Business
Pyxis Tankers Announces Financial Results for the Three Months Ended June 30, 2023 and Investment in Drybulk Joint Venture
Maroussi, Greece, July 31, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international product tanker company, today
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece, July 31, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international product tanker company, today announced its unaudited results for the three and six month periods ended June 30, 2023. Summary For the three months ended June 30, 2023, our Revenues, net were $9.5 million. For the same period, our time charter equivalent (“TCE”) revenues were $8.6 million, representing a decrease of approximately $2.7 million, or 23.7%, over the comparable period in 2022 when we operated more vessels. Our net income attributable to common shareholders for the three months ended June 30, 2023 was $2.8 million, representing a decrease of $1.8 million from net income of $4.6 million in the comparable period of 2022. For the second quarter of 2023, the net income per share was $0.25 basic and $0.23 diluted compared to the net income per share of $0.43 basic and $0.38 diluted for the same period in 2022. Our Adjusted EBITDA for the three months ended June 30, 2023 was $5.2 million, which represented a decrease of $2.0 million over the comparable period in 2022. Please see “Non-GAAP Measures and Definitions” below. Valentios Valentis, our Chairman and CEO, commented: “We are pleased to report solid results for our second fiscal quarter 2023 with Revenues, net of $9.5 million and Net Income attributable to common shareholders of $2.8 million. Despite inflationary pressures, resilient economic activity and increasing mobility in many parts of the world have resulted in what we believe is good demand for transportation fuels. Favorable market fundamentals have been supported by continued low inventories of many refined products and more significantly, the impact of the war in the Ukraine has led to further market dislocation, including arbitrage opportunities, as well as the redirection of trade flows from shorter-haul to longer distances resulting in ton-mile expansion of seaborne cargoes, thereby reducing available capacity. Consequently, chartering activity for product tankers remains healthy and asset values high, reflecting a sustainable and constructive environment for the sector. After completing the sale of our 14-year-old tanker in March 2023 at a relatively high historical price as compared to the sale prices of similar vessels, we now own and operate four modern Eco-efficient MR’s. F...