Pyxis Tankers Announces Financial Results for the Three Months and Year Ended December 31, 2023
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Insights
The financial results reported by Pyxis Tankers Inc. indicate a mixed performance in the fourth quarter of 2023. While net income increased significantly due to a one-time gain from vessel sales, core operating metrics such as Time Charter Equivalent (TCE) revenues experienced a decline. The sale of the MR tanker and the recognition of a substantial gain is a strategic move, likely aimed at capitalizing on high asset values and optimizing the company's fleet in response to market conditions.
From a market perspective, the strategic pivot to the dry-bulk sector and the acquisition of eco-efficient vessels suggest a long-term vision to diversify and tap into different market cycles. However, the decrease in Adjusted EBITDA and lower TCE revenues raise concerns about the company's day-to-day operational profitability, especially since these measures are critical indicators of a shipping company's underlying performance.
The company's actions reflect a broader industry trend towards eco-efficiency and a response to global economic shifts, such as those caused by geopolitical events. Investors might interpret the vessel sales and acquisitions as proactive management, but they will also be watching closely to see if these changes translate to sustained profitability.
Analyzing the financial health of Pyxis Tankers Inc., the significant increase in net income is primarily due to the sale of the MR tanker "Pyxis Epsilon". This one-off event skews the profitability picture and investors should consider the core operating income, which has seen a decline. The company's strategy to divest older assets and invest in the dry-bulk sector with the purchase of the "Konkar Asteri" is noteworthy, as it indicates a shift in asset allocation that could potentially offer better returns in the future.
The funding of the new vessel through a combination of secured bank debt and cash on hand demonstrates a balanced approach to financing. The company's current cash position and the potential for modest bank debt usage provide a cushion for future investments or to weather any market downturns. However, given the volatile nature of the shipping industry, the company's ability to maintain profitability and manage debt levels will be critical for financial stability.
The shipping industry, as indicated by Pyxis Tankers Inc.'s recent financial results, is influenced by macroeconomic factors and geopolitical tensions. The reported strong chartering activity and the impact of the war in Ukraine on trade patterns are examples of external factors driving demand for tanker services. The company's performance is a microcosm of the broader economic landscape, where global GDP growth can directly affect cargo demand.
The company's mention of the IMF's global economy growth estimate and Drewry's MR2 orderbook analysis provides context for the industry's supply-demand dynamics. While the current outlook appears positive, uncertainties such as inflation, monetary policy changes and geopolitical unrest could pose risks to the shipping sector. The company's strategic decisions, such as fleet diversification, are efforts to mitigate these risks and capitalize on the anticipated global economic growth.
Maroussi, Greece, March 14, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), an international shipping company, today announced unaudited results for the three months and year ended December 31, 2023.
Summary
For the three months ended December 31, 2023, our Revenues, net were
On November 28, 2023, we entered into a definitive agreement with an unaffiliated third party to purchase an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding, fitted with a ballast water treatment system and scrubber. The eco-efficient Kamsarmax, delivered on February 15, 2024, had a purchase price of
On December 15, 2023, the vessel “Pyxis Epsilon”, a 2015 built 50,295 dwt. product tanker, was sold for
Valentios Valentis, our Chairman and CEO, commented:
“We are pleased to report solid results for the fourth fiscal quarter, 2023 with Revenues, net of
Tanker asset values have continued to be exceptionally strong. In 2023, we took advantage of the market conditions to sell two of our MR’s, which had an average age of 11 years, to realize total capital gains of over
At this junction, we expect the chartering environment for product tankers and dry-bulk carriers to remain constructive for the remainder of 2024. Solid global demand for seaborne cargoes of a broad range of refined petroleum products and dry-bulk commodities is expected to continue with the orderbook remaining highly manageable. Historically, demand growth for many refined products and dry-bulk commodities has been reasonably correlated to global GDP growth. The IMF recently estimated the global economies to increase
Given the current high asset value environment and positive outlook for our markets, developing accretive opportunities for fleet expansion of mid-sized vessels should continue to be challenging, especially for the purchase of modern eco-efficient MRs. In light of this, we expect to maintain our disciplined approach to capital allocation until more attractive situations materialize which may further enable us to enhance shareholder value. The current available cash on hand and short-term deposits of almost
Results for the three months ended December 31, 2022 and 2023
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited consolidated financials presented below.
For the three months ended December 31, 2023, we reported Revenues, net of
Results for the years ended December 31, 2022 and 2023
For the year ended December 31, 2023, we reported Revenues, net of
Our net income attributable to common shareholders for the twelve months ended December 31, 2023, was
| (Amounts in thousands of U.S. dollars, except for daily TCE rates which are presented in U.S. dollars per day) | Three months ended December 31, | Year ended December 31, | ||||||
| Tanker fleet | 2022 | 2023 | 2022 | 2023 | ||||
| MR Revenues, net 1 | $ | 18,378 | $ | 11,670 | $ | 57,749 | $ | 43,889 |
| MR Voyage related costs and commissions 1 | (4,541) | (1,214) | (16,979) | (6,124) | ||||
| MR Time Charter Equivalent revenues 1, 3 | $ | 13,837 | $ | 10,456 | $ | 40,770 | $ | 37,765 |
| MR Total operating days 1 | 417 | 343 | 1,584 | 1,418 | ||||
| MR Daily Time Charter Equivalent rate 1 ,3 | 33,182 | 30,484 | 25,739 | 26,633 | ||||
| Average number of MR vessels 1 | 5.0 | 3.8 | 5.2 | 4.2 | ||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates which are presented in U.S. dollars per day) | Three months ended December 31, | Year ended December 31, | ||||||
| Dry-bulk fleet | 2022 | 2023 | 2022 | 2023 | ||||
| Dry-bulk Revenues, net 2 | n/a | $ | 1,579 | n/a | $ | 1,579 | ||
| Dry-bulk Voyage related costs and commissions 2 | n/a | (89) | n/a | (231) | ||||
| Dry-bulk Time Charter Equivalent revenues 2, 3 | n/a | $ | 1,490 | n/a | $ | 1,348 | ||
| Dry-bulk Total operating days 2 | n/a | 88 | n/a | 88 | ||||
| Dry-bulk Daily Time Charter Equivalent rate 2, 3 | n/a | 16,932 | n/a | 15,323 | ||||
| Average number of Dry-bulk vessels 2 | n/a | 1.0 | n/a | 0.3 | ||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates which are presented in U.S. dollars per day) | Three months ended December 31, | Year ended December 31, | ||||||
| Total fleet | 2022 | 2023 | 2022 | 2023 | ||||
| Revenues, net 1, 2 | $ | 18,378 | $ | 13,249 | $ | 57,749 | $ | 45,468 |
| Voyage related costs and commissions 1, 2 | (4,541) | (1,303) | (16,979) | (6,355) | ||||
| Time Charter Equivalent revenues 1, 2, 3 | $ | 13,837 | $ | 11,946 | $ | 40,770 | $ | 39,113 |
| Total operating days 1, 2 | 417 | 431 | 1,584 | 1,506 | ||||
| Daily Time Charter Equivalent rate 1, 2, 3 | 33,182 | 27,717 | 25,739 | 25,972 | ||||
| Average number of vessels 1,2 | 5.0 | 4.8 | 5.2 | 4.5 | ||||
1 a) 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 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
Also, a
b) The eco-modified MR “Pyxis Malou” was sold to an unaffiliated buyer on March 23, 2023.
c) The eco-efficient MR “Pyxis Epsilon” was sold to an unaffiliated buyer on December 15, 2023.
2 The dry-bulker “Konkar Ormi” was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.
3 Subject to rounding; please see “Non-GAAP Measures and Definitions” below.
Management’s Discussion & Analysis of Financial Results for the Three Months ended December 31, 2022 and 2023
(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, 2023, management fees charged from our tanker ship manager, Pyxis Maritime Corp. (“Maritime”), our dry-bulk ship manager Konkar Shipping Agencies S.A. (“Konkar Agencies”), both affiliated entities with our Chairman and Chief Executive Officer, Mr. Valentis, and from International Tanker Management Ltd. (“ITM”), the technical manager of our MRs, remained relatively constant to
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
Gain from the sale of vessels, net: During the quarter that ended December 31, 2023, we recorded a gain of
Interest income: Interest income,
Gain assumed by non-controlling interest: Gain assumed by the non-controlling interest for the quarter ended December 31, 2023, of
Management’s Discussion & Analysis of Financial Results for the Years ended December 31, 2022 and 2023
(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, 2023, management fees paid to Maritime, ITM and Konkar Agencies of
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Gain from the sale of vessels, net: During the year ended December 31, 2023, we recorded total gains of
Loss from debt extinguishment: During the year ended December 31, 2023, we recorded a loss from debt extinguishment of
Gain/(Loss) from financial derivative instruments: On January 27, 2023, we sold our
Interest and finance costs, net: Interest and finance costs, net, for the year ended December 31, 2023, were
Interest income: Interest income from time deposits,
Loss assumed by non-controlling interest: Loss assumed by non-controlling interest for the year ended December 31, 2023, of
Consolidated Statements of Comprehensive Net Income
For the three months ended December 31, 2022 and 2023
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Three months ended December 31, | |||||
| 2022 | 2023 | ||||
| Revenues, net | $ 18,378 | $ 13,249 | |||
| Expenses: | |||||
| Voyage related costs and commissions | (4,534) | (1,284) | |||
| Vessel operating expenses | (3,062) | (3,141) | |||
| General and administrative expenses | (622) | (640) | |||
| Management fees, related parties | (154) | (240) | |||
| Management fees, other | (200) | (196) | |||
| Amortization of special survey costs | (118) | (114) | |||
| Depreciation | (1,538) | (1,552) | |||
| Allowance for credit losses | (69) | (19) | |||
| Gain from the sale of vessel, net | — | 17,108 | |||
| Operating income | 8,081 | 23,171 | |||
| Other expenses: | |||||
| Loss from debt extinguishment | — | (92) | |||
| Gain from financial derivative instruments | 44 | — | |||
| Interest and finance costs | (1,419) | (1,634) | |||
| Interest income | — | 441 | |||
| Total other expenses, net | (1,375) | (1,285) | |||
| Net income | $ 6,706 | $ 21,886 | |||
| Net income attributable to non-controlling interest | — | (60) | |||
| Net income attributable to Pyxis Tankers Inc. | $ 6,706 | $ 21,826 | |||
| Dividend Series A Convertible Preferred Stock | (218) | (196) | |||
| Net income attributable to common shareholders | $ 6,488 | $ 21,630 | |||
| Income per common share, basic | $ 0.61 | $ 2.04 | |||
| Income per common share, diluted | $ 0.53 | $ 1.76 | |||
| Weighted average number of common shares, basic | 10,613,633 | 10,557,465 | |||
| Weighted average number of common shares, diluted | 12,640,542 | 12,394,247 | |||
Consolidated Statements of Comprehensive Net Income
For the years ended December 31, 2022 and 2023
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Year ended December 31, | ||||
| 2022 | 2023 | |||
| Revenues, net | $ | 58,344 | $ | 45,468 |
| Expenses: | ||||
| Voyage related costs and commissions | (17,357) | (6,352) | ||
| Vessel operating expenses | (12,481) | (11,623) | ||
| General and administrative expenses | (2,508) | (3,448) | ||
| Management fees, related parties | (702) | (728) | ||
| Management fees, other | (916) | (760) | ||
| Amortization of special survey costs | (384) | (388) | ||
| Depreciation | (6,100) | (5,503) | ||
| Allowance for credit losses | (118) | 78 | ||
| Gain/(Loss) from the sales of vessels, net | (466) | 25,125 | ||
| Operating income | 17,312 | 41,869 | ||
| Other expenses, net: | ||||
| Loss from debt extinguishment | (34) | (379) | ||
| (Loss)/Gain from financial derivative instruments | 555 | (59) | ||
| Interest and finance costs | (4,441) | (5,835) | ||
| Interest income | — | 1,240 | ||
| Total other expenses, net | (3,920) | (5,033) | ||
| Net income | $ | 13,392 | $ | 36,836 |
| Loss attributable to non-controlling interest | — | 201 | ||
| Net income attributable to Pyxis Tankers Inc. | $ | 13,392 | $ | 37,037 |
| Dividend Series A Convertible Preferred Stock | (885) | (810) | ||
| Net income attributable to common shareholders | $ | 12,507 | $ | 36,227 |
| Income per common share, basic | $ | 1.18 | $ | 3.38 |
| Income per common share, diluted | $ | 1.06 | $ | 2.94 |
| Weighted average number of common shares, basic | 10,613,672 | 10,701,059 | ||
| Weighted average number of common shares, diluted | 12,640,581 | 12,585,777 | ||
Consolidated Balance Sheets
As of December 31, 2022 and 2023
(Expressed in thousands of U.S. dollars, except for share and per share data)
| December 31, | December 31, | |||
| 2022 | 2023 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 7,563 | $ | 34,539 |
| Short-term investment in time deposits | — | 20,000 | ||
| Restricted cash, current portion | 376 | — | ||
| Inventories | 1,911 | 957 | ||
| Trade accounts receivable, net | 10,469 | 4,964 | ||
| Due from related parties | — | 194 | ||
| Prepayments and other current assets | 204 | 226 | ||
| Insurance claim receivable | 608 | — | ||
| Total current assets | 21,131 | 60,880 | ||
| FIXED ASSETS, NET: | ||||
| Vessels, net | 114,185 | 99,273 | ||
| Advance for vessel acquisition | — | 2,663 | ||
| Total fixed assets, net | 114,185 | 101,936 | ||
| OTHER NON-CURRENT ASSETS: | ||||
| Restricted cash, net of current portion | 2,250 | 1,800 | ||
| Financial derivative instrument | 619 | — | ||
| Deferred dry-dock and special survey costs, net | 794 | 1,622 | ||
| Prepayments and other non-current assets | — | 75 | ||
| Total other non-current assets | 3,663 | 3,497 | ||
| Total assets | $ | 138,979 | $ | 166,313 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Current portion of long-term debt, net of deferred financing costs | $ | 5,829 | $ | 5,580 |
| Trade accounts payable | 2,604 | 1,695 | ||
| Due to related parties | 1,028 | 990 | ||
| Hire collected in advance | 2,133 | 1,173 | ||
| Accrued and other liabilities | 967 | 646 | ||
| Total current liabilities | 12,561 | 10,084 | ||
| NON-CURRENT LIABILITIES: | ||||
| Long-term debt, net of current portion and deferred financing costs | 59,047 | 55,370 | ||
| Promissory note | 6,000 | — | ||
| Total non-current liabilities | 65,047 | 55,370 | ||
| COMMITMENTS AND CONTINGENCIES | — | — | ||
| STOCKHOLDERS' EQUITY: | ||||
| Preferred stock ( | — | — | ||
| Common stock ( | 11 | 11 | ||
| Additional paid-in capital | 111,869 | 110,799 | ||
| Accumulated deficit | (50,509) | (14,270) | ||
| Non-controlling interest | — | 4,319 | ||
| Total stockholders' equity | 61,371 | 100,859 | ||
| Total liabilities and stockholders' equity | $ | 138,979 | $ | 166,313 |
Consolidated Statements of Cash Flows
For the years ended December 31, 2022 and 2023
(Expressed in thousands of U.S. dollars)
| Year ended December 31, | ||||||
| 2022 | 2023 | |||||
| Cash flows from operating activities: | ||||||
| Net income | $ | 13,392 | $ | 36,836 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation | 6,100 | 5,503 | ||||
| Amortization and write-off of special survey costs | 384 | 388 | ||||
| Allowance for credit losses | 118 | (78) | ||||
| Amortization and write-off of financing costs | 303 | 247 | ||||
| Amortization of restricted common stock grants | — | 171 | ||||
| Loss from debt extinguishment | 34 | 379 | ||||
| Loss/(Gain) from financial derivative instrument | (555) | 59 | ||||
| Gain on sales of vessels, net | — | (25,125) | ||||
| Changes in assets and liabilities: | ||||||
| Inventories | (344) | 954 | ||||
| Due to related parties, net | (2,940) | (231) | ||||
| Trade accounts receivable, net | (8,871) | 5,583 | ||||
| Prepayments and other assets | (18) | (97) | ||||
| Insurance claim receivable | (608) | 608 | ||||
| Special survey cost | (519) | (1,379) | ||||
| Trade accounts payable | (227) | (1,094) | ||||
| Hire collected in advance | 2,133 | (960) | ||||
| Accrued and other liabilities | (108) | (322) | ||||
| Net cash provided by operating activities | $ | 8,274 | $ | 21,442 | ||
| Cash flow from investing activities: | ||||||
| Proceeds from the sales of vessels, net | 8,509 | 64,213 | ||||
| Advance for vessel acquisition | — | (2,663) | ||||
| Payments for vessel acquisition | (2,995) | (28,500) | ||||
| Ballast Water Treatment System installation | (561) | (768) | ||||
| Vessels additions | — | (77) | ||||
| Short-term investment in time deposits | — | (20,000) | ||||
| Net cash provided by investing activities | $ | 4,953 | $ | 12,205 | ||
| Cash flows from financing activities: | ||||||
| Proceeds from long-term debt | — | 34,500 | ||||
| Repayment of long-term debt | (12,030) | (38,760) | ||||
| Contributions from non-controlling interest | — | 4,520 | ||||
| Repayment of promissory note | — | (6,000) | ||||
| Financial derivative instrument | 10 | 561 | ||||
| Payment of financing costs | (20) | (277) | ||||
| Preferred stock dividends paid | (871) | (797) | ||||
| Common stock re-purchase program | — | (1,244) | ||||
| Fractional shares paid | (1) | — | ||||
| Net cash provided used in financing activities | $ | (12,912) | $ | (7,497) | ||
| Net increase in cash and cash equivalents and restricted cash | 315 | 26,150 | ||||
| Cash and cash equivalents and restricted cash at the beginning of the period | 9,874 | 10,189 | ||||
| Cash and cash equivalents and restricted cash at the end of the period | $ | 10,189 | $ | 36,339 | ||
| SUPPLEMENTAL INFORMATION: | ||||||
| Cash paid for interest | $ | 3,912 | $ | 5,630 | ||
| Unpaid portion of financing costs | — | 16 | ||||
| Unpaid portion of Special Survey cost | — | 126 | ||||
| Unpaid portion of Ballast Water Treatment System installation | — | 43 | ||||
Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of December 31, 2023, we were required to maintain a minimum cash balance of
Total funded debt, net of deferred financing costs, includes the bank debt of
| (Amounts in thousands of U.S. dollars) | December 31, | ||||
| 2022 | 2023 | ||||
| Funded debt, net of deferred financing costs | $ | 64,876 | $ | 60,950 | |
| Promissory Note - related party | 6,000 | — | |||
| Total funded debt | $ | 70,876 | $ | 60,950 | |
On December 31, 2023, our weighted average interest rate on our total funded debt for the year was
On December 31, 2023, we had a total of 10,542,547 common shares issued and outstanding of which Mr. Valentis beneficially owned
In the year ended December 31, 2023, we repurchased 331,591 common shares at an average price of
Dry-dockings
In 2023, we completed the second special survey for the 2013-built “Pyxis Karteria” and “Pyxis Theta”, the latter of which we installed a ballast water treatment system. In aggregate, during 2023, we incurred 43 dry-docking days and capital costs of
Subsequent Events
On February 15, 2024, the Company completed the acquisition of an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. The
Non-GAAP Measures and Definitions
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represent the sum of net income, 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 interest income, loss from debt extinguishment, loss or gain from financial derivative instrument and loss or gain from sales of vessels. 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, as reflected in the Unaudited Consolidated Statements of Comprehensive Net Income to EBITDA and Adjusted EBITDA:
| (Amounts in thousands of U.S. dollars) | Three months ended December 31, | Year ended December 31, | ||||||
| 2022 | 2023 | 2022 | 2023 | |||||
| Reconciliation of Net Interest to Adjusted EBITDA | ||||||||
| Net income | $ | 6,706 | $ | 21,886 | $ | 13,392 | $ | 36,836 |
| Depreciation | 1,538 | 1,552 | 6,100 | 5,503 | ||||
| Amortization of special survey costs | 118 | 114 | 384 | 388 | ||||
| Interest and finance costs | 1,419 | 1,634 | 4,441 | 5,835 | ||||
| EBITDA | $ | 9,781 | $ | 25,186 | $ | 24,317 | $ | 48,562 |
| Interest income | — | (441) | — | (1,240) | ||||
| Loss from debt extinguishment | — | 92 | 34 | 379 | ||||
| Loss/(Gain) from financial derivative instrument | (44) | — | (555) | 59 | ||||
| (Gain)/Loss from the sales of vessels, net | — | (17,108) | 466 | (25,125) | ||||
| Adjusted EBITDA | $ | 9,737 | $ | 7,729 | $ | 24,262 | $ | 22,635 |
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 the 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, | ||||||
| 2022 | 2023 | 2022 | 2023 | |||||
| Eco-Efficient MR2: (2023: 4 vessels) | ||||||||
| (2022: 4 vessels) | Daily TCE : | 31,711 | 30,476 | 23,567 | 27,090 | |||
| Opex per day: | 6,691 | 7,346 | 6,641 | 6,936 | ||||
| Utilization % : | ||||||||
| Eco-Modified MR2: (1 vessel) | ||||||||
| Daily TCE : | 40,602 | n/a | 35,035 | 17,101 | ||||
| Opex per day: | 6,598 | n/a | 7,204 | 9,319 | ||||
| Utilization % : | n/a | |||||||
| MR Fleet: (2023: 5 vessels) * | ||||||||
| (2022: 5 vessels) * | Daily TCE : | 33,182 | 30,484 | 25,739 | 26,633 | |||
| Opex per day: | 6,672 | 7,346 | 6,754 | 7,065 | ||||
| Utilization % : | ||||||||
| Average number of MR vessels * | 5.0 | 3.8 | 5.2 | 4.2 | ||||
| Dry-bulk Ultramax: (2023: 1 vessel) | ||||||||
| Daily TCE : | n/a | 16,932 | n/a | 15,323 | ||||
| Opex per day: | n/a | 6,087 | n/a | 7,772 | ||||
| Utilization % : | n/a | n/a | ||||||
| Average number of Dry-bulk vessels * | n/a | 1.0 | n/a | 0.3 | ||||
| Total Fleet: (2023: 5 vessels) * | ||||||||
| (2022: 5 vessels) * | Daily TCE : | 33,182 | 27,717 | 25,739 | 25,972 | |||
| Opex per day: | 6,672 | 7,085 | 6,754 | 7,112 | ||||
| Utilization % : | ||||||||
| Average number of vessels * | 5.0 | 4.8 | 5.2 | 4.5 | ||||
As of March 12, 2024, our fleet consisted of three eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, and two dry-bulk vessels, “Konkar Ormi” delivered to our Joint Venture on September 14, 2023, and “Konkar Asteri” delivered on February 15, 2024. During 2022 and 2023, the vessels in our fleet were employed under time and spot charters.
* a) 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 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. The small tankers have been excluded from the table calculations for the 2022 period.
b) 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. The respective vessel was sold to an unaffiliated buyer on December 15, 2023.
c) The Eco-Modified “Pyxis Malou” was sold to an unaffiliated buyer on March 23, 2023.
d) The “Konkar Ormi” commenced the initial charter on October 5, 2023 and was fixed on a time charter for 65 days, at
e) The “Konkar Asteri” commenced the initial charter on February 29, 2024 and was fixed on a time charter for
Conference Call and Webcast
Today, Thursday, March 14, 2024, at 4:30 p.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 13744880. 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 21, 2024. None of the information contained on our website is incorporated into or forms a part of this report.
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://www.webcaster4.com/Webcast/Page/2976/50047
Pyxis Tankers Fleet (as of March 12, 2024)
| Vessel Name | Shipyard | Vessel type | Carrying Capacity (dwt) | Year Built | Type of charter | Charter (1) Rate (per day) | Anticipated Earliest Redelivery Date | |
| Product Tanker Fleet | ||||||||
| Pyxis Lamda | SPP / S. Korea | MR2 Tanker | 50,145 | 2017 | Spot | n/a | n/a | |
| Pyxis Theta (2) | SPP / S. Korea | MR2 Tanker | 51,795 | 2013 | Time | 29,000 | Aug 2024 | |
| Pyxis Karteria (3) | Hyundai / S. Korea | MR2 Tanker | 46,652 | 2013 | Time | 34,500 | Sep 2024 | |
| 148,592 | ||||||||
| Dry-bulk Fleet | ||||||||
| Konkar Ormi (4) | SKD / Japan | Ultramax | 63,520 | 2016 | Time | 23,750 | Mar 2024 | |
| Konkar Asteri (5) | JNYS / China | Kamsarmax | 82,013 | 2015 | Time | 17,750 | Mar 2024 | |
| 145,533 | ||||||||
1) These tables are as of March 12, 2024 and present gross rates in U.S.$ and do not reflect any commissions payable.
2) “Pyxis Theta” is fixed on a time charter for a minimum of 11 maximum of 15 months, at
3) “Pyxis Karteria” was fixed on a time charter for a minimum of 6 maximum of 9 months, at
4) “Konkar Ormi” was fixed on a time charter for 30 – 35 days, at
5) “Konkar Asteri” was acquired on February 15, 2024, and commenced commercial employment on February 29, 2024, on time charter for 20 – 25 days, at
About Pyxis Tankers Inc.
The Company currently owns a modern fleet of mid-sized eco-vessels consisting of three product tankers, one Kamsarmax bulk carrier and a controlling interest in a single ship Ultramax dry bulk venture engaged in seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, 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 on the Company’s website is not incorporated into and does not form a part of this release.
Forward Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will, “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. 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 the war in the Ukraine and the Red Sea conflict, on our financial condition and operations as well as the nature of the product tanker and dry-bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry-bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable 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, net for the three months ended December 31, 2023?
What was the net income for Pyxis Tankers in Q4 2023?
How much was the gain from the sale of the MR tanker 'Pyxis Epsilon' in Q4 2023?
What was the decrease in TCE revenues for Pyxis Tankers in Q4 2023?
When did Pyxis Tankers sell the MR tanker 'Pyxis Epsilon'?
