Pyxis Tankers Inc (PXS) 2024 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 2024. I must advise you that the conference 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.

大家好，歡迎參加 Pyxis Tankers 電話會議，討論 2024 年第三季的財務表現。我必須告知您，電話會議正在錄音。此外，今天的電話會議和隨附簡報的現場網路直播可在 Pyxis Tankers 網站上找到，網址為 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.

本次電話會議主持人為 Pyxis Tankers 董事長兼執行長 Eddie Valentis 先生；以及公司財務長亨利威廉斯先生。今天我想將發言權交給你們的一位發言者。艾迪·瓦倫蒂斯先生。先生，請繼續。

Hello, everyone, and thank you for joining our call for results of the three months ended September 30, 2024. The disruption on global seaborne trade from the Russia-Ukraine war and the expanding conflict in the Middle East continues. Global economic activity remains resilient despite the restrictive monetary policies by many central banks. Encouragingly, inflationary pressures are easing, and we anticipate further interest rate cuts in the near term, which should support broader economic growth.

大家好，感謝您參加我們截至 2024 年 9 月 30 日的三個月的業績電話會議。俄羅斯與烏克蘭戰爭以及中東地區衝突不斷擴大對全球海上貿易造成的擾亂仍在持續。儘管許多央行採取了限制性貨幣政策，全球經濟活動仍保持彈性。令人鼓舞的是，通膨壓力正在緩解，我們預期短期內將進一步降息，這應能支持更廣泛的經濟成長。

The fundamental outlook for our core sectors, Product Tankers and dry-bulk carriers remains supportive with relatively firm asset values despite the recent softening of the chartering environment. Market conditions remain highly dynamic and can be significantly influenced by macroeconomic and geopolitical events which are beyond our control.

儘管近期租船環境有所疲軟，但我們的核心領域——成品油輪和乾散裝貨船——的基本前景依然看好，資產價值相對堅挺。市場條件仍然高度動態，並且可能受到我們無法控制的宏觀經濟和地緣政治事件的顯著影響。

Before commenting on our 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.

在對我們最近第一季的經營和財務業績發表評論之前，請允許我提請您注意幻燈片 2 上的一些重要的法律通知，我們建議您閱讀，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 solid financial performance with strong revenues and profitability driven by supportive market conditions and our successful expansion into the dry-bulk sector. Following the acquisition of the 2015-built Kamsarmax in late June, we ended the third quarter with a fleet of six modern midsized Eco vessels, consisting of three MR2 product tankers, one Ultramax and two larger Kamsarmax bulk carriers.

翻到幻燈片 3。我們最近的季度業績反映出穩健的財務表現，在有利的市場條件和我們在乾散貨領域的成功擴張的推動下，我們實現了強勁的收入和盈利能力。繼 6 月底收購 2015 年建造的 Kamsarmax 型油輪後，我們在第三季末擁有一支由 6 艘現代化中型 Eco 型船舶組成的船隊，其中包括 3 艘 MR2 成品油輪、1 艘 Ultramax 型油輪和 2 艘大型 Kamsarmax 散貨船。

In the quarter ended September 30, 2024, we generated consolidated time charter equivalent revenues, TCE of $11.7 million, marking an increase of over 25% from the same period in 2023. Our daily TCE for our fleet in Q3 2024 was approximately $22,000, with the MRs averaging almost $30,000, while our midsized bunkers earnings slightly less than $14,000 per day. For the most recent period, we reported net income of $3.5 million or $0.34 basic EPS, representing a $0.05 per share improvement compared to Q3 2023.

在截至 2024 年 9 月 30 日的季度中，我們產生了綜合定期租船等值收入，TCE 為 1170 萬美元，較 2023 年同期增長了 25% 以上。2024 年第三季度，我們船隊的每日 TCE 約為 22,000 美元，其中 MR 平均接近 30,000 美元，而中型燃料油的每日收入略低於 14,000 美元。最近一季度，我們報告的淨收入為 350 萬美元，或基本每股收益 0.34 美元，與 2023 年第三季度相比每股收益增長 0.05 美元。

Additionally, our adjusted EBITDA in the most recent period rose to $6.7 million. The product tanker chartering environment remained strong until the latter part of the third quarter of 2024. Slower global economic activity, especially in China, was met with the worldwide impact from continued regional armed hostilities and tight inventories of refined petroleum products in a number of locations. Trade this location persistent with moderating online growth.

此外，我們最近第一季的調整後 EBITDA 上升至 670 萬美元。到 2024 年第三季後半段，成品油輪租賃環境仍保持強勁。全球經濟活動放緩，尤其是中國經濟活動放緩，受到了持續的地區武裝敵對行動和許多地區精煉石油產品庫存緊張的影響。透過適度的線上成長來持續交易此位置。

Global refinery activity was supported in spite of lower crack spreads and slowing consumption, especially during the seasonal softer third quarter. We are guardedly optimistic as we move further into the last quarter of the year, which is typically firmer due to the end of refinery maintenance and stronger seasonal petroleum product demand in the Northern Hemisphere.

儘管裂解價差下降且消費放緩，但全球煉油活動仍受到支撐，尤其是在季節性疲軟的第三季。隨著我們進一步進入今年最後一個季度，我們保持謹慎樂觀的態度，由於煉油廠維護的結束和北半球季節性石油產品需求的增強，本季度的石油價格通常會更加堅挺。

As of November 20, 69% of available days in Q4 2024 were booked for our (technical difficulty) at an average estimated TCE rate of $24,630 per day. Still a healthy rate, but about (technical difficulty) lower than the rate reported for the three months period ended September 30, 2024. One of our mark is employed under a short-term time charter and teo are operating in the spot market. The supply-demand fundamentals for the dry-bulk sector seems to be relatively balanced for the remainder of 2024 and into next year.

截至 11 月 20 日，2024 年第四季 69% 的可用天數已被預訂，以平均估計 TCE 費率為每天 24,630 美元（技術難度）。這仍然是一個健康的利率，但比截至 2024 年 9 月 30 日的三個月期間報告的利率低約（技術難度）。我們的其中一艘船簽訂了短期定期租船合同，另外兩艘船在現貨市場上運作。2024 年剩餘時間和明年，乾散貨業的供需基本面似乎相對平衡。

As of November 20, our three modern bulk areas were booked for 55% of available days in Q4 at an average estimated TCE of 3,190 per day which is almost 5% lower than what we reported in the third quarter of 2024. All of our bulk areas are employed under short-term time charters. Considering the constructive long-term prospects for both sectors and our existing capital resources, combined with established lending relationships, we remain committed to pursuing by enhancing accretive investment opportunities.

截至 11 月 20 日，我們三個現代散貨區域的預訂量在第四季度已達到可用天數的 55%，平均預計 TCE 為每天 3,190，比我們在 2024 年第三季報告的數字低近 5%。我們所有的散貨區域均採用短期租船的方式。考慮到兩個行業的長期建設性前景和我們現有的資本資源，加上已建立的借貸關係，我們將繼續致力於透過增強增值投資機會來追求目標。

However, we have yet to find compelling acquisitions of modern MRs, given current prices which are still near 10-year historical highs. While values for older bulkers have recently softened, we have grown more selective in pursuing acquisitions in this sector. In the meantime, we expect to strengthen our balance sheet, amortizing scheduled debt and repurchasing additional common shares.

然而，鑑於目前的價格仍接近10年來的歷史高位，我們尚未找到引人注目的現代 MR 收購機會。雖然最近老式散貨船的價值有所下降，但我們在該領域的收購變得更加謹慎。同時，我們希望加強我們的資產負債表，攤提預定債務並回購額外的普通股。

Please flip to slide 4 for information on our existing fleet and employment activities. We continue 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, three of our vessels are under staggered, certain time charters, providing us with attractive fixed revenues over defined periods of time while optimizing working capital.

請翻到投影片 4 來了解我們現有車隊和就業活動的資訊。我們將繼續審慎地維持定期租船和現貨租船的混合租船策略，並專注於客戶和租船期限的多樣化。如您所見，我們的三艘船舶均採用交錯、一定期限的租船方式，這為我們在規定時期內帶來了頗具吸引力的固定收入，同時優化了營運資金。

Notably, the average days of the vessels in our fleet is materially below the industry averages with our MRs at 10 years and 9 years for our bulkers. The next business of days are scheduled to occur during the first half of next year for two of our bulk areas, the Konkar Asteri and Konkar Venture.

值得注意的是，我們船隊船舶的平均使用壽命遠低於行業平均水平，我們的使用壽命為 10 年，散裝貨船的使用壽命為 9 年。我們的兩個散貨區 Konkar Asteri 和 Konkar Venture 的下一個工作日計劃於明年上半年開始。

Please turn to slide 6. We review several macroeconomic and global market considerations, which support fundamental product tanker demand. Market conditions, especially for refined petroleum products continue to be relatively healthy and supports a positive outlook through 2025. Over the longer term, we expect demand for the product tanker sector to benefit from refinery additions particularly in the Middle East and Asia.

請翻到幻燈片 6。我們回顧了支持基本成品油輪需求的幾個宏觀經濟和全球市場考量。市場狀況，尤其是精煉石油產品的市場狀況持續相對健康，並支持 2025 年的正面前景。從長遠來看，我們預期成品油輪產業的需求將受益於煉油廠的增加，特別是在中東和亞洲。

According to Drewry, 3.7 million barrels per day of net new refinery capacity is scheduled to come online this year through 2028. Much of the incremental refining capacity will be export driven, which should lead to further expansion of tallies.

據德魯裡稱，從今年到2028年，新增煉油能力預計將達到每天370萬桶。大部分新增煉油產能將由出口驅動，這將導致產量進一步擴大。

As you can see on slide 7, the impact of the ongoing Russian-Ukrainian ore and the Middle East conflict have continued to sustain elevated charter rates, lengthen sailing distances, and expand ton miles. According to Clarksons, product tanker ton mile increased 6% during the first nine months of 2024 versus the comparable period in 2023. For next year, we expect demand growth moderating to 2.9%. However, the uncertain part of these armed conflicts can dramatically affect the oil markets, adding more volatility to the product tanker sector.

正如您在幻燈片 7 上看到的，正在進行的俄羅斯-烏克蘭礦石和中東衝突的影響繼續維持著較高的租船費率、延長航行距離和擴大噸位英里數。克拉克森的數據顯示，2024 年前 9 個月成品油輪噸英里數與 2023 年同期相比成長了 6%。我們預計明年需求成長將放緩至 2.9%。然而，這些武裝衝突的不確定部分可能會極大地影響石油市場，從而為成品油油輪產業帶來更多波動。

Let's move on to slide 8, strong chartering conditions since early 2022, coupled with continued positive outlook among owners has resulted in a significant increase in orders for the construction of new product tankers. Since the beginning of '23, the pace of orders for the construction of new MR2s has picked up substantially according to (technical difficulty) -- as of November 1, the MR2 order book stood at 307 vessels, representing 16.5% of the global fleet.

讓我們繼續看第 8 張幻燈片，自 2022 年初以來，租船條件強勁，再加上船東持續保持樂觀的前景，導致新產品油輪建造訂單大幅增加。自23年初以來，根據（技術難度），新型MR2型油船的訂單建造速度大幅加快——截至11月1日，MR2型油船訂單量為307艘，佔全球油船隊的16.5%。

By the end of 2025, 105 (technical difficulty) are scheduled for delivery. But the rate of new build deliveries remains slow with only three months delivered during the first 10 months of this year, and slippage is likely to affect the actual number of deliveries. Due to significant backlogs, many Asian yards don't have available construction slots for a (technical difficulty) with delivery dates now rolling into the first half of 2027.

至2025年底，預計將交付105艘（技術難度較大）。但新建船舶交付率仍然緩慢，今年前 10 個月僅有 3 艘新船交付，交付量的下滑可能會影響實際交付數量。由於大量積壓訂單，許多亞洲船廠沒有可用的建造時段（技術困難），交貨日期已推遲到 2027 年上半年。

It is important to note that 13.7% of the global MR2 fleet or 254 tankers are 20 years of age or older. Given this large number, combined with declining economics of operating other vessels, major scrapping should occur over the next five years. However, with a relatively solid market, demolition activity has yet to pick up.

值得注意的是，全球 MR2 船隊中有 13.7% 或 254 艘油輪的船齡為 20 年或以上。鑑於數量龐大，加上營運其他船舶的經濟效益下降，未來五年內將會出現大規模拆解。然而，由於市場相對穩健，拆除活動尚未回升。

Overall, we continue to estimate the net fleet growth for MR2s to be 2% this year, very low by historical standards with an expected increase of approximately 5% in 2025.

總體而言，我們繼續預計今年 MR2 型船隊的淨增長率為 2%，以歷史標準來看非常低，預計 2025 年增長率約為 5%。

Turning to slide 9. We see the strong chartering conditions have led to substantial increases in MR2 price across the board. Asset values for second-hand tunnels remained well above 10-year averages, with S&P activity occurring at a rapid pace. The majority of tanker sales continue to be concentrated in older tonnage. Meanwhile, construction contracts for the new buildings in South Korea remained close to $52 million, excluding yard supervision and add-ons.

翻到第 9 張投影片。我們看到強勁的租船條件已導致MR2價格全線大幅上漲。二手隧道的資產價值仍遠高於10年平均水平，標準普爾的活動進展迅速。大部分油輪銷售仍集中在噸位較舊的油輪上。同時，韓國新船建設合約金額仍接近 5,200 萬美元（不包括船廠監督和附加費用）。

Prices for young acquisition MR2 vessels, which are our preference are very expensive, making viable acquisition candidates difficult to identify in our opinion. Now I would like to provide some updates for the dry-bulk sector. So please see slide 11.

我們優先考慮的年輕 MR2 船舶的價格非常昂貴，因此我們認為很難確定可行的收購對象。現在，我想介紹一下乾散貨行業的一些最新情況。請參閱第 11 張投影片。

Overall, the supply-demand fundamentals for this sector looks reasonably balanced for the remainder of '24 and '25. Considering a moderate correlation to a global GDP growth of 3.2% through 2025, demand for dry-bulk commodities should remain positive. According to Arctic Securities, (technical difficulty) dry bulk volumes are forecast to grow by 2.2% in '25 when ton mines increasing by 3%. Over the long term, Drewry is currently forecasting total dry bulk demand to increase at a compound annual growth rate of 2.4% through 2029. To a fair extent, the supply picture of dry bulk (technical difficulty) looks manageable in the near term.

總體而言，在2024年和2025年的剩餘時間內，該行業的供需基本面看起來相當平衡。考慮到與2025年全球GDP成長3.2%的中等相關性，對乾散貨商品的需求應該保持正成長。據北極證券稱，（技術難度）預計 25 年乾散貨運輸量將增加 2.2%，而噸礦運輸量將增加 3%。從長遠來看，德路裡目前預測，到 2029 年，乾散貨總需求將以 2.4% 的複合年增長率成長。從相當程度上來看，短期內乾散貨的供應狀況（技術難度）看起來是可控的。

(technical difficulty) in currently estimated an order book for the dry bulk sector at 11.7% of the worldwide fleet with 9.8% of (technical difficulty) at 20 years old or more. For the Panamax segment, which includes Kamsarmax class lessons, the order book is currently 362 vessels or 14.3% of the global fleet. However, a higher percentage of this class, 16.7% is 20 years of age or more, which should eventually lead to more scrapping.

(技術難度) 目前估計乾散貨領域訂單量佔全球船隊的 11.7%，其中 9.8% 的船齡為 20 年或以上。巴拿馬型船市場（包括卡姆薩爾型船）目前訂單量為 362 艘，佔全球船隊的 14.3%。然而，在該類船舶中，船齡 20 年或以上的船舶所佔比例較高（16.7%），最終將導致更多船舶報廢。

At November 1, the Ultramax order book stood at 478 units or 30.7% of the global fleet of this highly verified and a relatively young vessel class. According to (technical difficulty), net fleet growth of about 3% in 2025 is a reasonable forecast for our two vessel segments.

截至 11 月 1 日，Ultramax 訂單量為 478 艘，佔此類經過充分驗證且相對年輕的船型全球船隊的 30.7%。根據（技術難度），對於我們的兩個船舶部門來說，2025 年淨船隊成長率約為 3% 是一個合理的預測。

As you see on slide 12, Prices for dry bulks have also substantially appreciated. The price of a five-year-old Butamax approximates the cost of the new base. However, asset prices for all the (technical difficulty) have recently softened, but still remain at historical high levels, continuing to support equity values. At this point, I would like to turn over the call to Henry Williams, our Chief Financial Officer, who will discuss our financial results in greater detail.

正如您在第 12 張投影片上看到的，乾散貨的價格也大幅上漲。五年車齡的 Butamax 的價格與新底座的價格大致相同。不過，所有資產價格（技術難度）最近都有所走軟，但仍維持在歷史高位，持續支撐股權價值。現在，我想將電話轉給我們的財務長亨利威廉斯 (Henry Williams)，他將更詳細地討論我們的財務結果。

Thanks, Eddie. On slide 14, let's review our unaudited results for the three months ended September 30, 2024. Our time charter equivalent revenues for Q3 '24, which we define as revenues net minus forage related costs and commissions rose to $11.7 million, an increase of almost 24%, as we benefited from high demurrage income from spot charters, favourable market conditions and an increase in operating days due to the addition of the dry bulk vessels to our fleet.

謝謝，艾迪。在第 14 張投影片上，讓我們回顧一下截至 2024 年 9 月 30 日的三個月的未經審計結果。24年第三季我們的定期租船等值收入（我們將其定義為淨收入減去飼料相關成本和佣金）升至1170萬美元，增幅近24%，因為我們受益於現貨租船的高滯期費收入、有利的市場條件以及由於我們的船隊增加了乾散貨船而導致的運營天數增加。

Solid charting rates were reflected in (technical difficulty) which achieved a 6% improvement in daily TCE, reaching $29,826 for Q3 in 2024. I drive bulk carriers reported an average daily TCE of $13,841 for the same period. However, the third quarter was sequentially lower than Q2 in both segments due to softer charter rates and seasonal factors. During the most recent quarter, the overall fleet generated respective average TCE of $22,060 per vessel through a mix of short-term time and spot charges.

穩定的圖表匯率反映在（技術難度）中，這使得每日 TCE 提高了 6%，到 ​​2024 年第三季達到 29,826 美元。我駕駛的散裝船報告稱，同一時期平均每日 TCE 為 13,841 美元。然而，由於租船費率下降和季節性因素，第三季兩個部門的業績均比第二季有所下降。最近一個季度，透過短期租船費用和現貨租船費用相結合的方式，整個船隊每艘船的平均TCE為22,060美元。

Moving to slide 15. We generated net income to common shareholders of $3.6 million for the three months ended September 30, 2024, or $0.34 basic and $0.31 diluted EPS compared to a net income of $3.1 million or $0.29 basic and $0.26 diluted income per share for the same period in 2023.

移至投影片 15。截至 2024 年 9 月 30 日的三個月，我們為普通股股東創造的淨收入為 360 萬美元，即基本每股收益 0.34 美元，稀釋每股收益 0.31 美元，而 2023 年同期的淨收入為 310 萬美元，即基本每股收益 0.29 美元，稀釋每股收益 0.26 美元。

Please note that for accounting purposes, the fully diluted earnings calculations assume the potential conversion of all the outstanding Series A 7.75% convertible preferred stock into common shares and the elimination of the associated dividend. In Q3 2024, the increase in TCE revenues of $2.2 million was partially offset by a $1.1 million increase in operating expenses, leading to a $1.2 million improvement in adjusted EBITDA to $6.7 million.

請注意，出於會計目的，完全稀釋收益計算假設所有流通在外的 A 系列 7.75% 可轉換優先股可能轉換為普通股，並取消相關股息。2024 年第三季度，TCE 收入增加 220 萬美元，但被營運費用增加 110 萬美元部分抵消，導致調整後的 EBITDA 增加 120 萬美元至 670 萬美元。

Now flip to slide 16 to review our capitalization at September 30, 2024. At quarter close, our consolidated leverage ratio of net funded debt stood at 22% of total capitalization. Our weighted average interest rate was approximately 7.8% for the most recent quarter and our next bank loan maturity is in about two years. I should point out that at the end of September 2024, our total cash position aggregated $43.7 million. Most of our excess cash is invested in short-term money market instruments, which currently earn 4.85%.

現在翻到第 16 張投影片來回顧我們截至 2024 年 9 月 30 日的資本化。截至本季末，我們的淨融資債務綜合槓桿率為總資本的 22%。我們最近一個季度的加權平均利率約為 7.8%，下一筆銀行貸款將在大約兩年後到期。我應該指出，截至 2024 年 9 月底，我們的現金總額為 4,370 萬美元。我們大部分的剩餘現金都投資於短期貨幣市場工具，目前的收益率為 4.85%。

As previously disclosed, with a payment of approximately $7.6 million in late October, we had redeemed all remaining outstanding Series A convertible preferred stock. Since the start of our common share buyback program in June of 2023, we have acquired 578,000 DXS shares in the open market, or a cost of about $2.4 million.

正如先前披露的，我們在 10 月下旬支付了約 760 萬美元，贖回了所有剩餘的 A 系列可轉換優先股。自 2023 年 6 月啟動普通股回購計畫以來，我們已在公開市場上收購了 578,000 股 DXS 股票，成本約為 240 萬美元。

The Pyxis redemption of the preferred stock in full has eliminated potential dilution of 1.8 million shares. In aggregate, we have avoided dilution of almost 2.4 million shares, further enhancing earnings and net asset value per share. Currently, we have approximately 10.6 million common shares outstanding, of which 4.5 million shares are broadly held in the public float.

Pyxis 全部贖回優先股已消除了 180 萬股的潛在稀釋。總體而言，我們避免了近240萬股股份的稀釋，進一步提高了每股盈餘和淨資產價值。目前，我們擁有約 1,060 萬股普通股在流通，其中 450 萬股由公眾持有。

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

說完這些，我想把電話轉回給 Eddie 來結束我們的演講。

Thanks, Henry. We are guardedly optimistic about the (technical difficulty) environment for product tankers and dry bulk cares for the near term. Modest global demand growth for seaborne cargoes across the board, a range of refined petroleum products under bulk commodities, is expected to continue with the expected order books remaining relatively manageable. Longer term, supply and demand fundamentals remain constructive, especially given the fleet age profiles of both sectors.

謝謝，亨利。我們對近期成品油輪和乾散貨船的（技術難度）環境持謹慎樂觀的態度。預計全球對海運貨物（包括大宗商品下的一系列精煉石油產品）的需求將持續溫和成長，預期訂單量仍相對可控。從長期來看，供需基本面依然良好，尤其是考慮到這兩個行業的船隊年齡狀況。

Even though inflation is decelerating with the possibility of further interest rate cuts, and continued moderate global economic growth, the uncertainties surrounding macroeconomic conditions and unfolding global events necessitate continued prudent risk management. Beyond the expected uptick in demand for the winter season, the product tanker sector may benefit from the prospect of greater restrictions against certain Samsung countries which may help offset the effects of the possible escalation of armed conflict.

儘管通膨正在隨著進一步降息的可能性而下降，且全球經濟持續溫和成長，但宏觀經濟狀況和全球事件的不確定性仍要求繼續進行審慎的風險管理。除了冬季需求預期上升之外，成品油輪產業可能受益於對某些三星國家實施更嚴格限制的前景，這可能有助於抵消武裝衝突可能升級的影響。

However, the potential expansion of tariffs amongst major trading partners is likely to lead to further market dislocation and volatility. Looking ahead, we expect to utilize our solid financial position and extensive industry relationships selectively pursue additional investment opportunities that maximize erode value, including potential vessel acquisitions.

然而，主要貿易夥伴之間關稅的潛在擴張可能會導致進一步的市場混亂和波動。展望未來，我們希望利用我們穩固的財務狀況和廣泛的行業關係，有選擇地尋求最大化侵蝕價值的額外投資機會，包括潛在的船舶收購。

Also, we aim to continue our common share repurchase program and repaid debt as scheduled all while maintaining the strength of our balance sheet. We appreciate your interest, and thank you for joining our call today. We look for reporting on future progress at Pyxis Tankers.

此外，我們計劃繼續我們的普通股回購計劃並按計劃償還債務，同時保持資產負債表的強勁。我們感謝您的關注，並感謝您今天參加我們的電話會議。我們期待有關 Pyxis Tankers 未來進展的報導。

And ladies and gentlemen, that does conclude today's teleconference. You may disconnect your lines at this time. Have a great rest of the day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開您的線路。祝您今天剩餘時間愉快。