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Pyxis Tankers Inc. (NASDAQ: PXS) is an international maritime transportation company specializing in the product tanker sector. Our core business is the seaborne transportation of refined petroleum products and other bulk liquids such as vegetable oils and organic chemicals. We own and operate a modern fleet of double-hull product tankers with a weighted average vessel age of just 4.9 years, as of December 31, 2015. This young fleet is employed under a mix of short- and medium-term charters, providing operational flexibility and enhanced earnings potential.
Our fleet currently includes six vessels: Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Northsea Alpha, Northsea Beta, and the newly acquired Konkar Asteri. Each of these vessels is “eco-modified” to be fuel-efficient, which aligns with our commitment to sustainable and cost-effective operations.
We are strategically positioned to expand our fleet opportunistically, thanks to our strong customer relationships and competitive cost structure. Our experienced management team and founder have interests that are well aligned with those of our shareholders, ensuring that company actions are in the best interest of all stakeholders.
Our financial condition remains robust, with available cash and short-term deposits amounting to almost $48 million. This liquidity, combined with potential bank debt, gives us the flexibility to pursue the acquisition of additional mid-sized vessels when favorable opportunities arise. In the short term, we aim to use free cash flow to increase balance sheet liquidity, repay debt, and repurchase common shares, further enhancing shareholder value.
Our common shares are listed on the NASDAQ Capital Market under the trading symbol 'PXS'. For the latest updates, financial results, and other relevant information, please visit our website at www.pyxistankers.com or contact our Chief Financial Officer, Henry Williams, at hwilliams@pyxistankers.com.
On April 12, 2023, Pyxis Tankers Inc. (PXS) filed its Annual Report on Form 20-F for the fiscal year ending December 31, 2022, with the Securities and Exchange Commission. The report is available on their website, providing shareholders access to audited financial statements.
Pyxis Tankers operates a fleet of four modern tankers focused on the transportation of refined petroleum and bulk liquids. The company aims to grow its fleet of eco-friendly medium-range product tankers, leveraging operational flexibility and strong customer relationships. It highlights its competitive cost structure and solid financial standing, indicating a strategic position for future expansion.
Pyxis Tankers Inc. (NASDAQ: PXS) announced the sale of its oldest vessel, the Pyxis Malou, a 50,667 dwt product tanker built in 2009, for $24.8 million. After settling bank debt and transaction costs, the company secured net cash proceeds of approximately $18.9 million. This strategic decision aims to enhance liquidity and reduce debt, allowing the company to pursue further opportunities. Following this sale, Pyxis Tankers will operate a fleet of four eco-efficient MR2 product tankers with an average age of 8 years, enhancing operational flexibility and earnings potential.
Pyxis Tankers Inc. reported robust financial results for Q4 2022, with net revenues reaching $18.4 million, a 127% increase from Q4 2021. The company achieved a net income of $6.5 million, compared to a net loss of $5.6 million in the prior year. Earnings per share were $0.61 basic and $0.53 diluted. The time charter equivalent (TCE) revenues for the quarter were $13.8 million, up 256% year-over-year. Management expects to close the sale of the tanker “Pyxis Malou” for $24.8 million by March 31, which will boost cash availability by approximately $18 million.
Pyxis Tankers (NASDAQ: PXS) will release its fourth quarter and full year 2022 results before market open on March 16, 2023. A conference call will follow at 8:30 a.m. ET to discuss the results. Participants can join by dialing +1 877 405 1226 (US Toll-Free) or +1 201 689 7823 (International). A webcast will also be available on the company's website, with access 10 minutes prior to the call. The recorded call will remain available until March 23, 2023. Pyxis Tankers operates a fleet of five tankers focused on seaborne transportation and aims to expand its fleet of medium-range product tankers for increased operational flexibility and earnings potential.
Pyxis Tankers Inc. (NASDAQ: PXS) announced the sale of its vessel Pyxis Malou for $24.8 million, expected to close by March 31, 2023. After repaying debts and transaction costs, the company anticipates receiving about $18 million for corporate purposes, including further debt repayment. This transaction will yield a non-cash gain of approximately $8 million, or $0.75 per share. The sale aligns with the company's strategy to enhance financial strength and flexibility, maintaining a fleet with an average age of 8 years. CEO Valentios Valentis emphasized the focus on modern tankers and shareholder value enhancement.
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