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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.
Pyxis Tankers Inc. reported a net loss of $5.6 million for Q4 2021, up $2.9 million from Q4 2020, primarily due to a $2.4 million non-cash loss on vessels held for sale. Revenues rose to $8.1 million, an increase of 79.6% year-over-year, attributed to higher fleet utilization. However, Time Charter Equivalent (TCE) revenues declined, averaging $7,972 per day. The company expects charter rate volatility amid ongoing geopolitical uncertainties, including the Ukraine conflict, though they anticipate improved market conditions in the near future.
Pyxis Tankers Inc. (PXS) announced its earnings release date, set for March 18, 2022, after market close, covering the period ended December 31, 2021. A conference call will follow at 4:30 p.m. ET to discuss the results. Participants can join via specific dial-in numbers, and a telephonic replay will be available until March 25, 2022. The company operates a modern fleet of five tankers, emphasizing growth in medium-range product tankers to enhance earnings potential. For more details, visit their website.
Pyxis Tankers Inc. (NASDAQ: PXS) announced the completion of the sale of two 2010-built product tankers, Northsea Alpha and Northsea Beta, for $8.9 million. After repaying bank debt and transaction costs, the company received net cash proceeds of approximately $3.1 million, improving liquidity and reducing outstanding loans. The chartering environment remains flat, with MR tankers booked at over $14,300/day for 75% of Q1 2022. A minor accident with the Pyxis Epsilon will incur around $0.5 million in cash costs, but no injuries or pollution were reported.
Pyxis Tankers Inc. (NASDAQ: PXS) announced its participation in Capital Link’s Corporate Presentation Webinar Series on January 25, 2022, at 11:00 am ET. The webinar will feature senior management discussing the company's operations, recent developments, and growth prospects in the product tanker sector. Interested participants can register for the event through the provided link and submit questions during the live Q&A session. Pyxis Tankers focuses on refining petroleum transportation with a modern fleet designed for operational flexibility and efficiency.
Pyxis Tankers (NASDAQ: PXS) announced the sale of two 8,600 dwt product tankers, Northsea Alpha and Northsea Beta, for $8.9 million. Expected net cash proceeds are about $2.8 million post-debt repayment, enhancing working capital. The sale aligns with the company's strategy to focus on eco-MR product tankers, improving balance sheet liquidity and reducing debt to approximately $77.35 million. However, a non-cash loss of $2.0 million from asset dispositions is anticipated for 2021. The fleet will consist of five MRs with an average age of 8.3 years.
On December 20, 2021, Pyxis Tankers (PXS) took delivery of the Pyxis Lamda, a 50,296 dwt product tanker acquired for $32 million from a related entity of its CEO. This acquisition raises the fleet to seven vessels, promoting operational flexibility in a recovering charter market. Additionally, Pyxis secured a $29 million senior loan, using $21.68 million for the Lamda purchase and $7.32 million for refinancing debts. The company looks forward to benefiting from a favorable charter environment starting January 2022.
Pyxis Tankers Inc. (NASDAQ: PXS) announced on December 14, 2021, that it received a 180-day extension from Nasdaq to regain compliance with the minimum bid price requirement. The deadline for compliance is June 13, 2022, during which the Company's share price must be at least $1.00 for 10 consecutive business days. The Company is considering options, including a reverse stock split, to meet this requirement. Despite this situation, PXS shares will remain listed on the Nasdaq Capital Market, and the Company's operations will not be affected.
Pyxis Tankers Inc. (NASDAQ: PXS) reported its unaudited financial results for Q3 and the first nine months of 2021. Revenue reached $7.0 million for the three months ended September 30, reflecting a 21.3% decrease in time charter equivalent revenues. The net loss attributable to shareholders was $3.7 million, up from $1.9 million in the prior year. Despite a depressed chartering environment, prospects are cautiously optimistic, with improved market conditions noted for Q4 and an average TCE rate of $10,900. The company is also expanding its fleet with the acquisition of the Pyxis Lamda for $32 million.
Pyxis Tankers Inc. (NASDAQ: PXS) announced its upcoming earnings release for Q3 2021, set for November 15, 2021, after market close. A conference call will follow at 4:30 PM ET to discuss the results. Interested participants can join via various dial-in numbers or access the webcast through the company website. The firm operates a six-tanker fleet, recently augmented by the delivery of the Pyxis Karteria. It focuses on expanding its medium-range product tankers, aiming for enhanced operational flexibility and earnings potential.
Pyxis Tankers (PXS) reported its unaudited financial results for Q2 2021, revealing a net loss of $1.5 million, an increase from $1.2 million in Q2 2020. Revenues dropped to $5.0 million, down 9.2% year-over-year. Time charter equivalent (TCE) revenues fell by 8.8% to $4.1 million. Adjusted EBITDA decreased to $0.4 million, down $0.8 million from the previous year. The company noted a challenging chartering environment driven by increased competition and declining market activity. Despite short-term challenges, the long-term outlook remains positive with potential growth in refined petroleum demand and an aging global fleet.
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