Pyxis Tankers Inc. Announces Financial Results
for the Three Months Ended March 31, 2019
Maroussi, Greece, May 21, 2019 - 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 months ended March 31, 2019.
Summary
For the three months ended March 31, 2019, our
time charter equivalent revenues were $4.8 million which
contributed to a net loss of $2.3 million, or a loss per share
(basic and diluted) of $0.11 and our Adjusted EBITDA (see "Non-GAAP
Measures and Definitions" below) was $0.5 million.
Valentios Valentis, our Chairman and CEO
commented:
"Our operating results for the first quarter of
2019 reflected the contribution from the short-term time charters
of our medium-range product tankers ("MR") which we had entered
into during the fourth quarter of 2018 as well as continued cost
discipline. The average TCE for our MR's was approximately $12,700
during the quarter. The continued underperformance of our smaller
tankers reduced our improving fleet-wide results for the
period.
During Q1 2019, our eco-modified MR, the Pyxis
Malou, completed her 10th year special survey, including
installation of a U.S. Coast Guard approved ballast water treatment
system. This major dry-docking was completed within a total of 28
days of off-hire and at a total cost of $1.4 million, including the
environmental upgrade. Upon re-delivery from the shipyard, the
vessel was employed under a short-term time charter which expires
in the Fall, 2019. During the most recent quarter, we took the
opportunity to fix two of our younger MR's operating under time
charters at a rate of approximately $15,400/day/vessel for one year
with a charterer's option to extend for an additional year at
$17,500/day/vessel starting in the second quarter 2020. The Pyxis
Delta will finish her time charter shortly, and we would expect it,
along with the Pyxis Malou and the two Handysize tankers, to
operate in the spot market upon completion of their existing
charters since we believe rates will improve in the second half of
this year. As of May 17, 2019, 43% of remaining days of 2019,
excluding optional periods, are covered with our MR's at a gross
rate of approximately $15,000/day.
We believe that we may see a sustainable
improvement in vessel earnings based upon the positive fundamentals
of supply and demand growth, plus incremental demand for the MR
sector with the start of IMO 2020 regulations. Continued world-wide
demand growth for refined petroleum products of 3% or more per
annum should outpace the declining orderbook for MR's, especially
after vessel scrapping and delays in new build deliveries. The
distribution of new compliant low-sulphur fuels through the massive
global network of ports and marine storage facilities should
increase ton-mile demand and expand trading routes for MR's.
The possibility of arbitrage opportunities within our sector
would be icing on the cake.
During the first quarter of 2019, we continued
to focus on the efficiency of our operating structure, with our
fleet-wide daily operating expenses of $6,022 per vessel, an
improvement of 1.4% over the same period in 2018. Total daily
operational costs, which include management fees and General and
Administrative expenses, for our eco-efficient MR's continued to be
competitive within our sector at approximately $7,580/day.
Going forward, we plan to continue to focus on
providing a safe and efficient means of transporting refined
products for our customers under a strategy of mixed chartering
vessel employment. We plan to continue to explore avenues for
growth, strategically and through capital formation. We are
optimistic about the near-term prospects for our sector and the
Company, and look forward to taking advantage of the various
opportunities as they arise to enhance shareholder value."
Results for the three months ended March 31, 2018 and
2019
For the three months ended March 31, 2019, we
reported a net loss of $2.3 million or $0.11 basic and diluted loss
per share, compared to a net income of $0.6 million, or $0.03
earnings per share (basic and diluted), for the same period in
2018. The decrease in our comparative net income was primarily due
to two non-cash items recorded during the first quarter of 2018 - a
gain from debt extinguishment of $4.3 million which was partially
offset by the vessel impairment charge of $1.5 million relating to
the write down of the carrying amount of Northsea Alpha and
Northsea Beta to their then fair values. In addition, interest
expense increased by $0.6 million to $1.4 million during the three
month period ended March 31, 2019 compared to the same period in
2018. Our Adjusted EBITDA was $0.5 million for the three month
period ended March 31, 2019, an increase of $0.4 million from $0.1
million for the same period in 2018.
|
Three Months ended March 31, |
|
2018 |
|
2019 |
|
(Thousands of U.S.
dollars, except for daily TCE rates) |
Revenues, net |
6,590 |
|
6,724 |
Voyage related costs and
commissions |
(2,057) |
|
(1,951) |
Time charter equivalent
revenues* |
4,533 |
|
4,773 |
|
|
|
|
Total operating days |
425 |
|
449 |
|
|
|
|
Daily time charter equivalent
rate* |
10,667 |
|
10,631 |
* Subject to rounding; please see "Non-GAAP
Measures and Definitions" below.
Management's Discussion and Analysis of
Financial Results for the Three Months ended March 31, 2018 and
2019 (Amounts are presented in million U.S. dollars, rounded to
the nearest one hundred thousand, except as otherwise noted)
Revenues, net: Revenues, net of $6.7 million for
the three months ended March 31, 2019, represented an increase of
$0.1 million, or 2.0%, from $6.6 million in the comparable period
in 2018. The increase in revenues, net during the first quarter of
2019 related to an increase in total operating days attributed to
less idle days between voyage charter employments and as a result
of a greater time charter activity for the MRs compared to the
three-month period ended March 31, 2018.
Voyage related costs and commissions: Voyage
related costs and commissions of $2.0 million for the three months
ended March 31, 2019, represented a decrease of $0.1 million, or
5.2%, from $2.1 million in the comparable period in 2018. The
decrease was primarily attributed to lower spot chartering
activity, which incurs voyage costs. Under spot charters, all
voyage expenses are typically borne by us rather than the charterer
and a decrease in spot chartering results in a decrease in voyage
related costs and commissions.
Vessel operating expenses: Vessel operating
expenses of $3.3 million for the three months ended March 31, 2019,
remained at the same levels as the comparable period of 2018.
General and administrative expenses: General and
administrative expenses of $0.6 million for the three months ended
March 31, 2019 represented a decrease of $0.1 million, or 15.9%,
from $0.7 million in the comparable period in 2018. The decrease in
general and administrative expenses was primarily attributable to
improved cost efficiencies.
Management fees: For the three months ended
March 31, 2019, management fees paid to our ship manager, Pyxis
Maritime Corp. ("Maritime"), and to International Tanker Management
Ltd. ("ITM"), our fleet's technical manager, were $0.4 million in
aggregate and remained stable compared to the three-month period
ended March 31, 2018.
Amortization of special survey costs:
Amortization of special survey costs was less than $0.1 million for
the three-month period ended March 31, 2019, relatively the same as
the comparable period of 2018.
Depreciation: Depreciation of $1.3 million for
the three months ended March 31, 2019, represented a slight
decrease of less than $0.1 million, or 2.3%, from $1.4 million in
the comparable period in 2018.
Vessel impairment charge: No vessel impairment
was recorded for the three months ended March 31, 2019 compared to
a charge of $1.5 million related to the write down of the carrying
amounts of Northsea Alpha and Northsea Beta to their then fair
values in the comparable period in 2018.
Bad debt provisions: Bad debt provisions of less
than $0.1 million for the three months ended March 31, 2019,
represented a slight decrease in doubtful trade accounts receivable
compared to the same period ended March 31,
2018.
Gain from debt extinguishment: Gain from debt
extinguishment in the three months ended March 31, 2018, of $4.3
million, was the result of the early prepayment of loans from
Commerzbank when the existing debt for Northsea Alpha, Northsea
Beta and Pyxis Malou was refinanced in full with Amsterdam Trade
Bank, N.V. in February, 2018. There was no such gain recorded
in the comparable period in 2019.
Interest and finance costs, net: Interest and
finance costs, net, for the three months ended March 31, 2019 was
$1.4 million, compared to $0.9 million in the same period in 2018,
represented an increase of $0.6 million, or 64.1%. The increase was
attributable to higher LIBOR rates paid on floating rate bank debt
compared to the comparable period in 2018 and the refinancing of
the loans on four of our vessels at higher interest rates. The
total borrowings outstanding increased to $62.4 million at March
31, 2019 from $59.5 million at March 31, 2018 and the overall
weighted average interest rate increased to 8.0% in 2019 from 4.5%
in the comparable period in 2018.
Unaudited Consolidated Statements of Comprehensive Income /
(Loss)For the three months ended March 31, 2018 and
2019(Expressed in thousands of U.S. dollars, except for share and
per share data)
|
|
Three Months Ended |
|
Three Months Ended |
|
|
March 31, 2018 |
|
March 31, 2019 |
|
|
|
|
|
Revenues, net |
$ |
6,590 |
$ |
6,724 |
|
|
|
|
|
Expenses: |
|
|
|
|
Voyage related costs and
commissions |
|
(2,057) |
|
(1,951) |
Vessel operating expenses |
|
(3,299) |
|
(3,252) |
General and administrative
expenses |
|
(667) |
|
(561) |
Management fees, related
parties |
|
(178) |
|
(179) |
Management fees, other |
|
(232) |
|
(232) |
Amortization of special survey
costs |
|
(26) |
|
(48) |
Depreciation |
|
(1,373) |
|
(1,341) |
Vessel impairment charge |
|
(1,543) |
|
- |
Bad
debt provisions |
|
(56) |
|
(39) |
Operating loss |
|
(2,841) |
|
(879) |
|
|
|
|
|
Other income /
(expenses): |
|
|
|
|
Gain from debt
extinguishment |
|
4,306 |
|
- |
Gain / (Loss) from financial
derivative instrument |
|
11 |
|
(21) |
Interest and finance costs, net |
|
(872) |
|
(1,431) |
Total other income / (expenses), net |
|
3,445 |
|
(1,452) |
|
|
|
|
|
Net
income / (loss) |
$ |
604 |
$ |
(2,331) |
|
|
|
|
|
Earnings / (Loss) per
common share, basic and diluted |
$ |
0.03 |
$ |
(0.11) |
|
|
|
|
|
Weighted average number of
common shares, basic and diluted |
|
20,877,893 |
|
21,060,190 |
Consolidated Balance SheetsAs of December 31, 2018 and
March 31, 2019 (unaudited)
|
|
December 31, 2018 |
|
March 31, 2019 |
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
$ |
545 |
$ |
304 |
Restricted cash, current
portion |
|
255 |
|
41 |
Inventories |
|
807 |
|
620 |
Trade accounts receivable,
net |
|
2,585 |
|
972 |
Prepayments and other
assets |
|
115 |
|
280 |
Total current assets |
|
4,307 |
|
2,217 |
|
|
|
|
|
FIXED ASSETS, NET: |
|
|
|
|
Vessels, net |
|
107,992 |
|
107,286 |
Total fixed assets, net |
|
107,992 |
|
107,286 |
|
|
|
|
|
OTHER NON-CURRENT
ASSETS: |
|
|
|
|
Restricted cash, net of
current portion |
|
3,404 |
|
3,486 |
Financial derivative
instrument |
|
28 |
|
7 |
Deferred charges, net |
|
740 |
|
1,172 |
Prepayments and other
assets |
|
146 |
|
- |
Total other non-current assets |
|
4,318 |
|
4,665 |
Total assets |
$ |
116,617 |
$ |
114,168 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Current portion of long-term
debt, net of deferred financing costs |
$ |
4,333 |
$ |
4,438 |
Trade accounts payable |
|
4,746 |
|
4,951 |
Due to related parties |
|
3,402 |
|
4,133 |
Hire collected in advance |
|
422 |
|
- |
Accrued and other
liabilities |
|
642 |
|
995 |
Total current liabilities |
|
13,545 |
|
14,517 |
|
|
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
|
|
Long-term debt, net of current
portion and deferred financing costs, non-current |
|
58,129 |
|
57,039 |
Promissory note |
|
5,000 |
|
5,000 |
Total non-current liabilities |
|
63,129 |
|
62,039 |
|
|
|
|
|
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; |
|
|
|
|
21,060,190 shares issued and
outstanding |
|
|
|
|
at December 31, 2018 and March
31, 2019) |
|
21 |
|
21 |
Additional paid-in
capital |
|
74,767 |
|
74,767 |
Accumulated deficit |
|
(34,845) |
|
(37,176) |
Total stockholders' equity |
|
39,943 |
|
37,612 |
Total liabilities and stockholders' equity |
$ |
116,617 |
$ |
114,168 |
(Expressed in thousands of U.S. dollars, except for share and
per share data)
Unaudited Consolidated Statements of Cash FlowsFor the
three months ended March 31, 2018 and 2019(Expressed in thousands
of U.S. dollars)
|
|
Three Months Ended |
|
Three Months Ended |
|
|
March 31, 2018 |
|
March 31, 2019 |
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
Net income / (loss) |
$ |
604 |
$ |
(2,331) |
Adjustments to reconcile
net income / (loss) to net cash provided by operating
activities: |
|
|
|
|
Depreciation |
|
1,373 |
|
1,341 |
Amortization of special survey
costs |
|
26 |
|
48 |
Amortization and write-off of
financing costs |
|
94 |
|
66 |
Vessel impairment charge |
|
1,543 |
|
- |
Gain from debt
extinguishment |
|
(4,306) |
|
- |
Change in fair value of
financial derivative instrument |
|
(58) |
|
21 |
Bad debt provisions |
|
56 |
|
39 |
Changes in assets and
liabilities: |
|
|
|
|
Inventories |
|
375 |
|
187 |
Trade accounts receivable,
net |
|
288 |
|
1,574 |
Prepayments and other
assets |
|
(123) |
|
(165) |
Special survey cost |
|
(268) |
|
(480) |
Trade accounts payable |
|
574 |
|
158 |
Due to related parties |
|
2,042 |
|
731 |
Hire collected in advance |
|
929 |
|
(422) |
Accrued
and other liabilities |
|
48 |
|
179 |
Net
cash provided by operating activities |
$ |
3,197 |
$ |
946 |
|
|
|
|
|
Cash flow from investing
activities: |
|
|
|
|
Vessel
additions |
|
- |
|
(268) |
Net
cash used in investing activities |
$ |
- |
$ |
(268) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Proceeds from long-term
debt |
|
20,500 |
|
- |
Repayment of long-term
debt |
|
(23,550) |
|
(1,051) |
Common stock offerings
costs |
|
(35) |
|
- |
Payment
of financing costs |
|
(472) |
|
- |
Net
cash used in financing activities |
$ |
(3,557) |
$ |
(1,051) |
|
|
|
|
|
Net decrease in cash and
cash equivalents |
|
(360) |
|
(373) |
|
|
|
|
|
Cash and cash equivalents
and restricted cash at the beginning of the period |
|
6,693 |
|
4,204 |
|
|
|
|
|
Cash
and cash equivalents and restricted cash at the end of the
period |
$ |
6,333 |
$ |
3,831 |
Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of March 31,
2019, we were required to maintain minimum liquidity of $3.5
million. Total cash and cash equivalents, including restricted
cash, aggregated to $3.8 million as of March 31, 2019.
Total debt (in thousands of U.S. dollars), net
of deferred financing costs:
|
|
As of
December |
|
As of
March |
|
|
31, 2018 |
|
31, 2019 |
Funded debt |
$ |
62,462 |
$ |
61,477 |
Promissory Note - related
party |
|
5,000 |
|
5,000 |
Total |
$ |
67,462 |
$ |
66,477 |
Our weighted average interest rate on our total
debt for the three months ended March 31, 2019 was 8.0%.
Amendment to Promissory Note: On May 14, 2019,
we entered into Amendment No. 2 to the outstanding $5 million
unsecured promissory note (the "Note") issued to Maritime Investors
Corp., an affiliate controlled by Mr. Valentis, which (i) extended
the repayment of the Note, in whole or in part, until the earlier
of a) one year after the repayment of credit facility of the
Eighthone Corp. for the Pyxis Epsilon (the "Credit Facility"), b)
January 15, 2024 and c) repayment of any pay-in-kind interest and
principal deficiency amount under the Credit Facility, and (ii)
increased the interest rate to 9.0% per annum of which 4.5% shall
be paid in cash and 4.5% shall be paid in restricted common shares
of the Company calculated on the volume weighted average closing
share price for the 10 day period immediately prior to the
quarterly interest period. The new interest rate will be payable
from April 1, 2019. After the repayment restrictions on the Note
have been lifted per the Credit Facility, the Company, at its
option, may continue to pay interest on the Note in the
afore-mentioned combination of cash and shares or pay all interest
costs in cash.
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 certain non-operating or non-recurring
charges, such as vessel impairment charges, gain from debt
extinguishment and stock compensation. EBITDA and Adjusted EBITDA
are not recognized measurements under U.S. 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 have limitations as
analytical tools, and should not be considered in isolation from,
as a substitute for, or superior to financial measures prepared in
accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not
reflect:
- our cash expenditures, or future requirements for capital
expenditures or contractual commitments;
- changes in, or cash requirements for, our working capital
needs; and
- cash requirements necessary to service interest and
principal payments on our funded debt.
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. The following
table reconciles net income/(loss), as reflected in the Unaudited
Consolidated Statements of Comprehensive Income/(Loss) to EBITDA
and Adjusted EBITDA:
(In thousands of U.S.
dollars) |
|
Three Months
Ended March 31, |
|
|
2018 |
|
2019 |
Reconciliation of Net Income / (loss) to Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
Net income / (loss) |
$ |
604 |
$ |
(2,331) |
|
|
|
|
|
Depreciation |
|
1,373 |
|
1,341 |
|
|
|
|
|
Amortization of special survey costs |
|
26 |
|
48 |
|
|
|
|
|
Interest and finance costs, net |
|
872 |
|
1,431 |
|
|
|
|
|
EBITDA |
$ |
2,875 |
$ |
489 |
|
|
|
|
|
Gain from debt extinguishment |
|
(4,306) |
|
- |
|
|
|
|
|
(Gain) / Loss from financial derivative
instrument |
|
(11) |
|
21 |
|
|
|
|
|
Vessel impairment charge |
|
1,543 |
|
- |
|
|
|
|
|
Adjusted EBITDA |
$ |
101 |
$ |
510 |
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
Revenues, net 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.$, unless
otherwise stated) |
|
|
Three Months Ended March 31, |
|
|
|
2018 |
|
2019 |
Eco-Efficient MR2: (2 of
our vessels) |
|
|
|
|
|
|
TCE |
|
14,012 |
|
13,061 |
|
Opex |
|
6,011 |
|
5,767 |
|
Utilization % |
|
91.7% |
|
100.0% |
Eco-Modified MR2: (1 of our
vessels) |
|
|
|
|
|
|
TCE |
|
7,861 |
|
12,056 |
|
Opex |
|
7,568 |
|
7,716 |
|
Utilization % |
|
61.8% |
|
95.2% |
Standard MR2: (1 of our
vessels) |
|
|
|
|
|
|
TCE |
|
14,066 |
|
12,320 |
|
Opex |
|
6,150 |
|
5,923 |
|
Utilization % |
|
100.0% |
|
100.0% |
Small Tankers: (2 of our
vessels) |
|
|
|
|
|
|
TCE |
|
4,885 |
|
5,020 |
|
Opex |
|
5,459 |
|
5,480 |
|
Utilization % |
|
71.1% |
|
66.7% |
Fleet: (6 vessels) |
|
|
|
|
|
|
TCE |
|
10,667 |
|
10,631 |
|
Opex |
|
6,110 |
|
6,022 |
|
Utilization % |
|
82.0% |
|
87.7% |
Conference Call and Webcast
We will host a conference call to discuss our
results at 4:30 p.m., Eastern Time, on Tuesday, May 21, 2019.
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 Tuesday , May 28, 2019, 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/1962473/8200AA5A80BD3C904096F9089D116909
An archived version of the webcast will be
available on the website within approximately two hours of the
completion of the call. The information discussed on the conference
call, or that can be accessed through, Pyxis Tankers Inc.'s website
is not incorporated into, and does not constitute part of this
report.
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.
Pyxis Tankers is positioned to opportunistically expand and
maximize the value of its 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. The
information discussed contained in, or that can be accessed
through, Pyxis Tankers Inc.'s website, is not incorporated into,
and does not constitute part of this report.
Pyxis Tankers Fleet (as of May 17, 2019)
|
|
|
Carrying |
|
|
Charter |
Earliest |
|
|
|
Capacity |
Year |
Type
of |
Rate |
Redelivery |
Vessel Name |
Shipyard |
Vessel Type |
(dwt) |
Built |
Charter |
per day (1) |
Date |
Pyxis Epsilon 2 |
SPP / S. Korea |
MR |
50,295 |
2015 |
Time |
$15,350 |
March
2020 |
Pyxis Theta 3 |
SPP / S. Korea |
MR |
51,795 |
2013 |
Time |
$13,800 |
May
2019 |
Pyxis Malou |
SPP / S. Korea |
MR |
50,667 |
2009 |
Time |
$14,000 |
September
2019 |
Pyxis Delta |
Hyundai / S. Korea |
MR |
46,616 |
2006 |
Time |
$12,800 |
May
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 |
|
|
|
|
- Charter rates are gross and do not reflect any commissions
payable.
- Pyxis Epsilon has granted the charterer the option to extend
the one year time charter for an additional 12 months (+/- 30 days)
at a gross charter rate of $17,500/d at charterer's option.
- Pyxis Theta is contracted to begin a new time charter on June
1, 2019 at a gross charter rate of $15,375/d for 12 months (+/- 30
days) with an additional 12 months (+/- 30 days) at a gross charter
rate of $17,500/d at charterer's option.
The Pyxis Delta is scheduled for an intermediate
survey during 4Q '19 with expected off-hire of 5 days and estimated
cost of $0.2 million.
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
in order to encourage companies to provide prospective information
about their business. These statements include statements about our
plans, strategies, goals financial performance, prospects or future
events or performance 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," "expects," "seeks," "predict," "schedule,"
"projects," "intends," "plans," "anticipates," "believes,"
"estimates," "potential," "likely" 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. Although the
Company believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond the Company's control, the Company cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections. 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, 2018. 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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