Business
Pyxis Tankers Announces Financial Results for the Three Months and Year Ended December 31, 2021
Pyxis Tankers Announces Financial Results for the Three Months and Year Ended December 31, 2021 Maroussi, Greece, March 18, 2022 – Pyxis Tankers Inc. (NASDAQ
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Pyxis Tankers Announces Financial Results for the Three Months and Year Ended December 31, 2021 Maroussi, Greece, March 18, 2022 – 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 months and year ended December 31, 2021. Summary For the three months ended December 31, 2021, our Revenues, net were $8.1 million. For the same period, our time charter equivalent (“TCE”) revenues were $3.9 million, an increase of approximately $0.3 million or 8.7% from the comparable period in 2020. This increase was primarily due to 139 more operating days in our fleet which resulted from the addition of one medium range tanker (“MR”), higher fleet utilization counterbalanced by lower charter rates for our MR’s. Our net loss to common shareholders increased by $2.9 million to $5.6 million versus the comparable period in 2020. This larger loss was primarily due to higher costs, including the $2.4 million non-cash loss on vessels held-for-sale in the fourth quarter of 2021, which represented the sale of our two 2010 built 8,600 dwt product tankers, the “Northsea Alpha” and “Northsea Beta”, that closed earlier this current quarter. For the fourth quarter of 2021, loss per share (basic and diluted) was $0.14. Our Adjusted EBITDA was negative $0.7 million, which represented an increase of $0.5 million over the comparable period in 2020. Please see “Non-GAAP Measures and Definitions” below. Valentios Valentis, our Chairman and CEO, commented: “During the fourth quarter, 2021 we announced the acquisition of the “Pyxis Lamda”, a 2017 built eco-efficient MR, the debt refinancing of the “Pyxis Malou” and the non-core sales of the two small tankers, which finalized our planned operating and financial repositioning of the Company that commenced in January, 2020. During this very challenging chartering period of two years, we managed to raise over $36 million of equity capital, source almost $75 million in bank loans at lower interest costs, renew the fleet by selling three older vessels and acquiring two eco-efficient MR’s as well as undertake four special surveys. Moving forward, we have a modern fleet of five eco-MR’s, long-lived bank debt and a reasonable balance sheet. We believe the Company is situated to take advantage of bette...