Pyxis Tankers Announces Financial Results for the Three and Six Months Ended June 30, 2020
Pyxis Tankers Inc. (PXS) reported a net loss of $1.2 million for Q2 2020, improving from a loss of $1.6 million in Q2 2019. Revenues decreased by 15% to $5.5 million due to reduced fleet size after selling the Pyxis Delta. The company achieved an average Time Charter Equivalent (TCE) rate of $14,800/day. Adjusted EBITDA was $1.1 million, down from $1.3 million year-over-year. Despite market volatility, PXS has secured 62% of available third-quarter days at an average rate of $15,125. Operating expenses, including vessel costs, declined substantially.
- Net loss reduced by $0.4 million year-over-year.
- Achieved average TCE of $14,800/day in Q2 2020.
- Booked 62% of Q3 available days at $15,125/day.
- Operating expenses declined to less than $5,500 per vessel.
- Revenues decreased by 15% to $5.5 million.
- Time charter equivalent revenues dropped by 17.1% year-over-year.
Maroussi, Greece, August 10, 2020 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), a growth-oriented pure play product tanker company, today announced unaudited results for the three and six months ended June 30, 2020.
Summary
For the three months ended June 30, 2020, our Revenues, net were
Valentios Valentis, our Chairman and CEO commented:
“The chartering environment for product tankers in the second quarter of 2020 was extremely volatility. The spot market for MR’s experienced a brief spike during late April to early May, which was then followed by a rapid drop in rates until the recent stabilization of rates. The period market, albeit more stable, did encounter a material decline in activity during the quarter. The initially strong charter rates at the outset of the second quarter were primarily due to demand for floating storage of crude oil and refined petroleum products, the movement of a fair number of long-range tankers into dirty or crude trades and various arbitrage opportunities. Despite the start of a gradual but uneven economic recovery worldwide from the COVID-19 pandemic during the quarter, a drawdown of high existing product inventories has resulted in lower vessel demand. Consequently, we expect the product tanker sector to continue to experience significant volatility due to the uncertain recovery from the COVID-19 pandemic. Recently, we have focused our employment strategy for our MR’s on shorter-term, staggered time charters which has benefited the Company. In the second quarter of 2020, the average TCE for our MR’s was over
During this challenging period, we have continued to focus on the efficiencies of our operating platform, as fleet-wide daily operating expenses declined to less than
Overall, we maintain a positive outlook about the long-term prospects for the product tanker sector. Solid global GDP growth is expected to return with rising demand for seaborne transportation of a broad range of petroleum products. In the meantime, the supply picture looks better due to the aging global fleet, continued low ordering of new tankers and significant delays in newbuild deliveries. We look forward to taking advantage of various opportunities as they may arise in order to enhance shareholder value.
Lastly, we would like to extend our gratitude to the crews on board our vessels and onshore personnel for their continued support and professionalism to provide high quality and reliable service to our customers particularly during this difficult period of the pandemic.”
Results for the three months ended June 30, 2019 and 2020
For the three months ended June 30, 2020, we reported a net loss of
Results for the six months ended June 30, 2019 and 2020
For the six months ended June 30, 2020, we reported a net loss of
Our Adjusted EBITDA was
| Three Months ended June 30, | Six Months ended June 30, | ||||||
| 2019 | 2020 | 2019 | 2020 | ||||
| (Thousands of U.S. dollars, except for daily TCE rates) | |||||||
| Revenues, net | 6,456 | 5,489 | 13,180 | 12,124 | |||
| Voyage related costs and commissions | (975) | (947) | (2,926) | (2,629) | |||
| Time charter equivalent revenues 1 | 5,481 | 4,542 | 10,254 | 9,495 | |||
| Total operating days 2 | 475 | 386 | 924 | 802 | |||
| Daily time charter equivalent rate 1, 2 | 11,542 | 11,766 | 11,096 | 11, 844 | |||
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, 2019 and 2020 (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, 2019, 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, also decreased, as a result of one less vessel, by
Amortization of special survey costs: Amortization of special survey costs of less than
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, 2019 and 2020 (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, 2020, 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, 2019 and 2020
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Three Months Ended | Three Months Ended | ||
| June 30, 2019 | June 30, 2020 | ||
| Revenues, net | 6,456 | 5,489 | |
| Expenses: | |||
| Voyage related costs and commissions | (975) | (947) | |
| Vessel operating expenses | (3,150) | (2,500) | |
| General and administrative expenses | (626) | (549) | |
| Management fees, related parties | (180) | (151) | |
| Management fees, other | (233) | (194) | |
| Amortization of special survey costs | (69) | (48) | |
| Depreciation | (1,364) | (1,094) | |
| Bad debt provisions | 13 | - | |
| Operating (loss) / income | (128) | 6 | |
| Other expenses: | |||
| Loss from financial derivative instrument | (4) | (1) | |
| Interest and finance costs, net | (1,474) | (1,198) | |
| Total other expenses, net | (1,478) | (1,199) | |
| Net loss | (1,606) | (1,193) | |
| Loss per common share, basic and diluted | ( | ( | |
| Weighted average number of common shares, basic and diluted | 21,084,618 | 21,490,666 |
Unaudited Interim Consolidated Statements of Comprehensive Loss
For the six months ended June 30, 2019 and 2020
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Six Months Ended | Six Months Ended | ||
| June 30, 2019 | June 30, 2020 | ||
| Revenues, net | 13,180 | 12,124 | |
| Expenses: | |||
| Voyage related costs and commissions | (2,926) | (2,629) | |
| Vessel operating expenses | (6,402) | (5,228) | |
| General and administrative expenses | (1,187) | (1,113) | |
| Management fees, related parties | (359) | (332) | |
| Management fees, other | (465) | (432) | |
| Amortization of special survey costs | (117) | (97) | |
| Depreciation | (2,705) | (2,189) | |
| Gain from the sale of vessel, net | - | 7 | |
| Bad debt provisions | (26) | - | |
| Operating (loss) / income | (1,007) | 111 | |
| Other income / (expenses): | |||
| (Loss) / Gain from financial derivative instrument | (25) | 2 | |
| Interest and finance costs, net | (2,905) | (2,516) | |
| Total other expenses, net | (2,930) | (2,514) | |
| Net loss | (3,937) | (2,403) | |
| Loss per common share, basic and diluted | ( | ( | |
| Weighted average number of common shares, basic and diluted | 21,072,472 | 21,455,291 |
Consolidated Balance Sheets
As of December 31, 2019 and June 30, 2020 (unaudited)
(Expressed in thousands of U.S. dollars, except for share and per share data)
| December 31, 2019 | June 30, 2020 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 1,441 | $ | 10 |
| Restricted cash, current portion | 535 | 701 | ||
| Inventories | 501 | 502 | ||
| Trade accounts receivable | 1,243 | 463 | ||
| Less: Allowance for credit losses | - | (9) | ||
| Trade accounts receivable, net | 1,243 | 454 | ||
| Vessel held-for-sale | 13,190 | - | ||
| Prepayments and other assets | 325 | 78 | ||
| Total current assets | 17,235 | 1,745 | ||
| FIXED ASSETS, NET: | ||||
| Vessels, net | 87,507 | 85,318 | ||
| Total fixed assets, net | 87,507 | 85,318 | ||
| OTHER NON-CURRENT ASSETS: | ||||
| Restricted cash, net of current portion | 3,200 | 3,200 | ||
| Financial derivative instrument | 1 | 3 | ||
| Deferred charges, net | 779 | 837 | ||
| Prepayments and other assets | 47 | 198 | ||
| Total other non-current assets | 4,027 | 4,238 | ||
| Total assets | $ | 108,769 | $ | 91,301 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Current portion of long-term debt, net of deferred financing costs | $ | 8,984 | $ | 2,939 |
| Trade accounts payable | 4,538 | 3,360 | ||
| Due to related parties | 6,849 | 1,286 | ||
| Hire / freight collected in advance | 1,415 | 27 | ||
| Accrued and other liabilities | 750 | 813 | ||
| Total current liabilities | 22,536 | 8,425 | ||
| NON-CURRENT LIABILITIES: | ||||
| Long-term debt, net of current portion and deferred financing costs | 49,233 | 48,175 | ||
| Promissory note | 5,000 | 5,000 | ||
| Total non-current liabilities | 54,233 | 53,175 | ||
| COMMITMENTS AND CONTINGENCIES | - | - | ||
| STOCKHOLDERS' EQUITY: | ||||
| Preferred stock ( | - | - | ||
| Common stock ( | ||||
| 21,370,280 and 21,491,475 shares issued and outstanding as | ||||
| at December 31, 2019 and June 30, 2020, respectively) | 21 | 21 | ||
| Additional paid-in capital | 75,154 | 75,267 | ||
| Accumulated deficit | (43,175) | (45,587) | ||
| Total stockholders' equity | 32,000 | 29,701 | ||
| Total liabilities and stockholders' equity | $ | 108,769 | $ | 91,301 |
Unaudited Consolidated Statements of Cash Flows
For the six months ended June 30, 2019 and 2020
(Expressed in thousands of U.S. dollars)
| Six Months Ended | Six Months Ended | |
| June 30, 2019 | June 30, 2020 | |
| Cash flows from operating activities: | ||
| Net loss | (3,937) | (2,403) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation | 2,705 | 2,189 |
| Amortization of special survey costs | 117 | 97 |
| Amortization and write-off of financing costs | 131 | 153 |
| (Loss) / Gain from financial derivative instrument | 25 | (2) |
| Gain on sale of vessel, net | - | (7) |
| Bad debt provisions | 26 | - |
| Issuance of common stock under the promissory note | - | 56 |
| Changes in assets and liabilities: | ||
| Inventories | 103 | (1) |
| Trade accounts receivable, net | 2,150 | 780 |
| Prepayments and other assets | (237) | 96 |
| Special survey cost | (480) | (155) |
| Trade accounts payable | (178) | (1,088) |
| Due to related parties | 1,625 | (5,563) |
| Hire / freight collected in advance | 952 | (1,388) |
| Accrued and other liabilities | 181 | 120 |
| Net cash provided by / (used in) operating activities | 3,183 | (7,116) |
| Cash flow from investing activities: | ||
| Proceeds from the sale of vessel, net | - | 13,197 |
| Ballast water treatment system installation | (268) | (56) |
| Net cash (used in) / provided by investing activities | (268) | 13,141 |
| Cash flows from financing activities: | ||
| Repayment of long-term debt | (2,201) | (7,256) |
| Gross proceeds from issuance of common stock | 43 | - |
| Common stock offering costs | (1) | (34) |
| Net cash used in financing activities | (2,159) | (7,290) |
| Net increase / (decrease) in cash and cash equivalents and restricted cash | 756 | (1,265) |
| Cash and cash equivalents and restricted cash at the beginning of the period | 4,204 | 5,176 |
| Cash and cash equivalents and restricted cash at the end of the period | 4,960 | 3,911 |
Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of June 30, 2020, 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, 2019 | 30, 2020 | |||
| Funded debt | $ | 58,217 | $ | 51,114 |
| Promissory Note - related party | 5,000 | 5,000 | ||
| Total | $ | 63,217 | $ | 56,114 |
Our weighted average interest rate on our total funded debt for the six months ended June 30, 2020 was
On January 13, 2020, pursuant to the sale agreement that we entered into in late 2019, Pyxis Delta was delivered to her buyers. The total net proceeds from the sale of the vessel were approximately
On April 3, 2020, we issued 71,007 restricted common shares to Maritime Investors Corp., a company related to Mr. Valentios Valentis, our chairman and chief executive officer, at the volume weighted average closing share price for the 10-day period immediately prior to the quarter end, related to the settlement of interest due under the second amendment to the Amended & Restated Promissory Note.
At June 30, 2020, we had a total of 21,491,475 common shares issued and outstanding of which Mr. Valentis beneficially owned
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, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||
| Reconciliation of Net loss to Adjusted EBITDA | ||||||||
| Net loss | $ | (1,606) | $ | (1,193) | $ | (3,937) | $ | (2,403) |
| Depreciation | 1,364 | 1,094 | 2,705 | 2,189 | ||||
| Amortization of special survey costs | 69 | 48 | 117 | 97 | ||||
| Interest and finance costs, net | 1,474 | 1,198 | 2,905 | 2,516 | ||||
| EBITDA | $ | 1,301 | $ | 1,147 | $ | 1,790 | $ | 2,399 |
| Loss / (Gain) from financial derivative instrument | 4 | 1 | 25 | (2) | ||||
| Gain from the sale of vessel, net | - | - | - | (7) | ||||
| Adjusted EBITDA | $ | 1,305 | $ | 1,148 | $ | 1,815 | $ | 2,390 |
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, 2019 | June 30, 2020* | June 30, 2019 | June 30, 2020* | ||||||
| Eco-Efficient MR2: (2 of our vessels) | |||||||||
| TCE | 14,278 | 14,410 | 13,673 | 15,060 | |||||
| Opex | 5,775 | 6,017 | 5,771 | 5,966 | |||||
| Utilization % | |||||||||
| Eco-Modified MR2: (1 of our vessels) | |||||||||
| TCE | 13,297 | 15,697 | 12,809 | 15,286 | |||||
| Opex | 6,746 | 5,493 | 7,228 | 6,078 | |||||
| Utilization % | |||||||||
| Standard MR2: (1 of our vessels) | |||||||||
| TCE | 12,369 | - | 12,329 | - | |||||
| Opex | 5,994 | - | 5,959 | - | |||||
| Utilization % | - | - | |||||||
| Small Tankers: (2 of our vessels) | |||||||||
| TCE | 4,939 | 5,451 | 4,981 | 5,533 | |||||
| Opex | 5,160 | 4,946 | 5,319 | 4,954 | |||||
| Utilization % | |||||||||
| Fleet: (6 vessels / 5 vessels) * | |||||||||
| TCE | 11,542 | 11,766 | 11,096 | 11,844 | |||||
| Opex | 5,768 | 5,484 | 5,895 | 5,584 | |||||
| Utilization % | |||||||||
* Pyxis Delta 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).
Subsequent Events
On July 1, 2020, the Company issued 68,410 of common shares at the volume weighted average closing share price for the 10 day period immediately prior to the quarter end related to the settlement of interest due under the second amendment to the Amended & Restated Promissory Note.
On July 8, 2020, Seventhone (the Company’s subsidiary that owns the Pyxis Theta) entered into a new five year
Conference Call and Webcast
We will host a conference call to discuss our results at 4:30 p.m., Eastern Time, on Monday, August 10, 2020.
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 call will be available until Monday, August 17, 2020, by dialing 1(866) 331-1332 (US Toll Free Dial In), 0(808) 238-0667 (UK Toll Free Dial In) or +44 (0) 3333 009785 (Standard International Dial In). The access code required for the replay is: 5478965#.
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/2402820/A0A878CB6684BA4A9DE320FAD1C9E970
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 five tankers 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 6, 2020)
| Carrying | Charter | Earliest | |||||
| Capacity | Year | Type of | Rate | Redelivery | |||
| Vessel Name | Shipyard | Vessel Type | (dwt) | Built | Charter | per day (1) | Date |
| Pyxis Epsilon 2 | SPP / S. Korea | MR | 50,295 | 2015 | Time | October 2020 | |
| Pyxis Theta 3 | SPP / S. Korea | MR | 51,795 | 2013 | Time | September 2020 | |
| Pyxis Malou 4 | SPP / S. Korea | MR | 50,667 | 2009 | Time | August 2020 | |
| Northsea Alpha 5 | Kejin / China | Small Tanker | 8,615 | 2010 | Spot | n/a | n/a |
| Northsea Beta 5 | Kejin / China | Small Tanker | 8,647 | 2010 | Spot | n/a | n/a |
| 170,019 |
- Charter rates are gross and do not reflect any commissions payable.
- The charterer has the option to extend the charter at a gross rate of
$15,000 for a further 3 months and$16,500 for an additional 3 months thereafter - Pyxis Theta is contracted with a charterer’s right to extend the charter at the same rate to November, 2020
- Pyxis Malou is contracted with a charterer’s right to extend the charter at the same rate to November, 2020
- Northsea Alpha & Northsea Beta are scheduled to have their special surveys during the fourth quarter of 2020 with expected off-hire 20 days per vessel and cost of
$0.35 million each
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, 2019 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
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