everyone for you three June and call XXXX. morning XXth, the ended months joining for results Good our thank
and First, on are this the family, from well recovery colleagues I to your hope pandemic. you, friends, way
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strong. and safe stay So,
let your including we include draw some today, legal please to starting, that Before will two notifications me recommend important attention forward-looking Thank which on our you. slide statements. read, you presentation
slide Turning three. the
most X.X% due to In net million equivalent period time prior Our poor charter loss primarily primarily period from the in in of $X.X which XXXX, we period to chartering the the was million, $X.X had the generated quarterly revenues environment. We a same of same higher QX, the than down recent ended results year. lower reflect three-month June rates. charter in XXth,
count of share reflected loss $X.XX million recent XX.X an per the increased share period. for Our most of
averages. encounter quarter compression decline tanker spot period adjusted million. reflected product Our XXth a below the Asia. The chartering in historical XXXX markets more of further second did was to environment albeit the June a rate, stable, The especially during the $X.X EBITDA ended for for XX-year market, period levels
lower our of the QX approximately XXXX daily product time in which average results MRs period reflected tankers. for short-term range for charters same XXXX. per about contribution $X,XXX $XX,XXX, charter our However, medium the equivalent was time day was stability our than operating primarily the and for from The
XXXX. are achieved day our approximately better days evident that X, were for further booked available of current results in for MRs conditions challenging than as been of $XX,XXX at those these spot per with QX of market. disappointing, XX% The the August have could While TCE
and encouraged and look be of in greater XXXX. mobility The Reportedly, worldwide. are a refinery global for loading is petroleum led new level to GDP global accelerating robust promising Rebound least We by at economic by averages look activities utilization refined based inventories supply five-year growth and strong approximate to through low on products of very developed continues tankers the vessel the countries product scrapping. high outlook at level.
provided to potential a recovery maintaining turn objectives $XX.X capital continue activities. follow-on in offering liquidity, often information current sector, company We a we of by In with a Also, attractive e-commerce, and stock, million preferred Please million the completed have sheet, later a Pyxis which took hand funded convertible lender. see we year. four was the expanding net seven-year certain proceeds. MRX financial fleet on was loan Phase strategic accomplished fleet additional and our the for for expect strong enhancing we amortizing for our which this and of our almost new covenants. We while and which delivery important position to providing to July, public $X.X bond a named in slide The balance we A on another vessel employment of from loan cash Karteria. This purchase acquisition. secured competitive price by XXXX-built July,
time of to we see, continue can use mixed and spot you charters. a As chartering strategy
a for market. turn Now, tanker six further on product slide the update on please
supply levels has led due health developed been countries commercial but it and In especially government varying have uneven distribution, in to about addition this to the vaccination of market, disruptions. the as clear same restrictions, my abundantly IMF. fiscal prior recently globally pointed the But by recovery economic higher that out and comments monetary support, the rates, is improvement chain
of elements an business certain of been our in have improvement While to petroleum we as charter and in normalized such yet mobility, refined see increased inventories global progress rates. products has made
that hopeful are Hemisphere. rates period year, as this seasonal later finalize the We into especially in we Northern a we stronger move
to global demand positive be high continue the to global path of recovery X.XX X.X% next closures, encouraging, Increasing by production estimates year. estimated is and also X% levels Updated back target between day unexpected oil recently a economic come barrels with increase in demand to of growth come demand to of of approximately is refinery kind seven, signs IMF and scheduled should another are pre-COVID XXXX by slide Turning all to by followed are be Middle that runs XXXX, on in term, refinery normalcy. outside virtually return the million Current bumpy. increased sign are OECD. Asia. refinery should product capacity, led XXXX await XXXX. additions Drewry supported line by per new and Longer the of East net and
have In announced result could which mature importing been shutdowns in fact, products the expansion. in to X.X according the million markets day refined into of these mostly capacity per large barrels of ton-mile OECD, greater and IEA,
MRXs lower estimated eight, look order book overall the X,XXX The recently outlook order very at stood and fleet worldwide of almost promising. vessels. continues X.X% slide low a book Drewry for to supply Moving of the the to of is drifting
next delivery bulk higher the environmental and new fuel in ordering container is facing headwind of due surge to months While fuels rapidly of further process half until Asian activity unclear escalated over many December and and and lingering tanking have availability for bulker and as deliveries designs, and ordering MRs recent in still don't the the new vessels, to scrubbers. surrounding developments XX ordering making ending prices, light selection port engine Known of in the XX slots Demolitions escalating and of debate involving efficient is metal regulations XX scrubbed have costs, of Moreover, highs record in rates, for new lower environmental remains rapid less scrap due current shape older, are decision ship and increase by and subdued. yards MR ongoing XXXX. scheduled This shipbuilding with construction vessels operation XX, XXXX. complicated available carbon the regulations, stricter consumption. first charter financial new dry
these are MRs next. June and considerations and air of believe of X% years should that age as MRs XX of this hopeful we we continue. fleet of the XXt, X.X% miles is net that fact global this the older, growth Given Consequently, for be around or annual will year fleet trend
Turning up asset to exceeding nine, historical have despite recently picked charter MRX to rates, slide secondhand prices modestly average. depressed
still results further acquire that the it's like believe discuss our Financial movements Chief At capture point, to potential in cycle and the I Henry detail. would appreciation. Officer turn we over eco-tonnage However, greater to this in our upward good in a call to rates and will financial asset time Williams, who charter
