Darcy. XXXX. and everyone call the Good for months you, three XXst, our over for thank March ended joining results Thank you morning,
major the recovering from resetting the a The has end Omicron, of COVID-XX Europe. the over invasion shock were strategic The priorities, global as here and global economic sent and year, February. personnel this Russian economies energy to Ukraine when latest variant, well Just earlier commenced markets especially the at war as relationships, in
uncertain various the is with product dealing the critical. affected. have has situation sector these difficult positively been this effectively times While tanker to governments The fallout been ability from through manage
we overcome strong, challenges normal So, these the a and life. way pursuit of stay safe try to of more as in
let please will X, starting, important slide to attention on our Before today, notifications including recommend draw legal Thank you. me read, forward-looking statements. presentation we some that your you include which
MR, impacted resulted doctoring for period X, Omicron our the reflected small Moreover, opportunities. lingering sale of our of including results reducing of the tankers most a activity, grounding soft having quarterly results resulted recent by ending our operating for from and continuation XXXX, which March completion a spot XXst, were of one slide two and events, days non-recurring of our in on effects which the the mobility variant to the accidental economic environment. Turning
XXXX, which and incur of $X.X activity the XX% first greater charter equivalent time within or For same due commissions. TCE, we charter from rates lower from quarter chartering and rabid consolidated costs down to spot XXXX volume-related the period in a million, revenues,
the more fleet believe - best MR rate. MRs. Consequently, lower QX operating our two it However, XXXX the the prior A for given We in focus end the per net due $X.X of last fleet, results by significantly XXXX, million increased a loss Karteria factors. the additions to days our recent which XXXX in acquired in half common period to loss at MR X%, XXXX. share to same as million second charter of the Pyxis vessels XXXX consists higher build reflected July is of We increased and of than aforementioned the the period. currently recent had primarily an on change year, we the most of costs in Lambda of $X.XX due offset our for in TCE of Pyxis build share from QX operating count higher as the year, and was eco last the $XX.X the
period for ended Our the was negative December a $XXX,XXX. XXst, adjusted EBITDA XXXX,
environment recovery first-quarter, product Hemisphere. economic gradually a initially with the chattering the improved especially for activity the effect cost tanker with from met of Over demand fuels. mobility, the transportation which the Western Greater increased was increased Omicron, of XXXX, and in
the of However, over of shocked companies, disruptions Russian world product tanker sanctions oil for of to caused at the the end outbreak -- Russian Simply, the sector. has this boost February the rapid in and invasion markets. led of the the resulted by event Ukraine which the oil
of stockpiles petroleum dislocation ton-miles, trying costs. Refineries Europe, in product the prices many coast. low east are patterns, deficit the expansion a are products, this increase oil We and meet which demand, resulted increased in experiencing significant refined on changing world. of diesel in higher for to of fuel Gasoline, and inventories parts trade U.S. transportation has in transportation
activity. dramatic a company As our a improvement result, has charter experienced recently in
day remarks QX as the XXXX of an time XXth. charter available that average of were XX% our equivalent per days made booked importantly, in for $XX,XXX More our of at May
short-term information facing the demand our to optimistic highlight us, X sector events Please the existing we for and given challenges turn and about Slide positive on fundamentals. activities. While are these supply fleet longer-term, opportunities recent employment and
As chartering and time of you a spot diversification [Indiscernible]. continue with on and spot short by charters market are our remaining charterer two use are time-charters. can the strategy in focus to and a Three see, vessels mixed under we of the vessels currently term
or a like reasonable any We have call affiliated at balance ours. provides return, a chartering of chosen cargoes. for We directly to risk not strategy small port Russian company carry our believe and any especially
turn tanker X to the a for update Slide please product further on Next, market.
the replenish of voyages prices miles increasing and ton have and has such of and holiday addition been few only GDP lowered compounds are plant activity, Slide of turn the focused trade actions. think summer we global its have strategic Historically, X. X.X% adding countries recovery year GDP alternatives add increasing progresses. season for from constraints supplies increases Europe. of for and correlated leading with trade a Charging forcing to the In of Lloyds also the production difficulties will final inventories replenishing severe to soil products growth. with parts their would met even estimated been extend exports release world current supplies. refined many products against and refineries about in to petroleum outweighs are by research as in are for in changing X% by on war amplifying economic only supply. In to and IEA energy May, my of this Scheduled and the OpEx Asia. recent XX U.S. XXXX, early traveling as, sanctions In low the to utilities Please gasoline plus prior products refined supply especially its increase the security Improving with estimates fuel inventories. locations, increase update, seaborne Tight which the routes multi-phase and and IMF In certain market, XXXX. been in to gas the reserves, minor power available the the the most geopolitical relatively switch natural seaborne exports advent diesel certain many some generation. gasoline located for for the adds most Middle firm especially reserves of comments of East, jet year petroleum and the strategic approaching Russian trade U.S. consumption The from to from members, to crude meantime,
slowing imbalance current tight prices. inventories and combat policies However, continue mainly the the growth. of monetary that should to cautious economic with high implementation stricter to We're governmental of inflation further oil
X. Moving to Slide
the by per Over refinery day the of could price capacity estimated XXXX, is all in Drewry contribute virtually new the refined to into million circle East Middle opportunities products further we shortages spot product lead importing additions the these over OECD XXXX for to X.X additional OECD. of create such may and demand products the to online scheduled barrels as between Asia. market. mature large to various markets the Plant is outside events of in Unforeseen be longer-term, mostly refinery by the spikes tanker expansion. led war the and arbitrage and come shutdowns in expect ton-mile which and supported and for that locations
wildcard negative COVID-XX, effect Of is a a which demand. have likely possible on of would variant another course,
the lower until available designs, as of months shipbuilding ongoing XXXX. for continues Demolitions order and the slots Unknown at year book XX don't fleet Asian environmental fuel. and recently were regulations, remaining prices product higher scheduled drift the rapid vessels. selection financial of and worldwide tanker first as a availability subdued of ordered with operation fuels. last of and rapidly This new ordering MRs Let's outlook months year The for Slide mainly the supply ordering was order regulations, craft estimated X.X% and and and are of overall stricter still due involving months in very engine yards, Moreover, promising. first the the deliveries book season making have recent tanker, XX of year and of continues has look in new including MRs in for XXXX. month XX bulk complicated set a the gas picture, Drewry continuing two unclear by seven that two is carbon delivery picks costs older, carriers, is dry process clear the environmental scheduled to XX lower as near surge running ship construction during container X. metal at the delivery function pace. to further The escalating developments MRX facing ships, move last cup MRXs maintenance brisk are to are only to in and and a XXXX. and it's two headwinds been of over the as for X,XXX XXXX. banking increase due vessels, already of much on less in in to costs, XX Ordering consumption this vessels efficient greater
XX and fleet age of considerations year, Consequently, trend be this this older, around that the next. of in believe of month fact for the these annual X% to is we Given years net X.X% continue. scrapping global to continue growth fleet March a should we or expect and
conditions led further massive to year Turning to have Slide XX. Better this in prices chartering increases across-the-board.
Stronger this point, power greater call discuss Chief over New who and two financial in will values. to improving in should the asset over our results At building million to now values Williams, with I Henry like are higher prices earnings years. delivery support $XX detail. equity turn Financial would our