Pyxis Tankers Inc (PXS) 2023 Q3 法說會逐字稿

Good day and welcome to the Pyxis Tankers Conference Call to discuss the financial results for the third quarter 2023. As a reminder, today's call is being recorded.

美好的一天，歡迎參加 Pyxis Tankers 電話會議，討論 2023 年第三季的財務表現。謹提醒您，今天的電話會議正在錄音。

Additionally, a live webcast of today's conference call and an accompanying presentation is available on Pyxis Tankers' website, which is www.pyxistankers.com.

此外，今天的電話會議的網路直播和隨附的簡報可在 Pyxis Tankers 的網站 www.pyxistankers.com 上觀看。

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.

Pyxis Tankers 董事長兼執行長 Eddie Valentis 先生和該公司財務長 Henry Williams 先生主持了這場電話會議。

I would like to pass the floor to one of your speakers today, Mr. Eddie Valentis. Please go ahead, sir.

我想請今天的發言者之一艾迪·瓦倫蒂斯先生發言。請繼續，先生。

Good morning, everyone, and thank you for joining our call for results of the three months ended September 30, 2023. The Russia-Ukraine war continues to be center stage for the impact to the global energy market and disrupt economic and strategic priorities, as well as global relationships and trade. The recent turmoil in the Middle East may have far-reaching implications for all, including increasing global volatility for the oil market.

大家早安，感謝您加入我們對截至 2023 年 9 月 30 日的三個月結果的呼籲。俄羅斯-烏克蘭戰爭仍然是影響全球能源市場並擾亂經濟和戰略優先事項的中心舞台，因為以及全球關係和貿易。最近中東的動盪可能對所有人產生深遠的影響，包括全球石油市場的波動加劇。

Restrictive monetary policies have resulted in slowing economic activity and most recently, lowering of inflation within many OECD countries. China's economic recovery continues to lag expectations. In spite of these geopolitical and macroeconomic events, the product tanker sector maintains solid chartering activity and high asset values.

限制性貨幣政策導致經濟活動放緩，最近許多經合組織國家的通貨膨脹率也有所下降。中國經濟復甦持續落後於預期。儘管發生了這些地緣政治和宏觀經濟事件，成品油輪產業仍保持穩健的租船活動和較高的資產價值。

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.

在 Pyxis，我們繼續成功度過這些不確定的時期，我們很高興地報告最近一段時間的良好營運和財務表現。

Before starting, please let me draw your attention to some important legal notifications on slide two that we recommend you read, including our presentation today, which will include forward-looking statements. Thank you.

在開始之前，請允許我提請您注意我們建議您閱讀的第二張幻燈片上的一些重要法律通知，包括我們今天的演示，其中將包含前瞻性陳述。謝謝。

Please turn to slide three. Our most recent quarterly results reflected healthy financial performance in revenues, operating cost control, and profitability, despite the effects of operating one fewer vessel in our fleet.

請翻到幻燈片三。儘管我們船隊中運營一艘船舶減少，但我們最近的季度業績反映了在收入、營運成本控制和盈利能力方面健康的財務表現。

In the third quarter, end of September 2023, we generated consolidated time charter equivalents, TCEs, of $9.3 million, a decrease of $2.7 million over the same period in 2022. Our daily time charter equivalent for our four eco MRs in Q3 2023 was approximately $28,000, which was down 3.6% over the same quarter last year due to less spot chartering activity.

截至2023 年9 月底的第三季度，我們的綜合期租等值TCE 為930 萬美元，比2022 年同期減少了270 萬美元。2023 年第三季度，我們的四個生態MR 的日期租約等值約28,000 美元，由於現貨租船活動減少，比去年同期下降 3.6%。

We reported net income of $3.1 million, or $0.29 basic EPS for the most recent period, which was down from last year. Our adjusted EBITDA in Q3 '23 was $5.5 million. Please note, our third quarter results were a sequential improvement from Q2 2023.

我們報告最近一段時間的淨利潤為 310 萬美元，即基本每股收益 0.29 美元，低於去年。我們 23 年第三季調整後的 EBITDA 為 550 萬美元。請注意，我們第三季的業績較 2023 年第二季連續改善。

In September, we announced two important strategic decisions for our company. First, we closed the $6.8 million equity investment in a joint venture for the acquisition of the 2016 Japanese-built Ultramax dry bulk carrier, which has been renamed the Konkar Ormi.

九月，我們宣布了公司的兩項重要策略決策。首先，我們完成了對一家合資企業的 680 萬美元股權投資，用於收購 2016 年日本建造的 Ultramax 幹散貨船，該船已更名為 Konkar Ormi。

We control the joint venture through 60% ownership with the balance held by an affiliate by our CEO and Chairman. We believe this counter cyclical investment in the first class eco vessel, which is scrubber and balanced water treatment system fitted, should provide attractive returns to Pyxis Tankers through a well-managed structure.

我們透過 60% 的所有權控制該合資企業，其餘部分由我們的執行長兼董事長的附屬公司持有。我們相信，對配備洗滌器和平衡水處理系統的一流生態船的反週期投資應透過管理良好的結構為 Pyxis Tankers 帶來可觀的回報。

Second, we have agreed to sell the 2015 vessel, Pyxis Epsilon, for a very attractive price, 10-year high, of almost $41 million. The vessel's sale should close in December and net us approximately $26.4 million in cash after repayment of associated bank debt and transaction fees and expenses.

其次，我們同意以近 4,100 萬美元的非常有吸引力的價格（10 年來的最高價格）出售 2015 年的船隻 Pyxis Epsilon。該船的出售將於 12 月完成，在償還相關銀行債務以及交易費用和開支後，我們將獲得約 2,640 萬美元的現金。

Similar to the sale of our 2009 built MR earlier this year, we should make a sizable profit on the disposition of our eight-year-old tanker.

與今年稍早出售我們 2009 年建造的 MR 類似，我們應該透過處置這艘已有 8 年船齡的油輪獲得可觀的利潤。

In the fourth quarter, we expect to realize a gain of $17.1 million or $1.62 per current outstanding share or $1.38 per diluted share. Upon closing of this latest transaction, we expect to have over $57 million in available cash to pursue additional opportunities.

在第四季度，我們預計將實現 1,710 萬美元的收益，即每股當前流通股數 1.62 美元，或稀釋後每股 1.38 美元。最新交易完成後，我們預計將擁有超過 5700 萬美元的可用現金來尋求更多機會。

These funds, combined with the potential availability of moderate amounts of lower cost bank debt, could furnish us with the firepower to double the size of our fleet under the right circumstances.

這些資金，加上潛在的適量低成本銀行債務，可以為我們提供火力，在適當的情況下將我們的機隊規模擴大一倍。

As you can see on slide 4, world events have significantly impacted our sector. Over the course of the third quarter, the product tanker environment experienced normal seasonal improvement in charter rates. Moderating economic activity was accompanied by a reasonable demand for transportation fuels worldwide despite higher prices.

正如您在幻燈片 4 中看到的，世界事件對我們的行業產生了重大影響。在第三季度，成品油輪環境的租船費率經歷了正常的季節性改善。儘管價格較高，但經濟活動的放緩伴隨著全球運輸燃料的合理需求。

The ongoing Russia-Ukraine war continued to result in moderating inventories of petroleum products, which remained below five-year averages in numerous locations around the world, changing trade patterns, expansion of ton mile, dislocations in markets creating arbitrage opportunities, and high transportation costs.

正在進行的俄羅斯-烏克蘭戰爭繼續導致石油產品庫存減少，世界各地許多地區的石油產品庫存仍低於五年平均水平，貿易模式發生變化，噸英里擴大，市場錯位創造了套利機會，運輸成本高昂。

For example, in the US, recently reported inventories of diesel were 13% lower than five-year averages. The refinery throughput should pick up in the fourth quarter as seasonal maintenance programs are completed, combined with healthy track spread from solid global demand for products and lower crude prices. These developments support a constructive outlook for product tanker charter rates.

例如，在美國，最近報告的柴油庫存比五年平均值低 13%。隨著季節性維護計畫的完成，再加上全球對產品的強勁需求和較低的原油價格帶來的健康的軌道價差，煉油廠吞吐量將在第四季度回升。這些發展支持了成品油輪租船費率的建設性前景。

Please move to slide 5 for information on our existing fleet and employment activities. We're continuing to prudently maintain our mixed chartering strategy of time and spot charters with a focus on diversification by customer and duration. As you can see, we currently own an operator fleet of four eco-efficient MRs, which has an average age of 8.9 years, about 4 years younger than the industry average of 13 years.

請移至投影片 5，以了解有關我們現有機隊和就業活動的資訊。我們將繼續謹慎地維持期租和現貨租船的混合租船策略，並專注於客戶和期限的多元化。正如您所看到的，我們目前擁有一支由四艘生態高效型MR組成的運營商船隊，其平均年齡為8.9歲，比行業平均年齡13歲年輕約4歲。

As previously mentioned, the Pyxis Epsilon will be delivered to her buyers shortly after concluding her time charter. Three of our tankers are currently contracted under short-term T/C's and one in the spot market. As of November 20th, 84% of the available days in Q4 for our MRs were booked at an average estimated TCE rate of approximately $29,600, which, at this point, represents a 6% sequential increase over our Q3 daily chartering results.

如前所述，Pyxis Epsilon 將在期租合約簽訂後不久交付給買家。我們的三艘油輪目前是根據短期 T/C 簽訂合約的，另一艘是在現貨市場簽訂的。截至 11 月 20 日，我們的 MR 第 4 季 84% 的可用天數是以大約 29,600 美元的平均估計 TCE 價格預訂的，目前這比我們第 3 季的每日租船結果環比增長了 6%。

Our newly acquired dry bulk carrier, the Konkar Ormi, started her maiden voyage in early October under a short-term TCE at $16,250 per day.

我們新收購的干散貨船 Konkar Ormi 於 10 月初開始首航，短期 TCE 為每天 16,250 美元。

Next, turn to slide 7 for a further update on the product tanker market. In addition to my prior comments about the market, economic activity for most of the world has been resilient, despite the effects of restrictive monetary policies, the Ukrainian war, and other geopolitical events.

接下來，請參閱投影片 7，以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之外，儘管受到限制性貨幣政策、烏克蘭戰爭和其他地緣政治事件的影響，世界大部分地區的經濟活動仍然具有彈性。

The EU and G7 Group ban on seaborne cargoes of Russian refined products which started in early February 2023 and subsequent price gaps have limited Russian revenues, created market dislocation, which has been compounded by lower inventories of certain refined petroleum products in many parts of the globe.

歐盟和七國集團集團於 2023 年 2 月初開始禁止海運俄羅斯成品油，隨後的價格差距限制了俄羅斯的收入，造成市場混亂，而全球許多地區某些成品油庫存下降則加劇了這一情況。 。

Product exports from the refineries located in the Middle East, US, and certain parts of Asia continue expanding. At the end of October, a leading research firm forecast product tankers ton-mile demand to grow 6% in 2024, with cargo volumes to rise 3.5%.

中東、美國和亞洲部分地區煉油廠的產品出口持續擴大。 10 月底，一家領先的研究公司預測 2024 年成品油輪噸英里需求將增加 6%，貨運量將增加 3.5%。

Please turn to slide 8 to review several macroeconomic considerations which support fundamental sector demand.

請翻至投影片 8，回顧幾個支持基本部門需求的宏觀經濟因素。

Historically, seaborne trade of refined products has been moderately correlated to global GDP growth. In October, the IMF slightly revised its global GDP growth estimate to average just under 3% per annum for '23-'24, due to buoyant economic activity primarily in the OECD offset by the adverse effects of significantly higher interest rates and persistently high but declining inflation.

從歷史上看，成品油海運貿易與全球 GDP 成長呈適度相關。 10 月份，國際貨幣基金組織將其全球GDP 成長預期小幅修正為23-24 年平均每年略低於3%，原因是主要在經合組織國家的經濟活動活躍，但被大幅上升的利率和持續高位利率的不利影響所抵銷。通膨下降。

In November, the IEA slightly revised its estimate of global oil consumption to increase 2.4 million barrels per day or 2.4% to an average of 102 million barrels per day in 2023.

11月，IEA小幅修正了全球石油消費量的預估，預計2023年全球石油消費量將增加240萬桶/日，即2.4%，至平均1.02億桶/日。

A continuation of the recent crude oil production cuts of 1.3 million barrels per day by Saudi Arabia and Russia is expected to result in tighter supplies through year end. However, incremental production is expected from the US, Canada, Brazil, Norway, and Guyana.

沙烏地阿拉伯和俄羅斯近期繼續減產 130 萬桶/日，預計將導致年底供應緊張。然而，預計美國、加拿大、巴西、挪威和圭亞那的產量將會增加。

Early this month, EIA reported that US crude production hit a record 13.1 million barrels per day in August, and further growth is expected next year. Of course, invasive actions by Iran and the temporary relaxation of Venezuelan sanctions by the US supplement global oil supply.

本月初，EIA報告稱，8月份美國原油產量達到創紀錄的1,310萬桶/日，預計明年將進一步成長。當然，伊朗的侵略行動和美國暫時放鬆對委內瑞拉的製裁補充了全球石油供應。

High oil prices in the third quarter have subsequently receded due to slowing global economic conditions combined with sufficient supply. VRS tanker research recently stated that global refinery throughput should steadily rise during the current quarter to hit a record of 84.2 million barrels per day in December. Longer term, product tanker demand will be supported by net additions to global refinery landscape, further driving ton-mile expansion and cargo volumes from the US, Middle East, India, and China.

由於全球經濟情勢放緩以及供應充足，第三季的高油價隨後回落。 VRS油輪研究最近表示，本季全球煉油廠吞吐量應穩定上升，12月份將達到創紀錄的每天8,420萬桶。從長遠來看，成品油輪需求將受到全球煉油廠淨增的支撐，進一步推動美國、中東、印度和中國的噸英里擴張和貨運量。

Now, we move to slide 9. The product tanker supply picture is clearer as the outlook for MR2s continues to look promising. While orders for the construction of new project tankers have picked up in 2023, the order book is still relatively low by historical standards. As of June 30, 2023, Drewry estimated the order book for MR2 at 6.6% of the global fleet for 111 vessels. Due to huge backlogs, many Asian yards don't have available construction slots for MRs with deliveries until 2026. Delays in new built deliveries continue to be an unpredictable factor as slippage has run over 12% annually for the last five years.

現在，我們轉向投影片 9。由於 MR2 的前景持續看好，成品油輪供應情況更加清晰。儘管2023年新項目油輪的建造訂單有所回升，但以歷史標準來看，訂單量仍然相對較低。截至 2023 年 6 月 30 日，德魯裡估計 MR2 的訂單量佔全球船隊 111 艘船的 6.6%。由於大量積壓，許多亞洲船廠在 2026 年之前都沒有可用的 MR 建造工位。新建船交付的延遲仍然是一個不可預測的因素，因為過去五年每年滑移率超過 12%。

Another decision-making process where tanker ordering is further complicated by ongoing developments in ship and engine designs, stricter environmental regulations, escalated shipbuilding costs, as well as on evolving and still unclear selection and availability of lower carbon fuels.

另一個決策過程是，由於船舶和引擎設計的不斷發展、更嚴格的環境法規、造船成本的不斷上升，以及低碳燃料的選擇和可用性不斷發展且仍不明確，油輪訂購變得更加複雜。

As many as 144 vessels or 8.5% of the global fleet is 20 years of age or older, significantly more than the order book. Given this large number combined with declining economics of operating older vessels, including higher adding costs, capital upgrades, possible slow steaming, as well as the implementation of new emission regulations and penalties starting in 2024, greater vessel scrapping should occur over the next five years. Thus, we continue to estimate the net fleet growth of MRs of less than 2% per year throughout 2024.

多達 144 艘船舶（佔全球船隊的 8.5%）船齡為 20 年或以上，大大超過訂單量。鑑於數量龐大，加上營運老舊船舶的經濟效益下降，包括增加成本增加、資本升級、可能的緩慢航行，以及從2024 年開始實施新的排放法規和處罰，未來五年內應該會出現更多的船舶報廢。因此，我們繼續估計 2024 年 MR 機隊的每年淨增長將低於 2%。

Turning to slide 10, good chartering conditions have led to steep increases in asset prices across the board. In fact, a resale of a newly constructed MR2 is over $50 million for prompt delivery. Values for secondhand tonnage is still way above 10-year average, but prices for older tankers continue to soften.

轉向幻燈片 10，良好的租船條件導致資產價格全面大幅上漲。事實上，一輛新建的 MR2 及時交付的轉售價格超過 5000 萬美元。二手油輪的價格仍遠高於十年平均水平，但舊油輪的價格仍持續走軟。

Construction contracts for new buildings now approached $47 million exclusive of yard with supervision costs and add-ons. Prices for young eco-efficient MR2s are still near historical highs, and attractive acquisition opportunities continue to be rare.

新建築的建築合約目前已接近 4700 萬美元，不包括場地、監理費用和附加費用。年輕的生態高效 MR2 的價格仍接近歷史高位，有吸引力的收購機會仍然很少。

The premium price we obtained for the Pyxis Epsilon exemplifies a seller's market for quality tonnage. Until we can develop compelling MR projects, we will continue to consider other sectors, which can generate a strong value proposition to our shareholders.

我們為 Pyxis Epsilon 獲得的溢價體現了優質噸位的賣方市場。在我們能夠開發出引人注目的混合實境項目之前，我們將繼續考慮其他領域，這可以為我們的股東產生強大的價值主張。

For example, our recent investment in the dry bulk sector utilizes our management's deep knowledge and operating experience in mid-size carriers to achieve asset diversification at a different point in the shipping industry cycle, which allow us an attractive risk-return profile.

例如，我們最近對乾散貨行業的投資利用了我們管理層對中型航運公司的深厚知識和營運經驗，在航運業週期的不同階段實現了資產多元化，這使我們能夠獲得有吸引力的風險回報。

Maintaining a solid balance sheet with liquidity and quality, modern fleet is paramount to the flexibility and implementation of the strategy. Additional investments in the dry bulk sector may occur.

保持穩健的資產負債表、流動性和質量，現代化機隊對於策略的靈活性和實施至關重要。幹散貨業可能會出現額外投資。

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.

現在，我想將電話轉給我們的財務長亨利威廉斯，他將更詳細地討論我們的財務表現。

Thanks, Eddie. On slide 12, let's review our unaudited results for the three months ended September 30, 2023. Please note, the company, due to our control of the dry bulk joint venture, consolidates in its financial statements the newly acquired Konkar Ormi.

謝謝，艾迪。在投影片12 上，讓我們回顧一下截至2023 年9 月30 日的三個月未經審計的業績。請注意，由於我們對乾散貨合資企業的控制，該公司在其財務報表中合併了新收購的Konkar Ormi。

While we incurred approximately $700,000 of startup expenses at the end of the quarter, no revenues were recognized as our first voyage did not start until early in October.

雖然我們在季度末產生了大約 70 萬美元的啟動費用，但由於我們的第一次航行直到 10 月初才開始，因此沒有確認任何收入。

Our time charter equivalent revenues for Q3 '23, which we define as revenues, net minus voyage related costs and commissions, declined to $9.3 million, a decrease of $2.7 million from the same period in 2022 due to lower spot chartering activity, which was offset by higher utilization.

我們23 年第三季的期租等效收入（我們定義為淨收入減去航次相關成本和佣金）下降至930 萬美元，較2022 年同期減少270 萬美元，原因是現貨租船活動減少，但這一收入被抵消通過更高的利用率。

More importantly, with the sale of our oldest vessel in March of '23, we operated one pure MR in the most recent period. In the third quarter of '23, the TCE rate for our MRs was $28,000 per day. Still a healthy historical rate, but down $1,000 in the comparable 2022 period.

更重要的是，隨著我們在 2023 年 3 月出售最古老的船舶，我們在最近一段時間內運營了一艘純 MR 船。 23 年第三季度，我們 MR 的 TCE 費率為每天 28,000 美元。仍處於健康的歷史水平，但與 2022 年同期相比下降了 1,000 美元。

Moving to slide 13, we generated net income to common shareholders of $3.1 million for the three months ended September 30th, 2023, or $0.29 basic or $0.26 diluted EPS, compared to a net income of $5.1 million or $0.48 basic and $0.42 diluted income per share in the same period in '22.

轉向幻燈片13，截至2023 年9 月30 日的三個月，我們為普通股股東創造了310 萬美元的淨利潤，即0.29 美元的基本每股收益或0.26 美元的稀釋每股收益，而淨利潤為510 萬美元，即0.48 美元的基本每股收益和0.42 美元的稀釋每股收益在'22的同一時期。

For 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.

出於會計目的，完全攤薄收益計算假設所有已發行的 A 系列可轉換優先股可能轉換為普通股，並消除相關股息。

In Q3 '23, a significant portion of the decrease in TCE revenues flowed through the income statement as adjusted EBITDA decreased $5.1 million to respectful $5.5 million.

23 年第 3 季，TCE 收入減少的很大一部分流入損益表，調整後的 EBITDA 減少了 510 萬美元，降至 550 萬美元。

Now, flip to slide 14 to review our capitalization at September 30, 2023. At quarter close, our consolidated leverage ratio of net funded debt stood at 27% of total capitalization and now reflects the inclusion of the Konkar Ormi. The weighted average interest rate of our loans was about 8.25% in the most recent quarter. The next bank loan maturity is scheduled for July of 2025.

現在，翻到投影片 14，回顧我們截至 2023 年 9 月 30 日的資本。截至季度結束時，我們的淨融資債務綜合槓桿率為總資本的 27%，現在反映了 Konkar Ormi 的納入。最近一個季度我們貸款的加權平均利率約為8.25%。下一次銀行貸款到期日定於 2025 年 7 月。

I should point out that as of September 30, 2023, our total cash position was $34.1 million. Most of our excess cash is invested in short-term money market instruments, which currently earn an average deposit rate of 5.7%. Upon closing of the sale of the Pyxis Epsilon in December, our cash position should grow by another $26.4 million.

我應該指出，截至 2023 年 9 月 30 日，我們的現金部位總額為 3,410 萬美元。我們大部分的多餘現金都投資於短期貨幣市場工具，目前平均存款利率為 5.7%。 12 月 Pyxis Epsilon 銷售結束後，我們的現金部位應該會再增加 2,640 萬美元。

As of November 14, we have purchased over 294,000 common shares in total at an average price of $3.72, including commissions, under our authorized $2 million buyback program. We have up to another $900,000 remaining under this program, which has been extended until May of 2024.

截至 11 月 14 日，根據我們授權的 200 萬美元回購計劃，我們已以 3.72 美元的平均價格（包括佣金）總共購買了超過 294,000 股普通股。該計劃還剩 90 萬美元，該計劃已延長至 2024 年 5 月。

Lastly, we have completed the 10th year special surveys for both the Pyxis Theta and Pyxis Karteria at an average cost of $2.3 million in 43 dry docking days. Our next special survey is not scheduled until 2026.

最後，我們在 43 個進塢日平均花費 230 萬美元完成了 Pyxis Theta 和 Pyxis Karteria 的第十年特別調查。我們的下一次特別調查預計要到 2026 年才會進行。

With that, I would like to turn the call back over to Eddie to conclude our presentation.

至此，我想將電話轉回艾迪以結束我們的演示。

Thanks, Henry. Over the near term, we expect fundamental demand to remain relatively imbalanced exceptionally. Macroeconomic headwinds and rising uncertainty from geopolitical conflicts create challenges and opportunities for the product tanker sector. We continue to benefit from the combination of solid and market consumption, moderate to low refined product inventories in many parts of the world, changing trade patterns and expanding ton life.

謝謝，亨利。短期內，我們預期基本需求仍將異常失衡。宏觀經濟逆風和地緣政治衝突帶來的不確定性為成品油輪產業帶來了挑戰和機會。我們持續受惠於實體消費和市場消費、世界許多地區中等至低水準的精煉產品庫存、貿易模式的改變和噸位壽命的擴大等因素的結合。

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 the potential availability of moderate leverage, as well as deep industry knowledge and relationships to seize compelling investment opportunities that maximize shareholder value.

煉油廠景觀的預定發展只會增強我們產業的長期前景。我們將有效利用我們強大的過剩現金財務狀況和適度槓桿的潛在可用性，以及深厚的行業知識和關係，抓住引人注目的投資機會，實現股東價值最大化。

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 fall and upcoming holidays and be well.

我們感謝您的關注，並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。享受秋天和即將到來的假期並保持健康。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。