Business
Pyxis Tankers Announces Financial Results for the Three Months Ended September 30, 2024
Maroussi, Greece, November 22, 2024 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece, November 22, 2024 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, today announced unaudited results for the three and nine-month periods ended September 30, 2024. Summary For the three months ended September 30, 2024, our Revenues, net were $13.8 million an increase of $2.7 million, or 24.3%, over the comparable quarter in 2023. For the same period, our time charter equivalent (“TCE”) revenues were $11.7 million, an increase of $2.4 million, or 25.5%, over the comparable quarter in 2023. Our net income attributable to common shareholders for the three months ended September 30, 2024, was $3.6 million, an increase of $0.4 million over the comparable period in 2023. For the third quarter of 2024, the net income per common share was $0.34 basic and $0.31 diluted compared to the net income per common share of $0.29 basic and $0.26 diluted for the same period in 2023. Our Adjusted EBITDA for the three months ended September 30, 2024, was $6.7 million, an increase of $1.2 million over the comparable period in 2023. Please see “Non-GAAP Measures and Definitions” below. On July 30, 2024, we agreed with an existing lender to refinance the existing debt of one of our subsidiaries, the Seventhone Corp. The amended loan agreement provides a five year amortizing bank loan, due July 2029, with similar quarterly repayments, priced at SOFR plus 2.40% (from 3.35%) and is secured by, among other things, the vessel “Pyxis Theta”. In addition, the same lender agreed to reduce the interest margin from 3.15% to 2.40% applicable to our subsidiary’s Eleventhone Corp. (“Pyxis Lamda”) credit facility which matures in December 2026. As of September 30, 2024, the outstanding balance of these two separate loans aggregated $26.5 million, and the average reduction in interest margin was 85 basis points. Valentios Valentis, our Chairman and Chief Executive Officer, commented: “We are pleased to report solid results for the third fiscal quarter of 2024 with revenues, net of $13.8 million and net income attributable to common shareholders of $3.6 million with basic earnings per share of $0.34 basic and $0.31 diluted. In the quarter ended September 30, 2024, the product tanker sector continued to experience a healthy chartering environment driven by global dem...