Business
Pyxis Tankers Announces Financial Results for the Three Months Ended March 31, 2023 & $2.0 Million Common Share Re-purchase Program
Maroussi, Greece, May 15, 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, May 15, 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 ended March 31, 2023. Summary For the three months ended March 31, 2023, our Revenues, net were $11.6 million. For the same period, our time charter equivalent (“TCE”) revenues were $9.2 million, an increase of approximately $5.4 million or 139% from the comparable quarter in 2022. Our net income attributable to common shareholders for the three months ended March 31, 2023 was $8.7 million, representing an increase of $12.4 million from a net loss of $3.7 million in the comparable period in 2022. For the first quarter of 2023, the net income per share was $0.81 basic and $0.71 diluted compared to a net loss per share of $0.34 (basic and diluted) for the same period in 2022. Our Adjusted EBITDA for the three months ended March 31, 2023 was $4.2 million, which represented an increase of $4.9 million over the same quarter in 2022. Please see “Non-GAAP Measures and Definitions” below. On March 23, 2023, the Company sold its oldest tanker, the 2009 built “Pyxis Malou”, for $24.8 million in cash. The gain on vessel sale was $8.0 million. Valentios Valentis, our Chairman and CEO, commented: “We are pleased to report strong growth in our first fiscal quarter, 2023 financial results with Revenues, net of $11.6 million and Net Income attributable to common shareholders of $8.7 million. Resilient economic activity, despite recessionary pressures, and increasing mobility in many parts of the world has resulted in solid demand for transportation fuels. Favorable market fundamentals have been supported by low inventories of many refined products, and more significantly, the impact of the war in the Ukraine has led to continued 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 robust and asset values high, reflecting an expectation of a positive outlook for the sector. After completing the sale of our 14 year old tanker at a historically high price in March, we now own and operate four modern Eco-...