Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an emerging growth pure
play product tanker company, today announced unaudited results for
the three and six months ended June 30, 2016.
Summary:
Reported time charter equivalent revenues of
$7.0 million for the three months ended June 30, 2016, which
resulted in net income of $0.4 million, or earnings per share
(basic and diluted) of $0.02, and EBITDA of $2.6 million (see
"Non-GAAP Measures and Definitions" below).
Valentios Valentis, our Chairman and CEO
commented:
"The product tanker market was softer than
expected in the three months ended June 30, 2016 due to high levels
of refined product inventories caused by moderating demand for
transportation fuels and additions to the global product tanker
fleet, which peaked in the second quarter. These factors
exacerbated a period typically characterized by seasonal weakness
and put pressure on spot charter rates. To a fair extent, however,
we were insulated from market conditions as five out of our six
tankers were employed under fixed rate time charters during this
period. Time charter revenues provided approximately 82% of our
voyage revenues during the three months ended June 30, 2016. For
the balance of the year, 48% of our available operating days (64%
with charterers' options) were booked on time charters as of June
30, 2016. This is consistent with our mixed chartering strategy,
which secures visible cash flows through time charters while also
retaining upside optionality in the spot market in order to
participate in periods of market strength. We have a positive
outlook for the product tanker sector in the fourth calendar
quarter of 2016, historically a seasonally strong period, and
beyond as increasing ton-mile demand for the transportation of
refined products is expected to exceed net growth in the global
medium range ("MR") product tanker fleet, our main area of focus.
It is important to note that only a handful of new build orders
have been placed so far this year, and certain estimates have
supply growth to be 3.4% / year through 2017.
As we have stated previously, a cost-competitive
operating structure is strategically and financially important to
management and our shareholders. In the quarter ended June 30,
2016, daily operating expenses per vessel for our eco-efficient and
eco-modified MR tankers were $5,437 and $6,703, respectively. These
operating results combined with our daily ship management fees and
general and administrative expenses generated total daily
operational costs of $7,536 and $8,802 for our eco-efficient and
eco-mod vessels, respectively, in the second quarter. Our mixed
chartering strategy, quality operations and cost-effective platform
should leave us well positioned to benefit from what we expect will
be an improving market. We will also selectively pursue accretive
acquisitions, recognizing the cost and availability of capital
continues to be very challenging."
Results for the three months ended June 30, 2015 and
2016
For the three months ended June 30, 2016, we
achieved net income of $0.4 million, or $0.02 basic and diluted
earnings per share, compared to net income of $0.3 million, or
$0.01 basic and diluted earnings per share, for the same period in
2015. For the second quarter of 2016, our EBITDA (see "Non-GAAP
Measures and Definitions" below) was $2.6 million, an increase of
$0.2 million from $2.4 million for the same period in 2015. The
increase in net income was primarily due to a $0.5 million increase
in time charter equivalent revenues, which were partially offset by
a $0.3 million increase in general and administrative expenses, as
we became a publicly-listed company effective October 28, 2015.
Results for the six months ended June 30,
2015 and 2016
For the six months ended June 30, 2016, we
achieved net income of $1.5 million, or $0.08 basic and diluted
earnings per share, compared to net income of $1.6 million, or
$0.09 basic and diluted earnings per share, for the same period in
2015. For the first six months of 2016, our EBITDA (see "Non-GAAP
Measures and Definitions" below) was $5.9 million, an increase of
$0.1 million from $5.7 million for the same period in 2015. Despite
an increase of time charter equivalent revenues of $0.7 million in
the first six months of 2016, the decline in net income was
primarily due to a $0.8 million increase in general and
administrative expenses.
|
Three months ended June 30, |
|
Six months ended June 30, |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
(Thousands of U.S.
dollars, except for daily TCE rates) |
Voyage revenues |
7,168 |
|
7,893 |
|
16,561 |
|
16,341 |
Voyage related costs
and commissions |
(630) |
|
(875) |
|
(2,630) |
|
(1,680) |
Time charter equivalent
revenues* |
6,538 |
|
7,018 |
|
13,931 |
|
14,661 |
|
|
|
|
|
|
|
|
Total operating
days |
501 |
|
519 |
|
1,021 |
|
1,052 |
|
|
|
|
|
|
|
|
Daily time charter
equivalent rate* |
13,042 |
|
13,529 |
|
13,645 |
|
13,939 |
* Subject to rounding; Please see "Non-GAAP
Measures and Definitions" below.
Management's Discussion and Analysis of
Financial Results for the Three Months ended June 30, 2015 and
2016
(Amounts are presented in million U.S.
Dollars, rounded to the nearest one hundred thousand, except
otherwise noted)
Voyage revenues: Voyage revenues of $7.9 million
for the three months ended June 30, 2016 represented an increase of
$0.7 million, or 10.1%, from $7.2 million over the comparable
period in 2015. The increase during the second quarter of 2016 was
attributed to higher time charter equivalent rate, as well as to an
increase in total operating days.
Voyage related costs and commissions: Voyage
related costs and commissions of $0.9 million for the three months
ended June 30, 2016 represented an increase of $0.2 million, or
38.9%, from $0.6 million in the comparable period in 2015. The
increase was primarily attributed to greater spot charter activity,
which incurs voyage costs.
Vessel operating expenses: Vessel operating
expenses of $3.3 million for the three months ended June 30, 2016
were basically flat as compared to the same period in 2015.
General and administrative expenses: General and
administrative expenses of $0.7 million for the three months ended
June 30, 2016 increased by $0.3 million, or 51.3%, from $0.5
million in the comparable period in 2015, mainly due to other fees
and expenses associated with us being a newly listed public
company.
Management fees, related parties: Management
fees to related parties, our ship manager Pyxis Maritime Corp., of
$0.1 million for the three months ended June 30, 2016 remained flat
compared to the three month period ended June 30, 2015.
Management fees, other: Management fees to
others, comprised of fees paid to International Tanker Management
Ltd. ("ITM"), our fleet's technical manager, and North Sea Tankers
BV ("NST"), the commercial manager of our small tankers, of $0.3
million for the three months ended June 30, 2016 remained
relatively stable compared to the three month period ended June 30,
2015. In March and June 2016, we sent notices of termination of the
commercial management agreements with NST for the Northsea Beta and
Northsea Alpha, respectively. In June 2016, Pyxis Maritime assumed
full commercial management of the Northsea Beta, and it is expected
to assume full commercial management of the Northsea Alpha in
October 2016, following the vessel's redelivery.
Amortization of special survey costs:
Amortization of special survey costs of $0.1 million for the three
months ended June 30, 2016 remained relatively stable compared to
the three month period ended June 30, 2015.
Depreciation: Depreciation of $1.4 million for
the three months ended June 30, 2016 remained flat compared to the
three month period ended June 30, 2015.
Interest and finance costs, net: Interest and
finance costs, net for the three months ended June 30, 2016
amounted to $0.7 million, compared to $0.6 million in the
comparable period in 2015, an increase of $0.1 million, or 11.6%.
The increase is mainly attributed to the increase of the
LIBOR-based interest rates applied to our outstanding debt.
Management's Discussion and Analysis of
Financial Results for the Six Months ended June 30, 2015 and
2016
Voyage revenues: Voyage revenues of $16.3
million for the six months ended June 30, 2016 represented a
decrease of $0.2 million, or 1.3%, from $16.6 million over the
comparable period in 2015. The decrease was primarily attributed to
the Pyxis Malou, which was employed during the first six months of
2016 at a lower time charter rate than its spot charter rates
during the comparable period of 2015, partially offset by an
increase in total operating days during the first six months of
2016.
Voyage related costs and commissions: Voyage
related costs and commissions of $1.7 million for the six months
ended June 30, 2016 represented a decrease of $1.0 million, or
36.1%, from $2.6 million in the comparable period in 2015. The
decrease was primarily attributed to the Pyxis Malou, which did not
incur voyage costs under its time charter in 2016.
Vessel operating expenses: Vessel operating
expenses of $6.6 million for the six months ended June 30, 2016
declined $0.2 million, or 3.3% from $6.8 million over the
comparable period in 2015. This decrease was mainly attributed to
the absence in the first six months of 2016 of the one-time,
pre-operating costs incurred by the new build Pyxis Epsilon, which
was delivered to our fleet in January, 2015.
General and administrative expenses: General and
administrative expenses of $1.4 million for the six months ended
June 30, 2016 increased by $0.8 million, or 137.7%, from $0.6
million in the comparable period in 2015, mainly due to the
additional administration fees payable under the Head Management
Agreement (which commenced effectively on March 23, 2015) of $0.3
million and other fees and expenses of $0.2 million associated with
us being a newly listed public company.
Management fees, related parties: Management
fees to related parties, our ship manager Pyxis Maritime Corp., of
$0.3 million for the six months ended June 30, 2016 remained
relatively stable compared to the six month period ended June 30,
2015.
Management fees, other: Management fees to
others, comprised of fees paid to ITM and NST of $0.5 million in
the aggregate for the six months ended June 30, 2016 remained
relatively stable compared to the same period in 2015.
Amortization of special survey costs:
Amortization of special survey costs of $0.1 million for the six
months ended June 30, 2016 increased by $0.1 million or 153.1%,
compared to the same period in 2015, mainly due to the amortization
of the special surveys performed by Northsea Alpha and Northsea
Beta during the second quarter of 2015.
Depreciation: Depreciation of $2.9 million for
the six months ended June 30, 2016 remained relatively stable
compared to the same period in 2015.
Interest and finance costs, net: Interest and
finance costs, net for the six months ended June 30, 2016 amounted
to $1.4 million, compared to $1.2 million in the comparable period
in 2015, an increase of $0.2 million, or 14.7%. The increase is
mainly attributed to the increase of the LIBOR-based interest rates
applied to our outstanding debt.
Unaudited Interim Consolidated Statements of
Comprehensive Income
For the three months ended June 30, 2015 and 2016
(Expressed in thousands of U.S. Dollars, except for share and
per share data)
|
Three Months Ended |
|
Three Months Ended |
|
June 30, 2015 |
|
June 30, 2016 |
|
|
|
|
Voyage
revenues |
7,168 |
|
7,893 |
|
|
|
|
Expenses: |
|
|
|
Voyage related costs
and commissions |
(630) |
|
(875) |
Vessel operating
expenses |
(3,270) |
|
(3,260) |
General and
administrative expenses |
(489) |
|
(740) |
Management fees,
related parties |
(147) |
|
(146) |
Management fees,
other |
(262) |
|
(264) |
Amortization of special
survey costs |
(32) |
|
(62) |
Depreciation |
(1,436) |
|
(1,434) |
Operating income |
902 |
|
1,112 |
|
|
|
|
Other
expenses: |
|
|
|
Interest and finance
costs, net |
(632) |
|
(705) |
Total other expenses, net |
(632) |
|
(705) |
|
|
|
|
Net income |
270 |
|
407 |
|
|
|
|
Earnings per common
share, basic and diluted |
$
0.01 |
|
$
0.02 |
|
|
|
|
Weighted average
number of common shares, basic and diluted |
18,244,671 |
|
18,277,893 |
|
|
|
|
Unaudited Interim Consolidated Statements of Comprehensive
Income
For the six months ended June 30, 2015 and 2016
(Expressed in thousands of U.S. Dollars, except for share and
per share data)
|
Six
Months Ended |
|
Six
Months Ended |
|
June 30, 2015 |
|
June 30, 2016 |
|
|
|
|
Voyage
revenues |
16,561 |
|
16,341 |
|
|
|
|
Expenses: |
|
|
|
Voyage related costs
and commissions |
(2,630) |
|
(1,680) |
Vessel operating
expenses |
(6,790) |
|
(6,563) |
General and
administrative expenses |
(589) |
|
(1,400) |
Management fees,
related parties |
(275) |
|
(291) |
Management fees,
other |
(535) |
|
(526) |
Amortization of special
survey costs |
(49) |
|
(124) |
Depreciation |
(2,854) |
|
(2,869) |
Operating income |
2,839 |
|
2,888 |
|
|
|
|
Other
expenses: |
|
|
|
Interest and finance
costs, net |
(1,226) |
|
(1,406) |
Total other expenses, net |
(1,226) |
|
(1,406) |
|
|
|
|
Net income |
1,613 |
|
1,482 |
|
|
|
|
Earnings per common
share, basic and diluted |
$
0.09 |
|
$
0.08 |
|
|
|
|
Weighted average
number of common shares, basic and diluted |
18,244,671 |
|
18,277,893 |
Consolidated Balance Sheets
As of December 31, 2015 and June 30, 2016 (unaudited)
(Expressed in thousands of U.S. Dollars, except for share and
per share data)
|
December 31, 2015 |
June 30, 2016 |
ASSETS |
|
|
|
|
|
CURRENT
ASSETS: |
|
|
Cash and cash
equivalents |
4,122 |
3,230 |
Restricted cash,
current portion |
143 |
143 |
Inventories |
583 |
619 |
Trade receivables |
455 |
1,090 |
Prepayments and other
assets |
725 |
97 |
Total current assets |
6,028 |
5,179 |
|
|
|
FIXED ASSETS,
NET: |
|
|
Vessels, net |
130,501 |
127,632 |
Total fixed assets, net |
130,501 |
127,632 |
|
|
|
OTHER NON CURRENT
ASSETS: |
|
|
Restricted cash, net of
current portion |
4,357 |
4,857 |
Deferred charges,
net |
836 |
712 |
Total other non current assets |
5,193 |
5,569 |
Total
assets |
141,722 |
138,380 |
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
Current portion of
long-term debt, net of deferred financing costs, current |
7,095 |
7,006 |
Accounts payable |
1,103 |
917 |
Due to related
parties |
121 |
171 |
Hire collected in
advance |
2,129 |
964 |
Accrued and other
liabilities |
752 |
776 |
Total current liabilities |
11,200 |
9,834 |
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
Long-term debt, net of
current portion and deferred financing costs, non-current |
73,456 |
69,998 |
Promissory note |
2,500 |
2,500 |
Total non-current liabilities |
75,956 |
72,498 |
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
STOCKHOLDERS'
EQUITY: |
|
|
Preferred stock ($0.001
par value; 50,000,000 shares authorized; none issued) |
- |
- |
Common stock ($0.001
par value; 450,000,000 shares authorized; |
|
|
18,244,671 and
18,277,893 shares issued and outstanding at |
|
|
December 31, 2015 and
June 30, 2016, respectively) |
18 |
18 |
Additional paid-in
capital |
70,123 |
70,123 |
Accumulated
deficit |
(15,575) |
(14,093) |
Total stockholders' equity |
54,566 |
56,048 |
Total
liabilities and stockholders' equity |
141,722 |
138,380 |
Unaudited Interim Consolidated Statements of Cash
Flow
For the six months ended June 30, 2015 and 2016
(Expressed in thousands of U.S. Dollars, except for share and
per share data)
|
Six
Months Ended |
Six
Months Ended |
|
June 30, 2015 |
June 30, 2016 |
|
|
|
Cash flows from
operating activities: |
|
|
Net income |
1,613 |
1,482 |
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
Depreciation |
2,854 |
2,869 |
Amortization of special
survey costs |
49 |
124 |
Amortization of
financing costs |
86 |
84 |
Changes in assets
and liabilities: |
|
|
Inventories |
354 |
(36) |
Trade receivables |
242 |
(635) |
Prepayments and other
assets |
225 |
628 |
Special survey
cost |
(888) |
- |
Accounts payable |
750 |
(186) |
Due to related
parties |
(2,180) |
50 |
Hire collected in
advance |
36 |
(1,165) |
Accrued and other
liabilities |
226 |
24 |
Net cash provided by operating activities |
3,367 |
3,239 |
|
|
|
Cash flow from
investing activities: |
|
|
Advances for vessel
acquisition |
(18,766) |
- |
Net cash used in investing activities |
(18,766) |
- |
|
|
|
Cash flows from
financing activities: |
|
|
Proceeds from long-term
debt |
21,000 |
- |
Repayment of long-term
debt |
(3,231) |
(3,631) |
Change in restricted
cash |
(980) |
(500) |
Issuance of common
stock |
10 |
- |
Paid-in capital
re-imbursement / distribution |
(1,248) |
- |
Payment of financing
costs |
(277) |
- |
Net cash provided by / (used in) financing activities |
15,274 |
(4,131) |
|
|
|
Net decrease in cash
and cash equivalents |
(125) |
(892) |
|
|
|
Cash and cash
equivalents at the beginning of the period |
647 |
4,122 |
|
|
|
Cash and cash equivalents at the end of the period |
522 |
3,230 |
Liquidity and Debt
Total Cash and cash equivalents, including
restricted cash, aggregated to $8.2 million as at June 30,
2016.
Total debt (in thousands of U.S. Dollars), net
of deferred financing costs:
|
|
As at December |
|
As at June |
|
|
31,
2015 |
|
30, 2016 |
Bank debt |
$ |
80,551 |
$ |
77,004 |
Promissory Note -
related party |
|
2,500 |
|
2,500 |
Total |
$ |
83,051 |
$ |
79,504 |
Our weighted average interest rate, including
the Promissory Note, for the six months ended June 30, 2016 was
3.21%.
We agreed to extend the maturity date of the
promissory note made in favor of Maritime Investors Corp., a
corporation controlled by our chief executive officer, Mr.
Valentis, to January 15, 2018 with no other changes to its terms.
The senior lender of the loan to Sixthone Corp. (the owner of the
Pyxis Delta) has approved an extension of the original maturity
date of May, 2017 to September, 2018, subject to execution of
customary documentation. We expect all other loan terms will remain
the same.
Non-GAAP Measures and Definitions
EBITDA represents the sum of net income,
interest and finance costs, depreciation and amortization and, if
any, income taxes during a period. EBITDA is not a recognized
measurement under U.S. GAAP.
EBITDA is presented in this press release as we
believe that it provides investors with a means of evaluating and
understanding how our management evaluates operating performance.
This non-GAAP measure should not be considered in isolation from,
as substitute for, or superior to financial measures prepared in
accordance with U.S. GAAP. In addition, this non-GAAP measure does
not have a standardized meaning, and is therefore, unlikely to be
comparable to similar measures presented by other companies.
|
|
Three months Ended |
|
Six months Ended |
(In thousands of U.S.
Dollars) |
|
June
30, 2015 |
|
June
30, 2016 |
|
June
30, 2015 |
|
June
30, 2016 |
Reconciliation of Net income to EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
270 |
$ |
407 |
$ |
1,613 |
$ |
1,482 |
|
|
|
|
|
|
|
|
|
Depreciation |
|
1,436 |
|
1,434 |
|
2,854 |
|
2,869 |
|
|
|
|
|
|
|
|
|
Amortization of special survey costs |
|
32 |
|
62 |
|
49 |
|
124 |
|
|
|
|
|
|
|
|
|
Interest and finance costs, net |
|
632 |
|
705 |
|
1,226 |
|
1,406 |
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
2,370 |
$ |
2,608 |
$ |
5,742 |
$ |
5,881 |
Daily time charter equivalent ("TCE") is a
standard shipping industry performance measure of the average daily
revenue performance of a vessel on a per voyage basis. TCE is not
calculated in accordance with U.S. GAAP. We utilize TCE because we
believe it is a meaningful measure to compare period-to-period
changes in our performance despite changes in the mix of charter
types (i.e., spot charters, time charters and bareboat charters)
under which our vessels may be employed between the periods. Our
management also utilizes TCE to assist them in making decisions
regarding employment of the vessels. We believe that our method of
calculating TCE is consistent with industry standards and is
determined by dividing voyage revenues after deducting voyage
expenses, including commissions by operating days for the relevant
period. Voyage expenses primarily consist of brokerage commissions,
port, canal and fuel costs that are unique to a particular voyage,
which would otherwise be paid by the charter under a time charter
contract.
Vessel operating expenses per day ("Opex") are
our vessel operating expenses for a vessel, which consist primarily
of crew wages and related costs, insurance, lube oils,
communications, spares and consumables, tonnage taxes as well as
repairs and maintenance, divided by the ownership days in the
applicable period.
We calculate fleet utilization by dividing the
number of operating days during a period by the number of available
days during the same period. The shipping industry uses fleet
utilization to measure a company's efficiency in finding suitable
employment for its vessels and minimizing the amount of days that
its vessels are off-hire for reasons other than scheduled repairs
or repairs under guarantee, vessel upgrades, special surveys and
intermediate dry-dockings or vessel positioning. Operating days are
the number of available days in a period, less the aggregate number
of days that our vessels were off-hire or out of service due to any
reason, including technical breakdowns and unforeseen
circumstances. Available days are the number of
ownership days in a period, less the aggregate number of days that
our vessels were off-hire due to scheduled repairs or repairs under
guarantee, vessel upgrades or special surveys and intermediate
dry-dockings and the aggregate number of days that we spent
positioning our vessels during the respective period for such
repairs, upgrades and surveys. Ownership days are the total number
of days in a period during which we owned each of the vessels in
our fleet.
Recent
Daily Fleet Data: |
|
|
|
|
|
|
|
|
|
(Amounts in U.S.$) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2015 |
|
2016 |
|
2015 |
|
2016 |
Eco-Efficient MR2:
(2 units) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
15,672 |
|
15,783 |
|
15,557 |
|
15,734 |
|
Opex |
|
5,164 |
|
5,437 |
|
6,963 |
|
5,885 |
|
Utilization % |
|
100.0% |
|
100.0% |
|
98.8% |
|
99.8% |
Eco-Modified MR2: (1
unit) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
15,064 |
|
13,882 |
|
19,720 |
|
15,818 |
|
Opex |
|
6,315 |
|
6,703 |
|
6,672 |
|
6,628 |
|
Utilization % |
|
100.0% |
|
94.8% |
|
98.3% |
|
97.4% |
Standard MR2: (1
unit) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
15,817 |
|
17,690 |
|
15,233 |
|
18,213 |
|
Opex |
|
5,642 |
|
7,509 |
|
5,977 |
|
6,977 |
|
Utilization % |
|
100.0% |
|
98.8% |
|
100.0% |
|
99.4% |
Small Tankers: (2
units) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
6,380 |
|
8,456 |
|
7,256 |
|
8,618 |
|
Opex |
|
6,829 |
|
5,364 |
|
5,720 |
|
5,341 |
|
Utilization % |
|
96.8% |
|
88.2% |
|
98.6% |
|
90.8% |
Fleet: (6
units) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
13,042 |
|
13,529 |
|
13,645 |
|
13,939 |
|
Opex |
|
5,991 |
|
5,969 |
|
6,328 |
|
6,010 |
|
Utilization % |
|
99.1% |
|
95.0% |
|
98.8% |
|
96.3% |
When we refer to total daily operational costs
as applied to our eco-modified and eco-efficient tankers, we define
that as the sum of (1) daily Opex per vessel, (2) total general and
administrative expenses in the period per day per vessel, and (3)
the technical and commercial management fees in the period per day
per vessel. We believe total daily operational costs for such
vessels can provide a more complete picture of financial results
for comparative purposes.
Conference Call and Webcast
We will host a conference call to discuss our
results at 4:30 pm Eastern Time on August 16, 2016. Participants
should dial into the call 10 minutes prior to the scheduled time
using the following dial-in numbers:
U.S.
Toll Free: |
|
·
+1 (877) 201-0168 |
U.S.
Toll/International: |
|
·
+1 (647) 788-4901 |
Conference ID: |
|
·
59788071 |
A telephonic replay of the conference call will
be available until the close of business on August 23, 2016 by
using the following dial-in information:
U.S.
Toll Free: |
|
·
+1 (855) 859-2056 |
U.S.
Toll/International: |
|
·
+1 (404) 537-3406 |
Conference ID: |
|
·
59788071 |
A live webcast of the conference call will be
available through our website (http://www.pyxistankers.com).
Webcast participants of the live conference call should register on
the website approximately 10 minutes prior to the start of the
webcast. An archived version of the webcast will be available on
the website within approximately two hours of the completion of the
call.
About Pyxis Tankers Inc.
We own a modern fleet of six tankers engaged in
seaborne transportation of refined petroleum products and other
bulk liquids. We are focused on growing our fleet of medium range
product tankers, which provide operational flexibility and enhanced
earnings potential due to their "eco" features and modifications.
We are well positioned to opportunistically expand and maximize our
fleet due to competitive cost structure, strong customer
relationships, and experienced management team, whose interests are
aligned with those of our shareholders.
Pyxis Tankers Fleet (as of August 9, 2016)
|
|
|
Carrying |
|
|
Charter |
|
Anticipated |
|
|
|
Capacity |
Year |
Type of |
Rate |
|
Redelivery |
Vessel Name |
Shipyard |
Vessel type |
(dwt) |
Built |
Charter |
(per
day) (1) |
|
Date(2) |
Pyxis Epsilon |
SPP / S. Korea |
MR |
50,295 |
2015 |
Time |
$16,575 |
|
Jan. 2017 |
Pyxis Theta |
SPP / S. Korea |
MR |
51,795 |
2013 |
Time |
$15,600 |
|
Sep. 2016 |
Pyxis Malou |
SPP / S. Korea |
MR |
50,667 |
2009 |
Spot |
n/a |
|
Aug. 2016 |
Pyxis Delta |
Hyundai / S. Korea |
MR |
46,616 |
2006 |
Time |
$18,000 |
|
Sep. 2016 |
Northsea Alpha |
Kejin / China |
Small Tanker |
8,615 |
2010 |
Time |
$9,650 |
|
Oct. 2016 |
Northsea Beta |
Kejin / China |
Small Tanker |
8,647 |
2010 |
Time |
$8,750 |
|
Oct. 2016 |
|
|
|
216,635 |
|
|
|
|
|
1) This table
shows gross rates and does not reflect commissions payable.
2) Pyxis Epsilon's
charterer has an option to extend the charter for one year for
$18,050/day. Northsea Beta's charterer has an option to extend the
charter for an additional two months at $8,750/day.
Forward Looking Statements
This press release includes "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These statements include statements about our plans,
strategies, financial performance, prospects or future events and
involve known and unknown risks that are difficult to predict. As a
result, our actual results, performance or achievements may differ
materially from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "anticipate," "believe," "estimate," "predict,"
"potential," "outlook," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by us and our management team,
are inherently uncertain. A more complete description of these
risks and uncertainties can be found in our filings with the U.S.
Securities and Exchange Commission, including in our Annual Report
on Form 20-F for the year ended December 31, 2015 under the caption
"Item 3. Key Information - D. Risk Factors". We caution you not to
place undue reliance on any forward-looking statements, which are
made as of the date of this press release. We undertake no
obligation to update publicly any of these forward-looking
statements to reflect actual results, new information or future
events, changes in assumptions or changes in other factors
affecting forward-looking statements, except to the extent required
by applicable laws.
Company:
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
info@pyxistankers.com
Visit our website www.pyxistankers.com
Company Contacts:
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
Antonios C. Backos
Senior VP for Corporate Development & General Counsel
Tel: +30 (210) 638-0180
Email: abackos@pyxistankers.com
Source: Pyxis Tankers Inc.
HUG#2035071
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