Pyxis Tankers Announces Financial Results for the Three Months Ended March 31, 2024
Pyxis Tankers (NASDAQ: PXS) reported unaudited results for Q1 2024, with net revenues of $11.8 million, a 1.6% increase from Q1 2023. Net income attributable to common shareholders was $3.4 million, translating to $0.33 per basic share, down from $0.81 in Q1 2023. Adjusted EBITDA rose by $1.8 million to $6.0 million. A significant event was the $26.625 million acquisition of the 'Konkar Asteri'. The company also plans a joint venture to acquire another vessel, 'Konkar Venture', for $30 million. Additionally, the Board approved $1 million for share repurchases and authorized the redemption of 100,000 preferred shares. The tanker and dry-bulk sectors remain strong, with high charter rates and utilization.
- Net revenues for Q1 2024 increased by $0.2 million to $11.8 million compared to Q1 2023.
- Adjusted EBITDA rose by $1.8 million to $6.0 million, despite fewer ownership days.
- Solid average daily TCE for MR tankers at $31,790, a 35.2% increase from Q1 2023.
- Acquired 'Konkar Asteri' for $26.625 million, commencing operations on February 29, 2024.
- Board approved $1 million for additional share repurchases.
- Joint venture to acquire 'Konkar Venture' for $30 million, with a 60% ownership stake.
- Interest income of $0.7 million was received during Q1 2024.
- Reduced general and administrative expenses by 44.0% to $0.7 million.
- Net income per common share decreased to $0.33 basic and $0.30 diluted, down from $0.81 basic and $0.71 diluted in Q1 2023.
- Q1 2023 net income included a significant $8 million gain from the sale of 'Pyxis Malou', absent in Q1 2024.
- Interest and finance costs increased by $0.1 million to $1.5 million due to higher interest rates.
- Total funded debt increased to $73.8 million by March 31, 2024, from $60.95 million at the end of 2023.
- Decrease in voyage related costs and commissions by 31.3%, indicating reduced spot employment.
Insights
Pyxis Tankers Inc.’s financial results for Q1 2024 present a mixed outlook. Net revenues were
The Time Charter Equivalent (TCE) revenues rose by
Operationally, the company’s MR fleet displayed strong performance with a substantial daily TCE rate increase of
Liquidity-wise, the firm maintained a robust cash position of
Short-term, the results seem positive with operational efficiency and improved market conditions. Long-term, investor confidence might hinge on the successful integration of new vessels and maintaining high TCE rates amid global economic uncertainties.
Pyxis Tankers’ strategic decisions reflect a proactive approach towards fleet expansion and optimizing shareholder value. The acquisition of the Konkar Asteri and the planned joint venture for Konkar Venture highlight a diversified strategy, balancing between product tankers and dry-bulk carriers.
The additional $1.0 million allocation for the share repurchase program and the preferred stock redemption aim to enhance shareholder returns, showing a commitment to value creation. These moves could potentially stabilize the stock price and instill greater investor confidence.
The company’s decision to invest in eco-efficient vessels with advanced systems like ballast water treatment and scrubbers aligns with global environmental standards, potentially reducing operational risks and future regulatory costs.
Market dynamics, including strong global demand for transportation fuels and dry-bulk commodities, along with favorable chartering rates, bode well for Pyxis Tankers. However, geopolitical factors and macroeconomic uncertainty require cautious navigation to sustain growth.
For retail investors, understanding these strategies and their potential impact on financial health is critical. While current initiatives are promising, ongoing diligence on market conditions and company performance remains essential.
Maroussi, Greece, May 21, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, today announced unaudited results for the three months ended March 31, 2024.
Summary
For the three months ended March 31, 2024, our Revenues, net were
On February 15, 2024, we took delivery, from an unaffiliated third party, of an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. The
On May 16, 2024, the Company’s Board of Directors (the “BOD”) approved certain key strategic and financial actions which should further enhance shareholder value. First, the Company has allocated up to an additional
Valentios Valentis, our Chairman and CEO, commented:
“We are pleased to report solid results for the first fiscal quarter, 2024 with Revenues, net of
Tanker asset values have continued to be exceptionally strong, and we have not uncovered any compelling acquisition opportunities of modern second-hand eco-MR’s. However, our solid financial position has given us the capability to further expand our dry-bulk operations. In February, we completed the acquisition of 2015-built Kamsarmax, the “Konkar Asteri”, and in May, the independent and disinterested directors of our Board of Directors (“BOD”) unanimously approved the investment in a sister-ship, the “Konkar Venture”. We have decided to structure this latest dry bulk investment as an operating joint venture similar to the acquisition of the “Konkar Ormi” in September, 2023. The Company will own
At this juncture, we expect the chartering environment for product tankers and dry-bulk carriers to remain constructive for at least 2024. Solid global demand for seaborne cargoes across a wide range of refined petroleum products and dry-bulk commodities is expected to continue with the respective orderbooks remaining relatively manageable. While moderating inflation and the prospect of softening monetary policies by many central banks later this year promote additional optimism, the growing complexity within our two sectors and the uncertainty surrounding macro-economic conditions and global events necessitate continued prudent management. Leveraging our significant financial resources and strong relationships, we will continue to pursue value-enhancing transactions including share buybacks, while upholding operational and capital discipline."
Results for the three months ended March 31, 2023 and 2024
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 March 31, 2024, we reported Revenues, net of
| MR tanker fleet | Three months ended March 31, | ||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2023 | 2024 | |||
| MR Revenues, net 1 | $ | 11,616 | $ | 9,688 | |
| MR Voyage related costs and commissions 1 | (2,401) | (1,295) | |||
| MR Time charter equivalent revenues 1, 3 | $ | 9,215 | $ | 8,392 | |
| MR Total operating days 1 | 392 | 264 | |||
| MR Daily Time Charter Equivalent rate 1, 3 | $/d | 23,508 | $/d | 31,790 | |
| Average number of MR vessels 1 | 4.9 | 3.0 | |||
| Dry-bulk fleet | Three months ended March 31, | ||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2023 | 2024 | |||
| Dry-bulk Revenues, net 2 | n/a | $ | 2,117 | ||
| Dry-bulk Voyage related costs and commissions 2 | n/a | (355) | |||
| Dry-bulk charter equivalent revenues 2, 3 | n/a | $ | 1,762 | ||
| Dry-bulk Total operating days 2 | n/a | 104 | |||
| Dry-bulk Daily Time Charter Equivalent rate 2,3 | n/a | $/d | 16,950 | ||
| Average number of Dry-bulk vessels 2 | n/a | 1.5 | |||
| Total fleet | Three months ended March 31, | ||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2023 | 2024 | |||
| Revenues, net 1, 2 | $ | 11,616 | $ | 11,805 | |
| Voyage related costs and commissions 1, 2 | (2,401) | (1,650) | |||
| Time Charter equivalent revenues 1, 2, 3 | $ | 9,215 | $ | 10,155 | |
| Total operating days 1, 2 | 392 | 368 | |||
| Daily Time Charter Equivalent rate 1, 2, 3 | $/d | 23,508 | $/d | 27,596 | |
| Average number of vessels 1,2 | 4.9 | 4.5 | |||
| Total Fleet Ownership days | 442 | 409 | |||
1 a) The eco-modified MR “Pyxis Malou” was sold to an unaffiliated buyer on March 23, 2023.
b) The eco-efficient MR “Pyxis Epsilon” was sold to an unaffiliated buyer on December 15, 2023.
2 a) The dry-bulker “Konkar Ormi” was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.
b) The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.
3 Subject to rounding; please see “Non-GAAP Measures and Definitions” below.
Management’s Discussion & Analysis of Financial Results for the Three Months ended March 31, 2023 and 2024
(Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except daily TCE rates and 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 March 31, 2024, management fees charged by our tanker ship manager, “Maritime”, our dry-bulk ship manager Konkar Shipping Agencies S.A. (“Konkar Agencies”), both affiliated entities of our Chairman and Chief Executive Officer, Mr. Valentis, and from International Tanker Management Ltd. (“ITM”), the technical manager of our MRs, decreased by less than
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Gain from the sale of vessels, net: During the three months ended March 31, 2023, we recorded a net gain of
Loss from debt extinguishment: During the three months ended March 31, 2023, we recorded a loss from debt extinguishment of approximately
Interest and finance costs: Interest and finance costs for the quarter ended March 31, 2024, were
Interest income: Interest income of
Interim Consolidated Statements of Comprehensive Net Income
For the three months ended March 31, 2023 and 2024
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Three months ended March 31, | ||||
| 2023 | 2024 | |||
| Revenues, net | $ | 11,616 | $ | 11,805 |
| Expenses: | ||||
| Voyage related costs and commissions | (2,400) | (1,650) | ||
| Vessel operating expenses | (3,337) | (3,067) | ||
| General and administrative expenses | (1,305) | (731) | ||
| Management fees, related parties | (166) | (226) | ||
| Management fees, other | (248) | (122) | ||
| Amortization of special survey costs | (85) | (97) | ||
| Depreciation | (1,402) | (1,461) | ||
| Gain from the sale of vessels, net | 8,018 | — | ||
| Operating income | 10,691 | 4,451 | ||
| Other expenses, net: | ||||
| Loss from debt extinguishment | (287) | — | ||
| Loss from financial derivative instruments | (59) | — | ||
| Interest and finance costs | (1,430) | (1,493) | ||
| Interest income | — | 654 | ||
| Total other expenses, net | (1,776) | (839) | ||
| Net income | $ | 8,915 | $ | 3,612 |
| Loss attributable to non-controlling interest | — | 38 | ||
| Net income attributable to Pyxis Tankers Inc. | $ | 8,915 | $ | 3,650 |
| Dividend Series A Convertible Preferred Stock | (219) | (209) | ||
| Net income attributable to common shareholders | $ | 8,696 | $ | 3,441 |
| Income per common share, basic | $ | 0.81 | $ | 0.33 |
| Income per common share, diluted | $ | 0.71 | $ | 0.30 |
| Weighted average number of common shares, basic | 10,706,972 | 10,508,560 | ||
| Weighted average number of common shares, diluted | 12,602,547 | 12,328,849 | ||
Consolidated Balance Sheets
As of December 31, 2023 and March 31, 2024
(Expressed in thousands of U.S. dollars, except for share and per share data)
| December 31, | March 31, | |||
| 2023 | 2024 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 34,539 | $ | 24,304 |
| Short-term investment in time deposits | 20,000 | 22,500 | ||
| Inventories | 957 | 2,941 | ||
| Trade accounts receivable, net | 4,964 | 4,187 | ||
| Due from related parties | 194 | — | ||
| Prepayments and other current assets | 226 | 535 | ||
| Total current assets | 60,880 | 54,467 | ||
| FIXED ASSETS, NET: | ||||
| Vessels, net | 99,273 | 124,455 | ||
| Advance for vessel acquisition | 2,663 | — | ||
| Total fixed assets, net | 101,936 | 124,455 | ||
| OTHER NON-CURRENT ASSETS: | ||||
| Restricted cash, net of current portion | 1,800 | 2,150 | ||
| Deferred dry-dock and special survey costs, net | 1,622 | 1,529 | ||
| Prepayments and other non-current assets | 75 | 75 | ||
| Total other non-current assets | 3,497 | 3,754 | ||
| Total assets | $ | 166,313 | $ | 182,676 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Current portion of long-term debt, net of deferred financing costs | $ | 5,580 | $ | 6,501 |
| Trade accounts payable | 1,695 | 1,630 | ||
| Due to related parties | 990 | 1,282 | ||
| Hire collected in advance | 1,173 | 848 | ||
| Accrued and other liabilities | 646 | 1,048 | ||
| Total current liabilities | 10,084 | 11,309 | ||
| NON-CURRENT LIABILITIES: | ||||
| Long-term debt, net of current portion and deferred financing costs | 55,370 | 67,280 | ||
| Total non-current liabilities | 55,370 | 67,280 | ||
| COMMITMENTS AND CONTINGENCIES | — | — | ||
| STOCKHOLDERS' EQUITY: | ||||
| Preferred stock ( | — | — | ||
| Common stock ( | 11 | 11 | ||
| Additional paid-in capital | 110,799 | 110,610 | ||
| Accumulated deficit | (14,270) | (10,815) | ||
| Total equity attributable to Pyxis Tankers Inc. and subsidiaries | 96,540 | 99,806 | ||
| Non-controlling interest | 4,319 | 4,281 | ||
| Total stockholders' equity | 100,859 | 104,087 | ||
| Total liabilities and stockholders' equity | $ | 166,313 | $ | 182,676 |
Interim Consolidated Statements of Cash Flows
For the three months ended March 31, 2023 and 2024
(Expressed in thousands of U.S. dollars)
| Three months ended March 31, | |||||||
| 2023 | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 8,915 | $ | 3,612 | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation | 1,402 | 1,461 | |||||
| Amortization and write-off of special survey costs | 85 | 97 | |||||
| Amortization and write-off of financing costs | 69 | 55 | |||||
| Amortization of restricted common stock grants | — | 8 | |||||
| Loss from debt extinguishment | 287 | — | |||||
| Loss from financial derivative instrument | 59 | — | |||||
| Gain on sale of vessels, net | (8,018) | — | |||||
| Changes in assets and liabilities: | |||||||
| Inventories | 1,017 | (1,984) | |||||
| Due from related parties | 79 | 486 | |||||
| Trade accounts receivable, net | 5,482 | 777 | |||||
| Prepayments and other assets | (453) | (309) | |||||
| Insurance claim receivable | 320 | — | |||||
| Special survey cost | (260) | (4) | |||||
| Trade accounts payable | 72 | (66) | |||||
| Hire collected in advance | (2,133) | (325) | |||||
| Accrued and other liabilities | (354) | 403 | |||||
| Net cash provided by operating activities | $ | 6,569 | $ | 4,211 | |||
| Cash flow from investing activities: | |||||||
| Proceeds from the sale of vessel, net | 24,292 | — | |||||
| Vessel acquisition | — | (23,963) | |||||
| Vessel additions | — | (17) | |||||
| Short-term investment in time deposits | — | (2,500) | |||||
| Net cash provided by/(used in) investing activities | $ | 24,292 | $ | (26,480) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from long-term debt | 15,500 | 14,500 | |||||
| Repayment of long-term debt | (20,215) | (1,582) | |||||
| Repayment of promissory note | (6,000) | — | |||||
| Financial derivative instrument | 561 | — | |||||
| Payment of financing costs | (144) | (142) | |||||
| Preferred stock dividends paid | (207) | (195) | |||||
| Common stock re-purchase program | — | (197) | |||||
| Net cash (used in)/provided by financing activities | $ | (10,505) | $ | 12,384 | |||
| Net increase/(decrease) in cash and cash equivalents and restricted cash | 20,356 | (9,885) | |||||
| Cash and cash equivalents and restricted cash at the beginning of the period | 10,189 | 36,339 | |||||
| Cash and cash equivalents and restricted cash at the end of the period | $ | 30,545 | $ | 26,454 | |||
| SUPPLEMENTAL INFORMATION: | |||||||
| Cash paid for interest | $ | 1,707 | $ | 1,295 | |||
Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of March 31, 2024, we were required to maintain a minimum cash balance of
| December 31, | March 31, | ||||
| 2023 | 2024 | ||||
| Funded debt, net of deferred financing costs | $ | 60,950 | $ | 73,781 | |
| Total funded debt | $ | 60,950 | $ | 73,781 |
On March 31, 2024, our weighted average interest rate on our total funded debt for the three months ended March 31, 2024 was
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
On March 31, 2024, we had a total of 10,497,990 common shares issued and outstanding of which
During the quarter ended March 31, 2024, we repurchased 44,557 common shares at an average price of
Results of Annual Meeting of Shareholders of May 16, 2024
At the scheduled annual 2024 shareholder meeting, the Company’s shareholders re-elected Mr. Valentios Valentis as Class I Director to serve for a term of three years until the 2027 annual meeting.
Subsequent Events
Subsequent of the first quarter ended March 31, 2024, and as of May 16, 2024, we repurchased additional 39,223 common shares at an average price of
On May 16, 2024, our BOD approved (i) an incremental
On May 16th, the BOD also approved the investment in a joint venture agreement to purchase an 82,000 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. The eco-efficient Kamsarmax, fitted with a ballast water treatment system, has a purchase price of
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 charges, such as interest income, loss from debt extinguishment, loss from financial derivative instrument and 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 March 31, | ||||
| Reconciliation of Net Income to EBITDA and Adjusted EBITDA | 2023 | 2024 | |||
| Net income | $ | 8,915 | $ | 3,612 | |
| Depreciation | 1,402 | 1,461 | |||
| Amortization of special survey costs | 85 | 97 | |||
| Interest and finance costs | 1,430 | 1,493 | |||
| EBITDA | $ | 11,832 | $ | 6,663 | |
| Interest income | — | (654) | |||
| Loss from debt extinguishment | 287 | — | |||
| Loss from financial derivative instrument | 59 | — | |||
| Gain from the sale of vessels, net | (8,018) | — | |||
| Adjusted EBITDA | $ | 4,160 | $ | 6,009 | |
Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. 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. TCE Revenues are calculated by presenting Revenues, net after deducting Voyage related costs and commissions. We calculate daily TCE by dividing TCE Revenues, 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. TCE Revenues and daily TCE are not calculated in accordance with U.S. GAAP.
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 March 31, | ||||
| 2023 | 2024 | ||||
| Eco-Efficient MR2: (2024: 3 vessels) | |||||
| (2023: 4 vessels) | Daily TCE : | 24,809 | 31,790 | ||
| Opex per day: | 7,281 | 7,221 | |||
| Utilization % : | |||||
| Eco-Modified MR2: (2023: 1 vessel) | |||||
| Daily TCE : | 16,965 | n/a | |||
| Opex per day: | 8,751 | n/a | |||
| Utilization % : | n/a | ||||
| MR Fleet: (2024: 3 vessels) * | |||||
| (2023: 5 vessels) * | Daily TCE : | 23,508 | 31,790 | ||
| Opex per day: | 7,554 | 7,221 | |||
| Utilization % : | |||||
| Average number of MR vessels * | 4.9 | 3.0 | |||
| Dry-bulk Ultramax: (2024: 2 vessel) | |||||
| Daily TCE : | n/a | 16,950 | |||
| Opex per day: | n/a | 7,927 | |||
| Utilization % : | n/a | ||||
| Average number of Dry-bulk vessels * | n/a | 1.5 | |||
| Total Fleet: (2024: 5 vessels) * | |||||
| (2023: 5 vessels) * | Daily TCE : | 23,508 | 27,596 | ||
| Opex per day: | 7,554 | 7,456 | |||
| Utilization % : | |||||
| Average number of vessels * | 4.9 | 4.5 | |||
As of May 16, 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 2023 and 2024, the vessels in our fleet were employed under time and spot charters.
*
a) The Eco-Modified MR “Pyxis Malou” was sold to an unaffiliated buyer on March 23, 2023.
b) The Eco-Modified MR “Pyxis Epsilon” was sold to an unaffiliated buyer on December 15, 2023.
c) The dry-bulker “Konkar Ormi” was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.
d) The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.
Conference Call and Webcast
Today, Tuesday, May 21, 2024, 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 13746734. 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 Tuesday, May 28, 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/2976/50636
Pyxis Tankers Fleet (as of May 16, 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 | 18,250 | Jul 2024 | |
| Konkar Asteri (5) | JNYS / China | Kamsarmax | 82,013 | 2015 | Time | 18,500 | Jul 2024 | |
| 145,533 | ||||||||
1) These tables 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 65 – 75 days, at
5) “Konkar Asteri” was fixed on time charter for 95 – 105 days, at
About Pyxis Tankers Inc.
The Company currently owns a modern fleet of mid-sized eco-vessels consisting of three MR 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, 2023. 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
FAQ
What were Pyxis Tankers' net revenues for Q1 2024?
How did Pyxis Tankers' net income per common share change in Q1 2024?
What was the average daily TCE rate for Pyxis Tankers' MR fleet in Q1 2024?
What actions did Pyxis Tankers' Board approve on May 16, 2024?
What is the total cost of the 'Konkar Asteri' acquisition?
What is the planned acquisition cost for 'Konkar Venture'?
How much did Pyxis Tankers' Adjusted EBITDA increase in Q1 2024?
What was the interest income for Pyxis Tankers in Q1 2024?
