Pyxis Tankers reports Q3 EPS 26c vs. 42c last year

Reports Q3 revenue $11.1M vs. $9.3M last year. Valentios Valentis, our Chairman and CEO, commented: “Once again, we are pleased to report solid results for our third fiscal quarter 2023 with Revenues, net of $11.1 million and Net Income attributable to common shareholders of $3.1 million, both sequential improvements from the prior quarter. Even in the face of high inflation, resilient economic activity in many parts of the world has resulted in good demand for transportation fuels. Favorable market fundamentals continue to be supported by low inventories of a number of refined petroleum products. More significantly, the impact of the war in the Ukraine has extended market dislocation, including arbitrage opportunities, as well as redirected trade flows from shorter-hauls to longer distances resulting in ton-mile expansion of seaborne cargoes, thereby reducing available vessel capacity. Consequently, the chartering outlook for product tankers remains healthy and asset values high, reflecting a sustainable and constructive environment for the sector. However, expanding geo-political events, such as the recent Israeli-Hamas conflict, have created far reaching and uncertain implications worldwide and increased market volatility within our sector. Sadly, weather and climate developments, such as the drought affecting transits through the Panama Canal, only add to this complexity. For the three months ended September 30, 2023, our daily TCE rate for our four Eco-efficient tankers decreased approximately $1,000 per day to $28,024 compared to the same period in 2022. However, Opex for these vessels declined 5.5% during the most recent period to a daily average of $6,513, which help support our operating margin. As we move into the stronger seasonal period of winter, our bookings remain strong. As of November 20, 2023, 84% of the available days in the fourth quarter of 2023 for our MR’s were booked at an estimated average TCE of $29,600 per vessel. Excluding the “Pyxis Epsilon”, two of our tankers are currently under short-term time charters and one in the spot market. We expect to prudently maintain our mixed employment strategy.”