Pyxis Tankers Announces Financial Results for the Three Months and Year Ended December 31, 2022
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.
- Revenue increase of 130% year-over-year to $58.3 million for 2022.
- Net income for the year was $12.5 million, a significant turnaround from a loss of $12.9 million in 2021.
- Achieved an Adjusted EBITDA of $24.3 million, up from a loss of $0.8 million in 2021.
- Daily TCE rate increased to $25,739 from $10,195 in 2021.
- Operating expenses increased due to higher seasonality and average bunker fuel costs.
- Increased interest and finance costs of $4.4 million, up from $3.3 million in 2021.
Maroussi, Greece, March 16, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), an international pure-play product tanker company, today announced unaudited results for the three months and year ended December 31, 2022.
Summary
For the three months ended December 31, 2022, our Revenues, net were
On March 9, 2023, the Company announced the sale of its oldest tanker, the 2009 built “Pyxis Malou”, for
Valentios Valentis, our Chairman and CEO, commented:
“We are pleased to report strong sequential growth in our fourth fiscal quarter, 2022 financial results with Revenues, net of
We continue to employ our five Eco-MR’s under a mixed chartering strategy of short-term time charters and spot voyages. During the three months ended December 31, 2022, our daily TCE rate grew by a factor of 3.8 to
At this junction, we expect charter rates to stay at solid levels given the modest inventory levels of refined petroleum products in a number of locations worldwide, the global impact of the new G-7 and EU ban and price caps on seaborne cargoes of Russian refined products which went into effect in early February, 2023 as well as the re-opening of China as severe Covid- 19 restrictions have recently been lifted after three years. Despite certain headwinds, including slowing economic activity, tighter monetary policies, high inflation and major geo-political events, the IMF recently upgraded its outlook for global GDP growth in 2023 to
Given the current high asset value environment, it continues to be very challenging to develop viable opportunities for fleet expansion, especially for the purchase of modern eco-efficient MR’s. In light of this, we maintain our disciplined approach to capital allocation until more attractive situations materialize which may further enable us to enhance shareholder value. In the meantime, we have recently taken the opportunity to optimize our fleet and increase capital resources. Last week, we announced the sale of our 14 year old product tanker, the “Pyxis Malou”, at a price of
Results for the three months ended December 31, 2021 and 2022
For the three months ended December 31, 2022, we reported Revenues, net of
Results for the years ended December 31, 2021 and 2022
For the year ended December 31, 2022, we reported Revenues, net, of
Our net income attributable to common shareholders for the year ended December 31, 2022, was
| Three months ended December 31, | Year ended December 31, | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2021 | 2022 | 2021 | 2022 | ||||
| MR Revenues, net 1 | $ | 5,803 | $ | 18,378 | $ | 17,717 | $ | 57,749 |
| MR Voyage related costs and commissions 1 | (3,139) | (4,541) | (5,891) | (16,979) | ||||
| MR Time charter equivalent revenues 1, 2 | $ | 2,664 | $ | 13,837 | $ | 11,826 | $ | 40,770 |
| MR Total operating days 1, 2 | 306 | 417 | 1,160 | 1,584 | ||||
| MR Daily time charter equivalent rate 1, 2 | 8,706 | 33,182 | 10,195 | 25,739 | ||||
1 Our non-core small tankers, “Northsea Alpha” and “Northsea Beta”, which were sold on January 28, 2022 and March 1, 2022 respectively, have been excluded in the above table. Both vessels were under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. For the year ended December 31, 2022, “Revenues, net” attributable to these vessels was
On December 20, 2021, we took delivery from a related party the “Pyxis Lamda”, a 50,145 dwt MR product tanker built in 2017 at SPP Shipbuilding in South Korea. After her first special survey, the “Pyxis Lamda” launched commercial employment in early January 2022. For 2021, the vessel contributed nil available days and, consequently, voyage and related costs of
2 Subject to rounding; please see “Non-GAAP Measures and Definitions” below.
Management’s Discussion and Analysis of Financial Results for the Three Months ended December 31, 2021 and 2022
(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 December 31, 2022, management fees charged from 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, decreased by
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Loss on vessels held-for-sale: The non-cash loss of
Interest and finance costs, net: Interest and finance costs, net, for the quarter ended December 31, 2022, were
Management’s Discussion and Analysis of Financial Results for the Years ended December 31, 2021 and 2022 (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 year ended December 31, 2022, management fees charged from Maritime and ITM of
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Loss on vessels held-for-sale: The non-cash loss of
Loss from the sale of vessels, net: During 2022, we recorded a transaction loss from the sale of the “Northsea Alpha” and “Northsea Beta” of
Loss from debt extinguishment: During 2022, we recorded a loss from debt extinguishment of approximately
Gain from financial derivative instruments: During the year ended December 31, 2022, we recorded a gain from financial derivative instruments amounted to
Interest and finance costs, net: Interest and finance costs, net, for the year ended December 31, 2022, was
Consolidated Statements of Comprehensive Net Income/(Loss)
For the three months ended December 31, 2021 and 2022
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Three months ended December 31, | |||||
| 2021 | 2022 | ||||
| Revenues, net | $ 8,104 | $ 18,378 | |||
| Expenses: | |||||
| Voyage related costs and commissions | (4,215) | (4,534) | |||
| Vessel operating expenses | (3,464) | (3,062) | |||
| General and administrative expenses | (639) | (622) | |||
| Management fees, related parties | (237) | (154) | |||
| Management fees, other | (238) | (200) | |||
| Amortization of special survey costs | (100) | (118) | |||
| Depreciation | (1,370) | (1,538) | |||
| Allowance for credit losses | (2) | (69) | |||
| Loss on vessel held for sale | (2,389) | — | |||
| Operating income / (loss) | (4,550) | 8,081 | |||
| Other expenses: | |||||
| Loss from debt extinguishment | (83) | — | |||
| Gain from financial derivative instruments | 18 | 44 | |||
| Interest and finance costs, net | (800) | (1,419) | |||
| Total other expenses, net | (865) | (1,375) | |||
| Net income / (loss) | $ (5,415) | $ 6,706 | |||
| Dividend Series A Convertible Preferred Stock | (174) | (218) | |||
| Net income / (loss) attributable to common shareholders | $ (5,589) | $ 6,488 | |||
| Income / (loss) per common share, basic | $ (0.58) | $ 0.61 | |||
| Income / (loss) per common share, diluted | $ (0.58) | $ 0.53 | |||
| Weighted average number of common shares, basic | 9,714,181 | 10,613,633 | |||
| Weighted average number of common shares, diluted | 9,714,181 | 12,640,542 | |||
Consolidated Statements of Comprehensive Net Income/(Loss)
For the years ended December 31, 2021 and 2022
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Year ended December 31, | ||||
| 2021 | 2022 | |||
| Revenues, net | $ | 25,341 | $ | 58,344 |
| Expenses: | ||||
| Voyage related costs and commissions | (9,589) | (17,357) | ||
| Vessel operating expenses | (12,454) | (12,481) | ||
| General and administrative expenses | (2,538) | (2,508) | ||
| Management fees, related parties | (716) | (702) | ||
| Management fees, other | (852) | (916) | ||
| Amortization of special survey costs | (406) | (384) | ||
| Depreciation | (4,898) | (6,100) | ||
| Allowance for credit losses | (11) | (118) | ||
| Loss on vessel held for sale | (2,389) | — | ||
| Loss / (Gain) from the sale of vessels, net | — | (466) | ||
| Operating income / (loss) | (8,512) | 17,312 | ||
| Other expenses, net: | ||||
| Loss from debt extinguishment | (541) | (34) | ||
| Gain / (loss) from financial derivative instruments | — | 555 | ||
| Interest and finance costs, net | (3,285) | (4,441) | ||
| Total other expenses, net | (3,826) | (3,920) | ||
| Net income / (loss) | $ | (12,338) | $ | 13,392 |
| Dividend Series A Convertible Preferred Stock | (555) | (885) | ||
| Net income / (loss) attributable to common shareholders | $ | (12,893) | $ | 12,507 |
| Income / (loss) per common share, basic | $ | (1.43) | $ | 1.18 |
| Income / (loss) per common share, diluted | $ | (1.43) | $ | 1.06 |
| Weighted average number of common shares, basic | 8,994,768 | 10,613,672 | ||
| Weighted average number of common shares, diluted | 8,994,768 | 12,640,581 | ||
Consolidated Balance Sheets
As of December 31, 2021 and 2022
(Expressed in thousands of U.S. dollars, except for share and per share data)
| December 31, | ||||
| 2021 | 2022 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 6,180 | $ | 7,563 |
| Restricted cash, current portion | 944 | 376 | ||
| Inventories | 1,567 | 1,911 | ||
| Trade accounts receivable, net | 1,716 | 10,469 | ||
| Vessels held-for-sale | 8,509 | — | ||
| Prepayments and other current assets | 186 | 204 | ||
| Insurance claim receivable | — | 608 | ||
| Total current assets | 19,102 | 21,131 | ||
| FIXED ASSETS, NET: | ||||
| Vessels, net | 119,724 | 114,185 | ||
| Total fixed assets, net | 119,724 | 114,185 | ||
| OTHER NON-CURRENT ASSETS: | ||||
| Restricted cash, net of current portion | 2,750 | 2,250 | ||
| Financial derivative instrument | 74 | 619 | ||
| Deferred dry dock and special survey costs, net | 912 | 794 | ||
| Total other non-current assets | 3,736 | 3,663 | ||
| Total assets | $ | 142,562 | $ | 138,979 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Current portion of long-term debt, net of deferred financing costs | $ | 11,695 | $ | 5,829 |
| Trade accounts payable | 3,084 | 2,604 | ||
| Due to related parties | 6,962 | 1,028 | ||
| Hire collected in advance | — | 2,133 | ||
| Accrued and other liabilities | 1,089 | 967 | ||
| Total current liabilities | 22,830 | 12,561 | ||
| NON-CURRENT LIABILITIES: | ||||
| Long-term debt, net of current portion and deferred financing costs | 64,880 | 59,047 | ||
| Promissory note | 6,000 | 6,000 | ||
| Total non-current liabilities | 70,880 | 65,047 | ||
| COMMITMENTS AND CONTINGENCIES | — | — | ||
| STOCKHOLDERS' EQUITY: | ||||
| Preferred stock ( | — | — | ||
| Common stock ( | 42 | 42 | ||
| Additional paid-in capital | 111,840 | 111,838 | ||
| Accumulated deficit | (63,030) | (50,509) | ||
| Total stockholders' equity | 48,852 | 61,371 | ||
| Total liabilities and stockholders' equity | $ | 142,562 | $ | 138,979 |
Consolidated Statements of Cash Flows
For the years ended December 31, 2021 and 2022
(Expressed in thousands of U.S. dollars)
| Year ended December 31, | ||||||
| 2021 | 2022 | |||||
| Cash flows from operating activities: | ||||||
| Net income/(loss) | $ | (12,338) | $ | 13,392 | ||
| Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||||
| Depreciation | 4,898 | 6,100 | ||||
| Amortization and write-off of special survey costs | 406 | 384 | ||||
| Allowance for credit losses | 11 | 118 | ||||
| Amortization and write-off of financing costs | 247 | 303 | ||||
| Loss from debt extinguishment | 541 | 34 | ||||
| (Gain) / loss from financial derivative instrument | — | (555) | ||||
| Loss on vessel held for sale | 2,389 | — | ||||
| Issuance of common stock under the promissory note | 55 | — | ||||
| Changes in assets and liabilities: | ||||||
| Inventories | (886) | (344) | ||||
| Due from related parties | 6,275 | (2,940) | ||||
| Trade accounts receivable, net | (1,063) | (8,871) | ||||
| Prepayments and other assets | (53) | (18) | ||||
| Insurance claim receivable | — | (608) | ||||
| Special survey cost | — | (519) | ||||
| Trade accounts payable | (618) | (227) | ||||
| Hire collected in advance | (726) | 2,133 | ||||
| Accrued and other liabilities | (34) | (108) | ||||
| Net cash provided by / (used in) operating activities | $ | (896) | $ | 8,274 | ||
| Cash flow from investing activities: | ||||||
| Proceeds from the sale of vessel, net | — | 8,509 | ||||
| Payments for vessel acquisition | (43,005) | (2,995) | ||||
| Ballast water treatment system installation | (175) | (561) | ||||
| Vessel additions | (14) | — | ||||
| Net cash provided by / (used in) investing activities | $ | (43,194) | $ | 4,953 | ||
| Cash flows from financing activities: | ||||||
| Proceeds from long-term debt | 59,500 | — | ||||
| Repayment of long-term debt | (35,980) | (12,030) | ||||
| Gross proceeds from issuance of common stock | 25,000 | — | ||||
| Common stock offering costs | (1,899) | — | ||||
| Gross proceeds from the issuance of Series A Convertible Preferred units | 6,170 | — | ||||
| Preferred shares offering costs | (548) | — | ||||
| Proceeds from exercise of warrants into common shares | 202 | — | ||||
| Repayment of promissory note | (1,000) | — | ||||
| Financial derivative instrument | (74) | 10 | ||||
| Payment of financing costs | (907) | (20) | ||||
| Preferred stock dividends paid | (537) | (871) | ||||
| Fractional shares paid | — | (1) | ||||
| Net cash (used in) / provided by financing activities | $ | 49,927 | $ | (12,912) | ||
| Net increase in cash and cash equivalents and restricted cash | 5,837 | 315 | ||||
| Cash and cash equivalents and restricted cash at the beginning of the period | 4,037 | 9,874 | ||||
| Cash and cash equivalents and restricted cash at the end of the period | $ | 9,874 | $ | 10,189 | ||
Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of December 31, 2022, we were required to maintain a minimum liquidity of
Total funded debt (in thousands of U.S. dollars), net of deferred financing costs:
| December 31, | |||||
| 2021 | 2022 | ||||
| Funded debt, net of deferred financing costs | $ | 76,575 | $ | 64,876 | |
| Promissory Note - related party | 6,000 | 6,000 | |||
| Total funded debt | $ | 82,575 | $ | 70,876 | |
Our weighted average interest rates on our total funded debt for the three and twelve month periods ended December 31, 2022 were
Following the Company’s Annual Shareholder Meeting of May 11, 2022, the board of directors of the Company approved the implementation of a reverse-split of our Common Shares at the ratio of one share for four existing Common Shares, effective May 13, 2022 (the “Reverse Stock Split”). After the Reverse Stock Split, we had 10,613,424 Common Shares (the “Common Shares”) outstanding and trading continued on the Nasdaq Capital Markets under its existing symbol, “PXS”. The Reverse Stock Split was undertaken with the objective of meeting the minimum
Subsequent Events
On March 13, 2023, the Company completed the debt refinancing of the “Pyxis Karteria”, our 2013 built vessel with a
On March 9, 2023, the Company announced that it had agreed to sell the “Pyxis Malou”, 2009 built 50,667 dwt. product tanker, for a sale price 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 loss on vessel held for sale, loss from debt extinguishment, loss or gain from financial derivative instrument and gain from sale of vessel. 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 income/(loss), as reflected in the Unaudited Consolidated Statements of Comprehensive Net Income/(loss) to EBITDA and Adjusted EBITDA:
| Three months ended December 31, | Year ended December 31, | |||||||
| (Amounts in thousands of U.S. dollars) | 2021 | 2022 | 2021 | 2022 | ||||
| Reconciliation of Net Income/ (loss) to Adjusted EBITDA | ||||||||
| Net income / (loss) | $ | (5,415) | $ | 6,706 | $ | (12,338) | $ | 13,392 |
| Depreciation | 1,370 | 1,538 | 4,898 | 6,100 | ||||
| Amortization of special survey costs | 100 | 118 | 406 | 384 | ||||
| Interest and finance costs, net | 800 | 1,419 | 3,285 | 4,441 | ||||
| EBITDA | $ | (3,145) | $ | 9,781 | $ | (3,749) | $ | 24,317 |
| Loss from debt extinguishment | 83 | — | 541 | 34 | ||||
| Gain from financial derivative instrument | (18) | (44) | — | (555) | ||||
| Loss on vessels held for sale | 2,389 | — | 2,389 | — | ||||
| Loss from the sale of vessels, net | — | — | — | 466 | ||||
| Adjusted EBITDA | $ | (691) | $ | 9,737 | $ | (819) | $ | 24,262 |
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 minimize the number 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, Opex 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, Opex 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. Dollars per day) | Three months ended December 31, | Year ended December 31, | ||||||
| 2021 | 2022 | 2021 | 2022 | |||||
| Eco-Efficient MR2: (2022: 4 of our vessels*) | ||||||||
| (2021: 3 of our vessels) | TCE : | |||||||
| Opex : | 6,785 | 6,691 | 6,993 | 6,641 | ||||
| Utilization % : | ||||||||
| Eco-Modified MR2: (1 of our vessels) | ||||||||
| TCE : | 927 | 40,602 | 8,486 | 35,035 | ||||
| Opex : | 6,613 | 6,598 | 6,724 | 7,204 | ||||
| Utilization % : | ||||||||
| Fleet: (2022: 5 vessels*) | ||||||||
| (2021: 4 vessels) | TCE : | 8,706 | 33,182 | 10,195 | 25,739 | |||
| Opex : | 6,742 | 6,672 | 6,916 | 6,754 | ||||
| Utilization % : | ||||||||
As of December 31, 2022 our fleet consisted of four eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria” and “Pyxis Epsilon” and one eco-modified MR2, “Pyxis Malou”. During 2021 and 2022, the vessels in our fleet were employed under time and spot charters.
*
a) On December 20, 2021, we took delivery from a related party the “Pyxis Lamda”, a 50,145 dwt medium range product tanker built in 2017 at SPP Shipbuilding in South Korea. After her first special survey, the “Pyxis Lamda” launched commercial employment in early January 2022. For 2021, the vessel contributed nil Available days, and, consequently, voyage and related costs of
b) “Pyxis Karteria” was acquired on July 15, 2021 and commenced commercial activities at that time.
c) Our two small tankers “Northsea Alpha” and “Northsea Beta” were sold on January 28, and March 1, 2022, respectively. Both vessels had been under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. The small tankers have been excluded in the above table calculations.
d) In February 2022, the “Pyxis Epsilon” experienced a brief grounding at port which resulted in minor damages to the vessel. The vessel was off-hire for 43 days including shipyard repairs and returned to commercial employment at the end of March 2022.
e) A
Conference Call and Webcast
Today, Thursday, March 16, 2023, at 8:30 a.m. Eastern Time, the Company’s management will host a conference call to discuss the results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote "Pyxis Tankers” to the operator and/or conference ID 13736942. Click here for additional International Toll-Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
A webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events Presentations page. A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until Thursday, March 23, 2023.
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://events.q4inc.com/attendee/328961683
About Pyxis Tankers Inc.
We currently own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on prudently growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their "eco" features and modifications. We are positioned to opportunistically expand and maximize our 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, including the conference call and Webcast information, is not incorporated into, and does not constitute part of this report.
Pyxis Tankers Fleet (as of March 14, 2023)
| Vessel Name | Shipyard | Vessel type | Carrying Capacity (dwt) | Year Built | Type of charter | Charter(1) Rate (per day) | Anticipated Earliest Redelivery Date | |
| Pyxis Lamda (2) | SPP / S. Korea | MR | 50,145 | 2017 | Time | Apr 2023 | ||
| Pyxis Epsilon (3) | SPP / S. Korea | MR | 50,295 | 2015 | Time | 30,000 | Sep 2023 | |
| Pyxis Theta (4) | SPP / S. Korea | MR | 51,795 | 2013 | Time | 18,500 | Jun 2023 | |
| Pyxis Karteria (5) | Hyundai / S. Korea | MR | 46,652 | 2013 | Time | 16,000 | Mar 2023 | |
| Pyxis Malou (6) | SPP / S. Korea | MR | 50,667 | 2009 | Spot | n/a | n/a | |
| 249,554 |
- Charter rates are gross in U.S.$ and do not reflect any commissions payable.
- “Pyxis Lamda” is fixed on a time charter for 6 months, +/- 15 days at
$40,000 per day. - “Pyxis Epsilon” is fixed on a time charter for 12 months, +/- 30 days at
$30,000 per day. - “Pyxis Theta” is fixed on a time charter for min 120 days and max 180 days. 31-60 days at
$18,500 per day, 61-120 days at$22,500 and 121-180 days at$26,000 per day. - “Pyxis Karteria” is fixed on a time charter for min 4, max 6 months at
$16,000 per day with charterer’s option of additional min 45 max 90 days at$30,000. - A Memorandum of Agreement has been signed for the sale of the “Pyxis Malou” with expected delivery to the Buyer by March 31, 2023.
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 or any variant thereof, or the war in the Ukraine, 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, 2021 and our other filings with the Securities and Exchange Commission. 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 are Pyxis Tankers' Q4 2022 earnings results?
What is the expected cash gain from the sale of the 'Pyxis Malou'?
How much did Pyxis Tankers earn in 2022?
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