Pyxis Tankers Inc. Announces Financial Results
for the Three and Six Months Ended June 30, 2018
Maroussi, Greece, August 10, 2018 - 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 six months
ended June 30, 2018.
Summary
For the three months ended June 30, 2018, our
time charter equivalent revenues were $5.1 million, which resulted
in net loss of $1.3 million, or loss per share (basic and diluted)
of $0.06, and our Adjusted EBITDA (see "Non-GAAP Measures and
Definitions" below) was $1.1
million. Valentios
Valentis, our Chairman and CEO commented:
"Overall, our operating results for the second
quarter of 2018 were mixed. As the quarter unfolded, the time
charters for our medium range tankers ("MRs") rolled-off into a
very difficult spot market at much lower rates. Weaker demand for
MRs was caused by temporary market disruptions in the Atlantic
basin, led by lower activity in the Gulf of Mexico, continued
drawdown of inventories of refined petroleum products in storage
and intrusion of larger ships, mainly newbuild crude carriers,
which transported clean products on their maiden voyages. Three out
of four of our MR tankers are currently in the spot market, which
we hope will improve by this fall. As for our small tankers, we
experienced a nice improvement in trading activity compared to the
first quarter of 2018. We have continued to focus on our costs
during this challenging period. The success of our efforts was
clearly demonstrated during the second quarter as our total
operational costs, which we define as operating expenses, general
and administrative expenses and management fees per vessel per day,
improved. For example, our modern eco-efficient MRs achieved an
average of just over $7,500 per vessel per day in the second
quarter of 2018.
"As for the balance of 2018, we continue to
expect chartering activity to be challenging but with a modest
upward trend as we move into the fourth quarter, which is
seasonally a stronger period. We continue to believe in a longer
term, sustainable improvement in charter rates as a result of
attractive market fundamentals, such as significantly lower
scheduled deliveries of new build MRs combined with projected solid
growth in consumption by end-markets and increasing export-oriented
petroleum refinery cargoes. Over the long-term, we intend to
maintain our strategy of a mix of time and spot charters. Our
disciplined cost structure should create operating leverage and
enhance profitability when charter rates improve.
"We remain optimistic about the fundamentals of
the product tanker market, specifically for MRs, and believe that
Pyxis Tankers has the platform and position to take advantage of
them." Results for the three months ended June 30, 2017 and
2018
For the three months ended June 30, 2018, we
reported a net loss of $1.3 million, or $0.06 basic and diluted
loss per share, compared to a net loss of $0.8 million, or $0.04
basic and diluted loss per share, for the same period in 2017. The
increase in our net loss was primarily due to a $0.8 million
decrease in time charter equivalent revenues, partially offset by a
$0.3 million decrease in general and administrative expenses. Our
Adjusted EBITDA was $1.1 million, representing a decrease of $0.3
million from $1.4 million for the same period in 2017.
Results for the six months ended June 30, 2017 and
2018
For the six months ended June 30, 2018, we
reported a net loss of $0.7 million, or $0.03 basic and diluted
loss per share, compared to a net loss of $2.5 million, or $0.14
basic and diluted loss per share, for the same period in 2017. The
improvement in our net loss was primarily due to the gain from debt
extinguishment of $4.3 million and a $0.4 million decrease in
general and administrative expenses, partially offset by the
non-cash vessel impairment charge of $1.5 million related to the
write down of the carrying amount of Northsea Alpha and Northsea
Beta to their fair values, a $1.0 million decrease in time charter
equivalent revenues and a $0.4 million increase in interest and
finance costs, net. Our Adjusted EBITDA was $1.2 million,
representing a decrease of $0.5 million from $1.7 million for the
same period in 2017.
|
Three Months ended June 30, |
|
Six Months ended June 30, |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
(Thousands of U.S. dollars, except for daily TCE
rates) |
Voyage revenues |
8,383 |
|
6,977 |
|
16,023 |
|
13,567 |
Voyage related costs
and commissions |
(2,512) |
|
(1,882) |
|
(5,443) |
|
(3,939) |
Time charter equivalent
revenues* |
5,871 |
|
5,095 |
|
10,580 |
|
9,628 |
|
|
|
|
|
|
|
|
Total operating
days |
504 |
|
499 |
|
984 |
|
924 |
|
|
|
|
|
|
|
|
Daily time charter
equivalent rate* |
11,648 |
|
10,208 |
|
10,752 |
|
10,419 |
* 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, 2017 and
2018 (Amounts are presented in million U.S. dollars, rounded to
the nearest one hundred thousand, except as otherwise noted)
Voyage revenues: Voyage revenues of $7.0 million
for the three months ended June 30, 2018, represented a decrease of
$1.4 million, or 16.8%, from $8.4 million in the comparable period
in 2017. The decrease in gross voyage revenues during the second
quarter of 2018 was primarily due to lower time charter equivalent
rates, as well as to a slight decrease in total operating days
attributed to increased idle days between voyage charter
employments.
Voyage related costs and commissions: Voyage
related costs and commissions of $1.9 million for the three months
ended June 30, 2018, represented a decrease of $0.6 million, or
25.1%, from $2.5 million in the comparable period in 2017. The
decrease was primarily attributed to lower spot charter activity,
which incurs voyage costs.
Vessel operating expenses: Vessel operating
expenses of $3.0 million for the three months ended June 30, 2018,
represented a decrease of $0.1 million, or 4.5%, from $3.2 million
in the comparable period in 2017.
General and administrative expenses: General and
administrative expenses of $0.6 million for the three months ended
June 30, 2018, represented a decrease of $0.3 million, or 36.8%,
from $0.9 million in the comparable period in 2017. The decrease in
general and administrative expenses was primarily attributed to the
one-off expenses of $0.3 million that were incurred in the second
quarter of 2017 relating to the public equity offering that was
terminated in July 2017.
Management fees: For the three months ended June
30, 2018, management fees payable to Pyxis Maritime Corp.
("Maritime"), our ship manager, and to International Tanker
Management Ltd. ("ITM"), our fleet's technical manager, of $0.4
million in the aggregate, remained stable compared to the three
months ended June 30, 2017.
Amortization of special survey costs:
Amortization of special survey costs of less than $0.1 million for
the three months ended June 30, 2018, remained relatively stable
compared to the comparable period in 2017.
Depreciation: Depreciation of $1.4 million for
the three months ended June 30, 2018, remained flat compared to the
three months ended June 30, 2017.
Bad debt provisions: The gain from bad debt
provisions for the three months ended June 30, 2018, represented
receipts of doubtful trade accounts receivable within the
quarter.
Loss from financial derivative instrument: The
small loss from financial derivative instrument for the three
months ended June 30, 2018, relates to the net loss from the change
in fair value of the interest rate cap for a notional amount of
$10.0 million we purchased in January 2018. There was no such
instrument in the comparable period in 2017.
Interest and finance costs, net: Interest and
finance costs, net, of $1.0 million for the three months ended June
30, 2018, represented an increase of $0.2 million, or 33.7%, from
$0.7 million in the comparable period in 2017. The increase was
mainly attributed to the increase of the LIBOR-based interest rates
applied to our outstanding bank debt.
Management's Discussion and Analysis of
Financial Results for the Six Months ended June 30, 2017 and
2018 (Amounts are presented in million U.S. dollars, rounded to
the nearest one hundred thousand, except as otherwise noted)
Voyage revenues: Voyage revenues of $13.6
million for the six months ended June 30, 2018, represented a
decrease of $2.5 million, or 15.3%, from $16.0 million in the
comparable period in 2017. The decrease in gross voyage revenues
during the first six months of 2018 was primarily due to lower time
charter equivalent rates, as well as to a decrease in total
operating days attributed to increased idle days between voyage
charter employments and dry-docking days.
Voyage related costs and commissions: Voyage
related costs and commissions of $3.9 million for the six months
ended June 30, 2018, represented a decrease of $1.5 million, or
27.6%, from $5.4 million in the comparable period in 2017. The
decrease was primarily attributed to lower spot charter activity,
which incurs voyage costs.
Vessel operating expenses: Vessel operating
expenses of $6.3 million for the six months ended June 30, 2018,
represented an increase of $0.2 million, or 3.1%, from $6.1 million
in the comparable period in 2017. The increase was primarily
attributed to certain unscheduled repairs performed in one of the
vessels in our fleet.
General and administrative expenses: General and
administrative expenses of $1.2 million for the six months ended
June 30, 2018, represented a decrease of $0.4 million, or 26.1%,
from $1.7 million in the comparable period in 2017. The decrease in
general and administrative expenses was primarily attributed to the
one-off expenses of $0.3 million that were incurred in the second
quarter of 2017 relating to the public equity offering that was
terminated in July 2017, as well as to improved cost
efficiencies.
Management fees: For the six months ended June
30, 2018, management fees payable to Maritime, our ship manager,
and ITM, our fleet's technical manager, of $0.8 million in the
aggregate, remained stable compared to the six months ended June
30, 2017.
Amortization of special survey costs:
Amortization of special survey costs of $0.1 million for the six
months ended June 30, 2018, remained stable compared to the
comparable period in 2017.
Depreciation: Depreciation of $2.7 million for
the six months ended June 30, 2018, remained stable compared to the
comparable period in 2017.
Vessel impairment charge: Vessel impairment
charge of $1.5 million (non-cash) for the six months ended June 30,
2018, relates to the write down of the carrying amounts of Northsea
Alpha and Northsea Beta to their fair values. There was no such
charge recorded in the comparable period in 2017.
Bad debt provisions: Bad debt provisions of less
than $0.1 million for the six months ended June 30, 2018, compared
to $0.2 million for the six months ended June 30, 2017, represented
a decrease in doubtful trade accounts receivable recognized within
the period.
Gain from debt extinguishment: Gain from debt
extinguishment of $4.3 million for the six months ended June 30,
2018, relates to the refinancing of existing indebtedness of
Secondone, Thirdone and Fourthone with a new 5-year secured term
loan. Approximately $4.3 million was written-off by the previous
lender at closing, which was recorded as gain from debt
extinguishment in 2018. There was no such gain recorded in the
comparable period in 2017.
Gain from financial derivative instrument: The
gain from financial derivative instrument for the six months ended
June 30, 2018, relates to the net gain from the change in fair
value of the interest rate cap for a notional amount of $10.0
million we purchased in January 2018. There was no such instrument
in the comparable period in 2017.
Interest and finance costs, net: Interest and
finance costs, net, of $1.8 million for the six months ended June
30, 2018, represented an increase of $0.4 million, or 29.3%, from
$1.4 million in the comparable period in 2017. The increase was
mainly attributed to the increase of the LIBOR-based interest rates
applied to our outstanding bank debt, as well as the write-off of
the unamortized deferred financing costs following the refinancing
and extinguishment of the existing indebtedness of Secondone,
Thirdone and Fourthone.
Unaudited Consolidated Statements of Comprehensive
LossFor the three months ended June 30, 2017 and 2018(Expressed
in thousands of U.S. dollars, except for share and per share
data)
|
Three Months Ended |
|
Three Months Ended |
|
June 30, 2017 |
|
June 30, 2018 |
|
|
|
|
Voyage
revenues |
8,383 |
|
6,977 |
|
|
|
|
Expenses: |
|
|
|
Voyage related costs
and commissions |
(2,512) |
|
(1,882) |
Vessel operating
expenses |
(3,183) |
|
(3,039) |
General and
administrative expenses |
(918) |
|
(580) |
Management fees,
related parties |
(178) |
|
(179) |
Management fees,
other |
(233) |
|
(233) |
Amortization of special
survey costs |
(18) |
|
(29) |
Depreciation |
(1,388) |
|
(1,365) |
Bad debt
provisions |
- |
|
41 |
Operating loss |
(47) |
|
(289) |
|
|
|
|
Other
expenses: |
|
|
|
Loss from financial
derivative instrument |
- |
|
(4) |
Interest
and finance costs, net |
(721) |
|
(964) |
Total
other expenses, net |
(721) |
|
(968) |
|
|
|
|
Net
loss |
(768) |
|
(1,257) |
|
|
|
|
Loss per common
share, basic and diluted |
($0.04) |
|
($0.06) |
|
|
|
|
Weighted average
number of common shares, basic and diluted |
18,277,893 |
|
20,877,893 |
Unaudited Consolidated Statements of Comprehensive
LossFor the six months ended June 30, 2017 and 2018(Expressed
in thousands of U.S. dollars, except for share and per share
data)
|
Six
Months Ended |
|
Six
Months Ended |
|
June 30, 2017 |
|
June 30, 2018 |
|
|
|
|
Voyage
revenues |
16,023 |
|
13,567 |
|
|
|
|
Expenses: |
|
|
|
Voyage related costs
and commissions |
(5,443) |
|
(3,939) |
Vessel operating
expenses |
(6,148) |
|
(6,338) |
General and
administrative expenses |
(1,687) |
|
(1,247) |
Management fees,
related parties |
(353) |
|
(357) |
Management fees,
other |
(465) |
|
(465) |
Amortization of special
survey costs |
(36) |
|
(55) |
Depreciation |
(2,761) |
|
(2,738) |
Vessel impairment
charge |
- |
|
(1,543) |
Bad debt
provisions |
(181) |
|
(15) |
Operating loss |
(1,051) |
|
(3,130) |
|
|
|
|
Other (expenses) /
income: |
|
|
|
Gain from debt
extinguishment |
- |
|
4,306 |
Gain from financial
derivative instrument |
- |
|
7 |
Interest
and finance costs, net |
(1,420) |
|
(1,836) |
Total
other (expenses) / income, net |
(1,420) |
|
2,477 |
|
|
|
|
Net
loss |
(2,471) |
|
(653) |
|
|
|
|
Loss per common
share, basic and diluted |
($0.14) |
|
($0.03) |
|
|
|
|
Weighted average
number of common shares, basic and diluted |
18,277,893 |
|
20,877,893 |
Consolidated Balance SheetsAs of December 31, 2017 and
June 30, 2018 (unaudited)(Expressed in thousands of U.S. dollars,
except for share and per share data)
|
December 31, 2017 |
June 30, 2018 |
ASSETS |
|
|
|
|
|
CURRENT
ASSETS: |
|
|
Cash and cash
equivalents |
1,693 |
256 |
Restricted cash,
current portion |
141 |
144 |
Inventories |
1,016 |
1,167 |
Trade accounts
receivable, net |
703 |
1,698 |
Prepayments and other
assets |
342 |
665 |
Total current assets |
3,895 |
3,930 |
|
|
|
FIXED ASSETS,
NET: |
|
|
Vessels, net |
115,774 |
111,493 |
Total fixed assets, net |
115,774 |
111,493 |
|
|
|
OTHER NON-CURRENT
ASSETS: |
|
|
Restricted cash, net of
current portion |
4,859 |
4,746 |
Financial derivative
instrument |
- |
54 |
Deferred charges,
net |
285 |
498 |
Total other non-current assets |
5,144 |
5,298 |
Total
assets |
124,813 |
120,721 |
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
Current portion of
long-term debt, net of deferred financing costs, current |
7,304 |
5,620 |
Trade accounts
payable |
2,293 |
3,799 |
Due to related
parties |
2,125 |
6,029 |
Accrued and other
liabilities |
809 |
993 |
Total current liabilities |
12,531 |
16,441 |
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
Long-term debt, net of
current portion and deferred financing costs, non-current |
59,126 |
51,777 |
Promissory note |
5,000 |
5,000 |
Total non-current liabilities |
64,126 |
56,777 |
|
|
|
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; |
|
|
20,877,893 shares
issued and outstanding |
|
|
at each of December 31,
2017 and June 30, 2018) |
21 |
21 |
Additional paid-in
capital |
74,766 |
74,766 |
Accumulated
deficit |
(26,631) |
(27,284) |
Total stockholders' equity |
48,156 |
47,503 |
Total
liabilities and stockholders' equity |
124,813 |
120,721 |
Unaudited Consolidated Statements of Cash FlowFor the six
months ended June 30, 2017 and 2018(Expressed in thousands of U.S.
dollars)
|
Six
Months Ended |
Six
Months Ended |
|
June 30, 2017 |
June 30, 2018 |
|
|
|
Cash flows from
operating activities: |
|
|
Net loss |
(2,471) |
(653) |
Adjustments to
reconcile net loss to net cash provided by operating
activities: |
|
|
Depreciation |
2,761 |
2,738 |
Amortization of special
survey costs |
36 |
55 |
Amortization and
write-off of financing costs |
78 |
146 |
Vessel impairment
charge |
- |
1,543 |
Gain from debt
extinguishment |
- |
(4,306) |
Change in fair value of
financial derivative instrument |
- |
(54) |
Bad debt
provisions |
181 |
15 |
Changes in assets
and liabilities: |
|
|
Inventories |
568 |
(151) |
Trade accounts
receivable, net |
(6) |
(1,010) |
Prepayments and other
assets |
67 |
(323) |
Special survey
cost |
- |
(268) |
Trade accounts
payable |
78 |
1,560 |
Due to related
parties |
2,170 |
3,904 |
Accrued
and other liabilities |
32 |
184 |
Net
cash provided by operating activities |
3,494 |
3,380 |
|
|
|
Cash flow from
investing activities: |
|
|
Net cash provided by / (used in) investing activities |
- |
- |
|
|
|
Cash flows from
financing activities: |
|
|
Proceeds from long-term
debt |
- |
20,500 |
Repayment of long-term
debt |
(3,531) |
(24,901) |
Common stock offering
costs |
- |
(54) |
Payment
of financing costs |
(190) |
(472) |
Net
cash used in financing activities |
(3,721) |
(4,927) |
|
|
|
Net decrease in cash
and cash equivalents and restricted cash |
(227) |
(1,547) |
|
|
|
Cash and cash
equivalents and restricted cash at the beginning of the
period |
5,783 |
6,693 |
|
|
|
Cash and cash equivalents and restricted cash at the end of the
period |
5,556 |
5,146 |
Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of June 30,
2018, we were required to maintain minimum liquidity of $4.9
million. Total cash and cash equivalents, including restricted
cash, aggregated to $5.1 million as of June 30, 2018.
Total debt (in thousands of U.S. dollars), net
of deferred financing costs:
|
|
As
of December |
|
As
of June |
|
|
31, 2017 |
|
30, 2018 |
Bank debt |
$ |
66,430 |
$ |
57,397 |
Promissory Note -
related party |
|
5,000 |
|
5,000 |
Total |
$ |
71,430 |
$ |
62,397 |
Our weighted average interest rate on our total
funded debt for the six months ended June 30, 2018 was 5.05%.
ATM Program: On March 30, 2018, we filed a
prospectus supplement with the Securities and Exchange Commission
for an at-the-market program to potentially publicly sell up to
$2.3 million of our shares of common stock. To date, we have chosen
not to sell any shares under this program.
Promissory Note: On June 29, 2018, we entered
into an amendment to the promissory note we issued in favor of
Maritime Investors Corp. on October 28, 2015, as amended and
restated on December 29, 2017, pursuant to which (i) the maturity
date was extended to March 31, 2020, and (ii) the fixed interest
rate was increased to 4.5% per annum, effective from July 1, 2018
until maturity.
Loan Agreements: In July 2018, we agreed with
one of our lenders, subject to the completion of final
documentation, to amend the minimum liquidity requirement to $3.5
million for the six existing vessels, including provisions for
further adjustments in the event of future vessel acquisitions or
sales, in exchange for an increase in minimum deposit from $0.75
million to $1.05 million until at least December 31, 2019.
Non-GAAP Measures and Definitions
Earnings before interest, taxes, depreciation
and amortization ("EBITDA") represents the sum of net income /
(loss), interest and finance costs, depreciation and amortization
and, if any, income taxes during a period. Adjusted EBITDA
represents EBITDA before vessel impairment charge, gain from debt
extinguishment and gain / (loss) from financial derivative
instrument. EBITDA and Adjusted EBITDA are not recognized
measurements under U.S. Generally Accepted Accounting Principles
("GAAP").
EBITDA and Adjusted EBITDA are presented in this
press release as we believe that they provide investors with means
of evaluating and understanding how our management evaluates
operating performance. These non-GAAP measures should not be
considered in isolation from, as a substitute for, or superior to
financial measures prepared in accordance with U.S. GAAP. In
addition, these non-GAAP measures do not have standardized
meanings, and are 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, 2017 |
|
June 30, 2018 |
|
June 30, 2017 |
|
June 30, 2018 |
Reconciliation of Net
loss to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(768) |
$ |
(1,257) |
$ |
(2,471) |
$ |
(653) |
|
|
|
|
|
|
|
|
|
Depreciation |
|
1,388 |
|
1,365 |
|
2,761 |
|
2,738 |
|
|
|
|
|
|
|
|
|
Amortization of special
survey costs |
|
18 |
|
29 |
|
36 |
|
55 |
|
|
|
|
|
|
|
|
|
Interest and finance
costs, net |
|
721 |
|
964 |
|
1,420 |
|
1,836 |
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
1,359 |
$ |
1,101 |
$ |
1,746 |
$ |
3,976 |
|
|
|
|
|
|
|
|
|
Vessel impairment
charge |
|
- |
|
- |
|
- |
|
1,543 |
|
|
|
|
|
|
|
|
|
Gain from debt
extinguishment |
|
- |
|
- |
|
- |
|
(4,306) |
|
|
|
|
|
|
|
|
|
Loss / (gain) from
financial derivative instrument |
|
- |
|
4 |
|
- |
|
(7) |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
1,359 |
$ |
1,105 |
$ |
1,746 |
$ |
1,206 |
Daily time charter equivalent ("TCE") is a
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 calculate TCE by dividing
voyage revenues after deducting voyage related costs and
commissions by operating days for the relevant period. Voyage
related costs and commissions primarily consist of brokerage
commissions, port, canal and fuel costs that are unique to a
particular voyage, which would otherwise be paid by the charterer
under a time charter contract.
Vessel operating expenses ("Opex") per day are
our vessel operating expenses for a vessel, which primarily consist
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. We use fleet utilization to measure
our efficiency in finding suitable employment for our vessels and
minimizing the amount of days that our 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. Ownership days are the total number of days in
a period during which we owned each of the vessels in our fleet.
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. 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.
Recent Daily Fleet
Data: |
|
|
|
|
|
|
|
|
|
(Amounts in U.S.$) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2017 |
|
2018 |
|
2017 |
|
2018 |
Eco-Efficient MR2:
(2 of our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
12,354 |
|
11,773 |
|
13,151 |
|
12,863 |
|
Opex |
|
6,012 |
|
5,719 |
|
5,818 |
|
5,864 |
|
Utilization % |
|
93.4% |
|
95.6% |
|
89.0% |
|
93.6% |
Eco-Modified MR2: (1 of
our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
16,046 |
|
13,596 |
|
13,475 |
|
11,785 |
|
Opex |
|
6,989 |
|
5,978 |
|
6,669 |
|
6,768 |
|
Utilization % |
|
91.2% |
|
100.0% |
|
94.5% |
|
83.6% |
Standard MR2: (1 of
our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
12,788 |
|
7,751 |
|
11,483 |
|
10,944 |
|
Opex |
|
5,628 |
|
5,513 |
|
5,778 |
|
5,830 |
|
Utilization % |
|
100.0% |
|
96.7% |
|
98.3% |
|
98.3% |
Small Tankers: (2 of
our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
7,969 |
|
7,712 |
|
6,380 |
|
6,391 |
|
Opex |
|
5,171 |
|
5,234 |
|
4,942 |
|
5,346 |
|
Utilization % |
|
87.9% |
|
80.2% |
|
86.5% |
|
75.7% |
Fleet: (6
vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
11,648 |
|
10,208 |
|
10,752 |
|
10,419 |
|
Opex |
|
5,830 |
|
5,566 |
|
5,661 |
|
5,836 |
|
Utilization % |
|
92.3% |
|
91.4% |
|
90.6% |
|
86.8% |
Conference Call and Webcast
We will host a conference call to discuss our
results at 9:00 a.m., Eastern Time, on August 10, 2018.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: 1
(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or
(+44) (0) 1452 542 301 (Standard International Dial In). Please
quote "Pyxis Tankers."
A telephonic replay of the conference call will
be available until Friday, August 17, 2018. The United States
replay number is 1 (866) 247-4222; from the UK 0(800) 953-1533; the
standard international replay number is (+44) (0) 1452 550 000 and
the access code required for the replay is: 5478965#.
A live webcast of the conference call will be
available through our website (http://www.pyxistankers.com) under
our Events & Presentations page. Webcast participants of the
live conference call should register on the website approximately
10 minutes prior to the start of the webcast and can also access it
through the following link:
https://event.on24.com/wcc/r/1773410/8B3933BDB474EC221A40D2226B770427
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 positioned to opportunistically expand and maximize our
fleet due to competitive cost structure, strong customer
relationships and an experienced management team whose interests
are aligned with those of its shareholders. For more information,
visit: http://www.pyxistankers.com.
Pyxis Tankers Fleet (as of August 6, 2018)
|
|
|
Carrying |
|
|
Charter |
|
Anticipated |
|
|
|
Capacity |
Year |
Type of |
Rate |
|
Redelivery |
Vessel Name |
Shipyard |
Vessel Type |
(dwt) |
Built |
Charter |
(per day) (1) |
|
Date |
Pyxis Epsilon |
SPP / S. Korea |
MR |
50,295 |
2015 |
Spot |
n/a |
|
n/a |
Pyxis Theta |
SPP / S. Korea |
MR |
51,795 |
2013 |
Spot |
n/a |
|
n/a |
Pyxis Malou |
SPP / S. Korea |
MR |
50,667 |
2009 |
Time |
$14,000 |
|
Aug.
2018 |
Pyxis Delta |
Hyundai / S. Korea |
MR |
46,616 |
2006 |
Spot |
n/a |
|
n/a |
Northsea Alpha |
Kejin / China |
Small Tanker |
8,615 |
2010 |
Spot |
n/a |
|
n/a |
Northsea Beta |
Kejin / China |
Small Tanker |
8,647 |
2010 |
Spot |
n/a |
|
n/a |
|
|
|
216,635 |
|
|
|
|
|
- This table shows gross rates and does not reflect any
commissions payable.
Our next drydocking is for the Pyxis Theta,
scheduled in the third quarter of 2018. 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,"
"seek," "predict," "schedule," "project," "intend," "plan,"
"anticipate," "believe," "estimate," "potential," "position,"
"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 under the caption "Risk Factors" in our Annual Report on
Form 20-F for the fiscal year ended December 31, 2017. 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 StreetMaroussi 15125
Greeceinfo@pyxistankers.com
Visit our website at www.pyxistankers.com
Company Contact
Henry WilliamsChief Financial OfficerTel: +30 (210) 638 0200 /
+1 (516) 455-0106Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.
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