Business
Pyxis Tankers Announces Financial Results for the Three Months Ended September 30, 2023
Maroussi, Greece, November 20, 2023 – 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, November 20, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international shipping company, today announced its unaudited results for the three and nine month periods ended September 30, 2023. Summary For the three months ended September 30, 2023, our Revenues, net were $11.1 million. For the same period, our time charter equivalent (“TCE”) revenues were $9.3 million, representing a decrease of approximately $2.7 million, or 22.3%, over the comparable period in 2022 when we operated more vessels. Our net income attributable to common shareholders for the three months ended September 30, 2023 was $3.1 million, representing a decrease of $2.0 million from net income of $5.1 million in the comparable period of 2022. For the third quarter of 2023, the net income per share was $0.29 basic and $0.26 diluted compared to the net income per share of $0.48 basic and $0.42 diluted for the same period in 2022. Our Adjusted EBITDA for the three months ended September 30, 2023 was $5.5 million, which represented a decrease of $2.5 million over the comparable period in 2022. Please see “Non-GAAP Measures and Definitions” below. In Mid-September, we closed on the previously announced $6.8 million equity investment in an operating joint venture to purchase the 2016 Japanese built Ultramax drybulk carrier “Konkar Ormi”. We own 60% of this joint venture and the balance is owned by an entity related to our Chief Executive Officer and Chairman. The purchase of “Konkar Ormi” for $28.5 million by the joint venture, plus working capital, was funded by $11.3 million of cash equity and a $19.0 million secured five year bank loan. The delivery of the vessel occurred on September 14, 2023 and her initial charter commenced October 5, 2023. We consolidate in our financial statements the aforementioned newly acquired dry bulk “Konkar Ormi” under the relevant ASC 810 guidelines as a result of our control over the joint venture. We previously announced on September 22, 2023, an agreement to sell the vessel “Pyxis Epsilon”, a 2015 built 50,295 dwt. product tanker, for $40.75 million in cash. Completion of the vessel sale, which is subject to customary closing conditions, is expected to occur during December 2023. After the repayment of the outstanding indebtedness secured by the vessel and the payment of...