Pyxis Tankers reports Q4 EPS 3c vs. $1.76 last year

Pyxis Tankers (PXS) Q4 Sales $12.035M, consensus $10.5M…For the three months ended December 31, revenues, net were $12M. For the same period, our time charter equivalent revenues were $7.9M, a decrease of $4M, or 33.6%, over the comparable period in 2023. Our Adjusted net income for the fourth quarter, 2024 was $0.3M with Adjusted income per common share of $0.03 basic and diluted. ..Adjusted EBITDA for the three months ended December 31, was $3.3M, a decrease of $4.5M over the comparable period in 2023. Our CEO, Valentios Valentis, commented “Profitable last quarter amid deteriorating market conditions” We reported our fourth fiscal quarter, 2024 results with Revenues, net of $12.0 million and Adjusted net income of $0.3M for the period. During this recent quarter, the product tanker sector experienced decelerating chartering activity due to softening global demand for transportation fuels, seasonal refinery maintenance and moderating inventories of various refined petroleum products. In the quarter ended December 31, 2024, our MR2 tankers, or MRs, generated an average TCE rate of $22,084 per day. Since the beginning of 2025, the product tanker environment has remained volatile. As of March 13, our MRs were booked at an average estimated TCE of $25,079 per day, with 85% of our MR available days booked in the quarter ending March 31 . Our fleet of three modern eco-efficient MRs is currently employed under short-term time charters for two vessels and on spot voyage for one tanker.