Good thank XX, everyone, three afternoon, and months for our results the call ended September XXXX. you for joining
family, First, I the during pandemic. this and are managing best friends hope for colleagues your you,
are the blessing a We the earlier about major for this be are We of which a would announcement week results highly encouraged by effective vaccine, all.
X legal that let me recommend draw attention notifications before on our and important Slide Thank you. including will starting, please read, Secondly, which include we statements. to you your today, some presentation forward-looking
Turning Slide to X.
chartering days, recent our as operating significant of financial oldest $X.X impact the of well Delta time events. reflected non-eco the and per prior of same about period XX, the In million, of the revenues challenging higher the in we both one XXXX, million absence net as than million months year Pyxis ended XXXX-built the equivalent this of fewer three lower same environment period for Our XXXX, than vessel, context and results $X.X within year. $X.XX rates. or in a We charter as primarily $X.X sale we the the of loss had considering generated share QX, the earlier ongoing vessel lower an September operating had
declined $X.X charter quarter The the million. in XXXX to market. in product environment, significantly downward QX continued XXXX, of third spot for to during especially chartering EBITDA the adjusted experience Our rates, trend tanker a
from QX, than the MR equivalent our daily charters QX was XXXX tankers. time our primarily charter However, the the medium $XX,XXX The our and product for reflected for time quarter. lower during operating contribution average stability prior slightly short-term for range, MR results
increased in quarter in COVID-XX Unfortunately, an year, that point as cargoes average due for has the many heating at charter resurgence XX, the may $XX,XXX. fourth difficult to of the demand of XXXX our believe and lockdowns Consequently, market usually conditions rate certain for booked term. see MR chartering in fuel. improvement in growth we of seasonal this in persist we the of undirectional. countries, the short such an are our available subsequent days remained of As due to November Western XX% At rates
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a undergo avoid to the Theta survey. expenditures second should when we XXXX is vessel major until Pyxis Fortunately, scheduled
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indicative rate day, declined MR is For X-year for the example, time below slightly the eco-efficient approximate to charter $XX,XXX severely an average. less per has which XX-year
X.X%. should consumption, global with in In changing global to Slide tanker modest road lower provide expansion to robust to the as with to October, scenario XXXX effective its vaccine. of products the the support the sector. for refinery inventories possible well even from Turning IMF landscape X, an refined economic recovery A should product a combined solid economic ton-mile growth as added be availability return future of revised of bumpy, petroleum forecast the
X, for The supply Slide source positive. out book book to a X,XXX order leading decline outlook at continues recently, to MRXs Moving and estimated order over X.X% worldwide fleet the remained of vessels. industry the a of
owners. are fuels the or for of less vessels continues of number regulations. through financial activity lingering debate expanding Ongoing market new global MRs broader conditions decision-making poor XXXX, designs, by the efficient expected of be low. X.X% It and scrubbers reasonable engine ordering is new the to and that especially historically to new older and demolitions in XX surrounding ordering environmental at regulations, headwinds a ship selection fleet light developments for delivery a older, or accelerate MRs the years scheduled due XXX process should are environmental the of facing While in complicate
continues further orders. to Lastly, of capital new the limiting cost-effective be availability scarce,
next. this a As we around for net MRs year believe fleet growth and result, annual X.X% be should
to decline averages. over Henry discuss activity, Chief these our I Officer, results be the XX-year to modern for particularly attractive opportunities could tankers a affect our are X. this which asset acquire little With continue prices, like negatively lower eco the Turning rates same detail. turn recent who below of selectively The prove may at over lower At at in MRs, MRX and will would in reaction, capture to to to movement financial actual potential to secondhand rates. but Financial time, S&P prices valuations lead Slide charter to greater an upward call charter point, Williams,
