Pyxis Tankers Inc
NASDAQ:PXS
Pyxis Tankers Inc
Pyxis Tankers, Inc. is an international maritime transportation holding company, which engages in the ownership and operation of a fleet of product tankers. The company is headquartered in Athina, Attiki. The company went IPO on 2015-10-28. The firm is focused on the product tanker sector. The company owns a fleet of six double hull product tankers: Pyxis Epsilon with carrying capacity of approximately 50,295 deadweight tonnage (dwt); Pyxis Theta with carrying capacity of approximately 51,795 dwt, Pyxis Malou with carrying capacity of over 50,667 dwt; Pyxis Delta with carrying capacity of approximately 46,616 dwt; Northsea Beta with carrying capacity of over 8,647 dwt, and Northsea Alpha with carrying capacity of approximately 8,615 dwt. Four of the Company's vessels in the fleet are medium-range (MR), product tankers, three have eco-efficient or eco-modified designs, and two of them are short-range tanker sister ships. Its fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel and fuel oil, as well as other liquid bulk items, such as vegetable oils and organic chemicals.
Pyxis Tankers, Inc. is an international maritime transportation holding company, which engages in the ownership and operation of a fleet of product tankers. The company is headquartered in Athina, Attiki. The company went IPO on 2015-10-28. The firm is focused on the product tanker sector. The company owns a fleet of six double hull product tankers: Pyxis Epsilon with carrying capacity of approximately 50,295 deadweight tonnage (dwt); Pyxis Theta with carrying capacity of approximately 51,795 dwt, Pyxis Malou with carrying capacity of over 50,667 dwt; Pyxis Delta with carrying capacity of approximately 46,616 dwt; Northsea Beta with carrying capacity of over 8,647 dwt, and Northsea Alpha with carrying capacity of approximately 8,615 dwt. Four of the Company's vessels in the fleet are medium-range (MR), product tankers, three have eco-efficient or eco-modified designs, and two of them are short-range tanker sister ships. Its fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel and fuel oil, as well as other liquid bulk items, such as vegetable oils and organic chemicals.
Revenue Growth: Time charter equivalent revenues rose to $11.7 million in Q3 2024, up nearly 24–25% year-over-year, driven by favorable market conditions and fleet expansion.
Profitability: Net income increased to $3.5 million ($0.34 basic EPS), a $0.05 per share improvement versus Q3 2023.
Fleet Expansion: The fleet grew to 6 modern vessels, including 3 MR2 product tankers and 3 dry-bulk carriers, following the recent acquisition of a Kamsarmax vessel.
Strong Tanker Rates: MR2 product tankers averaged almost $30,000 per day in Q3, though rates for Q4 are expected to be somewhat lower.
Guidance & Outlook: Management remains cautiously optimistic for both product tanker and dry-bulk sectors, citing healthy fundamentals but acknowledging potential macroeconomic and geopolitical risks.
Capital Strength: Leverage is low (22%), with $43.7 million in cash and continued execution of share repurchases and debt reduction.
Preferred Redemption: All Series A convertible preferred stock was redeemed, reducing potential dilution and supporting net asset value per share.
