Business
Pyxis Tankers Announces Financial Results for the Three and Nine Months Ended September 30, 2020
Maroussi, Greece, November 13, 2020 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), a growth-oriented pure play product
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece, November 13, 2020 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), a growth-oriented pure play product tanker company, today announced unaudited results for the three and nine months ended September 30, 2020.\n SummaryFor the three months ended September 30, 2020, our Revenues, net were $5.1 million. For the same period, our time charter equivalent (“TCE”) revenues were $4.4 million, a decrease of approximately $1.8 million or 29.3% over the comparable period in 2019 primarily due to fewer operating days of our fleet reflecting the sale of our oldest MR in early 2020, the lower utilization of the small tankers and the Pyxis Epsilon’s first special survey. Our net loss increased by $1.1 million to $1.9 million, from $0.8 million in the comparable period in 2019. For the third quarter 2020, loss per share (basic and diluted) was $0.09 and our Adjusted EBITDA was $0.6 million, which represented a decrease of $1.5 million over the comparable period in 2019. Please see “Non-GAAP Measures and Definitions” below. Valentios Valentis, our Chairman and CEO commented: “The chartering environment for product tankers in the third quarter of 2020 continued to be very challenging, reflecting the normal seasonal softness which was further compounded by the negative impact of COVID-19 on the demand for refined petroleum products. Through our short-term time charters, we were able to achieve an average TCE of $14,565/day for our MRs during the quarter, which approximates 10 year industry averages. The short-term demand outlook for our sector continues to be cloudy. Despite this summer’s start of a gradual but uneven economic recovery worldwide from the pandemic, a drawdown of high product inventories has resulted in lower vessel demand. In November, we typically start to experience a seasonal boost in demand due to the movement of home heating oil cargoes and weather delays. However, recent announcements of lockdowns, especially in Europe, and other governmental restrictions due to the resurgence of the virus have created further uncertainty. Consequently, we expect the product tanker sector to continue to experience significant volatility due to the unpredictable recovery from the COVID-19 pandemic. We have continued to focus on our employment strategy for our MRs on shorter-term, staggered time ...