Pyxis Tankers Announces Financial Results for the Three and Six Months Ended June 30, 2021
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.
- Long-term outlook remains positive with improving global GDP growth projected at 6% for 2021.
- Recent equity offerings and bank loans improved liquidity and lowered debt leverage.
- Acquisition of an eco-efficient MR tanker expands fleet capabilities.
- Net loss increased to $1.5 million in Q2 2021 from $1.2 million in Q2 2020.
- TCE revenues down 8.8%, reflecting a challenging chartering environment.
- Fleet utilization decreased to 85.5% in H1 2021 from 89.3% in H1 2020.
Maroussi, Greece, August 9, 2021 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international pure play product tanker company, today announced its unaudited results for the three and six month periods ended June 30, 2021.
Summary
For the three months ended June 30, 2021, our Revenues, net were
Valentios Valentis, our Chairman and CEO commented:
“The chartering environment for product tankers in the second quarter of 2021 continued to be depressed, especially the spot market in the Eastern hemisphere. The period market, albeit more stable than the spot market, did encounter a decline in activity during the quarter to levels below the prior 10 year averages. The employment strategy for our Medium Range tankers (“MRs”) of shorter-term, staggered time charters has benefited the Company in a tough market. In the second quarter of 2021, the average TCE for our MR’s was approximately
Greater demand for refined petroleum products, especially from OECD economies emerging from COVID-19 lockdowns, have helped reduce global inventories to levels consistent with the prior 5-year averages. Going forward higher refinery utilization and increasing transportation activities are positive signs. However, we have seen a movement of a fair number of long-range tankers switching from the severely depressed dirty/crude trades into clean products, thus adding capacity and hurting charter rates. We expect this migration to be temporary as global oil demand is forecasted by the IEA to increase by 4.6 million barrels/day in the second half of 2021 and a further 3 million barrels in 2022. Also, OPEC+ is scheduled in increase crude production by 2 Mb/d starting this month. Nevertheless, we expect the product tanker sector to continue to experience challenging conditions until later this year with the impact of new variants of COVID-19 and the path towards effective distribution of vaccinations creating further uncertainty to the global recovery.
Overall, we maintain a positive outlook about the long-term prospects of the product tanker sector. Improving global GDP growth and expanding personal and commercial mobility should increase demand for seaborne transportation of a broad range of petroleum products. The IMF just re-affirmed its global growth forecast of
During this challenging period, we have maintained our focus on the efficiencies of our operating platform, as fleet-wide daily operating expenses were approximately
Results for the three months ended June 30, 2020 and 2021
For the three months ended June 30, 2021, we reported a net loss of
Results for the six months ended June 30, 2020 and 2021
For the six months ended June 30, 2021, we reported a net loss of
Our Adjusted EBITDA of
| Three Months ended June 30, | Six Months ended June 30, | ||||||
| 2020 | 2021 | 2020 | 2021 | ||||
| (Thousands of U.S. dollars, except for daily TCE rates) | |||||||
| Revenues, net | 5,489 | 4,986 | 12,124 | 10,228 | |||
| Voyage related costs and commissions | (947) | (843) | (2,629) | (1,804) | |||
| Time charter equivalent revenues 1 | 4,542 | 4,143 | 9,495 | 8,424 | |||
| Total operating days 2 | 386 | 380 | 802 | 774 | |||
| Daily time charter equivalent rate 1, 2 | 11,766 | 10,905 | 11,844 | 10,885 | |||
1 Subject to rounding; please see “Non-GAAP Measures and Definitions” below
2 “Pyxis Delta” was sold on January 13, 2020, and has been excluded from the calculation for the six months ended June 30, 2020 (the vessel had been under TC employment for approximately 2 days in January 2020 when it was redelivered from charterers in order to be sold).
Management’s Discussion and Analysis of Financial Results for the Three Months ended June 30, 2020 and 2021 (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)
Revenues, net: Revenues, net of
Voyage related costs and commissions: Voyage related costs and commissions of
Vessel operating expenses: Vessel operating expenses of
General and administrative expenses: General and administrative expenses of
Management fees: For the three months ended June 30, 2021, management fees paid to our ship manager, Pyxis Maritime Corp. (“Maritime”), an entity affiliated with our Chairman and Chief Executive Officer, Mr. Valentis, and to International Tanker Management Ltd. (“ITM”), our fleet’s technical manager, in the aggregate of
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Interest and finance costs, net: Interest and finance costs, net, of
Management’s Discussion and Analysis of Financial Results for the Six Months ended June 30, 2020 and 2021 (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)
Revenues, net: Revenues, net of
Voyage related costs and commissions: Voyage related costs and commissions of
Vessel operating expenses: Vessel operating expenses of
General and administrative expenses: General and administrative expenses of
Management fees: For the six months ended June 30, 2021, management fees payable to Maritime and ITM of
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Interest and finance costs, net: Interest and finance costs, net, of
Unaudited Interim Consolidated Statements of Comprehensive Loss
For the three months ended June 30, 2020 and 2021
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Three months ended | |||||
| June 30, 2020 | June 30, 2021 | ||||
| Revenues, net | $ 5,489 | $ 4,986 | |||
| Expenses: | |||||
| Voyage related costs and commissions | (947) | (843) | |||
| Vessel operating expenses | (2,500) | (2,834) | |||
| General and administrative expenses | (549) | (584) | |||
| Management fees, related parties | (151) | (151) | |||
| Management fees, other | (194) | (193) | |||
| Amortization of special survey costs | (48) | (102) | |||
| Depreciation | (1,094) | (1,103) | |||
| Allowance for credit losses | — | (9) | |||
| Operating income / (loss) | 6 | (833) | |||
| Other income / (expenses): | |||||
| Loss from financial derivative instrument | (1) | — | |||
| Interest and finance costs, net | (1,198) | (609) | |||
| Total other expenses, net | (1,199) | (609) | |||
| Net loss | $ (1,193) | $ (1,442) | |||
| Dividends Series A Convertible Preferred Stock | — | (68) | |||
| Net loss attributable to common shareholders | $ (1,193) | $ (1,510) | |||
| Loss per common share, basic and diluted | $ (0.06) | $ (0.04) | |||
| Weighted average number of common shares, basic and diluted | 21,490,666 | 37,393,648 | |||
Unaudited Interim Consolidated Statements of Comprehensive Loss
For the six months ended June 30, 2020 and 2021
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Six months ended | |||||
| June 30, 2020 | June 30, 2021 | ||||
| Revenues, net | $ 12,124 | $ 10,228 | |||
| Expenses: | |||||
| Voyage related costs and commissions | (2,629) | (1,804) | |||
| Vessel operating expenses | (5,228) | (5,342) | |||
| General and administrative expenses | (1,113) | (1,226) | |||
| Management fees, related parties | (332) | (300) | |||
| Management fees, other | (432) | (387) | |||
| Amortization of special survey costs | (97) | (203) | |||
| Depreciation | (2,189) | (2,194) | |||
| Allowance for credit losses | — | (9) | |||
| Gain from the sale of vessel, net | 7 | — | |||
| Operating income / (loss) | 111 | (1,237) | |||
| Other income / (expenses): | |||||
| Loss from debt extinguishment | — | (458) | |||
| Gain from financial derivative instrument | 2 | — | |||
| Interest and finance costs, net | (2,516) | (1,750) | |||
| Total other expenses, net | (2,514) | (2,208) | |||
| Net loss | $ (2,403) | $ (3,445) | |||
| Dividends Series A Convertible Preferred Stock | — | (153) | |||
| Net loss attributable to common shareholders | $ (2,403) | $ (3,598) | |||
| Loss per common share, basic and diluted | $ (0.11) | $ (0.11) | |||
| Weighted average number of common shares, basic and diluted | 21,455,291 | 33,328,132 | |||
Consolidated Balance Sheets
As of December 31, 2020 and June 30, 2021 (unaudited)
(Expressed in thousands of U.S. dollars, except for share and per share data)
| December 31, | June 30, | ||||
| 2020 | 2021 (unaudited) | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $ 1,620 | $ 10,199 | |||
| Inventories | 681 | 1,488 | |||
| Trade accounts receivable | 672 | 512 | |||
| Less: Allowance for credit losses | (9) | (9) | |||
| Trade accounts receivable, net | 663 | 503 | |||
| Due from related parties | 2,308 | 598 | |||
| Prepayments and other current assets | 133 | 172 | |||
| Total current assets | 5,405 | 12,960 | |||
| FIXED ASSETS, NET: | |||||
| Vessels, net | 83,774 | 81,580 | |||
| Prepayments for vessel acquisition | — | 3,008 | |||
| Total fixed assets, net | 83,774 | 84,588 | |||
| OTHER NON-CURRENT ASSETS: | |||||
| Restricted cash | 2,417 | 2,450 | |||
| Deferred charges, net | 1,594 | 1,391 | |||
| Total other non-current assets | 4,011 | 3,841 | |||
| Total assets | $ 93,190 | $ 101,389 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Current portion of long-term debt, net of deferred financing costs | $ 3,255 | $ 4,488 | |||
| Trade accounts payable | 3,642 | 2,252 | |||
| Hire collected in advance | 726 | — | |||
| Accrued and other liabilities | 677 | 950 | |||
| Total current liabilities | 8,300 | 7,690 | |||
| NON-CURRENT LIABILITIES: | |||||
| Long-term debt, net of current portion and deferred financing costs | 50,331 | 40,279 | |||
| Promissory note | 5,000 | 3,000 | |||
| Total non-current liabilities | 55,331 | 43,279 | |||
| COMMITMENTS AND CONTINGENCIES | — | — | |||
| STOCKHOLDERS’ EQUITY: | |||||
| Preferred stock ( of which 1,000,000 authorized Series A Convertible Preferred Shares; 181,475 and 141,186 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2020 and June 30, 2021) | — | — | |||
| Common stock ( 21,962,881 and 38,316,854 shares issued and outstanding as at December 31, 2020 and June 30, 2021, respectively) | 22 | 38 | |||
| Additional paid-in capital | 79,692 | 104,133 | |||
| Accumulated deficit | (50,155) | (53,751) | |||
| Total stockholders' equity | 29,559 | 50,420 | |||
| Total liabilities and stockholders' equity | $ 93,190 | $ 101,389 |
Unaudited Consolidated Statements of Cash Flows
For the six months ended June 30, 2020 and 2021
(Expressed in thousands of U.S. dollars)
| Six months ended | |||||
| June 30, 2020 | June 30, 2021 | ||||
| Cash flows from operating activities: | |||||
| Net loss | (2,403) | (3,445) | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
| Depreciation | 2,189 | 2,194 | |||
| Amortization of special survey costs. | 97 | 203 | |||
| Allowance for credit losses | — | 9 | |||
| Amortization of financing costs | 153 | 111 | |||
| Loss from debt extinguishment | — | 458 | |||
| Gain from financial derivative instrument | (2) | — | |||
| Gain on sale of vessel, net | (7) | — | |||
| Issuance of common stock under the promissory note | 56 | 55 | |||
| Changes in assets and liabilities: | |||||
| Inventories | (1) | (807) | |||
| Trade accounts receivable, net | 780 | 151 | |||
| Due from related parties | (5,563) | 1,710 | |||
| Prepayments and other assets | 96 | (39) | |||
| Special survey cost | (155) | — | |||
| Trade accounts payable | (1,088) | (1,322) | |||
| Hire collected in advance | (1,388) | (726) | |||
| Accrued and other liabilities | 120 | 322 | |||
| Net cash used in operating activities | (7,116) | (1,126) | |||
| Cash flow from investing activities: | |||||
| Proceeds from the sale of vessel, net | 13,197 | — | |||
| Ballast water treatment system installation | (56) | (153) | |||
| Prepayments for vessel acquisition | — | (3,008) | |||
| Net cash provided by / (used in) investing activities | 13,141 | (3,161) | |||
| Cash flows from financing activities: | |||||
| Proceeds from long-term debt | — | 17,000 | |||
| Repayment of long-term debt | (7,256) | (25,990) | |||
| Gross proceeds from issuance of common stock | — | 25,000 | |||
| Common stock offering costs | (34) | (1,774) | |||
| Proceeds from conversion of warrants into common shares | — | 202 | |||
| Repayment of promissory note | — | (1,000) | |||
| Payment of financing costs | — | (388) | |||
| Preferred stock dividends paid | — | (151) | |||
| Net cash provided by / (used in) financing activities | (7,290) | 12,899 | |||
| Net (decrease)/increase in cash and cash equivalents and restricted cash | (1,265) | 8,612 | |||
| Cash and cash equivalents and restricted cash at the beginning of the period | 5,176 | 4,037 | |||
| Cash and cash equivalents and restricted cash at the end of the period | $ 3,911 | $ 12,649 | |||
| SUPPLEMENTAL INFORMATION: | |||||
| Cash paid for interest | 2,198 | 1,781 | |||
| Non-cash financing activities-issuance of common stock under the promissory note | 112 | 1,112 | |||
| Unpaid portion of common stock offering costs and financing costs | — | 131 | |||
Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of June 30, 2021, we were required to maintain minimum liquidity of
Total funded debt (in thousands of U.S. dollars), net of deferred financing costs:
| As of December | As of June | |||
| 31, 2020 | 30, 2021 | |||
| Funded debt, net of deferred financing costs | $ | 53,586 | $ | 44,767 |
| Promissory Note - related party | 5,000 | 3,000 | ||
| Total funded debt | $ | 58,586 | $ | 47,767 |
Our weighted average interest rates on our total funded debt for the three and six month periods ended June 30, 2021 were
Upon repayment of the previous loan facility of the Pyxis Epsilon, the maturity date for the Amended & Restated Promissory Note became March 30, 2022. Given the Company improved cash position, on June 17, 2021, the existing Amended and Restated Promissory Note was amended on the following basis: a) repayment of
On July 15, 2021, we took delivery of the Pyxis Karteria, a medium range product tanker of 46,652 dwt built in 2013 at Hyundai Mipo shipyard in South Korea. The purchase was funded by a combination of cash and a
On July 16, 2021, we announced the closing of underwritten follow-on public offering (the “Offering”) of 308,487 shares of
Monthly Series A Preferred Stock Dividend: During the months of January through July 2021, we paid cash dividends of
Update on Shares Issued and Outstanding: As of August 4, 2021, we had 38,316,854 issued and outstanding common shares, 449,673 Series A Preferred Shares and 1,590,540 warrants, with exercise prices of
Non-GAAP Measures and Definitions
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before certain non-operating or non-recurring charges, such as vessel impairment charges, gain from debt extinguishment and stock compensation. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP.
EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with means of evaluating and understanding how our management evaluates operating performance. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect:
- our cash expenditures, or future requirements for capital expenditures or contractual commitments;
- changes in, or cash requirements for, our working capital needs; and
- cash requirements necessary to service interest and principal payments on our funded debt.
In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net loss, as reflected in the Unaudited Consolidated Statements of Comprehensive Loss to EBITDA and Adjusted EBITDA:
| Three Months Ended | Six Months Ended | |||||||||
| (In thousands of U.S. dollars) | June 30, 2020 | June 30, 2021 | June 30, 2020 | June 30, 2021 | ||||||
| Reconciliation of Net loss to Adjusted EBITDA | ||||||||||
| Net loss | $ | (1,193) | $ | (1,442) | $ | (2,403) | $ | (3,445) | ||
| Depreciation | 1,094 | 1,103 | 2,189 | 2,194 | ||||||
| Amortization of special survey costs | 48 | 102 | 97 | 203 | ||||||
| Interest and finance costs, net | 1,198 | 609 | 2,516 | 1,750 | ||||||
| EBITDA | $ | 1,147 | $ | 372 | $ | 2,399 | $ | 702 | ||
| Loss from debt extinguishment | — | — | — | 458 | ||||||
| Loss / (Gain) from financial derivative instrument | 1 | — | (2) | — | ||||||
| Gain from the sale of vessel, net | — | — | (7) | — | ||||||
| Adjusted EBITDA | $ | 1,148 | $ | 372 | $ | 2,390 | $ | 1,160 | ||
Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. Daily TCE is not calculated in accordance with U.S. GAAP. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes daily TCE to assist them in making decisions regarding employment of the vessels. We calculate daily TCE by dividing Revenues, net after deducting Voyage related costs and commissions, by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract.
Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the ownership days in the applicable period.
We calculate utilization (“Utilization”) by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimizing the amount of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances.
EBITDA, Adjusted EBITDA and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net and Net income. Our presentation of EBITDA, Adjusted EBITDA and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP.
Recent Daily Fleet Data: | |||||||||
| (Amounts in U.S.$) | Three Months Ended | Six Months Ended | |||||||
| June 30, 2020* | June 30, 2021 | June 30, 2020* | June 30, 2021 | ||||||
| Eco-Efficient MR2: (2 of our vessels) | |||||||||
| TCE | 14,410 | 13,280 | 15,060 | 13,481 | |||||
| Opex | 6,017 | 6,697 | 5,966 | 6,511 | |||||
| Utilization % | |||||||||
| Eco-Modified MR2: (1 of our vessels) | |||||||||
| TCE | 15,697 | 11,555 | 15,286 | 11,207 | |||||
| Opex | 5,493 | 6,604 | 6,078 | 6,632 | |||||
| Utilization % | |||||||||
| Small Tankers: (2 of our vessels) | |||||||||
| TCE | 5,451 | 6,564 | 5,533 | 6,681 | |||||
| Opex | 4,946 | 5,557 | 4,954 | 4,917 | |||||
| Utilization % | |||||||||
| Fleet: (5 vessels) * | |||||||||
| TCE | 11,766 | 10,905 | 11,844 | 10,885 | |||||
| Opex | 5,484 | 6,222 | 5,584 | 5,903 | |||||
| Utilization % | |||||||||
* “Pyxis Delta”, a standard MR, was sold on January 13, 2020, and has been excluded from the calculations for the three and six months ended June 30, 2020 (the vessel had been under TC employment for approximately 2 days in January when it was re-delivered from charterers in order to be sold).
Conference Call and Webcast
We will host a conference call to discuss our results at 8:30 a.m., Eastern Time, on Monday, August 9, 2021.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In). Please quote "Pyxis Tankers".
A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until Monday, August 16, 2021. To listen to the archived audio file, visit our website http://www.pyxistankers.com and click on Events& Presentations under our Investor Relations page.
A live webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events & Presentations page.
Webcast participants of the live conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:
https://event.on24.com/wcc/r/3338967/AB5D981D9F585292A2B6B90A1ABE8551
An archived version of the webcast will be available on the website within approximately two hours of the completion of the call.
The information discussed on the conference call, or that can be accessed through, Pyxis Tankers Inc.’s website is not incorporated into, and does not constitute part of this report.
About Pyxis Tankers Inc.
We own a modern fleet of six tankers, including the recent delivery of the Pyxis Karteria, engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. Pyxis Tankers is positioned to opportunistically expand and maximize the value of its fleet due to competitive cost structure, strong customer relationships and an experienced management team, whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information discussed contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, is not incorporated into, and does not constitute part of this report.
Pyxis Tankers Fleet (as of August 4, 2021)
| Carrying | Charter | Earliest | |||||
| Capacity | Year | Type of | Rate | Redelivery | |||
| Vessel Name | Shipyard | Vessel Type | (dwt) | Built | Charter | per day (1) | Date |
| Pyxis Epsilon | SPP / S. Korea | MR | 50,295 | 2015 | Spot | n/a | n/a |
| Pyxis Theta 2 | SPP / S. Korea | MR | 51,795 | 2013 | Time | December 2021 | |
| Pyxis Malou | SPP / S. Korea | MR | 50,667 | 2009 | Spot | n/a | n/a |
| Pyxis Karteria | Hyundai Mipo/ S. Korea | MR | 46,652 | 2013 | Time | August 2021 | |
| Northsea Alpha | Kejin / China | Small Tanker | 8,615 | 2010 | Spot | n/a | n/a |
| Northsea Beta | Kejin / China | Small Tanker | 8,647 | 2010 | Spot | n/a | n/a |
| 216,671 |
- Charter rates are gross and do not reflect any commissions payable.
- “Pyxis Theta” is contracted with a charterer’s option to extend the charter at
$15,000 per day for an additional six months, plus/minus 15 days
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words “expected'', “estimated”, “scheduled”, “could”, “should”, “anticipated”, “long-term”, “opportunities”, “potential”, “continue”, “likely”, “may”, “will”, “positioned”, “possible”, “believe”, “expand” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to identify forward-looking information or statements. But the absence of such words does not mean that a statement is not forward-looking. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19 on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Although we believe that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, those are not guarantees of our future performance and you should not place undue reliance on the forward-looking statements and information because we cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual results and future events could differ materially from those anticipated or implied in such information. Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2020 and our other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements and information contained in this presentation are made as of the date hereof. We do not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other applicable securities laws.
Company
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
info@pyxistankers.com
Visit our website at www.pyxistankers.com
Company Contact
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.
FAQ
What were Pyxis Tankers' revenues for Q2 2021?
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How did Pyxis Tankers' TCE revenues change in Q2 2021 compared to 2020?
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