Business
Pyxis Tankers Announces Financial Results for the Three and Six Months Ended June 30, 2021
Maroussi, Greece, August 9, 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, August 9, 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 six month periods ended June 30, 2021. Summary For the three months ended June 30, 2021, our Revenues, net were $5.0 million. For the same period, our time charter equivalent (“TCE”) revenues were $4.1 million, represented a decrease of approximately $0.4 million or 8.8% over the comparable period in 2020. Our net loss attributable to common shareholders for the three months ended June 30, 2021 was $1.5 million, representing an increase of $0.3 million from the comparable period of 2020. For the second quarter of 2021, the loss per share (basic and diluted) was $0.04 compared to $0.06 for the same period in 2020. Our Adjusted EBITDA was $0.4 million, which represented a decrease of $0.8 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 second quarter of 2021 continued to be depressed, especially the spot market in the Eastern hemisphere. The period market, albeit more stable than the spot market, did encounter a decline in activity during the quarter to levels below the prior 10 year averages. The employment strategy for our Medium Range tankers (“MRs”) of shorter-term, staggered time charters has benefited the Company in a tough market. In the second quarter of 2021, the average TCE for our MR’s was approximately $12,700/day which unfortunately was about $2,165 per day lower than the same period in 2020. As of August 4, 2021, we had booked 47% of available days for the third quarter of 2021 at an average TCE rate of approximately $10,920 for our MRs. Greater demand for refined petroleum products, especially from OECD economies emerging from COVID-19 lockdowns, have helped reduce global inventories to levels consistent with the prior 5-year averages. Going forward higher refinery utilization and increasing transportation activities are positive signs. However, we have seen a movement of a fair number of long-range tankers switching from the severely depressed dirty/crude trades into clean products, thus adding capacity and hurting charter rates. We expect this ...