decelerating our banks. Hello, tankers by starting the disruption characterized activity the events, on which outlook is for seaborne carriers by and are our and are fall. Global this Inflation trade months our conditions and everyone, economic Russia-Ukraine for beyond remains many the expected global June are of positive, tight war market rates Middle dynamic interest the rate and continues. influenced X macroeconomic cuts ended The can the rising and The fundamental despite But X in monetary significantly and call control. asset XXXX. by remain and XX, central from you conflict policies geopolitical thank resilient results for healthy charter product values. joining markets, dry-bulk be East
operating for Slide X Before your read, important you. include on notifications on forward-looking let which the legal today, attention we to statements. financial recommend draw presentation please period, our including that you me commenting will recent some most and our Thank results
Turning X. to Slide
and results financial reflected most and Our quarterly recent by performance profitability, in healthy successful into strong the sector. revenues expansion driven our conditions market dry bulk
increase charter product XX% period of of bulk ended MRX generated late million, fleet Kamsarmax XXXX. time over equivalent of our the X quarter same Kamsarmax one X two June, almost an With in Eco $XX.X XXXX, acquisition June in XXXX the midsized vessels the revenues we In marking the consists built of Ultramax consolidated of carriers. modern XX, larger tankers, and
$XX,XXX approximately for our in equivalent and day. averaged charter $XX,XXX midsized to close our was fleet time which averaged bulkers per the daily $XX,XXX MRs of XXXX QX Our
income QX reported recent most the we better than or period, XXXX. EPS, basic million substantially of net $X For $X.XX
to $X chartering million. throughout recent quarter period remains EBITDA strong second the in rose the environment tanker The adjusted Our most product XXXX. of
tighter opportunities products, be hostilities of and in changing Despite slower has petroleum a to economic of continue activity to contributed expansion constructive due refinery This historical worldwide. patterns, of to inventories quarter. refined led seasonally spite crack end spreads locations of ton-miles certain global the consumption, third markets. trade we below into and Global X-year dislocation number averages activity to which move in in arbitrage and especially as remains further slower moderating
product positive reinforce charter Overall many for rates. outlook these of developments tanker a
As to $XX,XXX were at of August TCE an similar MRs in rate in one June continue our we dry to of month estimated for reported X, supply-demand bulk XX% the XX. booked XXXX are of available the sector X for QX time balanced spot short-term for XXXX. The employed relatively average in our period Two charters of the under ended base per MRs fundamentals day, what and market. be
sector purchased Our the further the February. a back positive of dry acquisition to by in recent the on ship sister the view Venture, Kamsarmax reflected bulk Konkar we is
of available with sectors opportunities. actively both XX% in to average per and August $XX,XXX TCE favorable we bulk days estimate pursuing charters.
Considering capital for under time employed of carriers investment resources prospects our X, lending committed all value-enhancing were at modern As QX existing of for short-term booked remain relationships, along the our an day, established accretive
However, reaching are prices, MRs, given we acquisitions highs. XX-year which of current yet modern to historical compelling have find
to our additional in employment selective meantime, information expect have X appreciate, bulk In and activities. and dry shares.
Please Slide to this existing debt pursuing amortizing scheduled for our grown we the to sector. have acquisitions values on strengthen in we While balance also repurchasing continued flip more fleet sheet,
by diversification spot and our to prudently focus continuing customer and mixed charters duration. chartering strategy time are of with maintain on We a
macroeconomic youngest and you see, over defined of capital. Pyxis with us of for turn XXXX. first are short-term next product charters, global Konkar the with the of for especially and attractive Market of time be petroleum continue vessel the surveys provide demand. is in to under our the for review drive conditions, our vessels Asteri in staggered positive bulkers. fleet the below working products healthy Slide can industry our and at year averages spot scheduled periods occur fixed The X, our to oil Venture.
Please which outlook years fundamental market continues averages X.X considerations, materially revenues the vessels our are As market. to optimize tanker MR a Konkar X the operate which vessels time next X.X Notably, for to The during very of support to balance is half years refined several Lamda, and and
can Drewry, online sector Over XXXX. the capacity term, by demand Asia, you the come boosted expect be to of year new longer to for see net X. to product Slide and barrels through X.X per on refinery led we scheduled day this by According as the tanker Middle East additions is million refinery
the further expansion which will ton-miles. lead of should incremental refining of to Much capacity be driven, export
directly sustain see uncertainty. As ongoing sailing distances ton-miles. the markets, the strong adding expand Unfortunately, charter in the have to Israeli/Hamas Slide the of the tensions conflict you war are continued East can oil overall on the affecting X, and rates, Middle Russian-Ukrainian impact and escalating to lengthen market
global XXX at at with delivery.
Surprisingly, first XX.X% XXX of end have construction according fleet delivered or order product has since conditions the positive have during XX new to on years of of the this to The XXX book vessels year X the for XXXX, X.X continued the the of of significant only the chartering Drewry. the for and beginning MRs standing for over XX. Slide owners According scheduled move July increase by orders in of been last there Let's orders By in the X. a outlook MRXs Drewry, robust resulted combination new are been months MRs to tankers. XXXX, construction
number X-plus important global is many affect significant slots So or deliveries. to actual backlogs, are age MRX construction note slippages of fleet the that yards It to of with may Asian XXX of or have older. XX.X% the years. don't Due years deliveries tankers XX available MRs for further in
Given scrapping number, X the net growth we demolished were vessels, XXXX, Overall, historical about that standards. should occur this with operating declining estimate yet and MRs be but to very for this to has large X% MRs only economics X by major the a fleet low over of market, older pick years next to continue combined up. with strong in pace year,
steep South in our excluding Values for secondhand approaching to Slide the acquisition buildings and new to strong across tonnage. of remain concentrated prices X our eco-efficient for preference, MRX board. cost RO increases According a Turning in the conditions for year-over-year, We of were $XX on record. million, continue well contracts opinion. brokers, Tanker charter Construction in now yard the first [ the the up supervision MRXs are difficult XXXX, vessels see ship find in candidates older sales new viable Korea led exceed to XX be in marking largest sold build, XX-year tonnage ] add-ons. MRXs Prices months XX% averages. XX. young making above number have to to
dry for provide some like update I would to sector. bulk the Now
balanced or carriers supply XX.X% a estimates book the to correlation in growth class considering remainder The to be caused vessels dry carriers, armed a near for Slide bulk dry of the this of please of scrapping. highly the to order at class. book effects which XX, fleet, manageable bulk include should X.X% similar for look commodities At X.X% X.X% in Supramax dry of remain the order of in adverse which the increase carriers, positive. global Overall, XX.X% lead by to term. XXXX, trade which due of units is grow vessel moderate for look XXX years for port more the picture supply-demand or should So flip vessels year, the or GDP extent, global reasonably Ultramax, a restrictions by tons the to age XX. XXXX, sector for percentage bulk July estimated XX global this include Kamsarmax versatile conditions.
To to fundamentals demand Panamax a X.X extent, but XXX to for stood fleet fair billion hostilities almost of to lesser the more, with and weather ton-miles Drewry eventually congestion to and the
see XX, As substantially also prices bulk on you dry have carriers for Slide appreciated.
the In strong positive matches cost. fact, the now or indicator are X-year-old another Ultramax sector. exceeds price a built of for asset new a prices Nevertheless,
turn this discuss will who financials our I to to in detail. Chief Financial like Williams, greater Henry would the call At point, Officer, our over