Business
Pyxis Tankers Announces Financial Results for the Three Months Ended September 30, 2022
Maroussi, Greece, November 14, 2022 – 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, November 14, 2022 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international pure play product tanker company, today announced its unaudited results for the three and nine month periods ended September 30, 2022. Summary For the three months ended September 30, 2022, our Revenues, net were $17.0 million. For the same period, our time charter equivalent (“TCE”) revenues were $12.0 million, representing an increase of approximately $8.5 million or 248% over the comparable period in 2021. Our net income attributable to common shareholders for the three months ended September 30, 2022 was $5.1 million, representing an increase of $8.8 million from a net loss of $3.7 million in the comparable period of 2021. For the third quarter of 2022, the net income per share was $0.48 basic and $0.42 diluted compared to net loss $0.39 (basic and diluted) for the same period in 2021. Our Adjusted EBITDA for the three months ended September 30, 2022 was $8.0 million, which represented an increase of $9.2 million over the third quarter of 2021. Please see “Non-GAAP Measures and Definitions” below. Valentios Valentis, our Chairman and CEO commented: “We are pleased to report the continuation of strong financial results for our third fiscal quarter in 2022 with Revenue, net of $17 million and Net Income of $5.3 million. Expanding mobility in many parts of the world has resulted in solid demand for transportation fuels. Low inventories of many petroleum products combined with the war in the Ukraine has led to further market dislocation, including arbitrage opportunities, shifting trade patterns and ton-mile expansion of seaborne cargoes that continued to support robust chartering activity for product tankers and allowed us to effectively capture the strong market. We continue to employ our five Eco- MR’s under a mixed chartering strategy of short-term time charters and spot voyages. During the three months ended September 30, 2022, our daily TCE rate almost grew by a factor of four to $29,062 compared to the same period in 2021. As of November 10th, 82% of the available days in Q4, 2022 for our MR’s were booked at an estimated average TCE of $36,800 per vessel, including three vessels contracted under short-term time charters at an average rate of $32,600 and two MR’s employed in the spot market a...