Business
Pyxis Tankers Inc. Announces Financial Results for the Three and Nine Months Ended September 30, 2019
Maroussi, Greece, November 14, 2019 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”) an emerging growth pure play product
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece, November 14, 2019 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”) an emerging growth pure play product tanker company, today announced unaudited results for the three and nine months ended September 30, 2019.\n Summary For the three months ended September 30, 2019, our Revenues, net were $7.3 million. For the same period our time charter equivalent revenues (see “Non-GAAP Measures and Definitions” section below) increased by approximately $3.6 million, or 140%, to $6.2 million compared to the same period in the prior year. For the three months ended September 30, 2019, our net loss was reduced by $3.3 million to $0.8 million with a loss per share (basic and diluted) of $0.04 and our Adjusted EBITDA (see “Non-GAAP Measures and Definitions” below) increased by $3.6 million to $2.1 million in each case compared to the same quarterly period in the prior year. Valentios Valentis, our Chairman and CEO commented: “Our operating results for the third quarter of 2019 reflected the positive impact of staggered time charters for our medium-range (“MR”) product tankers as well as continued operational cost discipline. The average daily TCE for our MR’s was over $14,400 during the quarter with utilization of 99.7%. As of November 11, 2019, we had 57% of our remaining days in 2019 covered and our MR’s have an average daily TCE of $15,300, exclusive of certain charterer options to extend existing time charters. Our third quarter 2019 results also reflected continued focus on the efficiencies of our operating platform as fleet-wide daily operating expenses were slightly over $5,500 per vessel and represented good consistency for the nine month period. Total daily operational costs, which include management fees and General and Administrative expenses, for our eco-efficient MR’s continued to be consistent and competitive within our sector at approximately $7,500. We believe that the fourth quarter, 2019 represents the potential beginning of a period of sustainable improvement in vessel earnings beyond the traditional seasonal uplift. As we previously mentioned, this is based upon the positive fundamentals of supply and demand growth, plus incremental demand for the MR sector with the start of IMO 2020 regulations. Continued world-wide demand growth for refined petroleum products of approximately ...