Business
Pyxis Tankers Announces Financial Results for the Three Months and Year Ended December 31, 2023
Maroussi, Greece, March 14, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), an international shipping company, today
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece, March 14, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), an international shipping company, today announced unaudited results for the three months and year ended December 31, 2023. SummaryFor the three months ended December 31, 2023, our Revenues, net were $13.2 million. For the same period, our time charter equivalent (“TCE”) revenues were $12.0 million, a decrease of $1.9 million, or 13.6%, over the comparable period in 2022 when we operated more vessels. Our net income attributable to common shareholders for the fourth quarter ended December 31, 2023, was $21.6 million, an increase of $15.1 million from net income of $6.5 million in the comparable period of 2022. During the three months ended December 31, 2023, we sold one MR tanker and recognized a $17.1 million gain. For the fourth quarter of 2023, the net income per common share was $2.04 basic and $1.76 diluted compared to the net income per common share of $0.61 basic and $0.53 diluted for the same period in 2022. Our Adjusted EBITDA for the three months ended December 31, 2023, was $7.7 million, a decrease of $2.0 million over the comparable period in 2022. Please see “Non-GAAP Measures and Definitions” below. On November 28, 2023, we entered into a definitive agreement with an unaffiliated third party to purchase an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding, fitted with a ballast water treatment system and scrubber. The eco-efficient Kamsarmax, delivered on February 15, 2024, had a purchase price of $26.6 million which was funded by a combination of secured bank debt of $14.5 million and cash on hand. The five year amortizing bank loan is priced at SOFR plus 2.35% and is secured by, among other things, the vessel. We have named the vessel the “Konkar Asteri” and it commenced commercial operations on February 29, 2024. This acquisition of this mid-sized modern scrubber-fitted eco-vessel represents our second investment of our recent strategic expansion into the dry-bulk sector. On December 15, 2023, the vessel “Pyxis Epsilon”, a 2015 built 50,295 dwt. product tanker, was sold for $40.75 million in cash. After the repayment of the outstanding indebtedness secured by the vessel and the payment of various transaction costs, we received cash proceeds of $26.4 million, which will be us...