Business
Pyxis Tankers Announces Financial Results for the Three and Nine Months Ended September 30, 2021 & the Acquisition of 2017 Built MR Product Tanker
Maroussi, Greece, November 15, 2021 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international pure play product tanker
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece, November 15, 2021 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international pure play product tanker company, today announced its unaudited results for the three and nine month periods ended September 30, 2021. Summary For the three months ended September 30, 2021, our Revenues, net were $7.0 million. For the same period, our time charter equivalent (“TCE”) revenues were $3.4 million, represented a decrease of approximately $0.9 million or 21.3% over the comparable period in 2020. Our net loss attributable to common shareholders for the three months ended September 30, 2021 was $3.7 million, represented an increase of $1.8 million from the prior period. For the third quarter of 2021, the loss per share (basic and diluted) was $0.10 compared with a loss per share of $0.09 for the same period in 2020. Our negative adjusted EBITDA for the three months ended September 30, 2021 was $1.3 million, represented a decrease of $1.9 million over the comparable period in 2020. 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 2021 continued to be depressed, primarily due to a poor spot market. The period market, albeit more stable than the spot market, also encountered a further decline in activity. In the third quarter of 2021, the average TCE for our medium range tankers (“MRs”) was $7,326 which was dramatically lower than the TCE achieved the same period in 2020. Market conditions have since improved, and as of November 12, 2021, we had booked 49% of available days for the fourth quarter of 2021 at an average TCE rate of approximately $ 10,900 for our MRs. One bright spot for us during the third quarter of 2021 was the improved performance of our smaller tankers which achieved higher utilization and lower operating expenses. Greater demand for refined petroleum products, especially from Organization for Economic Co-operation and Development (“OECD”) economies recovering from COVID-19, have helped reduce global inventories to levels at or below 5-year averages. According to the IEA, in September oil inventories within the OECD fell to their lowest level since 2015. Overall, global oil demand is forecasted to increase by 5.5 million barrels/day in 2021 and a ...