everyone. for you and December And call XXXX. afternoon XX, year ended QX joining for results Good our thank
and First, for are the family, pandemic. managing this colleagues I during your hope you, friends best
the to by expanding of development continue We encouraged vaccines distribution and be worldwide.
a enjoy We are living more and friends normal family. a all looking return forward way to to and experiencing of
legal includes important on draw including your Thank attention that Before recommend Slide you. starting, please we some X let me our to presentation forward-looking notifications you read, today, which statements.
days XXXX. the the December operating Turning of two chartering than We XXXX three In Delta. three-month our conditions down share most ended absence sale revenues built, X, ships. period the to impact lower both the vessel, XXXX, recognized in $X.X our of XXXX, the surveys to one QX we had and in for million, as $X.X December of the special equivalent quarterly XX% vessel, loss the we of period charter due the on Slide from of results generated loss or rates same same the non-eco $X.XX for of difficult months had and million XXXX, fewer of prior year per time considering earlier better period the XX, net Pyxis primarily the primarily year, vessel sale reflected this XX, recent oldest in our
resurgence in reflect previous not quarter The COVID northern the of XXXX chartering countries. usual, in the and for to product to charter the environment, seasonal especially the the Our rates, of a fourth the market. effects lockdowns QX spot many renewed to activity adjusted of did negative in tanker uplift significantly hemisphere year-to-date due occur in declined and continued XXXX The EBITDA during XXXX, $XXX,XXX.
and our equivalent for medium-range contribution the results $XX,XXX. The charter charters approximately XXXX from the was primarily tankers. QX time stability for for our MRs reflected shorter-term time product our However, operating daily average
than could in While better were the disappointing, these that been results have would spot achieved those market. –
challenging the time we have employment at which most options charters six-month strategy charters, rates. of with higher environment, have this Given continued
available not March XX, undirectional, are XX% first at fall. persist may in XXX% is the until of of As average of believe are conditions base of $XX,XXX booked similar our per at of and growth exercised. in chartering market base our XXXX the day quarter rate an MRs difficult a for rate the the and QX, currently the chartering assuming options we Overall, that for
have and However, we the the on to see for positive sector, long-term tanker we product some outlook indicators. starting are stayed positive
gasoline X.X U.S. Chinese million barrels. of inventories below now example, tons. exports April XX% the the two are jumped million to first months XX% For over peak XXXX in XXXX gasoline of XXX
During have completed operational challenging tankers. small special we surveys completed the plans. two times, In and QX these we financial XXXX, for some important
System Treatment second major Water no Theta the installation. including Pyxis We dockings have when survey, dry undergoes XXXX a special until Ballast
a possible basis for of last and signed conversion existing with float public this were Upon our equity which capital Last Pyxis the stock have at weighted one $X acquisitions. in overall leverage, reduce we stock new pipe. and and Epsilon. Slide a result equity million and major savings. activities. turn XX X deployment the strengthened offering, full will for letter About Please $XX average secured fleet closing, assuming on the On rate followed we preferred per debt issued stock, converted. $X.XX five-year our Over shares provided XXXX, current a X.XX% information scheduled preferred common of In maturities has to October our five for the refinancing balance completed we XX% a of we X.X% increased by loan share interest enhanced already financings convertible effectively for million the months, million repayment share. the some liquidity, announce sheet, lengthen banks preferred pleased of to week, our and company, debt commitment vessel
exercise comments, In Epsilon the the in options the addition the Pyxis – acquisition to $XX,XXX my the prior for and step-up Theta. please rate if two to note per MRs, day six-month charters Pyxis the
to our product extensive tanker presentation. Following more X my note, comments the earlier update. back overview up on of turn an for Slide market, the the about please market Please in
the distribution products the and continued decline and in of personal refined rates all transportation demand fallen of reportedly central to dramatically year global for Spot public Despite products, stimulus of as the but in Excess market significantly gasoline recently reduced vaccines. for especially activity. market petroleum one bank ago starting only As as diesel, well negatively of $XX fuels which and the know, as in resulted you has now cargoes are have fuel. such miles have improve demand safety exceed to multiple with government commercial activities efforts and worldwide prevention ton economic lackluster. the trillion, COVID-XX substantial open lower for the COVID-XX started seaborne period jet inventories on a programs, chartering in and recovery declining, breakup impact
one-year approximates rate to indicative declined eco-efficient an average. the for XX-year has example, the time MR day For per $XX,XXX charter which
inventories consumption, combined as refinery X.X% landscape for in ton-mile to January, global IMF recovery changing in growth products, be Turning with the well a bumpy. the road X.X%, sector. to XXXX. from of support robust to economic to XXXX growth X. should refined provide the product its added A tanker may Slide forecast solid revised The global with economic expansion In of modest petroleum as lower scenario of further
fleet of order supply for order almost leading X.X% The And worldwide to outlook continues the The X. Slide the a remain of MRXs to decline. at vessels. source recently, X,XXX Moving positive. estimated industry book book out
and It demolitions new of in number in the ordering of years of a less older, is vessels While process scrubbers developments to be fleet the XXX for the historically by especially new and debate through surrounding global fuels are environmental due expected X.X% new the XXXX, continues or to or and older, headwinds that activity Ongoing at expanding lingering environmental poor XX regulations. low. designs, market and of delivery engine when facing should the reasonable decision-making MRs broader light financial MRs ship scheduled ordering owners. accelerate are the conditions efficient complicate the selection regulations
the new availability capital limiting not further plentiful, Lastly, orders. of cost-effective is
this next. we annual and for result, growth a around MRs fleet believe net As X% should be year
decline to for continue opinion, negatively is averages. eco little movement to asset it MRs. upward MRX rates tonnage S&P prices, capture potential X, time modern Slide rates an there values. which approximate the in currently affect in to in XX-year charter and cycle acquire is charter attractive activity Unfortunately, the Turning In our and
we However, the now in our Henry consummate over will Williams, position I our Chief a to financial At who are like Officer, two. to to Financial a greater dealer turn in or point, call detail. better would this results discuss
