Pyxis Tankers Announces Financial Results for the Three Months Ended June 30, 2024
Pyxis Tankers Inc. (NASDAQ: PXS) reported strong financial results for Q2 2024. Revenues increased 46.3% to $13.9 million, while net income attributable to common shareholders rose to $5.0 million ($0.48 basic EPS). The company's MR tankers achieved an average daily TCE of $32,868, up 31.5% year-over-year. Pyxis expanded its fleet with the acquisition of a Kamsarmax dry bulk carrier through a joint venture. The company also refinanced existing debt at more favorable terms. Management expects a constructive chartering environment for both product tankers and dry bulk carriers in the near term, citing solid global demand and manageable orderbooks.
Pyxis Tankers Inc. (NASDAQ: PXS) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. I ricavi sono aumentati del 46,3% a 13,9 milioni di dollari, mentre l'utile netto attribuibile agli azionisti comuni è salito a 5,0 milioni di dollari (0,48 dollari di utile per azione base). I petroliere MR della compagnia hanno raggiunto una media giornaliera di TCE di 32.868 dollari, in aumento del 31,5% rispetto all'anno precedente. Pyxis ha ampliato la sua flotta con l'acquisizione di una nave da carico secco Kamsarmax tramite una joint venture. L'azienda ha anche rifinanziato il debito esistente a condizioni più favorevoli. La direzione prevede un ambiente favorevole per il noleggio sia delle petroliere che delle navi da carico secco nel breve termine, citando una domanda globale solida e portafogli ordini gestibili.
Pyxis Tankers Inc. (NASDAQ: PXS) informó resultados financieros sólidos para el segundo trimestre de 2024. Los ingresos aumentaron un 46.3% a 13.9 millones de dólares, mientras que el ingreso neto atribuible a los accionistas comunes subió a 5.0 millones de dólares (0.48 dólares de EPS básico). Los petroleros MR de la compañía lograron un TCE diario promedio de 32,868 dólares, un aumento del 31.5% año tras año. Pyxis amplió su flota con la adquisición de un carguero seco Kamsarmax a través de una empresa conjunta. La compañía también refinanció la deuda existente en términos más favorables. La dirección espera un entorno de fletamento constructivo tanto para los petroleros de productos como para los cargueros secos en el corto plazo, citando una sólida demanda global y libros de pedidos manejables.
Pyxis Tankers Inc. (NASDAQ: PXS)는 2024년 2분기 강력한 재무 실적을 보고했습니다. 수익은 46.3% 증가하여 1,390만 달러에 달했습니다, 주주들에게 귀속된 순이익은 500만 달러(기본 EPS 0.48 달러)로 증가했습니다. 회사의 MR 탱커는 하루 평균 TCE가 32,868 달러에 달해, 전년 대비 31.5% 증가했습니다. Pyxis는 조인트 벤처를 통해 Kamsarmax 벌크 화물선을 인수하여 함대를 확장했습니다. 회사는 또한 더 유리한 조건으로 기존 부채를 재융자했습니다. 경영진은 향후 제품 탱커 및 벌크 화물선 모두에 대해 긍정적인 용선 환경을 예상하며, 안정적인 글로벌 수요와 관리 가능한 주문서를 인용했습니다.
Pyxis Tankers Inc. (NASDAQ: PXS) a annoncé des résultats financiers solides pour le deuxième trimestre 2024. Les revenus ont augmenté de 46,3 % pour atteindre 13,9 millions de dollars, tandis que le bénéfice net attribuable aux actionnaires ordinaires a grimpé à 5,0 millions de dollars (0,48 $ de BPA de base). Les tankers MR de la société ont atteint un TCE quotidien moyen de 32 868 dollars, en hausse de 31,5 % par rapport à l'année précédente. Pyxis a élargi sa flotte avec l'acquisition d'un cargo sec Kamsarmax par le biais d'une coentreprise. L'entreprise a également refinancé ses dettes existantes à des conditions plus favorables. La direction s'attend à un environnement positif pour le fret, tant pour les tankers de produits que pour les cargos secs à court terme, citant une demande mondiale solide et des carnets de commandes gérables.
Pyxis Tankers Inc. (NASDAQ: PXS) berichtete über starke finanzielle Ergebnisse für das zweite Quartal 2024. Die Einnahmen stiegen um 46,3 % auf 13,9 Millionen Dollar, während der den Stammaktionären zurechenbare Nettogewinn auf 5,0 Millionen Dollar (0,48 Dollar Grund-EPS) anstieg. Die MR-Tanker des Unternehmens erzielten einen durchschnittlichen täglichen TCE von 32.868 Dollar, was einem Anstieg von 31,5 % im Jahresvergleich entspricht. Pyxis erweiterte seine Flotte durch den Erwerb eines Kamsarmax-Sohlenbeladungsschiffes im Rahmen eines Joint Ventures. Das Unternehmen refinanzierte auch bestehende Schulden zu günstigeren Konditionen. Das Management erwartet ein konstruktives Charter-Umfeld sowohl für Produkttanker als auch für Massengutfrachter im nahen Zeitraum und verweist auf eine solide globale Nachfrage und handhabbare Auftragsbücher.
- Revenues increased 46.3% year-over-year to $13.9 million in Q2 2024
- Net income attributable to common shareholders grew to $5.0 million ($0.48 basic EPS)
- MR tankers' average daily TCE rate improved 31.5% to $32,868
- Adjusted EBITDA increased by $2.7 million to $8.0 million
- Acquired a 60% controlling interest in a Kamsarmax dry bulk carrier
- Refinanced existing debt at lower interest rates, reducing average interest margin by 85 basis points
- Weighted average number of basic common shares decreased by 0.35 million to 10.45 million
- Interest and finance costs increased by $0.3 million to $1.6 million in Q2 2024
Insights
Pyxis Tankers' Q2 2024 results show significant improvement, with revenues up 46.3% to
- MR tanker daily TCE rate increased
31.5% to$32,868 - Adjusted EBITDA grew by
$2.7 million to$8.0 million - Successful expansion into dry bulk with joint venture acquisition
- Debt refinancing lowering interest costs
The company's diversification into dry bulk and strong product tanker market conditions bode well for future performance. However, investors should monitor global economic conditions and potential market volatility.
The product tanker and dry bulk markets are showing resilience, benefiting Pyxis Tankers. Key market dynamics include:
- Robust chartering activity driven by global fuel demand
- Low petroleum product inventories supporting rates
- Ongoing geopolitical conflicts causing trade pattern shifts
- Expanding ton-mile demand for seaborne cargo
Looking ahead, the orderbook for both sectors remains manageable, suggesting a favorable supply-demand balance. However, macroeconomic uncertainties persist. Pyxis' mixed chartering strategy and fleet modernization efforts position it well to capitalize on market opportunities while managing risks.
Pyxis Tankers' financial improvements and strategic moves present an intriguing investment case. The company's EPS growth to
- Diversification into dry bulk reduces sector-specific risks
- Debt refinancing improves financial flexibility
- Strong TCE rates indicate operational efficiency
- Partial redemption of preferred stock reduces dilution risk
However, the shipping industry's cyclical nature and global economic uncertainties warrant caution. The company's relatively small fleet size may also limit economies of scale compared to larger peers. Investors should weigh these factors against the potential upside from current market conditions and Pyxis' strategic positioning.
Maroussi, Greece, August 12, 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 and six month periods ended June 30, 2024.
Summary
For the three months ended June 30, 2024, our Revenues, net were
On June 20, 2024, the Company paid
On June 28, 2024, we closed on our previously announced dry bulk joint venture with an entity related to our Chairman and Chief Executive Officer for the acquisition of an 82,099 dwt eco-efficient Kamsarmax built in 2015 at Jiangsu New Yangzi Shipbuilding. The
On July 30, 2024, we agreed with an existing lender to refinance the Seventhone Corp debt. The amended loan agreement provides a five year amortizing bank loan, due July 2029, with similar quarterly repayments, priced at SOFR plus
Valentios Valentis, our Chairman and CEO, commented:
“We are pleased to report strong results for the second fiscal quarter of 2024 with revenues, net of
Tanker asset values continue to appreciate reaching 10 year historical highs. We continue to monitor this market for compelling acquisition opportunities. However, we decided to further expand in the dry bulk sector and in late June, we closed our second joint venture, where we acquired a
We anticipate the chartering environment for product tankers and dry-bulk carriers to remain constructive for the near-term. Solid global demand for seaborne cargoes across a broad range of refined petroleum products and dry-bulk commodities is expected to continue with the respective orderbooks remaining relatively manageable. Longer-term supply/demand fundamentals remain very supportive. Even though inflation is decelerating with the prospect of interest rate cuts on the horizon and continued moderate global economic growth, the uncertainty surrounding macro-economic conditions and global events necessitate continued prudent management. Besides potential vessel acquisitions, we expect to continue to pursue additional value-enhancing transactions including the repurchase of additional common shares under our authorized program, while maintaining operational and capital discipline."
Results for the three months ended June 30, 2023 and 2024
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted).
For the three months ended June 30, 2024, we reported Revenues, net of
| Tanker fleet | Three months ended June 30, | Six months ended June 30, | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2023 | 2024 | 2023 | 2024 | |||||
| MR Revenues, net 1 | $ | 9,505 | 10,137 | 21,121 | 19,824 | ||||
| MR Voyage related costs and commissions 1 | (855) | (1,197) | (3,257) | (2,492) | |||||
| MR Time charter equivalent revenues 1, 3 | $ | 8,650 | 8,940 | 17,864 | 17,332 | ||||
| MR Total operating days 1 | 346 | 272 | 738 | 536 | |||||
| MR Daily Time Charter Equivalent rate 1, 3 | $/d | 25,000 | 32,868 | 24,207 | 32,337 | ||||
| Average number of MR vessels 1 | 4.0 | 3.0 | 4.5 | 3.0 | |||||
| Dry-bulk fleet | Three months ended June 30, | Six months ended June 30, | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2023 | 2024 | 2023 | 2024 | |||||
| Dry-bulk Revenues, net 2 | $ | n/a | 3,774 | n/a | 5,891 | ||||
| Dry-bulk Voyage related costs and commissions 2 | n/a | (468) | n/a | (823) | |||||
| Dry-bulk charter equivalent revenues 2, 3 | $ | n/a | 3,306 | n/a | 5,068 | ||||
| Dry-bulk Total operating days 2 | n/a | 148 | n/a | 252 | |||||
| Dry-bulk Daily Time Charter Equivalent rate 2,3 | $/d | n/a | 22,333 | n/a | 20,111 | ||||
| Average number of Dry-bulk vessels 2 | n/a | 2.0 | n/a | 1.8 | |||||
| | |||||||||
| Total fleet | Three months ended June 30, | Six months ended June 30, | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2023 | 2024 | 2023 | 2024 | |||||
| Revenues, net 1, 2 | $ | 9,505 | 13,911 | 21,121 | 25,715 | ||||
| Voyage related costs and commissions 1, 2 | (855) | (1,665) | (3,257) | (3,315) | |||||
| Charter equivalent revenues 1, 2, 3 | $ | 8,650 | 12,246 | 17,864 | 22,400 | ||||
| Total operating days 1, 2 | 346 | 420 | 738 | 788 | |||||
| Daily Time Charter Equivalent rate 1, 2, 3 | $/d | 25,000 | 29,156 | 24,207 | 28,427 | ||||
| Average number of vessels 1,2 | 4.0 | 5.0 | 4.5 | 4.8 | |||||
1 a) 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.
c) The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and is continuing its employment under the existing time charter through mid-August.
3 Subject to rounding; please see “Non-GAAP Measures and Definitions” below.
Management’s Discussion & Analysis of Financial Results for the Three Months ended June 30, 2023 and 2024
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted).
Revenues, net: Revenues, net of
Voyage related costs and commissions: Voyage related costs and commissions of
Vessel operating expenses: Vessel operating expenses of
General and administrative expenses: General and administrative expenses of
Management fees: For the three months ended June 30, 2024, management fees charged by our tanker ship manager, Pyxis Maritime Corp. (“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, increased by
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Interest and finance costs: Interest and finance costs for the quarter ended June 30, 2024, were
Interest income: Interest income of
Management’s Discussion and Analysis of Financial Results for the Six Months ended June 30, 2023 and 2024
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted).
Revenues, net: Revenues, net of
Voyage related costs and commissions: Voyage related costs and commissions of
Vessel operating expenses: Vessel operating expenses of
General and administrative expenses: General and administrative expenses of
Management fees: For the six months ended June 30, 2024, management fees remained at the same level with the comparable period of 2023. Management fees represent the charges by Maritime, Konkar Agencies and ITM.
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Gain from the sale of vessels, net: During the six months ended June 30, 2023, we recorded a gain from the sale of the “Pyxis Malou” of
Loss from debt extinguishment: During the six months ended June 30, 2023, we recorded a loss from debt extinguishment of approximately
Interest and finance costs: Interest and finance costs for the six months ended June 30, 2024, were
Interest income: Interest income of
Interim Consolidated Statements of Comprehensive Net Income
For the three months ended June 30, 2023 and 2024
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Three months ended June 30, | |||||
| 2023 | 2024 | ||||
| Revenues, net | $ 9,505 | $ 13,910 | |||
| Expenses: | |||||
| Voyage related costs and commissions | (873) | (1,665) | |||
| Vessel operating expenses | (2,453) | (3,049) | |||
| General and administrative expenses | (697) | (815) | |||
| Management fees, related parties | (164) | (272) | |||
| Management fees, other | (149) | (122) | |||
| Amortization of special survey costs | (91) | (97) | |||
| Depreciation | (1,232) | (1,634) | |||
| Allowance for credit losses | 75 | — | |||
| Loss from the sale of vessels, net | (1) | — | |||
| Operating income | 3,920 | 6,256 | |||
| Other expenses: | |||||
| Interest and finance costs | (1,317) | (1,580) | |||
| Interest income | 352 | 607 | |||
| Total other expenses, net | (965) | (973) | |||
| Net income | $ 2,955 | $ 5,283 | |||
| Gain attributable to non-controlling interest | — | (91) | |||
| Net income attributable to Pyxis Tankers Inc. | $ 2,955 | $ 5,192 | |||
| Dividend Series A Convertible Preferred Stock | (199) | (174) | |||
| Net income attributable to common shareholders | $ 2,756 | $ 5,018 | |||
| Net income per common share, basic | $ 0.25 | $ 0.48 | |||
| Net income per common share, diluted | $ 0.23 | $ 0.43 | |||
| Weighted average number of common shares, basic | 10,801,316 | 10,451,364 | |||
| Weighted average number of common shares, diluted | 12,624,301 | 12,095,610 | |||
Interim Consolidated Statements of Comprehensive Net Income
For the six months ended June 30, 2023 and 2024
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Six months ended June 30, | ||||
| 2023 | 2024 | |||
| Revenues, net | $ | 21,121 | $ | 25,715 |
| Expenses: | ||||
| Voyage related costs and commissions | (3,273) | (3,315) | ||
| Vessel operating expenses | (5,790) | (6,116) | ||
| General and administrative expenses | (2,002) | (1,546) | ||
| Management fees, related parties | (330) | (498) | ||
| Management fees, other | (397) | (244) | ||
| Amortization of special survey costs | (176) | (194) | ||
| Depreciation | (2,634) | (3,095) | ||
| Allowance for credit losses | 75 | — | ||
| Gain from the sale of vessels, net | 8,017 | — | ||
| Operating income | 14,611 | 10,707 | ||
| Other expenses, net: | ||||
| Loss from debt extinguishment | (287) | — | ||
| Loss from financial derivative instruments | (59) | — | ||
| Interest and finance costs | (2,808) | (3,073) | ||
| Interest income | 413 | 1,261 | ||
| Total other expenses, net | (2,741) | (1,812) | ||
| Net income | $ | 11,870 | $ | 8,895 |
| Gain attributable to non-controlling interest | — | (53) | ||
| Net income attributable to Pyxis Tankers Inc. | $ | 11,870 | $ | 8,842 |
| Dividend Series A Convertible Preferred Stock | (418) | (383) | ||
| Net income attributable to common shareholders | $ | 11,452 | $ | 8,459 |
| Net income per common share, basic | $ | 1.06 | $ | 0.81 |
| Net income per common share, diluted | $ | 0.94 | $ | 0.73 |
| Weighted average number of common shares, basic | 10,754,405 | 10,479,962 | ||
| Weighted average number of common shares, diluted | 12,577,390 | 12,124,208 | ||
Consolidated Balance Sheets
As of December 31, 2023 and June 30, 2024
(Expressed in thousands of U.S. dollars, except for share and per share data)
| December 31, | June 30, | |||
| 2023 | 2024 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 34,539 | $ | 25,411 |
| Short-term investment in time deposits | 20,000 | 17,000 | ||
| Inventories | 957 | 2,111 | ||
| Trade accounts receivable, net | 4,964 | 5,216 | ||
| Due from related parties | 194 | — | ||
| Prepayments and other current assets | 226 | 1,359 | ||
| Total current assets | 60,880 | 51,097 | ||
| FIXED ASSETS, NET: | ||||
| Vessels, net | 99,273 | 143,833 | ||
| Advance for vessel acquisition | 2,663 | — | ||
| Total fixed assets, net | 101,936 | 143,833 | ||
| OTHER NON-CURRENT ASSETS: | ||||
| Restricted cash, net of current portion | 1,800 | 2,150 | ||
| Deferred dry-dock and special survey costs, net | 1,622 | 1,432 | ||
| Prepayments and other non-current assets | 75 | 75 | ||
| Total other non-current assets | 3,497 | 3,657 | ||
| Total assets | $ | 166,313 | $ | 198,587 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Current portion of long-term debt, net of deferred financing costs | $ | 5,580 | $ | 7,637 |
| Trade accounts payable | 1,695 | 1,936 | ||
| Due to related parties | 990 | 975 | ||
| Hire collected in advance | 1,173 | 877 | ||
| Accrued and other liabilities | 646 | 1,429 | ||
| Total current liabilities | 10,084 | 12,854 | ||
| NON-CURRENT LIABILITIES: | ||||
| Long-term debt, net of current portion and deferred financing costs | 55,370 | 80,846 | ||
| Total non-current liabilities | 55,370 | 80,846 | ||
| COMMITMENTS AND CONTINGENCIES | — | — | ||
| STOCKHOLDERS' EQUITY: | ||||
| Preferred stock ( | — | — | ||
| Common stock ( | 11 | 11 | ||
| Additional paid-in capital | 110,799 | 103,993 | ||
| Accumulated deficit | (14,270) | (5,819) | ||
| Total equity attributable to Pyxis Tankers Inc. and subsidiaries | 96,540 | 98,185 | ||
| Non-controlling interest | 4,319 | 6,702 | ||
| Total stockholders' equity | 100,859 | 104,887 | ||
| Total liabilities and stockholders' equity | $ | 166,313 | $ | 198,587 |
Interim Consolidated Statements of Cash Flows
For the six months ended June 30, 2023 and 2024
(Expressed in thousands of U.S. dollars)
| Six months ended June 30, | ||||
| 2023 | 2024 | |||
| Cash flows from operating activities: | ||||
| Net income | $ | 11,870 | $ | 8,895 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation | 2,634 | 3,095 | ||
| Amortization and write-off of special survey costs | 176 | 194 | ||
| Allowance for credit losses | (75) | — | ||
| Amortization and write-off of financing costs | 126 | 114 | ||
| Amortization of restricted common stock grants | 47 | 17 | ||
| Loss from debt extinguishment | 287 | — | ||
| Loss from financial derivative instrument | 59 | — | ||
| Gain on sale of vessels, net | (8,017) | — | ||
| Changes in assets and liabilities: | ||||
| Inventories | 1,053 | (1,154) | ||
| Due from related parties | 50 | 178 | ||
| Trade accounts receivable, net | 6,398 | (253) | ||
| Prepayments and other assets | (339) | (1,133) | ||
| Insurance claim receivable | 608 | — | ||
| Special survey cost | (814) | (4) | ||
| Trade accounts payable | (491) | 241 | ||
| Hire collected in advance | (1,215) | (296) | ||
| Accrued and other liabilities | (88) | 785 | ||
| Net cash provided by operating activities | $ | 12,269 | $ | 10,679 |
| Cash flow from investing activities: | ||||
| Proceeds from the sale of vessel, net | 24,291 | — | ||
| Vessel acquisitions | — | (44,969) | ||
| Vessel additions | (21) | (24) | ||
| Short-term investment in time deposits | — | 3,000 | ||
| Net cash (used in)/provided by investing activities | $ | 24,270 | $ | (41,993) |
| Cash flows from financing activities: | ||||
| Proceeds from long-term debt | 15,500 | 31,000 | ||
| Repayment of long-term debt | (21,697) | (3,313) | ||
| Contributions from non-controlling interests to Joint Venture | — | 5,880 | ||
| Partial redemption of Series A Convertible Preferred shares | — | (2,500) | ||
| Repayment of promissory note | (6,000) | — | ||
| Financial derivative instrument | 561 | — | ||
| Payment of financing costs | (148) | (267) | ||
| Preferred stock dividends paid | (405) | (391) | ||
| Common stock re-purchase program | (91) | (380) | ||
| Deemed dividend | — | (7,493) | ||
| Net cash provided by/(used in) financing activities | $ | (12,280) | $ | 22,536 |
| Net (decrease)/increase in cash and cash equivalents and restricted cash | 24,259 | (8,778) | ||
| 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 | $ | 34,448 | $ | 27,561 |
| SUPPLEMENTAL INFORMATION: | ||||
| Cash paid for interest | $ | 2,598 | $ | 2,815 |
| Non-cash financing activities – issuance of common stock financing acquisition of vessel “Konkar Venture” | — | 1,382 | ||
Liquidity, Debt and Capital Structure
Our total funded debt, net of deferred financing costs at June 30, 2024 of
| December 31, | June 30, | ||||
| 2023 | 2024 | ||||
| Funded debt, net of deferred financing costs | $ | 60,950 | $ | 88,483 | |
| Total funded debt | $ | 60,950 | $ | 88,483 |
On June 30, 2024, our weighted average interest rate on our total funded debt for the three months ended June 30, 2024 was
On June 20, 2024, the Company paid
On June 28, 2024, we closed on our previously announced dry bulk joint venture with an entity related to our Chairman and Chief Executive Officer for the acquisition of an 82,099 dwt eco-efficient Kamsarmax built in 2015 at Jiangsu New Yangzi Shipbuilding. The
On June 30, 2024, we had a total of 10,458,767 common shares issued and outstanding of which
During the quarter ended June 30, 2024, we repurchased 39,223 PXS common shares at an average price of
Subsequent Events:
On July 30,2024, we agreed with an existing lender to refinance the Seventhone Corp (“Pyxis Theta”) outstanding debt of
After the quarter ended June 30, 2024, and as of August 8, 2024 we repurchased an additional 25,537 PXS common shares at an average 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 Income to EBITDA and Adjusted EBITDA:
| Three months ended June 30, | Six months ended June 30, | |||||||||
| (Amounts in thousands of U.S. dollars) | 2023 | 2024 | 2023 | 2024 | ||||||
| Reconciliation of Net income to EBITDA and Adjusted EBITDA | ||||||||||
| Net income | $ | 2,955 | $ | 5,283 | $ | 11,870 | $ | 8,895 | ||
| Depreciation | 1,232 | 1,634 | 2,634 | 3,095 | ||||||
| Amortization of special survey costs | 91 | 97 | 176 | 194 | ||||||
| Interest and finance costs | 1,317 | 1,580 | 2,808 | 3,073 | ||||||
| EBITDA | $ | 5,595 | $ | 8,594 | $ | 17,488 | $ | 15,257 | ||
| Interest income | (352) | (607) | (413) | (1,261) | ||||||
| Loss from debt extinguishment | — | — | 287 | — | ||||||
| Loss from financial derivative instrument | — | — | 59 | — | ||||||
| Gain from the sale of vessels, net | 1 | — | (8,017) | — | ||||||
| Adjusted EBITDA | $ | 5,244 | $ | 7,987 | $ | 9,404 | $ | 13,996 | ||
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 June 30, | Six months ended June 30, | |||||||
| 2023 | 2024 | 2023 | 2024 | ||||||
| Eco-Efficient MR2: (2024: 3 vessels) | |||||||||
| (2023: 4 vessels) | Daily TCE : | 24,980 | 32,868 | 24,897 | 32,337 | ||||
| Opex per day: | 6,629 | 7,130 | 6,953 | 7,175 | |||||
| Utilization % : | |||||||||
| Eco-Modified MR2: (2023: 1 vessel) | |||||||||
| Daily TCE : | n/a | n/a | 17,064 | n/a | |||||
| Opex per day: | n/a | n/a | 9,236 | n/a | |||||
| Utilization % : | n/a | n/a | n/a | ||||||
| MR Fleet: (2024: 3 vessels) * | |||||||||
| (2023: 5 vessels) * | Daily TCE : | 25,000 | 32,868 | 24,207 | 32,337 | ||||
| Opex per day: | 6,786 | 7,130 | 7,185 | 7,175 | |||||
| Utilization % : | |||||||||
| Average number of MR vessels * | 4.0 | 3.0 | 4.5 | 3.0 | |||||
| Dry-bulk : (2024: 3 vessels) | |||||||||
| Daily TCE : | n/a | 22,333 | n/a | 20,111 | |||||
| Opex per day: | n/a | 5,952 | n/a | 6,789 | |||||
| Utilization % : | n/a | n/a | |||||||
| Average number of Dry bulk vessels * | n/a | 2.0 | n/a | 1.8 | |||||
| Total Fleet: (2024: 6 vessels) * | |||||||||
| (2023: 5 vessels) * | Daily TCE : | 25,000 | 29,156 | 24,207 | 28,427 | ||||
| Opex per day: | 6,786 | 6,654 | 7,185 | 7,032 | |||||
| Utilization % : | |||||||||
| Average number of vessels * | 4.0 | 5.0 | 4.5 | 4.8 | |||||
As of August 9, 2024, our fleet consisted of three eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, and three dry-bulk vessels, “Konkar Ormi” delivered to our joint venture on September 14, 2023, “Konkar Asteri” delivered on February 15, 2024 and “Konkar Venture” delivered to our joint venture on June 28, 2024. During 2023 and 2024, the vessels in our fleet were employed under time and spot charters.
*
a) The Eco-Modified MR “Pyxis Epsilon” was sold to an unaffiliated buyer on December 15, 2023.
b) The dry-bulker “Konkar Ormi” was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.
c) The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.
d) The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and is continuing its employment under the existing time charter through mid-August.
Conference Call and Webcast
Today, Monday, August 12, 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 13748060. 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 Monday, August 19, 2024.
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/2976/50933
Pyxis Tankers Fleet (as of August 9, 2024)
| Vessel Name | Shipyard | Vessel type | Carrying Capacity (dwt) | Year Built | Type of charter | Charter(1) Rate (per day) | Anticipated Earliest Redelivery Date | |
| Tanker fleet | ||||||||
| Pyxis Lamda | SPP / S. Korea | MR2 | 50,145 | 2017 | Spot | n/a | n/a | |
| Pyxis Theta (2) | SPP / S. Korea | MR2 | 51,795 | 2013 | Time | 29,000 | Aug 2024 | |
| Pyxis Karteria (3) | Hyundai / S. Korea | MR2 | 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 | Sep 2024 | |
| Konkar Asteri (5) | JNYS / China | Kamsarmax | 82,013 | 2015 | Time | 16,250 | Oct 2024 | |
| Konkar Venture (6) | JNYS / China | Kamsarmax | 82,099 | 2015 | Time | 18,000 | Aug 2024 | |
| 227,632 |
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 55 – 65 days, at
5) “Konkar Asteri” was fixed on time charter for 90 – 105 days, at
6) “Konkar Venture” 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 engaged in the seaborne transportation of refined petroleum products and other bulk liquids, and three dry-bulk carriers, including controlling interests in two dry-bulk joint ventures that own a Kamsarmax and Ultramax carrier, respectively, and one
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
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