Our principal objective is to own and operate our fleet of mid-sized vessels to capitalize on short- and long-term trends that we expect in the product tanker and dry bulk sectors in order to maximize our revenues and to enhance returns to shareholders. We intend to expand the fleet through selective acquisitions of modern eco efficient (MR2) product tankers and dry bulk carriers as well as opportunistic joint ventures which are accretive to shareholder value. We expect to employ our vessels primarily through time charters to reputable customers and on the spot market. We continually evaluate the markets in which we operate and, based upon our view of market conditions, adjust our mix of vessel employment by counterparty and charter expirations to optimize returns and minimize risk. In addition, we may choose to opportunistically effect asset sales investing in other shipping sectors when conditions are appropriate to realize attractive returns.
We intend to maintain a high-quality fleet of modern eco tankers and dry bulk carriers that meet rigorous industry standards and our charterers’ requirements. We consider our fleet to be high quality based on the specifications to which our vessels were built and the reputation of each of the shipyards that built the ships. We believe that our customers prefer greater reliability, fewer off-hire days and better operating efficiency of modern, high-quality vessels. All of our vessels are eco-efficient designed ships which offer the benefits of lower fuel consumption and reduced emissions. Besides a ballast water treatment system, our Ultramax, the “Korkar Ormi” has been fitted with Co2 emissions scrubber. We also intend to maintain the quality of our fleet through comprehensive planned and preventive maintenance programs.
Over the near-term, we expect to employ our vessels primarily through time charters and on the spot market. Maintaining optionality through significant spot exposure currently offers upside during periods of market strength. In addition, we expect to diversify charters by customer and staggered duration. We believe that this portfolio approach to vessel employment is an integral part of risk management which will provide stable cash flows while enabling us to take advantage of rising charter rates and market volatility.
Under both time and spot charters, we are responsible for the technical management and maintenance of the vessels, including periodic drydocking, cleaning, painting and performing work required by regulations. We have contracted with Pyxis Maritime Corp. (“Maritime”), one of our affiliates, to provide commercial, sale and purchase, and other operations and maintenance services to all of the tankers in our fleet. Our vessel owning subsidiaries have contracted with International Tanker Management Ltd. (“ITM”), a third-party technical manager and subsidiary of V. Ships Limited, for all our tankers. Konkar Shipping Services S.A. (“Konkar”), an affiliate, provides all commercial and technical services for our Ultramax - dry bulk carrier. Maritime also provides administrative functions to our dry bulk operations. Maritime, ITM and Konkar have strong histories of complying with rigorous health, safety and environmental protection standards and have excellent vessel safety records. We meet charterers' preference for modern and eco tankers, which offer more operating reliability and efficiency. We intend to maintain these high standards to ensure a high level of safety, customer service and support, while continuing to focus on solid margins and ship level financial discipline. Our management structure is scalable to support fleet expansion.
We intend to maintain financial flexibility to expand our fleet by targeting a moderate capital structure of debt and equity and a disciplined cost structure. Pyxis has moderate capitalization with relatively low cost and long-lived bank debt. As part of our risk management policies, at the time of vessel acquisition, we may enter into time charters which provide us predictable cash flows for the duration of the charter and attract debt financing at more favorable terms. Our disciplined fixed cost structure creates greater earnings power when rates improve and we have maintained competitive total daily operational costs to our peer groups. We believe this strategy will support commercial lending and optimize our ability to expand our capital markets relationships.