Pyxis Tankers Announces Financial Results for the Three Months Ended June 30, 2023 and Investment in Drybulk Joint Venture
Maroussi, Greece, July 31, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international product tanker company, today announced its unaudited results for the three and six month periods ended June 30, 2023.
Summary
For the three months ended June 30, 2023, our Revenues, net were
Valentios Valentis, our Chairman and CEO, commented:
“We are pleased to report solid results for our second fiscal quarter 2023 with Revenues, net of
After completing the sale of our 14-year-old tanker in March 2023 at a relatively high historical price as compared to the sale prices of similar vessels, we now own and operate four modern Eco-efficient MR’s. For the three months ended June 30, 2023 our daily TCE rate for these vessels increased
For the near term, we expect volatility to continue, yet believe charter rates to stay above five-year average levels given the modest inventories of refined petroleum products in a number of locations worldwide as well as the global effects of the G-7 and European Union ban and price caps on seaborne cargoes of Russian refined products. Despite ongoing concerns about slowing economic activity globally, additional OPEC+ crude oil production cuts, tighter monetary policies, persistently high inflation and destabilizing geo-political events, supply-side fundamentals reinforce a positive outlook underpinned by steady volumes and longer sailing distances. In its July 2023 update, the International Monetary Fund revised upward its outlook for annual global GDP growth in 2023 to
The rise in secondhand values for modern eco-efficient product tankers have recently stabilized. However, asset prices are still too high for us to aggressively pursue fleet expansion of our MR’s. In order to enhance shareholder value, we have continued to improve our balance sheet, repurchased shares to a limited extent and selectively considered investments in other shipping segments. After due consideration, our Board, consisting of a majority of independent members, unanimously approved a
Results for the three months ended June 30, 2022 and 2023
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below.
For the three months ended June 30, 2023, we reported Revenues, net of
Results for the six months ended June 30, 2022 and 2023
For the six months ended June 30, 2023, we reported Revenues, net of
Our net income attributable to common shareholders for the six months ended June 30, 2023, was
Three months ended June 30, | Six months ended June 30, | |||||||
(Amounts in thousands of U.S. dollars, except for daily TCE rates) | 2022 | 2023 | 2022 | 2023 | ||||
MR Revenues, net 1 | $ | 16,064 | $ | 9,505 | $ | 22,373 | $ | 21,121 |
MR Voyage related costs and commissions 1 | (4,741) | (855) | (7,413) | (3,257) | ||||
MR Time charter equivalent revenues 1, 2 | $ | 11,323 | $ | 8,650 | $ | 14,960 | $ | 17,864 |
MR Total operating days 1, 2 | 431 | 346 | 755 | 738 | ||||
MR Daily time charter equivalent rate 1, 2 | 26,270 | 25,000 | 19,814 | 24,207 | ||||
Average number of MR vessels3 | 5.0 | 4.0 | 5.0 | 4.5 |
1 Our non-core small tankers, “Northsea Alpha” and “Northsea Beta”, which were sold on January 28, 2022 and March 1, 2022, respectively, have been excluded in the above table. Both vessels were under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. For the six months ended June 30, 2022, “Revenues, net” attributable to these vessels was
2 Subject to rounding; please see “Non-GAAP Measures and Definitions” below.
3 The Eco-Modified MR “Pyxis Malou” was sold to an unaffiliated buyer on March 23, 2023.
Management’s Discussion and Analysis of Financial Results for the Three Months ended June 30, 2022 and 2023
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, 2023, management fees charged by Pyxis Maritime Corp. (“Maritime”), our ship management company which is affiliated with our Chairman and Chief Executive Officer, Mr. Valentis, and by International Tanker Management Ltd. (“ITM”), our fleet’s technical manager, overall decreased by
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Interest and finance costs, net: Interest and finance costs, net,
Management’s Discussion and Analysis of Financial Results for the Six Months ended June 30, 2022 and 2023
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, 2023, management fees paid to Maritime and ITM of
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, net: Interest and finance costs, net, for the six months ended June 30, 2023, were
Interim Consolidated Statements of Comprehensive Net Income
For the three months ended June 30, 2022 and 2023
(Expressed in thousands of U.S. dollars, except for share and per share data)
Three months ended June 30, | |||||
2022 | 2023 | ||||
Revenues, net | $ 16,062 | $ 9,505 | |||
Expenses: | |||||
Voyage related costs and commissions | (4,745) | (873) | |||
Vessel operating expenses | (2,952) | (2,453) | |||
General and administrative expenses | (704) | (697) | |||
Management fees, related parties | (183) | (164) | |||
Management fees, other | (206) | (149) | |||
Amortization of special survey costs | (90) | (91) | |||
Depreciation | (1,521) | (1,232) | |||
Allowance for credit gains/(losses) | (4) | 75 | |||
Loss from the sale of vessels, net | — | (1) | |||
Operating income | 5,657 | 3,920 | |||
Other expenses: | |||||
Gain from financial derivative instruments | 86 | — | |||
Interest and finance costs, net | (955) | (965) | |||
Total other expenses, net | (869) | (965) | |||
Net income | $ 4,788 | $ 2,955 | |||
Dividend Series A Convertible Preferred Stock | (218) | (199) | |||
Net income attributable to common shareholders | $ 4,570 | $ 2,756 | |||
Income per common share, basic | $ 0.43 | $ 0.25 | |||
Income per common share, diluted | $ 0.38 | $ 0.23 | |||
Weighted average number of common shares, basic | 10,613,424 | 10,801,316 | |||
Weighted average number of common shares, diluted | 12,641,229 | 12,624,301 |
Interim Consolidated Statements of Comprehensive Net Income
For the six months ended June 30, 2022 and 2023
(Expressed in thousands of U.S. dollars, except for share and per share data)
Six months ended June 30, | |||||||
2022 | 2023 | ||||||
Revenues, net | $ | 22,968 | $ | 21,121 | |||
Expenses: | |||||||
Voyage related costs and commissions | (7,802) | (3,273) | |||||
Vessel operating expenses | (6,324) | (5,790) | |||||
General and administrative expenses | (1,312) | (2,002) | |||||
Management fees, related parties | (394) | (330) | |||||
Management fees, other | (516) | (397) | |||||
Amortization of special survey costs | (175) | (176) | |||||
Depreciation | (3,024) | (2,634) | |||||
Bad debt provisions | (50) | — | |||||
Allowance for credit gains/(losses) | (4) | 75 | |||||
Gain/(Loss) from the sale of vessels, net | (466) | 8,017 | |||||
Operating income | 2,901 | 14,611 | |||||
Other expenses, net: | |||||||
Loss from debt extinguishment | (34) | (287) | |||||
Gain/(loss) from financial derivative instruments | 320 | (59) | |||||
Interest and finance costs, net | (1,829) | (2,395) | |||||
Total other expenses, net | (1,543) | (2,741) | |||||
Net income | $ | 1,358 | $ | 11,870 | |||
Dividend Series A Convertible Preferred Stock | (449) | (418) | |||||
Net income attributable to common shareholders | $ | 909 | $ | 11,452 | |||
Income per common share, basic | $ | 0.09 | $ | 1.06 | |||
Income per common share, diluted | $ | 0.09 | $ | 0.94 | |||
Weighted average number of common shares, basic | 10,613,424 | 10,754,405 | |||||
Weighted average number of common shares, diluted | 10,613,424 | 12,577,390 |
Consolidated Balance Sheets
As of December 31, 2022 and June 30 2023
(Expressed in thousands of U.S. dollars, except for share and per share data)
December 31, | June 30, | ||||||
2022 | 2023 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 7,563 | $ | 32,048 | |||
Restricted cash, current portion | 376 | 400 | |||||
Inventories | 1,911 | 858 | |||||
Trade accounts receivable, net | 10,469 | 4,146 | |||||
Prepayments and other current assets | 204 | 543 | |||||
Insurance claim receivable | 608 | — | |||||
Total current assets | 21,131 | 37,995 | |||||
FIXED ASSETS, NET: | |||||||
Vessels, net | 114,185 | 95,467 | |||||
Total fixed assets, net | 114,185 | 95,467 | |||||
OTHER NON-CURRENT ASSETS: | |||||||
Restricted cash, net of current portion | 2,250 | 2,000 | |||||
Financial derivative instrument | 619 | — | |||||
Deferred dry dock and special survey costs, net | 794 | 1,263 | |||||
Total other non-current assets | 3,663 | 3,263 | |||||
Total assets | $ | 138,979 | $ | 136,725 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Current portion of long-term debt, net of deferred financing costs | $ | 5,829 | $ | 5,559 | |||
Trade accounts payable | 2,604 | 2,113 | |||||
Due to related parties | 1,028 | 1,078 | |||||
Hire collected in advance | 2,133 | 918 | |||||
Accrued and other liabilities | 967 | 878 | |||||
Total current liabilities | 12,561 | 10,546 | |||||
NON-CURRENT LIABILITIES: | |||||||
Long-term debt, net of current portion and deferred financing costs | 59,047 | 53,386 | |||||
Promissory note | 6,000 | — | |||||
Total non-current liabilities | 65,047 | 53,386 | |||||
COMMITMENTS AND CONTINGENCIES | — | — | |||||
STOCKHOLDERS' EQUITY: | |||||||
Preferred stock ( | — | — | |||||
Common stock ( | 11 | 11 | |||||
Additional paid-in capital | 111,869 | 111,826 | |||||
Accumulated deficit | (50,509) | (39,044) | |||||
Total stockholders' equity | 61,371 | 72,793 | |||||
Total liabilities and stockholders' equity | $ | 138,979 | $ | 136,725 |
Interim Consolidated Statements of Cash Flows
For the six months ended June 30, 2022 and 2023
(Expressed in thousands of U.S. dollars)
Six months ended June 30, | |||||||
2022 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 1,358 | $ | 11,870 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 3,024 | 2,634 | |||||
Amortization and write-off of special survey costs | 175 | 176 | |||||
Allowance for credit (gains)/losses | 4 | (75) | |||||
Amortization and write-off of financing costs | 155 | 126 | |||||
Amortization of restricted common stock grants | — | 47 | |||||
Loss from debt extinguishment | 34 | 287 | |||||
Loss/(Gain) from financial derivative instrument | (320) | 59 | |||||
Gain on sale of vessel, net | — | (8,017) | |||||
Bad debt provisions | 50 | — | |||||
Changes in assets and liabilities: | |||||||
Inventories | (1,899) | 1,053 | |||||
Due from related parties | 1,691 | 50 | |||||
Trade accounts receivable, net | (3,602) | 6,398 | |||||
Prepayments and other assets | (98) | (339) | |||||
Insurance claim receivable | (1,933) | 608 | |||||
Special survey cost | (445) | (814) | |||||
Trade accounts payable | 2,759 | (491) | |||||
Hire collected in advance | — | (1,215) | |||||
Accrued and other liabilities | (179) | (88) | |||||
Net cash provided by operating activities | $ | 774 | $ | 12,269 | |||
Cash flow from investing activities: | |||||||
Proceeds from the sale of vessel, net | 8,509 | 24,291 | |||||
Payments for vessel acquisition | (2,995) | — | |||||
Ballast water treatment system installation | (555) | — | |||||
Vessel additions | — | (21) | |||||
Net cash provided by investing activities | $ | 4,959 | $ | 24,270 | |||
Cash flows from financing activities: | |||||||
Proceeds from long-term debt | — | 15,500 | |||||
Repayment of long-term debt | (8,930) | (21,697) | |||||
Repayment of promissory note | — | (6,000) | |||||
Financial derivative instrument | — | 561 | |||||
Payment of financing costs | — | (148) | |||||
Preferred stock dividends paid | (436) | (405) | |||||
Common stock re-purchase program | — | (91) | |||||
Net cash used in financing activities | $ | (9,366) | $ | (12,280) | |||
Net increase/(decrease) in cash and cash equivalents and restricted cash | (3,633) | 24,259 | |||||
Cash and cash equivalents and restricted cash at the beginning of the period | 9,874 | 10,189 | |||||
Cash and cash equivalents and restricted cash at the end of the period | $ | 6,241 | $ | 34,448 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest | $ | 1,722 | $ | 2,598 |
Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of June 30, 2023, we were required to maintain a minimum cash balance of
Total funded debt (in thousands of U.S. dollars), net of deferred financing costs:
December 31, | June 30, | |||||||
2022 | 2023 | |||||||
Funded debt, net of deferred financing costs | $ | 64,876 | $ | 58,945 | ||||
Promissory Note - related party | 6,000 | — | ||||||
Total funded debt | $ | 70,876 | $ | 58,945 |
At June 30, 2023, our weighted average interest rates on our total funded debt for the six month period was
During the quarter ended June 30, 2023, we repurchased 23,431 common shares at an average price of
On June 30, 2023, we had a total of 10,849,812 common shares issued and outstanding of which Mr. Valentis beneficially owned
Non-GAAP Measures and Definitions
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents 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/gains, such as loss from debt extinguishment, loss or gain from financial derivative instrument and gain or loss from sale of vessel. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP.
EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with means of evaluating and understanding how our management evaluates operating performance. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect:
- our cash expenditures, or future requirements for capital expenditures or contractual commitments;
- changes in, or cash requirements for, our working capital needs; and
- cash requirements necessary to service interest and principal payments on our funded debt.
In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net income, as reflected in the Consolidated Statements of Comprehensive Net Income to EBITDA and Adjusted EBITDA:
(Amounts in thousands of U.S. dollars) | Three months ended June 30, | Six months ended June 30, | ||||||
2022 | 2023 | 2022 | 2023 | |||||
Reconciliation of Net income to Adjusted EBITDA | ||||||||
Net income | $ | 4,788 | $ | 2,955 | $ | 1,358 | $ | 11,870 |
Depreciation | 1,521 | 1,232 | 3,024 | 2,634 | ||||
Amortization of special survey costs | 90 | 91 | 175 | 176 | ||||
Interest and finance costs, net | 955 | 965 | 1,829 | 2,395 | ||||
EBITDA | $ | 7,354 | $ | 5,243 | $ | 6,386 | $ | 17,075 |
Loss from debt extinguishment | — | — | 34 | 287 | ||||
Loss/(Gain) from financial derivative instrument | (86) | — | (320) | 59 | ||||
(Gain)/Loss from the sale of vessels, net | — | 1 | 466 | (8,017) | ||||
Adjusted EBITDA | $ | 7,268 | $ | 5,244 | $ | 6,566 | $ | 9,404 |
Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. Daily TCE is not calculated in accordance with U.S. GAAP. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes daily TCE to assist them in making decisions regarding employment of the vessels. We calculate daily TCE by dividing Revenues, net after deducting Voyage related costs and commissions, by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract.
Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the ownership days in the applicable period.
We calculate utilization (“Utilization”) by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimize the number of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances.
EBITDA, Adjusted EBITDA, Opex and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net and Net income. Our presentation of EBITDA, Adjusted EBITDA, Opex and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP.
Recent Daily Fleet Data:
(Amounts in U.S. dollars per day) | Three months ended June 30, | Six months ended June 30, | ||||||
2022 | 2023 | 2022 | 2023 | |||||
Eco-Efficient MR2: (2022: 4 vessels) | ||||||||
(2023: 4 vessels) | Daily TCE : | 21,070 | 24,980 | 16,893 | 24,897 | |||
Opex per day: | 6,181 | 6,629 | 6,489 | 6,953 | ||||
Utilization % : | ||||||||
Eco-Modified MR2: (1 vessel) | ||||||||
Daily TCE : | 46,251 | n/a | 31,123 | 17,064 | ||||
Opex per day: | 8,196 | n/a | 7,974 | 9,236 | ||||
Utilization % : | n/a | |||||||
MR Fleet: (2022: 5 vessels) * | ||||||||
(2023: 5 vessels) * | Daily TCE : | 26,270 | 25,000 | 19,814 | 24,207 | |||
Opex per day: | 6,584 | 6,738 | 6,786 | 7,185 | ||||
Utilization % : | ||||||||
Average number of MR vessels * | 5.0 | 4.0 | 5.0 | 4.5 |
As of July 26, 2023 our fleet consisted of four eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria” and “Pyxis Epsilon”. During 2022 and 2023, the vessels in our fleet were employed under time and spot charters.
*
a) Our two small tankers “Northsea Alpha” and “Northsea Beta” were sold on January 28, and March 1, 2022, respectively. Both vessels had been under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. The small tankers have been excluded in the table calculations for the six months ended June 30, 2022.
b) In February 2022, the “Pyxis Epsilon” experienced a brief grounding at port which resulted in minor damages to the vessel. The vessel was off-hire for 43 days including shipyard repairs and returned to commercial employment at the end of March 2022.
c) The Eco-Modified “Pyxis Malou” was sold to an unaffiliated buyer on March 23, 2023.
Conference Call and Webcast
Today, Monday, July 31, 2023, at 8:30 a.m. Eastern Time, the Company’s management will host a conference call to discuss the results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote "Pyxis Tankers” to the operator and/or conference ID 13740102. 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 7, 2023.
Webcast participants of the live conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:
https://www.webcaster4.com/Webcast/Page/2976/48693
The information discussed on the conference call, or that can be accessed through, Pyxis Tankers Inc.’s website is
not incorporated into, and does not constitute part of this report.
About Pyxis Tankers Inc.
We own a modern fleet of four tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are primarily focused on selectively growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their "eco" features. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, solid financial condition, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information discussed, contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, is not incorporated into, and does not constitute part of this report.
Pyxis Tankers Fleet (as of July 26, 2023)
Vessel Name | Shipyard | Vessel type | Carrying Capacity (dwt) | Year Built | Type of charter | Charter(1) Rate (per day) | Anticipated Earliest Redelivery Date | |
Pyxis Lamda | SPP / S. Korea | MR | 50,145 | 2017 | Spot | $ n/a | n/a | |
Pyxis Epsilon (2) | SPP / S. Korea | MR | 50,295 | 2015 | Time | 30,000 | Sep 2023 | |
Pyxis Theta (3) | SPP / S. Korea | MR | 51,795 | 2013 | Time | 26,000 | Aug 2023 | |
Pyxis Karteria (4) | Hyundai / S. Korea | MR | 46,652 | 2013 | Time | 30,000 | Aug 2023 | |
198,887 |
- Charter rates are gross in U.S.$ and do not reflect any commissions payable.
- “Pyxis Epsilon” is fixed on a time charter for 12 months, +/- 30 days at
$30,000 per day. - “Pyxis Theta” is fixed on a time charter for min 120 days and max 180 days. 0-30 days at
$13,500 per day, 31-60 days at$18,500 per day, 61-120 days at$22,500 and 121-180 days at$26,000 per day. - “Pyxis Karteria” was fixed on a time charter for min 40 days, +10/-5 days at
$30,000 per day.
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 COVID-19 or any variant thereof, or the war in the Ukraine, on our financial condition and operations and the product tanker industry, in general, are forward-looking statements. 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. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any in information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.
Company
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
info@pyxistankers.com
Visit our website at www.pyxistankers.com
Company Contact
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.