Business
Pyxis Tankers Announces Financial Results for the Three Months and Year Ended December 31, 2022
Maroussi, Greece, March 16, 2023 – 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, March 16, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), an international pure-play product tanker company, today announced unaudited results for the three months and year ended December 31, 2022. Summary For the three months ended December 31, 2022, our Revenues, net were $18.4 million. For the same period, our time charter equivalent (“TCE”) revenues were $13.8 million, an increase of approximately $10.0 million or 256% from the comparable quarter in 2021. Our net income attributable to common shareholders for the three months ended December 31, 2022 was $6.5 million, representing an increase of $12.1 million from a net loss of $5.6 million in the comparable period in 2021. For the fourth quarter of 2022, the net income per share was $0.61 basic and $0.53 diluted compared to a net loss of $0.58 (basic and diluted) for the same period in 2021. Our Adjusted EBITDA for the three months ended December 31, 2022 was $9.7 million, which represented an increase of $10.4 million over the same quarter in 2021. Please see “Non-GAAP Measures and Definitions” below. On March 9, 2023, the Company announced the sale of its oldest tanker, the 2009 built “Pyxis Malou”, for $24.8 million in cash. The closing of the vessel sale is expected to occur by the end of March and is subject to customary closing conditions. We expect to receive cash proceeds of $18.0 million after the vessel’s loan repayment and transaction fees and expenses. Assuming the closing occurs on schedule, we should realize a one-time gain on vessel sale of approximately $8.0 million or $0.75 per common share, basic. Valentios Valentis, our Chairman and CEO, commented: “We are pleased to report strong sequential growth in our fourth fiscal quarter, 2022 financial results with Revenues, net of $18.4 million and Net Income attributable to common shareholders of $6.5 million. Increasing mobility in many parts of the world has resulted in solid demand for transportation fuels. Modest inventories of many petroleum products combined with the war in the Ukraine has led to continued market dislocation, including arbitrage opportunities, shifting trade patterns and ton-mile expansion of seaborne cargoes that supported strong chartering activity for product tankers and allowed us to effectively capture market opportunities. We cont...