們最近出售的 Pyxis Malou 證實了這一點。但不幸的是，我們的交易價格仍遠低於資產淨值。

At this point, I would like to turn the call over to Henry Williams, our Chief Financial Officer, who will discuss our financial results in greater detail.

在這一點上，我想把電話轉給我們的首席財務官亨利威廉姆斯，他將更詳細地討論我們的財務業績。

Thanks, Eddie. On Slide 13, let's review our unaudited results for the 3 months ended December 31, 2022. Our time charter equivalent revenues for Q4 of '22, which we define as revenues net minus voyage-related costs and commissions, further accelerated to $13.8 million, an increase of $10 million from the same period in 2021 due to higher charter rates, especially in the spot charter market where we incur higher voyage-related costs and commissions as well as the impact from changes in our fleet. In the 2022 period, we operated 1 additional MR. In the fourth quarter of '22, the TCE rate for our MRs was $33,182 per day, a dramatic increase from the comparable 2021 period.

謝謝，艾迪。在幻燈片 13 上，讓我們回顧一下截至 2022 年 12 月 31 日的 3 個月未經審計的結果。我們將 22 年第四季度的期租等效收入定義為淨收入減去航程相關成本和佣金，進一步加速至 1380 萬美元，與 2021 年同期相比增加了 1000 萬美元，原因是包租費率較高，特別是在即期租船市場，我們承擔了更高的航程相關成本和佣金，以及船隊變化的影響。在 2022 年期間，我們額外運營了 1 台 MR。在 22 年第四季度，我們 MR 的 TCE 費率為每天 33,182 美元，與 2021 年同期相比大幅增加。

Moving to Slide 14. We generated net income to common shareholders of $6.5 million for the 3 months ended December 31, 2022 or $0.61 basic and $0.53 diluted EPS compared to a net loss of $5.6 million or $0.58 basic and diluted loss per share in the same period in 2021. For accounting purposes, the fully diluted earnings calculation in 2022 assumes the potential conversion of all the outstanding Series A convertible preferred stock into common shares and the elimination of the associated dividend. In Q4 '22, a substantial portion of the increase in TCE revenues dropped to the bottom line. Adjusted EBITDA rose to $9.7 million, an improvement of $10.4 million from Q4 of last year.

轉到幻燈片 14。截至 2022 年 12 月 31 日的三個月，我們為普通股股東帶來的淨收入為 650 萬美元，基本每股收益為 0.61 美元，稀釋每股收益為 0.53 美元，而同一季度的淨虧損為 560 萬美元，基本每股收益為 0.58 美元，稀釋每股收益為 0.58 美元。 2021 年期間。出於會計目的，2022 年的完全稀釋收益計算假設所有已發行 A 系列可轉換優先股可能轉換為普通股，並消除相關股息。在 22 年第四季度，TCE 收入增長的很大一部分下降到了底線。調整後的 EBITDA 增至 970 萬美元，比去年第四季度增加 1040 萬美元。

Now let's review year-end results. For the 12 months ended December 31, '22, we reported TCE revenues of $41 million, an increase of over $23.2 million, primarily due to significantly higher spot charter rates and greater spot employment. In fiscal '22, the daily TCE for our MRs was $25,739, substantially higher than 2021. After payment of preferred stock dividends, we generated net income of $12.5 million, a swing of $25 million from the loss of 2021. EPS for 2022 was $1.18 basic and $1.06 diluted, a dramatic turnaround from the prior year. Adjusted EBITDA was $24.3 million in 2022, representing a $25 million improvement.

現在讓我們回顧一下年終結果。截至 2022 年 12 月 31 日止的 12 個月，我們報告 TCE 收入為 4100 萬美元，增長超過 2320 萬美元，這主要是由於現貨租船費率顯著提高和現貨就業增加。在 22 財年，我們 MR 的每日 TCE 為 25,739 美元，大大高於 2021 年。在支付優先股股息後，我們產生了 1250 萬美元的淨收入，與 2021 年的虧損相比減少了 2500 萬美元。2022 年的每股收益為 1.18 美元基本和稀釋後的 1.06 美元，與上一年相比出現了戲劇性的轉變。 2022 年調整後的 EBITDA 為 2430 萬美元，增加了 2500 萬美元。

Please turn to Slide 15, which reviews our recent MR fleet data as we operate 1 eco-modified vessel, the Malou; and 4 eco-efficient tankers. Given the size of our fleet, changes in these metrics related to a single vessel in one reporting period can have disproportionate effects on the total fleet operating results. Beyond the significant improvement in TCE, the key takeaway for 2022 is slightly lower vessel operating expenses despite rising cost pressures such as crewing, insurance and lubes. Clearly, our results reflect our commitment to a tight operating cost structure.

請轉到幻燈片 15，它回顧了我們最近的 MR 船隊數據，因為我們運營著一艘生態改造船 Malou；和 4 艘生態高效油輪。鑑於我們船隊的規模，在一個報告期內與單艘船相關的這些指標的變化可能會對整個船隊的運營結果產生不成比例的影響。除了 TCE 的顯著改善外，儘管船員、保險和潤滑油等成本壓力不斷上升，但 2022 年的主要收穫是船舶運營費用略有下降。顯然，我們的結果反映了我們對嚴格運營成本結構的承諾。

Turning to Slide 16. As you may recall, we believe it is important to periodically review total daily operational cost to run and manage a public tanker company, including overhead. These costs vary by fleet composition, vessel delivery or removal, company operating structure and management. We define total daily operational costs as the sum of vessel operating expenses, technical and commercial management costs plus G&A. Based on recent results, once again, the daily total operational costs of our modern eco-efficient MR2s continue to be very cost competitive in contrast to our U.S. listed pure-play peers despite our smaller size.

轉到幻燈片 16。您可能還記得，我們認為定期審查運營和管理一家公共油輪公司的日常運營總成本（包括管理費用）非常重要。這些成本因船隊組成、船舶交付或拆除、公司運營結構和管理而異。我們將每日總運營成本定義為船舶運營費用、技術和商業管理成本加上 G&A 的總和。根據最近的結果，儘管我們的規模較小，但與我們在美國上市的純遊戲同行相比，我們現代生態高效 MR2 的每日總運營成本再次具有很強的成本競爭力。

Now flip to Slide 17 to review our capitalization at December 31, 2022. At year-end, our total consolidated leverage ratio of net funded debt stood at approximately 46% total capitalization. We continue to be in full compliance with our loan agreements. Due to increases in LIBOR, our weighted average interest rate was 7.25% for the most recent quarter and the next bank loan matures July of 2025. I should point out that our total cash position at year-end was $10.2 million and should only increase in the current quarter due to free cash flow generated from operations plus the expected receipt of net proceeds from vessel sale. With that, I'd like to turn the call back over to Eddie to conclude our presentation.

現在翻到幻燈片 17，回顧我們在 2022 年 12 月 31 日的資本化。到年底，我們的淨融資債務的總綜合槓桿率約為總資本化的 46%。我們繼續完全遵守我們的貸款協議。由於倫敦銀行同業拆借利率上升，我們最近一個季度的加權平均利率為 7.25%，下一筆銀行貸款將於 2025 年 7 月到期。我應該指出，我們年底的總現金頭寸為 1020 萬美元，應該只會增加本季度由於運營產生的自由現金流加上預期收到的船舶銷售淨收益。有了這個，我想把電話轉回給埃迪來結束我們的演講。

Thanks, Henry. As we discussed, over the near term, fundamental demand is relatively in balance with supply. However, 2 major catalysts for the product tanker sector are now underway. The impact from increasing sanctions of seaborne cargoes of Russian refined products and very opening of China despite the recent macroeconomic headwinds and geopolitical conflicts, the combination of solid end market consumption, moderating product inventories in many parts of the world, changing trade patterns and expanding ton-miles continue to support a strong chartering environment.

謝謝，亨利。正如我們所討論的，在短期內，基本需求與供應相對平衡。然而，成品油輪行業的兩大催化劑目前正在發揮作用。儘管最近宏觀經濟逆風和地緣政治衝突，但對俄羅斯成品油海運貨物的製裁增加和中國非常開放的影響，穩固的終端市場消費，世界許多地區的產品庫存放緩，貿易模式的變化和噸位的擴大-miles 繼續支持強大的包機環境。

Scheduled developments for the refinery landscape only enhance the long-term outlook of the sector. Given various uncertainties on growing complexity, we will stay on course with our mixed chartering strategy of time charters complemented by spot employment in order to prudently optimize revenues and provide cash flow visibility. Our sizable cash position and low leverage, strengthen our operating and financial flexibility as well as broaden strategic opportunities to further increase 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. Be safe, be well.

煉油廠格局的預定發展只會增強該行業的長期前景。鑑於日益複雜的各種不確定性，我們將堅持我們的混合租船策略，即定期租船，輔之以現貨租用，以審慎地優化收入並提供現金流可見性。我們龐大的現金頭寸和低杠桿率增強了我們的運營和財務靈活性，並拓寬了進一步增加股東價值的戰略機會。感謝您的關注，感謝您今天加入我們的電話會議。我們期待報告 Pyxis Tankers 的未來進展。要安全，要好。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines at this time, and enjoy your day.

女士們，先生們，今天的活動到此結束。您此時可以斷開線路，享受您的一天。