Business
Pyxis Tankers Announces Record Financial Results for the Three Months Ended June 30, 2022
Maroussi, Greece, August 8, 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, August 8, 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 six month periods ended June 30, 2022. Summary For the three months ended June 30, 2022, our Revenues, net were $16.1 million. For the same period, our time charter equivalent (“TCE”) revenues were $11.3 million, representing an increase of approximately $7.2 million or 173.2% over the comparable period in 2021. Our net income attributable to common shareholders for the three months ended June 30, 2022 was $4.6 million, representing an increase of $6.1 million from a loss of $1.5 million in the comparable period of 2021. For the second quarter of 2022, the income per share was $0.43 basic and $0.38 diluted compared to loss $0.16 (basic and diluted) for the same period in 2021. Our Adjusted EBITDA for the three months ended June 30, 2022 was $7.3 million, which represented an increase of $6.9 million over the comparable period in 2021. Please see “Non-GAAP Measures and Definitions” below. On May 13, 2022, the Company implemented a one for four reverse stock split with Nasdaq’s intent of complying with the minimum bid price requirement, as further discussed below. The share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split. Valentios Valentis, our Chairman and CEO commented: “We are pleased to report record results of Revenue, net of $16.1 million and Net Income of $4.6 million for our second fiscal quarter in 2022. Starting this spring, historically low inventories of petroleum products coincided with the war in the Ukraine and expanding global demand, especially for transportation fuels, resulted in market dislocation, including arbitrage opportunities, ton-mile expansion of cargoes and substantially higher charter rates for product tankers. We have taken advantage of improving market conditions by continuing 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 June 30, 2022, our daily TCE rate more than doubled to $26,270 compared to the same period in 2021. As of August 5th, 56.7% of the available days in Q3, 2022 for our MR’s were booked at an estimated avera...