Pyxis Tankers Announces Financial Results for the Three Months Ended September 30, 2024
Pyxis Tankers reported strong Q3 2024 financial results with revenues of $13.8 million, up 24.3% year-over-year. Net income attributable to common shareholders was $3.6 million ($0.34 basic EPS), compared to $3.1 million in Q3 2023. The company's MR tankers achieved an average daily TCE rate of $29,826, while dry-bulk carriers averaged $13,841. Adjusted EBITDA increased to $6.7 million, up $1.2 million from Q3 2023. The company successfully refinanced existing debt with improved terms, reducing interest margins by 85 basis points on aggregate loans of $26.5 million.
Pyxis Tankers ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi di 13,8 milioni di dollari, in aumento del 24,3% rispetto allo stesso periodo dell'anno precedente. L'utile netto attribuibile agli azionisti comuni è stato di 3,6 milioni di dollari (0,34 dollari di utile per azione base), rispetto ai 3,1 milioni di dollari del terzo trimestre del 2023. I petroliere MR della compagnia hanno raggiunto una tariffa media giornaliera TCE di 29.826 dollari, mentre i trasportatori di carichi secchi hanno registrato una media di 13.841 dollari. EBITDA corretto è aumentato a 6,7 milioni di dollari, con un incremento di 1,2 milioni di dollari rispetto al terzo trimestre del 2023. L'azienda ha rifinanziato con successo il debito esistente con condizioni migliorate, riducendo i margini sugli interessi di 85 punti base su prestiti aggregati di 26,5 milioni di dollari.
Pyxis Tankers reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos de 13.8 millones de dólares, un aumento del 24.3% en comparación con el año anterior. El ingreso neto atribuible a los accionistas comunes fue de 3.6 millones de dólares (0.34 dólares de ganancias por acción básica), en comparación con 3.1 millones de dólares en el tercer trimestre de 2023. Los petroleros MR de la compañía lograron una tarifa diaria promedio de TCE de 29,826 dólares, mientras que los transportadores de carga a granel seco promediaron 13,841 dólares. EBITDA ajustado aumentó a 6.7 millones de dólares, un incremento de 1.2 millones de dólares respecto al tercer trimestre de 2023. La empresa refinanció con éxito la deuda existente con condiciones mejoradas, reduciendo los márgenes de interés en 85 puntos básicos sobre préstamos agregados de 26.5 millones de dólares.
Pyxis Tankers는 2024년 3분기 강력한 재무 결과를 보고하며, 수익이 1,380만 달러로 전년 대비 24.3% 증가했습니다. 보통주 주주에게 귀속되는 순이익은 360만 달러(기본 주당순이익 0.34 달러)로, 2023년 3분기의 310만 달러와 비교되었습니다. 회사의 MR 탱커는 평균 일일 TCE 요율이 29,826 달러를 기록한 반면, 벌크선은 평균 13,841 달러였습니다. 조정 EBITDA는 670만 달러로 증가했으며, 2023년 3분기 대비 120만 달러 증가했습니다. 회사는 기존 부채를 더 나은 조건으로 성공적으로 재융자하여, 2,650만 달러의 총 대출에 대해 85 베이시스 포인트의 이자 마진을 줄였습니다.
Pyxis Tankers a rapporté des résultats financiers solides pour le troisième trimestre de 2024, avec des revenus de 13,8 millions de dollars, en hausse de 24,3 % par rapport à l'année précédente. Le revenu net attribuable aux actionnaires ordinaires était de 3,6 millions de dollars (0,34 USD de BPA de base), comparé à 3,1 millions de dollars au troisième trimestre 2023. Les pétroliers MR de l'entreprise ont enregistré un tarif TCE quotidien moyen de 29 826 dollars, tandis que les transporteurs de marchandises sèches ont moyenné 13 841 dollars. EBITDA ajusté a augmenté à 6,7 millions de dollars, soit une hausse de 1,2 million de dollars par rapport au troisième trimestre 2023. L'entreprise a réussi à refinancer sa dette existante avec de meilleures conditions, réduisant les marges d'intérêt de 85 points de base sur des prêts totaux de 26,5 millions de dollars.
Pyxis Tankers berichtete über starke Finanzergebnisse im 3. Quartal 2024 mit Einnahmen von 13,8 Millionen US-Dollar, was einem Anstieg von 24,3 % im Vergleich zum Vorjahr entspricht. Der Nettogewinn, der den Stammaktionären zurechenbar ist, betrug 3,6 Millionen US-Dollar (0,34 US-Dollar Grund-EPS), verglichen mit 3,1 Millionen US-Dollar im 3. Quartal 2023. Die MR-Tanker des Unternehmens erzielten einen durchschnittlichen täglichen TCE-Satz von 29.826 US-Dollar, während Trockengutschiffe durchschnittlich 13.841 US-Dollar erzielten. Bereinigtes EBITDA stieg auf 6,7 Millionen US-Dollar, was einem Anstieg von 1,2 Millionen US-Dollar im Vergleich zum 3. Quartal 2023 entspricht. Das Unternehmen hat erfolgreich bestehende Schulden zu verbesserten Konditionen refinanziert und die Zinsmargen um 85 Basispunkte bei Gesamtdarlehen von 26,5 Millionen US-Dollar gesenkt.
- Revenue increased 24.3% YoY to $13.8 million in Q3 2024
- Net income grew to $3.6 million, up from $3.1 million in Q3 2023
- Adjusted EBITDA rose by $1.2 million to $6.7 million
- MR tanker daily TCE rates improved 6.4% to $29,826
- Successfully refinanced debt with reduced interest margins by 85 basis points
- Dry-bulk sector showing lackluster performance with TCE of $13,841/day
- Operating expenses increased 39.9% due to more vessel ownership days
- Interest and finance costs increased 31% to $1.8 million in Q3 2024
Insights
Pyxis Tankers delivered strong Q3 2024 results with
The company's mixed fleet strategy with 3 MR tankers and 3 dry bulk carriers provides diversification, though dry bulk rates were softer at
The positive refinancing terms and fleet optimization suggest improving operational efficiency, though market volatility remains a factor to monitor.
Maroussi, Greece, November 22, 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 nine-month periods ended September 30, 2024.
Summary
For the three months ended September 30, 2024, our Revenues, net were
On July 30, 2024, we agreed with an existing lender to refinance the existing debt of one of our subsidiaries, the Seventhone Corp. 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 Chief Executive Officer, commented:
“We are pleased to report solid results for the third fiscal quarter of 2024 with revenues, net of
We are guardedly optimistic about the chartering environment for product tankers and dry bulk carriers for the near-term. Modest global demand growth 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 constructive, especially given the fleet age profiles of both sectors. Even though inflation is decelerating with the possibility of further interest rate cuts and continued moderate global economic growth, the uncertainty surrounding macro-economic conditions and unfolding global events necessitate continued prudent risk management. Beyond the expected uptick in demand for the winter season, the tanker sector may benefit from the prospect of greater restrictions against certain sanctioned countries which may help offset the effects of the possible de-escalation of armed conflicts. However, the potential expansion of tariffs amongst major trading partners is likely to lead to further market dislocation and volatility.
Vessel values are still near historical highs but have started to moderate. We will continue to scrutinize the second-hand market for compelling vessel acquisitions, primarily in the product tanker sector. In the meantime, we expect to continue to pursue the repurchase of additional common shares under our authorized program, while repaying scheduled bank debt as well as maintaining operational and capital discipline. Since June, 2023, and as of November 20, 2024 we have repurchased of 581K common shares in the open market and redeemed all the outstanding Series A Convertible Preferred Stock, which eliminated potential dilution of 1.8 million common shares, or in aggregate 2.38 million shares on a fully diluted basis, further enhancing shareholder value. “
Results for the Three Months ended September 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 September 30, 2024, we reported Revenues, net of
| Tanker fleet | Three months ended September 30, | Nine months ended September 30, | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2023 | 2024 | 2023 | 2024 | |||||
| MR Revenues, net 1 | $ | 11,098 | 9,593 | 32,219 | 29,417 | ||||
| MR Voyage related costs and commissions 1 | (1,654) | (1,480) | (4,910) | (3,972) | |||||
| MR Time charter equivalent revenues 1, 3 | $ | 9,444 | 8,113 | 27,309 | 25,445 | ||||
| MR Total operating days 1 | 337 | 272 | 1,075 | 808 | |||||
| MR Daily Time Charter Equivalent rate 1, 3 | $/d | 28,024 | 29,826 | 25,404 | 31,492 | ||||
| Average number of MR vessels 1 | 4.0 | 3.0 | 4.3 | 3.0 | |||||
| Dry-bulk fleet | Three months ended September 30, | Nine months ended September 30, | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2023 | 2024 | 2023 | 2024 | |||||
| Dry-bulk Revenues, net 2 | $ | n/a | 4,199 | n/a | 10,090 | ||||
| Dry-bulk Voyage related costs and commissions 2 | n/a | (642) | n/a | (1,465) | |||||
| Dry-bulk charter equivalent revenues 2, 3 | $ | n/a | 3,557 | n/a | 8,625 | ||||
| Dry-bulk Total operating days 2 | n/a | 257 | n/a | 509 | |||||
| Dry-bulk Daily Time Charter Equivalent rate 2,3 | $/d | n/a | 13,841 | n/a | 16,946 | ||||
| Average number of Dry-bulk vessels 2 | n/a | 3.0 | n/a | 2.2 | |||||
| Total fleet | Three months ended September 30, | Nine months ended September 30, | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2023 | 2024 | 2023 | 2024 | |||||
| Revenues, net 1, 2 | $ | 11,098 | 13,792 | 32,219 | 39,507 | ||||
| Voyage related costs and commissions 1, 2 | (1,654) | (2,121) | (4,910) | (5,436) | |||||
| Charter equivalent revenues 1, 2, 3 | $ | 9,444 | 11,671 | 27,309 | 34,071 | ||||
| Total operating days 1, 2 | 337 | 529 | 1,075 | 1,317 | |||||
| Daily Time Charter Equivalent rate 1, 2, 3 | $/d | 28,024 | 22,060 | 25,404 | 25,870 | ||||
| Average number of vessels 1,2 | 4.0 | 6.0 | 4.3 | 5.2 | |||||
1 a) The eco-efficient MR “Pyxis Epsilon” was sold to an unaffiliated buyer on December 15, 2023.
b) Our non-core small tankers, “Northsea Alpha” and “Northsea Beta”, which were sold on January 28, 2022 and March 1, 2022, respectively, have been excluded in the above table. Both vessels were under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. For the nine months ended September 30, 2022, “Revenues, net” attributable to these vessels was
c) Also, a
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 continued her employment under the existing time charter through mid-August.
d) The above data exclude the dry bulk “Konkar Ormi” delivered to our Joint Venture on September 14, 2023. The “Konkar Ormi” commenced the initial charter on October 5, 2023. Thus, “Voyage related costs and commissions” of
3 Subject to rounding; please see “Non-GAAP Measures and Definitions” below.
Management’s Discussion & Analysis of Financial Results for the Three Months ended September 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 September 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 September 30, 2024, were
Interest income: Interest income of
Management’s Discussion and Analysis of Financial Results for the Nine Months ended September 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 nine months ended September 30, 2024, management fees increased
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Gain from the sale of vessels, net: During the nine months ended September 30, 2023, we recorded a gain from the sale of the “Pyxis Malou” of
Loss from debt extinguishment: During the nine months ended September 30, 2023, we recorded a loss from debt extinguishment of
Interest and finance costs: Interest and finance costs for the nine months ended September 30, 2024, were
Interest income: Interest income of
Interim Consolidated Statements of Income
For the three months ended September 30, 2023 and 2024
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Three months ended September 30, | |||||
| 2023 | 2024 | ||||
| Revenues, net | $ 11,098 | $ 13,792 | |||
| Expenses: | |||||
| Voyage related costs and commissions | (1,795) | (2,121) | |||
| Vessel operating expenses | (2,692) | (3,765) | |||
| General and administrative expenses | (806) | (695) | |||
| Management fees, related parties | (136) | (340) | |||
| Management fees, other | (189) | (133) | |||
| Amortization of special survey costs | (98) | (98) | |||
| Depreciation | (1,317) | (1,905) | |||
| Allowance for credit losses | 22 | — | |||
| Operating income | 4,087 | 4,735 | |||
| Other expenses: | |||||
| Interest and finance costs | (1,393) | (1,825) | |||
| Interest income | 386 | 568 | |||
| Total other expenses, net | (1,007) | (1,257) | |||
| Net income | $ 3,080 | $ 3,478 | |||
| Loss assumed by non-controlling interests | 261 | 234 | |||
| Net income attributable to Pyxis Tankers Inc. | $ 3,341 | $ 3,712 | |||
| Dividend Series A Convertible Preferred Stock | (195) | (147) | |||
| Net income attributable to common shareholders | $ 3,146 | $ 3,565 | |||
| Income per common share, basic | $ 0.29 | $ 0.34 | |||
| Income per common share, diluted | $ 0.26 | $ 0.31 | |||
| Weighted average number of common shares, basic | 10,739,700 | 10,572,027 | |||
| Weighted average number of common shares, diluted | 12,562,685 | 11,927,523 | |||
Interim Consolidated Statements of Income
For the nine months ended September 30, 2023 and 2024
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Nine months ended September 30, | ||||
| 2023 | 2024 | |||
| Revenues, net | $ | 32,219 | $ | 39,507 |
| Expenses: | ||||
| Voyage related costs and commissions | (5,068) | (5,436) | ||
| Vessel operating expenses | (8,482) | (9,881) | ||
| General and administrative expenses | (2,808) | (2,241) | ||
| Management fees, related parties | (466) | (838) | ||
| Management fees, other | (586) | (377) | ||
| Amortization of special survey costs | (274) | (292) | ||
| Depreciation | (3,951) | (5,000) | ||
| Allowance for credit losses | 97 | — | ||
| Gain from the sale of vessels, net | 8,017 | — | ||
| Operating income | 18,698 | 15,442 | ||
| Other expenses, net: | ||||
| Loss from debt extinguishment | (287) | — | ||
| Loss from financial derivative instruments | (59) | — | ||
| Interest and finance costs | (4,201) | (4,898) | ||
| Interest income | 799 | 1,829 | ||
| Total other expenses, net | (3,748) | (3,069) | ||
| Net income | $ | 14,950 | $ | 12,373 |
| Loss assumed by non-controlling interests | 261 | 181 | ||
| Net income attributable to Pyxis Tankers Inc. | $ | 15,211 | $ | 12,554 |
| Dividend Series A Convertible Preferred Stock | (613) | (530) | ||
| Net income attributable to common shareholders | $ | 14,598 | $ | 12,024 |
| Income per common share, basic | $ | 1.35 | $ | 1.14 |
| Income per common share, diluted | $ | 1.21 | $ | 1.06 |
| Weighted average number of common shares, basic | 10,749,449 | 10,510,874 | ||
| Weighted average number of common shares, diluted | 12,551,528 | 11,866,370 | ||
Consolidated Balance Sheets
As of December 31, 2023 and September 30, 2024
(Expressed in thousands of U.S. dollars, except for share and per share data)
| December 31, | September 30, | |||
| 2023 | 2024 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 34,539 | $ | 25,365 |
| Short-term investment in time deposits | 20,000 | 17,000 | ||
| Inventories | 957 | 1,020 | ||
| Trade accounts receivable, net | 4,964 | 9,332 | ||
| Due from related parties | 194 | — | ||
| Prepayments and other current assets | 226 | 621 | ||
| Total current assets | 60,880 | 53,338 | ||
| FIXED ASSETS, NET: | ||||
| Vessels, net | 99,273 | 141,929 | ||
| Advance for vessel acquisition | 2,663 | — | ||
| Total fixed assets, net | 101,936 | 141,929 | ||
| OTHER NON-CURRENT ASSETS: | ||||
| Restricted cash | 1,800 | 1,350 | ||
| Deferred dry-dock and special survey costs, net | 1,622 | 1,334 | ||
| Prepayments and other non-current assets | 75 | 25 | ||
| Total other non-current assets | 3,497 | 2,709 | ||
| Total assets | $ | 166,313 | $ | 197,976 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Current portion of long-term debt, net of deferred financing costs | $ | 5,580 | $ | 7,555 |
| Trade accounts payable | 1,695 | 1,531 | ||
| Due to related parties | 990 | 1,120 | ||
| Hire collected in advance | 1,173 | — | ||
| Accrued and other liabilities | 646 | 1,124 | ||
| Total current liabilities | 10,084 | 11,330 | ||
| NON-CURRENT LIABILITIES: | ||||
| Long-term debt, net of current portion and deferred financing costs | 55,370 | 78,855 | ||
| Total non-current liabilities | 55,370 | 78,855 | ||
| COMMITMENTS AND CONTINGENCIES | — | — | ||
| STOCKHOLDERS' EQUITY: | ||||
| Preferred stock ( Convertible Preferred Shares; 403,631 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2023 and 303,631 at September 30, 2024) | — | — | ||
| Common stock ( outstanding as at December 31, 2023 and 10,639,536 at September 30, 2024, respectively) | 11 | 11 | ||
| Additional paid-in capital | 110,799 | 103,565 | ||
| Accumulated deficit | (14,270) | (2,253) | ||
| Total equity attributable to Pyxis Tankers Inc. and subsidiaries | 96,540 | 101,323 | ||
| Non-controlling interest | 4,319 | 6,468 | ||
| Total stockholders' equity | 100,859 | 107,791 | ||
| Total liabilities and stockholders' equity | $ | 166,313 | $ | 197,976 |
Interim Consolidated Statements of Cash Flows
For the nine months ended September 30, 2023 and 2024
(Expressed in thousands of U.S. dollars)
| Nine months ended September 30, | |||||
| 2023 | 2024 | ||||
| Cash flows from operating activities: | |||||
| Net income | $ | 14,950 | $ | 12,373 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Depreciation | 3,951 | 5,000 | |||
| Amortization and write-off of special survey costs | 274 | 292 | |||
| Allowance for credit losses | (97) | — | |||
| Amortization and write-off of financing costs | 185 | 177 | |||
| Amortization of restricted common stock grants | 120 | 26 | |||
| Loss from debt extinguishment | 287 | — | |||
| Gain from financial derivative instrument | 59 | — | |||
| Gain on sale of vessels, net | (8,017) | — | |||
| Changes in assets and liabilities: | |||||
| Inventories | 129 | (63) | |||
| Due from related parties | 40 | 324 | |||
| Trade accounts receivable, net | 8,206 | (4,369) | |||
| Prepayments and other assets | (53) | (345) | |||
| Insurance claim receivable | 608 | — | |||
| Special survey cost | (1,202) | (4) | |||
| Trade accounts payable | (157) | (164) | |||
| Hire collected in advance | 580 | (1,173) | |||
| Accrued and other liabilities | 122 | 479 | |||
| Net cash provided by operating activities | $ | 19,985 | $ | 12,553 | |
| Cash flow from investing activities: | |||||
| Proceeds from the sale of vessel, net | 24,291 | — | |||
| Vessel acquisitions | (28,500) | (44,969) | |||
| Ballast water treatment system installation | (630) | — | |||
| Vessel additions | (99) | (24) | |||
| Short-term investment in time deposits | — | 3,000 | |||
| Net cash used in investing activities | $ | (4,938) | $ | (41,993) | |
| Cash flows from financing activities: | |||||
| Proceeds from long-term debt | 34,500 | 31,000 | |||
| Repayment of long-term debt | (23,178) | (5,360) | |||
| Contributions from non-controlling interests to Joint Venture | 4,520 | 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 | (262) | (357) | |||
| Preferred stock dividends paid | (601) | (538) | |||
| Common stock re-purchase program | (677) | (816) | |||
| Deemed dividend | — | (7,493) | |||
| Net cash provided by financing activities | $ | 8,863 | $ | 19,816 | |
| Net increase/(decrease) in cash and cash equivalents and restricted cash | 23,910 | (9,624) | |||
| 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 | $ | 34,099 | $ | 26,715 | |
| SUPPLEMENTAL INFORMATION: | |||||
| Cash paid for interest | $ | 3,853 | $ | 4,791 | |
| Non-cash financing activities – common stock issuance for “Konkar Venture” acquisition | — | 1,382 | |||
| Unpaid portion of financing costs | 16 | — | |||
| Unpaid portion of Special survey cost | 224 | — | |||
| Unpaid portion of Ballast water treatment system installation | 166 | — | |||
Liquidity, Debt and Capital Structure
Our total funded debt, net of deferred financing costs at September 30, 2024 of
| December 31, | September 30, | ||||
| 2023 | 2024 | ||||
| Funded debt, net of deferred financing costs | $ | 60,950 | $ | 86,410 | |
| Total funded debt | $ | 60,950 | $ | 86,410 |
On July 30, 2024, we agreed with an existing lender to refinance the Seventhone Corp. (“Pyxis Theta”) outstanding debt of
On August 5, 2024, we issued 267,857 restricted common shares to entities affiliated with our Chairman and Chief Executive Officer, Mr. Valentis as part of the consideration paid in connection with the joint venture acquisition of the “Konkar Venture”.
On September 30, 2024, our weighted average interest rate on our total funded debt for the three months ended September 30, 2024 was
On September 30, 2024, we had a total of 10,639,536 common shares issued and outstanding of which
During the quarter ended September 30, 2024, we repurchased 87,088 PXS common shares at an average price of
Subsequent Events:
After the quarter ended September 30, 2024, 460 Preferred Shares were converted which resulted in the issuance of 2,053 common shares. In addition, 1,474 non-tradeable underwriter’s warrants were exercised which resulted in the issuance of 1,403 of our publicly traded warrants (Nasdaq Cap Mkts: PXSAW).
On September 6, 2024, the Company’s Board of Directors approved the redemption of all the remaining outstanding Series A Convertible Preferred Shares with redemption date of October 20, 2024. On the redemption date, the Company paid
After the quarter ended September 30, 2024, and as of November 20, 2024 we have repurchased an additional 78,355 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 September 30, | Nine months ended September 30, | ||||||||
| (Amounts in thousands of U.S. dollars) | 2023 | 2024 | 2023 | 2024 | |||||
| Reconciliation of Net income to EBITDA and Adjusted EBITDA | |||||||||
| Net income | $ | 3,080 | $ | 3,478 | $ | 14,950 | $ | 12,373 | |
| Depreciation | 1,317 | 1,905 | 3,951 | 5,000 | |||||
| Amortization of special survey costs | 98 | 98 | 274 | 292 | |||||
| Interest and finance costs | 1,393 | 1,825 | 4,201 | 4,898 | |||||
| EBITDA | $ | 5,888 | $ | 7,306 | $ | 23,376 | $ | 22,563 | |
| Interest income | (386) | (568) | (799) | (1,829) | |||||
| Loss from debt extinguishment | — | — | 287 | — | |||||
| Loss from financial derivative instrument | — | — | 59 | — | |||||
| Gain from the sale of vessels, net | — | — | (8,017) | — | |||||
| Adjusted EBITDA | $ | 5,502 | $ | 6,738 | $ | 14,906 | $ | 20,734 | |
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, Utilization 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 September 30, | Nine months ended September 30, | |||||||
| 2023 | 2024 | 2023 | 2024 | ||||||
| Eco-Efficient MR2: | |||||||||
| (2024: 3 vessels) | Daily TCE : | 28,024 | 29,826 | 25,941 | 31,492 | ||||
| (2023: 4 vessels) | Opex per day: | 6,513 | 7,228 | 6,805 | 7,193 | ||||
| Utilization % : | |||||||||
| Eco-Modified MR2: | |||||||||
| (2024: n/a) | Daily TCE : | n/a | n/a | 17,058 | n/a | ||||
| (2023: 1 vessel) | Opex per day: | n/a | n/a | 9,327 | n/a | ||||
| Utilization % : | n/a | n/a | n/a | ||||||
| MR Fleet: | |||||||||
| (2024: 3 vessels) * | Daily TCE : | 28,024 | 29,826 | 25,404 | 31,492 | ||||
| (2023: 5 vessels) * | Opex per day: | 6,533 | 7,228 | 6,981 | 7,193 | ||||
| Utilization % : | |||||||||
| Average number of MR vessels * | 4.0 | 3.0 | 4.3 | 3.0 | |||||
| Dry-bulk: | |||||||||
| (2024: 3 vessels) * | Daily TCE : | n/a | 13,841 | n/a | 16,946 | ||||
| (2023: n/a) | Opex per day: | n/a | 6,417 | n/a | 6,617 | ||||
| Utilization % : | n/a | n/a | |||||||
| Average number of Dry-bulk vessels * | n/a | 3.0 | n/a | 2.2 | |||||
| (Amounts in U.S. dollars per day) | Three months ended September 30, | Nine months ended September 30, | |||||||
| 2023 | 2024 | 2023 | 2024 | ||||||
| Total Fleet: | |||||||||
| (2024: 6 vessels) * | Daily TCE : | 28,024 | 22,060 | 25,404 | 25,870 | ||||
| (2023: 5 vessels) * | Opex per day: | 6,533 | 6,824 | 6,981 | 6,951 | ||||
| Utilization % : | |||||||||
| Average number of vessels * | 4.0 | 6.0 | 4.3 | 5.2 | |||||
As of November 20, 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 continued her employment under the existing time charter through mid-August.
Conference Call and Webcast
Today, Friday, November 22, 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 13750105. 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.
Webcast:
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 Friday, November 29, 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/2976/51620
Pyxis Tankers Fleet (as of November 20, 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 | SPP / S. Korea | MR2 | 51,795 | 2013 | Spot | n/a | n/a | |
| Pyxis Karteria (2) | Hyundai / S. Korea | MR2 | 46,652 | 2013 | Time | 24,500 | Sep 2025 | |
| 148,592 | ||||||||
| Dry-bulk fleet | ||||||||
| Konkar Ormi (3) | SKD / Japan | Ultramax | 63,520 | 2016 | Time | 14,000 | Nov 2024 | |
| Konkar Asteri | JNYS / China | Kamsarmax | 82,013 | 2015 | Time | n/a | n/a | |
| Konkar Venture (4) | JNYS / China | Kamsarmax | 82,099 | 2015 | Time | 10,000 | Mar 2025 | |
| 227,632 |
1) These tables present gross rates in U.S.$ and do not reflect any commissions payable.
2) “Pyxis Karteria” was fixed on a time charter for a minimum of 6 and a maximum of 9 months, at
3) “Konkar Ormi” was fixed on a time charter for 20 - 25 days, at
4) “Konkar Venture” was fixed on time charter for 120 – 130 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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