Pyxis Tankers Inc. Announces Financial Results
for the Three and Nine Months Ended September 30, 2018
Maroussi, Greece, November 14, 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 nine months
ended September 30, 2018.
Summary
- For the three months ended September 30, 2018, our time charter
equivalent revenues, which we define as voyage revenues, net of
voyage related costs and commissions, were $2.6 million, which
resulted in net loss of $4.1 million, or loss per share (basic and
diluted) of $0.20, and our Adjusted EBITDA was negative $1.5
million (see "Non-GAAP Measures and Definitions" below).
- On September 27, 2018, Eighthone Corp. ("Eighthone"), our
vessel owning subsidiary that owns the Pyxis Epsilon, entered into
a new $24.0 million loan agreement for the purpose of refinancing
the outstanding indebtedness. After repayment of existing bank
debt, the new 5-year secured loan provided us approximately $7.3
million of additional liquidity for general corporate
purposes.
Valentios Valentis, our
Chairman and CEO commented:
"The financial results for the third quarter of
2018 were disappointing. Our anticipated improvement in chartering
activity late summer did not occur and, consequently, we suffered
lower charter rates and vessel utilization. The spot chartering
environment was especially difficult and attractive period charters
of 12 months or more were virtually non-existent. In our opinion,
there was no single demonstrative reason for these depressed
conditions. During the quarter, we saw historically high refinery
utilization in the U.S. But high seasonal U.S. domestic consumption
of refined products combined with a stronger U.S. dollar resulted
in lower exports out of the U.S. Gulf, especially within the
Atlantic basin. Other contributing factors included extended
refinery maintenance in certain parts of the globe, lower import
activity in West Africa and intrusion by larger vessels, including
crude carriers on their maiden voyages.
"During these challenging times, we have focused
on improving balance sheet liquidity and maintaining a disciplined
cost structure. The refinance of the indebtedness related to the
Pyxis Epsilon in September provided us with a number of benefits,
most importantly, $7.3 million of additional liquidity and a longer
scheduled loan amortization. In the third quarter of 2018, our
total daily operational costs for our eco-efficient and modified MR
tankers increased by only 1% compared to the year-ago period, or to
$7,938 per vessel, despite certain unscheduled repairs for the
Pyxis Theta, performed during the vessel's special survey in the
most recent quarter, and higher petroleum lubricant prices. Our
substantially fixed cost structure combined with the current
charter positions is expected to provide us with significant
operating leverage when charter rates improve.
"We are still of the belief that charter rates
have bounced off the bottom and that better times are ahead of us.
While demand slowed slightly due to temporary and seasonal factors,
global GDP growth remains solid. We believe the new IMO sulphur
regulations for the shipping industry starting January 1, 2020 will
be especially positive for the MR2 segment. Inventory stocking of
alternatives to traditional bunker fuel, including the potential
introduction of approved blends and more MGO, starting in the fall,
2019 should result in increasing trade routes and ton-mile demand
for MR2. The size and flexibility of this class of vessel,
especially for eco units, should lead to incremental demand, on top
of the positive long term supply/demand fundamentals." Results
for the three months ended September 30, 2017 and 2018
For the three months ended September 30, 2018,
we reported a net loss of $4.1 million, or $0.20 basic and diluted
loss per share, compared to a net loss of $1.3 million, or $0.07
basic and diluted loss per share, for the same period in 2017. The
increase in our net loss was primarily due to a $2.6 million
decrease in time charter equivalent revenues and a $0.5 million
increase in interest and finance costs, net, partially offset by a
$0.2 million aggregate decrease in vessel operating expenses and
general and administrative expenses. Our Adjusted EBITDA was
negative $1.5 million, representing a decrease of $2.4 million from
positive $0.8 million for the same period in 2017.
Results for the nine months ended September 30, 2017 and
2018
For the nine months ended September 30, 2018, we
reported a net loss of $4.8 million, or $0.23 basic and diluted
loss per share, compared to a net loss of $3.8 million, or $0.21
basic and diluted loss per share, for the same period in 2017. The
increase in our net loss was primarily due to a $3.5 million
decrease in time charter equivalent revenues, 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 and a $0.9 million increase in interest and finance costs,
net, partially offset by the gain from debt extinguishment of $4.3
million and a $0.5 million decrease in general and administrative
expenses. Our Adjusted EBITDA was negative $0.3 million,
representing a decrease of $2.9 million from positive $2.6 million
for the same period in 2017.
|
Three Months ended September 30, |
|
Nine Months ended September 30, |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
(Thousands of U.S. dollars, except for daily TCE
rates) |
Voyage revenues |
6,305 |
|
7,415 |
|
22,328 |
|
20,982 |
Voyage related costs
and commissions |
(1,154) |
|
(4,844) |
|
(6,597) |
|
(8,783) |
Time charter equivalent
revenues* |
5,151 |
|
2,571 |
|
15,731 |
|
12,199 |
|
|
|
|
|
|
|
|
Total operating
days |
486 |
|
431 |
|
1,470 |
|
1,355 |
|
|
|
|
|
|
|
|
Daily time charter
equivalent rate* |
10,600 |
|
5,967 |
|
10,701 |
|
9,003 |
* Subject to rounding; please see "Non-GAAP
Measures and Definitions" below
Management's Discussion and Analysis of
Financial Results for the Three Months ended September 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 $7.4 million
for the three months ended September 30, 2018, representing an
increase of $1.1 million, or 17.6%, from $6.3 million in the
comparable period in 2017. The increase in gross voyage revenues
during the third quarter of 2018 was primarily due to greater spot
charter activity, partially offset by lower time charter equivalent
rates, as well as a decrease in total operating days attributed to
increased idle days for our vessels between spot charter
employments and dry-docking days.
Voyage related costs and commissions: Voyage
related costs and commissions of $4.8 million for the three months
ended September 30, 2018, representing an increase of $3.7 million,
or 319.8%, from $1.2 million in the comparable period in 2017. The
increase was primarily attributed to greater spot charter activity,
which incurs voyage costs.
Vessel operating expenses: Vessel operating
expenses of $3.1 million for the three months ended September 30,
2018, representing a decrease of $0.1 million, or 4.2%, from $3.3
million in the comparable period in 2017. The decrease was
primarily attributed to cost efficiency increases through most of
our fleet in the period.
General and administrative expenses: General and
administrative expenses of $0.5 million for the three months ended
September 30, 2018, representing a slight decrease of less than
$0.1 million, or 7.3%, from $0.6 million in the comparable period
in 2017.
Management fees: For the three months ended
September 30, 2018, management fees payable to Pyxis Maritime Corp.
("Maritime"), our ship manager that is beneficially owned by Mr.
Valentios Valentis, our Chairman and Chief Executive Officer, and
to International Tanker Management Ltd. ("ITM"), our fleet's
technical manager, of $0.4 million in the aggregate, remained flat
compared to the three months ended September 30, 2017.
Amortization of special survey costs:
Amortization of special survey costs of less than $0.1 million for
the three months ended September 30, 2018, remained relatively flat
compared to the same period in 2017.
Depreciation: Depreciation of $1.4 million for
the three months ended September 30, 2018, remained flat compared
to the three months ended September 30, 2017.
Gain from financial derivative instrument: The
gain from financial derivative instrument for the three months
ended September 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. We did not enter into
such instrument during the comparable period in 2017.
Interest and finance costs, net: Interest and
finance costs, net, of $1.2 million for the three months ended
September 30, 2018, represented an increase of $0.5 million, or
62.3%, 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 loans, as well as the
write-off of the unamortized deferred financing costs following the
refinancing of the existing indebtedness of Eighthone.
Management's Discussion and Analysis of
Financial Results for the Nine Months ended September 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 $21.0
million for the nine months ended September 30, 2018, representing
a decrease of $1.3 million, or 6.0%, from $22.3 million in the
comparable period in 2017. The decrease in gross voyage revenues
during the first nine 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 for our vessels
between spot charter employments and dry-docking days.
Voyage related costs and commissions: Voyage
related costs and commissions of $8.8 million for the nine months
ended September 30, 2018, representing an increase of $2.2 million,
or 33.1%, from $6.6 million in the comparable period in 2017. The
increase was primarily attributed to greater spot charter activity,
which incurs voyage costs.
Vessel operating expenses: Vessel operating
expenses of $9.5 million for the nine months ended September 30,
2018, representing a slight increase of less than $0.1 million, or
0.6%, from $9.4 million in the comparable period in 2017.
General and administrative expenses: General and
administrative expenses of $1.8 million for the nine months ended
September 30, 2018, representing a decrease of $0.5 million, or
21.2%, from $2.3 million in the comparable period in 2017. The
decrease in general and administrative expenses was substantially
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 nine months ended
September 30, 2018, management fees payable to Maritime and ITM of
$1.2 million in the aggregate, remained flat compared to the nine
months ended September 30, 2017.
Amortization of special survey costs:
Amortization of special survey costs of $0.1 million for the nine
months ended September 30, 2018, remained relatively flat compared
to the same period in 2017.
Depreciation: Depreciation of $4.1 million for
the nine months ended September 30, 2018, remained relatively flat
compared to the same period in 2017.
Vessel impairment charge: Vessel impairment
charge of $1.5 million (non-cash) for the nine months ended
September 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 nine months ended September 30, 2018,
compared to $0.2 million for the nine months ended September 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 nine months ended September
30, 2018, relates to the refinancing of existing indebtedness of
Secondone Corporation Ltd ("Secondone"), Thirdone Corporation Ltd
("Thirdone") and Fourthone Corporation Ltd ("Fourthone") with a new
5-year secured term loan, finalized in the first quarter of 2018.
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 nine months ended
September 30, 2018, relates to the net gain from the change in fair
value of the interest rate cap. We did not enter into such
instrument during the comparable period in 2017.
Interest and finance costs, net: Interest and
finance costs, net, of $3.0 million for the nine months ended
September 30, 2018, represented an increase of $0.9 million, or
40.6%, from $2.2 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 loans, as well as the
write-off of the unamortized deferred financing costs following the
refinancing and extinguishment of the existing indebtedness of
Secondone, Thirdone, Fourthone and Eighthone.
Unaudited Interim Consolidated Statements of Comprehensive
LossFor the three months ended September 30, 2017 and
2018(Expressed in thousands of U.S. dollars, except for share and
per share data)
|
Three Months Ended |
|
Three Months Ended |
|
September 30, 2017 |
|
September 30, 2018 |
|
|
|
|
Voyage
revenues |
6,305 |
|
7,415 |
|
|
|
|
Expenses: |
|
|
|
Voyage related costs
and commissions |
(1,154) |
|
(4,844) |
Vessel operating
expenses |
(3,266) |
|
(3,130) |
General and
administrative expenses |
(589) |
|
(546) |
Management fees,
related parties |
(179) |
|
(181) |
Management fees,
other |
(232) |
|
(232) |
Amortization of special
survey costs |
(18) |
|
(33) |
Depreciation |
(1,403) |
|
(1,381) |
Bad debt
provisions |
(50) |
|
2 |
Operating loss |
(586) |
|
(2,930) |
|
|
|
|
Other (expenses) /
income: |
|
|
|
Gain from financial
derivative instrument |
- |
|
5 |
Interest
and finance costs, net |
(737) |
|
(1,196) |
Total
other expenses, net |
(737) |
|
(1,191) |
|
|
|
|
Net
loss |
(1,323) |
|
(4,121) |
|
|
|
|
Loss per common
share, basic and diluted |
($0.07) |
|
($0.20) |
|
|
|
|
Weighted average
number of common shares, basic and diluted |
18,277,893 |
|
20,877,893 |
Unaudited Interim Consolidated Statements of Comprehensive
LossFor the nine months ended September 30, 2017 and
2018(Expressed in thousands of U.S. dollars, except for share and
per share data)
|
Nine Months Ended |
|
Nine Months Ended |
|
September 30, 2017 |
|
September 30, 2018 |
|
|
|
|
Voyage
revenues |
22,328 |
|
20,982 |
|
|
|
|
Expenses: |
|
|
|
Voyage related costs
and commissions |
(6,597) |
|
(8,783) |
Vessel operating
expenses |
(9,414) |
|
(9,468) |
General and
administrative expenses |
(2,276) |
|
(1,793) |
Management fees,
related parties |
(532) |
|
(538) |
Management fees,
other |
(697) |
|
(697) |
Amortization of special
survey costs |
(54) |
|
(88) |
Depreciation |
(4,164) |
|
(4,119) |
Vessel impairment
charge |
- |
|
(1,543) |
Bad debt
provisions |
(231) |
|
(13) |
Operating loss |
(1,637) |
|
(6,060) |
|
|
|
|
Other (expenses) /
income: |
|
|
|
Gain from debt
extinguishment |
- |
|
4,306 |
Gain from financial
derivative instrument |
- |
|
12 |
Interest
and finance costs, net |
(2,157) |
|
(3,032) |
Total
other (expenses) / income, net |
(2,157) |
|
1,286 |
|
|
|
|
Net
loss |
(3,794) |
|
(4,774) |
|
|
|
|
Loss per common
share, basic and diluted |
($0.21) |
|
($0.23) |
|
|
|
|
Weighted average
number of common shares, basic and diluted |
18,277,893 |
|
20,877,893 |
Consolidated Balance SheetsAs of December 31, 2017 and
September 30, 2018 (unaudited)(Expressed in thousands of U.S.
dollars, except for share and per share data)
|
December 31, 2017 |
September 30, 2018 |
ASSETS |
|
|
|
|
|
CURRENT
ASSETS: |
|
|
Cash and cash
equivalents |
1,693 |
7,383 |
Restricted cash,
current portion |
141 |
- |
Inventories |
1,016 |
1,920 |
Trade accounts
receivable, net |
703 |
2,077 |
Prepayments and other
assets |
342 |
587 |
Total current assets |
3,895 |
11,967 |
|
|
|
FIXED ASSETS,
NET: |
|
|
Vessels, net |
115,774 |
110,112 |
Total fixed assets, net |
115,774 |
110,112 |
|
|
|
OTHER NON-CURRENT
ASSETS: |
|
|
Restricted cash, net of
current portion |
4,859 |
3,490 |
Financial derivative
instrument |
- |
59 |
Deferred charges,
net |
285 |
784 |
Total other non-current assets |
5,144 |
4,333 |
Total
assets |
124,813 |
126,412 |
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
Current portion of
long-term debt, net of deferred financing costs, current |
7,304 |
4,227 |
Trade accounts
payable |
2,293 |
6,276 |
Due to related
parties |
2,125 |
7,471 |
Accrued and other
liabilities |
809 |
839 |
Total current liabilities |
12,531 |
18,813 |
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
Long-term debt, net of
current portion and deferred financing costs, non-current |
59,126 |
59,217 |
Promissory note |
5,000 |
5,000 |
Total non-current liabilities |
64,126 |
64,217 |
|
|
|
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 September 30, 2018) |
21 |
21 |
Additional paid-in
capital |
74,766 |
74,766 |
Accumulated
deficit |
(26,631) |
(31,405) |
Total stockholders' equity |
48,156 |
43,382 |
Total
liabilities and stockholders' equity |
124,813 |
126,412 |
Unaudited Interim Consolidated Statements of Cash FlowFor
the nine months ended September 30, 2017 and 2018(Expressed in
thousands of U.S. dollars)
|
Nine Months Ended |
Nine Months Ended |
|
September 30, 2017 |
September 30, 2018 |
|
|
|
Cash flows from
operating activities: |
|
|
Net loss |
(3,794) |
(4,774) |
Adjustments to
reconcile net loss to net cash provided by operating
activities: |
|
|
Depreciation |
4,164 |
4,119 |
Amortization of special
survey costs |
54 |
88 |
Amortization and
write-off of financing costs |
116 |
318 |
Vessel impairment
charge |
- |
1,543 |
Gain from debt
extinguishment |
- |
(4,306) |
Change in fair value of
financial derivative instrument |
- |
(59) |
Bad debt
provisions |
231 |
13 |
Changes in assets
and liabilities: |
|
|
Inventories |
365 |
(904) |
Trade accounts
receivable, net |
367 |
(1,387) |
Prepayments and other
assets |
143 |
(245) |
Special survey
cost |
- |
(587) |
Trade accounts
payable |
(410) |
4,037 |
Due to related
parties |
3,824 |
5,346 |
Hire collected in
advance |
387 |
- |
Accrued
and other liabilities |
116 |
30 |
Net
cash provided by operating activities |
5,563 |
3,232 |
|
|
|
Cash flow from
investing activities: |
|
|
Net cash provided by / (used in) investing activities |
- |
- |
|
|
|
Cash flows from
financing activities: |
|
|
Proceeds from long-term
debt |
- |
44,500 |
Repayment of long-term
debt |
(5,552) |
(42,590) |
Common stock offering
costs |
- |
(54) |
Payment
of financing costs |
(190) |
(908) |
Net
cash (used in) / provided by financing activities |
(5,742) |
948 |
|
|
|
Net (decrease) /
increase in cash and cash equivalents and restricted cash |
(179) |
4,180 |
|
|
|
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 |
5,604 |
10,873 |
Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of September
30, 2018, we were required to maintain minimum liquidity of $3.5
million. Total cash and cash equivalents, including restricted
cash, aggregated to $10.9 million as of September 30, 2018.
Total funded debt (in thousands of U.S.
dollars), net of deferred financing costs:
|
|
As
of December |
|
As
of September |
|
|
31, 2017 |
|
30, 2018 |
Institutional debt |
$ |
66,430 |
$ |
63,444 |
Promissory Note -
related party |
|
5,000 |
|
5,000 |
Total |
$ |
71,430 |
$ |
68,444 |
Our weighted average interest rate on our total
funded debt for the nine months ended September 30, 2018 was 5.34%.
As of September 30, 2018, our net funded debt, net of deferred
financing costs, was $57.6 million.
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.
Loan Agreements: On September 27, 2018,
Eighthone Corp. ("Eighthone"), our vessel owning subsidiary that
owns the Pyxis Epsilon, entered into a new $24.0 million loan
agreement for the purpose of refinancing the outstanding
indebtedness. The new facility matures in September 2023 and is
secured by a first priority mortgage over the vessel, general
assignment covering earnings, insurances and requisition
compensation, an account pledge agreement and a share pledge
agreement concerning the respective vessel-owning subsidiary and
technical and commercial managers' undertakings. The new loan
facility bears an interest rate of 11.0% per annum and incurs fees
due upfront and upon early prepayment or final repayment of
outstanding principal. The principal obligation amortizes in 18
quarterly installments starting in March 29, 2019, equal to the
lower of $0.4 million and excess cash computed through a cash sweep
mechanism, plus a balloon payment due at maturity. The facility
also imposes certain customary covenants and restrictions with
respect to, among other things, the borrower's ability to
distribute dividends, incur additional indebtedness, create liens,
change its share capital, engage in mergers, or sell the vessel and
a minimum collateral value to outstanding loan principal. After
repayment of existing bank debt, the new 5-year secured loan
provided us approximately $7.3 million of additional liquidity for
general corporate purposes.
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 |
|
Nine Months Ended |
(In
thousands of U.S. dollars) |
|
September 30, 2017 |
|
September 30, 2018 |
|
September 30, 2017 |
|
September 30, 2018 |
Reconciliation of Net
loss to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(1,323) |
$ |
(4,121) |
$ |
(3,794) |
$ |
(4,774) |
|
|
|
|
|
|
|
|
|
Depreciation |
|
1,403 |
|
1,381 |
|
4,164 |
|
4,119 |
|
|
|
|
|
|
|
|
|
Amortization of special
survey costs |
|
18 |
|
33 |
|
54 |
|
88 |
|
|
|
|
|
|
|
|
|
Interest and finance
costs, net |
|
737 |
|
1,196 |
|
2,157 |
|
3,032 |
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
835 |
$ |
(1,511) |
$ |
2,581 |
$ |
2,465 |
|
|
|
|
|
|
|
|
|
Vessel impairment
charge |
|
- |
|
- |
|
- |
|
1,543 |
|
|
|
|
|
|
|
|
|
Gain from debt
extinguishment |
|
- |
|
- |
|
- |
|
(4,306) |
|
|
|
|
|
|
|
|
|
Gain from financial
derivative instrument |
|
- |
|
(5) |
|
- |
|
(12) |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
835 |
$ |
(1,516) |
$ |
2,581 |
$ |
(310) |
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. TCE revenues are reconciled to
voyage revenues, the nearest GAAP measure, elsewhere in this press
release.
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 September 30, |
|
Nine Months Ended September 30, |
|
|
|
2017 |
|
2018 |
|
2017 |
|
2018 |
Eco-Efficient MR2:
(2 of our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
12,892 |
|
4,150 |
|
13,057 |
|
10,303 |
|
Opex |
|
5,871 |
|
6,399 |
|
5,836 |
|
6,044 |
|
Utilization % |
|
100.0% |
|
82.9% |
|
92.7% |
|
90.2% |
Eco-Modified MR2: (1 of
our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
10,838 |
|
12,143 |
|
12,634 |
|
11,925 |
|
Opex |
|
6,351 |
|
5,779 |
|
6,562 |
|
6,435 |
|
Utilization % |
|
87.0% |
|
92.4% |
|
91.9% |
|
86.9% |
Standard MR2: (1 of
our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
12,768 |
|
4,737 |
|
11,921 |
|
9,019 |
|
Opex |
|
5,946 |
|
6,017 |
|
5,835 |
|
5,893 |
|
Utilization % |
|
100.0% |
|
87.0% |
|
98.9% |
|
94.5% |
Small Tankers: (2 of
our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
5,673 |
|
4,603 |
|
6,172 |
|
5,831 |
|
Opex |
|
5,727 |
|
4,715 |
|
5,207 |
|
5,133 |
|
Utilization % |
|
70.7% |
|
67.9% |
|
81.1% |
|
73.1% |
Fleet: (6
vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
10,600 |
|
5,967 |
|
10,701 |
|
9,003 |
|
Opex |
|
5,916 |
|
5,670 |
|
5,747 |
|
5,780 |
|
Utilization % |
|
88.0% |
|
80.1% |
|
89.7% |
|
84.6% |
2018 Annual General Meeting Results
On November 13, 2017, we held our 2018 Annual
General Meeting of Shareholders pursuant to a Notice of Annual
Meeting of Shareholders dated October 18, 2018. At the
meeting, Mr. Valentios Valentis was elected as our Class I Director
to serve until our 2021 Annual Meeting of Shareholders.
Conference Call and Webcast
We will host a conference call to discuss our
results at 4:30 p.m., Eastern Time, on Wednesday, November 14,
2018.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: 1
(877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll
Free Dial In) or +44 (0) 2071 928592 (Standard International Dial
In). Please quote "Pyxis Tankers."
A telephonic replay of the conference call will
be available until Wednesday, November 21, 2018, by dialing 1(866)
331-1332 (US Toll Free Dial In), 0(808) 238-0667 (UK Toll Free Dial
In) or +44 (0) 3333 009785 (Standard International Dial In). 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/1824121/09172CD0DDEA669A2D159D902D8B18C3
An archived version of the webcast will be
available on the website within approximately two hours of the
completion of the call.
None of the information contained on our
website, including the webcast, shall be deemed a part of this
press release.
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 November 13, 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 |
Time |
$13,350 |
|
Jan.
2019 |
Pyxis Theta (2) |
SPP / S. Korea |
MR |
51,795 |
2013 |
Time |
$13,800 |
|
Apr.
2019 |
Pyxis Malou |
SPP / S. Korea |
MR |
50,667 |
2009 |
Spot |
n/a |
|
n/a |
Pyxis Delta |
Hyundai / S. Korea |
MR |
46,616 |
2006 |
Time |
$12,800 |
|
Mar.
2019 |
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
- Upon redelivery from current spot employment (December 2018),
Pyxis Theta is fixed on a time charter for about 6 months +/- 45
days in charterers' option, at $13,800 per day with earliest
redelivery in April 2019
During the third quarter of 2018, the Pyxis
Theta had her first special survey that lasted 14 days and resulted
in $0.3 million incurred dry-docking costs. 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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