Webcast: A webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events Presentations page. A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until Tuesday, May 28, 2024. 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: Mar ...

Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote "Pyxis Tankers" to the operator and/or conference ID 13746734. Click here for additional International Toll- Free access numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can ...

In 2022 and 2023, US and several European leaders announced various economic sanctions against Russia in connection with the aforementioned conflicts in the Ukraine region, which may adversely impact our business. Economic slowdown in the Asia Pacific region, particularly in China, may have a material adverse effect on us, as we anticipate a significant number of the port calls made by our vessels will involve the loading or discharging of dry-bulk commodities in ports in the Asia Pacific region. Changes in ...

Pyxis Tankers Inc. (NASDAQ:PXS) Q4 2023 Results Conference Call March 14, 2024 4:30 PM ET Company Participants Eddie Valentis - Chairman and Chief Executive Officer Henry Williams - Chief Financial Officer Operator Good afternoon, and welcome to the Pyxis Tankers Prerecorded Conference Call to discuss the Financial Results for the Three Months and Year Ended December 31, 2023. As a reminder, today's call is being recorded. Additionally, a live webcast of today's conference call and an accompanying presentat ...

Company Participants Conference Call Participants Good day and welcome to the Pyxis Tankers Conference Call to discuss the Financial Results for the Third Quarter 2023. As a reminder, todayÂ's call is being recorded. Additionally, a live webcast of todayÂ's conference call and an accompanying presentation is available on Pyxis Tankers website, which is www.pyxistankers.com. I would like to pass the floor to one of your speakers today, Mr. Eddie Valentis. Please go ahead, sir. Good morning, everyone, and tha ...

An International Shipping Company DISCLAIMER This presentation contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words "expected'', "estimated", "scheduled", "could", "should", "anticipated", "long-term", "opportunities", "potential", "continue", "likely", "may", "will", "positioned", "possible", "believe", "expand" and variations of these terms and similar expressions, or the negativ ...

[Management's Discussion and Analysis of Financial Condition and Results of Operations](index=1&type=section&id=MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) [Forward-Looking Statements](index=1&type=section&id=Forward-Looking%20Statements) This section outlines the company's forward-looking statements, which are predictive and subject to various risks, covering future financial results and market trends - Forward-looking statements include expectations on financial performance, market charter rates, effects of global events (COVID-19, Russian-Ukrainian war), business strategy, capital spending, competition, and liquidity[3](index=3&type=chunk) - Key factors that might cause future results to differ include changes in governmental regulations, economic/competitive conditions, off-hire periods, business disruptions, and major geo-political events[4](index=4&type=chunk) [Overview](index=2&type=section&id=Overview) PYXIS TANKERS INC. is a Marshall Islands corporation owning four vessel-owning companies engaged in liquid cargo marine transportation - PYXIS TANKERS INC. owns **100% interest** in four vessel-owning companies: Seventhone (Pyxis Theta), Eighthone (Pyxis Epsilon), Tenthone (Pyxis Karteria), and Eleventhone (Pyxis Lamda)[5](index=5&type=chunk) Vessel Fleet Details | Vessel-owning Company | Vessel | Dead Weight Tons ("DWT") | Year built | Acquisition date | | :-------------------- | :----------- | :----------------------- | :--------- | :--------------- | | Seventhone | Pyxis Theta | 51,795 | 2013 | 09/16/2013 | | Eighthone | Pyxis Epsilon| 50,295 | 2015 | 01/14/2015 | | Tenthone | Pyxis Karteria| 46,652 | 2013 | 07/15/2021 | | Eleventhone | Pyxis Lamda | 50,145 | 2017 | 12/20/2021 | - Ship management services, including chartering, financing, and operations, are provided by PYXIS MARITIME CORP. (an affiliate of the CEO) and technical management by INTERNATIONAL TANKER MANAGEMENT LTD. (an unrelated third party)[6](index=6&type=chunk)[7](index=7&type=chunk) [Key Performance Measures and Revenue Recognition](index=2&type=section&id=Key%20Performance%20Measures%20and%20Revenue%20Recognition) Revenue is primarily from chartering vessels for liquid cargo, influenced by fleet size and daily charter rates, with recognition varying by charter type - Revenues are generated by chartering vessels for petroleum products and other liquid bulk items, primarily driven by the number of vessels, voyage days, and daily charter hire rates[8](index=8&type=chunk) - As of August 3, 2023, three vessels were on short-term time charters and one in the spot market; time charter revenues are recognized on a straight-line basis, while spot charter revenues are recognized from loading to discharge[8](index=8&type=chunk)[10](index=10&type=chunk) [Time Charters](index=4&type=section&id=Time%20Charters) Time charters involve vessel use over a specific period, with the charterer covering voyage expenses and the owner covering vessel operating expenses - Time charters involve a contract for vessel use over a specific period, with the charterer covering voyage expenses and the owner covering vessel operating expenses; rates are usually fixed but fluctuate based on market conditions and vessel supply/demand[11](index=11&type=chunk) [Spot Charters](index=4&type=section&id=Spot%20Charters) Spot charters are for single voyages, typically lasting days to three months, where the vessel owner is responsible for all expenses, including capital, voyage, and operating costs - Spot charters are for single voyages, typically lasting days to three months, where the vessel owner is responsible for all expenses, including capital, voyage, and operating costs; rates fluctuate due to cargo availability and vessel supply at ports[12](index=12&type=chunk) [Voyage Related Costs and Commissions](index=4&type=section&id=Voyage%20Related%20Costs%20and%20Commissions) Voyage related costs are primarily for spot charters, while brokerage commissions for both charter types are deferred and amortized as revenue is earned - Voyage related costs (port, canal, bunker expenses) are primarily incurred for vessels on spot charters; brokerage commissions for both charter types are deferred and amortized as revenue is earned[13](index=13&type=chunk) [Vessel Operating Expenses](index=4&type=section&id=Vessel%20Operating%20Expenses) Vessel operating expenses, expensed as incurred, include crew wages, insurance, repairs, maintenance, spares, stores, and tonnage taxes for both time and spot charters - Vessel operating expenses, expensed as incurred, include crew wages, insurance, repairs, maintenance, spares, stores, and tonnage taxes for both time and spot charters[14](index=14&type=chunk) [General and Administrative Expenses](index=4&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses include annual fees to Maritime for administrative services and public company costs, with a one-time performance bonus paid in Q1 2023 - General and administrative expenses consist of annual fees to Maritime for administrative services (including senior executive officers) and public company costs (reporting, legal, accounting, Nasdaq compliance, board compensation, investor relations); a **one-time performance bonus of $0.6 million** was paid to Maritime in Q1 2023[15](index=15&type=chunk) [Management Fees](index=5&type=section&id=Management%20Fees) Management fees are paid to Maritime (commercial) and ITM (technical) for services including employment, strategic management, and day-to-day operations - Management fees are paid to Maritime (commercial) and ITM (technical) for services including employment, strategic management, day-to-day operations, regulatory compliance, crewing, dry-docking, and insurance[16](index=16&type=chunk) [Depreciation](index=5&type=section&id=Depreciation) Vessel costs, net of estimated residual value, are depreciated on a straight-line basis over an estimated useful life of 25 years from delivery - Vessel costs, net of estimated residual value (calculated using a scrap rate of **$340/LWT**), are depreciated on a straight-line basis over an estimated useful life of **25 years** from delivery[17](index=17&type=chunk) [Special Survey and Dry-docking](index=5&type=section&id=Special%20Survey%20and%20Dry-docking) Vessels are periodically drydocked every 30-60 months for inspections and modifications, with capitalized costs amortized straight-line until the next scheduled drydocking - Vessels are periodically drydocked every **30-60 months** for inspections and modifications; capitalized dry-docking costs are amortized straight-line until the next scheduled drydocking[18](index=18&type=chunk) [Interest and Finance Costs](index=5&type=section&id=Interest%20and%20Finance%20Costs) Interest and finance costs arise from debt financing vessel acquisitions and a promissory note, with variable rates linked to SOFR and hedged by interest rate caps - Interest and finance costs are incurred from debt financing vessel acquisitions and a promissory note; variable interest rates are linked to SOFR, and the company uses interest rate caps to hedge exposure, with one cap sold in January 2023 for a **$0.5 million gain**[19](index=19&type=chunk) [Selected Financial Information](index=5&type=section&id=Selected%20Financial%20Information) The company presents selected consolidated financial data for the six months ended June 30, 2022 and 2023, derived from its unaudited interim condensed consolidated financial statements Interim Condensed Consolidated Statements of Comprehensive Income (Six months ended June 30) | Data (thousands of U.S. dollars) | 2022 | 2023 | | :------------------------------- | :------ | :------ | | Revenues, net | $22,968 | $21,121 | | Operating income | $2,901 | $14,611 | | Net income | $1,358 | $11,870 | | Net income attributable to common shareholders | $909 | $11,452 | | Income per common share, basic | $0.09 | $1.06 | | Income per common share, diluted | $0.09 | $0.94 | Interim Condensed Consolidated Balance Sheets Data (thousands of U.S. dollars) | Data (thousands of U.S. dollars) | December 31, 2022 | June 30, 2023 | | :------------------------------- | :---------------- | :------------ | | Total current assets | $21,131 | $37,995 | | Total assets | $138,979 | $136,725 | | Total current liabilities | $12,561 | $10,546 | | Total stockholders' equity | $61,371 | $72,793 | Interim Condensed Consolidated Statements of Cash Flows Data (Six months ended June 30) | Data (thousands of U.S. dollars) | 2022 | 2023 | | :------------------------------- | :------ | :------ | | Net cash provided by operating activities | $774 | $12,269 | | Net cash provided by investing activities | $4,959 | $24,270 | | Net cash used in financing activities | $(9,366) | $(12,280)| | Change in cash and cash equivalents and restricted cash | $(3,633) | $24,259 | [Fleet Data and Performance Metrics](index=7&type=section&id=Fleet%20Data%20and%20Performance%20Metrics) As of June 30, 2023, the fleet consisted of four eco-efficient MR2 tankers, with utilization significantly improved to **93.5%** and daily TCE rate increased to **$24,207** - As of June 30, 2023, the fleet comprised four eco-efficient MR2 tankers: 'Pyxis Lamda', 'Pyxis Theta', 'Pyxis Karteria', and 'Pyxis Epsilon'; the 'Pyxis Malou' was sold on March 23, 2023[23](index=23&type=chunk) MR Fleet Data (Six months ended June 30) | MR Fleet data | 2022 | 2023 | | :-------------- | :------ | :------ | | Ownership days | 905 | 806 | | Available days | 891 | 789 | | Operating days | 755 | 738 | | Utilization % | 84.7% | 93.5% | | Daily TCE rate | $19,814 | $24,207 | | Daily vessel operating expenses | $6,786 | $7,185 | | Average number of vessels | 5.0 | 4.5 | | Number of vessels at period end | 5 | 4 | | Weighted average age of vessels at period end | 8.8 | 8.8 | MR2 Vessels Rates (Six months ended June 30) | MR2 Vessels Rates (U.S. dollars per day) | 2022 | 2023 | | :--------------------------------------- | :------ | :------ | | **Eco-Efficient MR2 (4 vessels):** | | | | TCE | 16,893 | 24,897 | | Opex | 6,489 | 6,953 | | Utilization % | 84.5% | 95.2% | | **Eco-Modified MR2 (1 vessel):** | | | | TCE | 31,123 | 17,064 | | Opex | 7,974 | 9,236 | | Utilization % | 85.6% | 79.3% | [Detailed Results of Operations (Six months ended June 30, 2022 and 2023)](index=10&type=section&id=Detailed%20Results%20of%20Operations%20(Six%20months%20ended%20June%2030%2C%202022%20and%202023)) For H1 2023, net revenues decreased, but operating income significantly increased due to a substantial gain from vessel sales and reduced voyage-related costs Key Financial Performance (Six months ended June 30) | Metric (million U.S. dollars) | 2022 | 2023 | Change ($) | Change (%) | | :---------------------------- | :---- | :---- | :--------- | :--------- | | Revenues, net | 23.0 | 21.1 | (1.8) | (8%) | | Voyage related costs and commissions | (7.8) | (3.3) | 4.5 | (58%) | | Vessel operating expenses | (6.3) | (5.8) | 0.5 | (8.4%) | | General and administrative expenses | (1.3) | (2.0) | (0.7) | 53% | | Management fees | (0.9) | (0.7) | 0.2 | (22.2%) | | Depreciation | (3.0) | (2.6) | 0.4 | (13%) | | Gain/(Loss) from sale of vessels, net | (0.5) | 8.0 | 8.5 | N/A | | Operating income | 2.9 | 14.6 | 11.7 | 403% | | Interest and finance costs, net | (1.8) | (2.4) | (0.6) | 31% | - The MR daily TCE rate increased by **$4,393 per day** to **$24,207** in H1 2023, driven by improved fleet utilization (**84.7% to 93.5%**) and a decrease in voyage-related costs[32](index=32&type=chunk) - General and administrative expenses increased by **53%** primarily due to a **$0.6 million performance bonus** to Maritime and a **9.65% adjustment** for Greece's 2022 inflation rate[35](index=35&type=chunk) [Cash Flows](index=11&type=section&id=Cash%20Flows) The company experienced a significant increase in net cash from operating and investing activities in H1 2023, driven by higher net income and vessel sales proceeds Cash Flow Summary (Six months ended June 30) | Cash Flow Activity (thousands of U.S. dollars) | 2022 | 2023 | | :--------------------------------------------- | :------ | :------ | | Net cash provided by operating activities | $774 | $12,269 | | Net cash provided by investing activities | $4,959 | $24,270 | | Net cash used in financing activities | $(9,366) | $(12,280)| | Change in cash and cash equivalents and restricted cash | $(3,633) | $24,259 | - Net cash from operating activities increased by **$11.5 million**, mainly due to a **$10.5 million increase in net income**[43](index=43&type=chunk) - Net cash from investing activities increased by **$19.3 million**, primarily from **$24.3 million in proceeds** from the sale of 'Pyxis Malou'[44](index=44&type=chunk) - Financing activities included **$15.5 million in new long-term debt** for 'Pyxis Karteria' refinancing, **$21.7 million in debt principal payments** (including prepayments from vessel sales), and the full repayment of a **$6.0 million promissory note**[45](index=45&type=chunk) [Liquidity and Capital Resources](index=11&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity sources include operating cash flows, bank debt, and equity, with future needs focused on operating expenses, debt service, and fleet expansion - Principal liquidity sources are cash flows from operations, bank debt, related party borrowings, and equity issuances; future liquidity requirements include vessel operating expenses, debt payments, management fees, cash reserves, and potential vessel acquisitions[48](index=48&type=chunk)[49](index=49&type=chunk) - As of June 30, 2023, the company had a working capital surplus of **$27.4 million**, an increase from **$8.6 million** at December 31, 2022, and expects to cover liquidity needs for the next 12 months[42](index=42&type=chunk)[51](index=51&type=chunk) - The company does not intend to pay dividends to common shareholders in the near future, retaining cash flows for operating costs, debt servicing, and reinvestment in the business[53](index=53&type=chunk) [Recent Developments and Corporate Actions](index=13&type=section&id=Recent%20Developments%20and%20Corporate%20Actions) Recent corporate actions include a reverse stock split, interest rate cap sale, promissory note repayment, 'Pyxis Karteria' debt refinancing, 'Pyxis Malou' sale, and a stock repurchase program - A **one-for-four reverse stock split** was effective May 13, 2022, to meet Nasdaq's minimum **$1.00 per share** requirement[54](index=54&type=chunk) - On January 25, 2023, an interest rate cap was sold, realizing a net cash gain of **$0.5 million**[55](index=55&type=chunk) - The **$6.0 million 7.5% promissory note** due to Maritime Investors Corp. was fully repaid by March 14, 2023[55](index=55&type=chunk) - The 'Pyxis Karteria' debt was refinanced on March 13, 2023, with a new **$15.5 million five-year secured loan** from Piraeus Bank, priced at SOFR plus **2.7%**[56](index=56&type=chunk) - The 'Pyxis Malou' was sold on March 23, 2023, for an aggregate gross sale price of **$24.8 million**, with proceeds used for loan prepayments[57](index=57&type=chunk) - A common stock repurchase program of up to **$2.0 million** was authorized on May 11, 2023, under which **23,431 common shares** were repurchased for **$0.1 million** by June 30, 2023[58](index=58&type=chunk) [Fleet Information (as of August 3, 2023)](index=14&type=section&id=Fleet%20Information%20(as%20of%20August%203%2C%202023)) As of August 3, 2023, the company's fleet consists of four MR tankers with a total capacity of **198,887 DWT**, with three vessels on time charters and one in the spot market Fleet Details (as of August 3, 2023) | Vessel Name | Shipyard | Vessel type | Capacity (dwt) | Year Built | Type of charter | Charter Rate (per day) | Anticipated Earliest Redelivery Date | | :----------- | :--------------- | :---------- | :------------- | :--------- | :-------------- | :--------------------- | :----------------------------------- | | Pyxis Lamda | SPP / S. Korea | MR | 50,145 | 2017 | Spot | $ n/a | n/a | | Pyxis Epsilon| SPP / S. Korea | MR | 50,295 | 2015 | Time | 30,000 | Sep 2023 | | Pyxis Theta | SPP / S. Korea | MR | 51,795 | 2013 | Time | 26,000 | Aug 2023 | | Pyxis Karteria| Hyundai / S. Korea | MR | 46,652 | 2013 | Time | 30,000 | Aug 2023 | | **Total** | | | **198,887** | | | | | - 'Pyxis Epsilon' is on a **12-month time charter at $30,000 per day**; 'Pyxis Theta' is on a time charter with tiered rates up to **$26,000 per day**; 'Pyxis Karteria' is on a short-term time charter at **$30,000 per day**[67](index=67&type=chunk) [Results of Annual Meeting of Shareholders of May 11, 2023](index=14&type=section&id=Results%20of%20Annual%20Meeting%20of%20Shareholders%20of%20May%2011%2C%202023) At the annual shareholder meeting on May 11, 2023, Mr. Basil Mavroleon and Mr. Robin Das were re-elected as Class III Directors for a three-year term - Mr. Basil Mavroleon and Mr. Robin Das were re-elected as Class III Directors to serve until the **2026 annual meeting**[61](index=61&type=chunk) [Subsequent Events](index=14&type=section&id=Subsequent%20Events) Subsequent to June 30, 2023, the company approved a **$6.8 million equity investment** for a **60% stake** in a new drybulk joint venture and declared preferred share dividends - In July 2023, the Board approved a **$6.8 million equity investment** for a **60% ownership** in a new joint venture to acquire a **2016 Japanese-built 63,520 DWT Ultramax bulk carrier** for **$28.5 million**[62](index=62&type=chunk) - The bulk carrier acquisition is expected to be partially funded by a **$19.0 million five-year secured bank loan** and managed by Konkar Shipping Services, S.A., a related party[62](index=62&type=chunk) - Monthly cash dividends of **$0.1615 per share** on Series A Preferred Shares were paid in July 2023 and declared for August 2023, each amounting to **$65 thousand**[63](index=63&type=chunk) [Unaudited Interim Condensed Consolidated Financial Statements](index=15&type=section&id=INDEX%20TO%20UNAUDITED%20INTERIM%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [Consolidated Balance Sheets](index=16&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20December%2031%2C%202022%20and%20June%2030%2C%202023%20(unaudited)) The Consolidated Balance Sheets show an increase in total current assets and stockholders' equity from December 31, 2022, to June 30, 2023, primarily driven by a significant rise in cash and cash equivalents Consolidated Balance Sheets (thousands of U.S. dollars) | Item | December 31, 2022 | June 30, 2023 | | :------------------------ | :---------------- | :------------ | | Cash and cash equivalents | $7,563 | $32,048 | | Total current assets | $21,131 | $37,995 | | Vessels, net | $114,185 | $95,467 | | Total assets | $138,979 | $136,725 | | Total current liabilities | $12,561 | $10,546 | | Total non-current liabilities | $65,047 | $53,386 | | Total stockholders' equity| $61,371 | $72,793 | - Cash and cash equivalents increased significantly from **$7,563 thousand to $32,048 thousand**[70](index=70&type=chunk) - Total stockholders' equity increased by **$11,422 thousand**, from **$61,371 thousand to $72,793 thousand**[71](index=71&type=chunk) [Unaudited Interim Consolidated Statements of Comprehensive Income](index=18&type=section&id=Unaudited%20Interim%20Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20six%20month%20periods%20ended%20June%2030%2C%202022%20and%202023) The Statements of Comprehensive Income show a substantial increase in net income and operating income for H1 2023, driven by a significant gain from vessel sales Consolidated Statements of Comprehensive Income (thousands of U.S. dollars) | Item | Six months ended June 30, 2022 | Six months ended June 30, 2023 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Revenues, net | $22,968 | $21,121 | | Voyage related costs and commissions | $(7,802) | $(3,273) | | Operating income | $2,901 | $14,611 | | Gain/(Loss) from the sale of vessels, net | $(466) | $8,017 | | Net income | $1,358 | $11,870 | | Net income attributable to common shareholders | $909 | $11,452 | | Income per common share, basic | $0.09 | $1.06 | - Net income increased significantly from **$1,358 thousand in H1 2022 to $11,870 thousand in H1 2023**[72](index=72&type=chunk) - Operating income surged from **$2,901 thousand to $14,611 thousand**, primarily due to an **$8,017 thousand gain from vessel sales** in H1 2023, compared to a **$466 thousand loss** in H1 2022[72](index=72&type=chunk) [Unaudited Interim Consolidated Statements of Stockholders' Equity](index=19&type=section&id=Unaudited%20Interim%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20for%20the%20six%20month%20periods%20ended%20June%2030%2C%202022%20and%202023) Total stockholders' equity increased from **$61,371 thousand** at January 1, 2023, to **$72,793 thousand** at June 30, 2023, mainly driven by net income Consolidated Statements of Stockholders' Equity (thousands of U.S. dollars) | Item | Balance January 1, 2023 | Balance June 30, 2023 | | :------------------------------------ | :---------------------- | :-------------------- | | Total Stockholders' Equity | $61,371 | $72,793 | | Net income | | $11,870 | | Preferred stock dividends paid | | $(405) | | Common stock re-purchase program | | $(91) | | Conversion of Series A Convertible Preferred Shares to common stock | | $0 | - Total stockholders' equity increased by **$11,422 thousand** during the six months ended June 30, 2023[73](index=73&type=chunk) - **45,642 Series A Convertible Preferred Shares** were converted into **203,924 common shares** during the period[73](index=73&type=chunk) [Unaudited Interim Consolidated Statements of Cash Flows](index=20&type=section&id=Unaudited%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20six%20month%20periods%20ended%20June%2030%2C%202022%20and%202023) Cash and cash equivalents significantly increased from a net decrease of **$3,633 thousand** in H1 2022 to a net increase of **$24,259 thousand** in H1 2023, driven by operating and investing activities Consolidated Statements of Cash Flows (thousands of U.S. dollars) | Cash Flow Activity | Six months ended June 30, 2022 | Six months ended June 30, 2023 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $774 | $12,269 | | Net cash provided by investing activities | $4,959 | $24,270 | | Net cash used in financing activities | $(9,366) | $(12,280) |\ | Net (decrease)/increase in cash and cash equivalents and restricted cash | $(3,633) | $24,259 | | Cash and cash equivalents and restricted cash at the end of the period | $6,241 | $34,448 | - Net cash provided by operating activities increased from **$774 thousand to $12,269 thousand**, largely due to higher net income[74](index=74&type=chunk) - Net cash provided by investing activities increased from **$4,959 thousand to $24,270 thousand**, mainly from **$24,291 thousand in proceeds from vessel sales** in H1 2023[74](index=74&type=chunk) [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [Note 1: Basis of Presentation and General Information](index=21&type=section&id=Note%201.%20Basis%20of%20Presentation%20and%20General%20Information%3A) This note details the company's incorporation, vessel ownership, and interim financial statement preparation, highlighting a reverse stock split and significant charterer revenue concentrations - PYXIS TANKERS INC. owns four vessel-owning companies engaged in marine transportation of liquid cargoes[75](index=75&type=chunk) - A **four-for-one reverse stock split** was effected on May 13, 2022, retroactively adjusted for all presented share and per share amounts[76](index=76&type=chunk) Revenue Concentration by Charterer (Six months ended June 30) | Charterer | 2022 | 2023 | | :-------- | :--- | :--- | | A | — | 50% | | B | 23% | 31% | | C | 36% | 13% | | Total | 59% | 94% | - As of June 30, 2023, the company had a working capital surplus of **$27.5 million** and expects to cover its liquidity needs for the next 12 months[83](index=83&type=chunk) [Note 2: Significant Accounting Policies](index=23&type=section&id=Note%202.%20Significant%20Accounting%20Policies%3A) Accounting policies remain consistent with the 2022 Annual Report, with the addition of stock compensation accounting, where awards are valued at fair value and recognized straight-line - Accounting policies are consistent with the 2022 Annual Report, with the addition of stock compensation accounting[85](index=85&type=chunk) - Stock compensation awards are valued at fair value on the grant date and recognized as compensation cost on a straight-line basis over the vesting period[86](index=86&type=chunk) [Note 3: Transactions with Related Parties](index=23&type=section&id=Note%203.%20Transactions%20with%20Related%20Parties%3A) This note details transactions with related parties, primarily Maritime Corp. for ship management and administrative services, and the repayment of a **$6.0 million promissory note** to Maritime Investors Corp Charges by Maritime (Six months ended June 30, thousands of U.S. dollars) | Item | 2022 | 2023 | | :------------------------------------ | :---- | :---- | | Charter hire commissions | $289 | $267 | | Ship-management Fees | $394 | $330 | | Administration Fees | $819 | $898 | | Total | $1,502| $1,495| - A **one-time performance bonus of $0.6 million** was paid to Maritime in Q1 2023[89](index=89&type=chunk) - The **$6.0 million Amended & Restated Promissory Note** due to Maritime Investors Corp. was fully repaid by March 13, 2023, using proceeds from the 'Pyxis Malou' sale and 'Pyxis Karteria' debt refinancing[93](index=93&type=chunk)[94](index=94&type=chunk) [Note 4: Inventories](index=26&type=section&id=Note%204.%20Inventories%3A) This note provides a breakdown of the company's inventories, primarily lubricants and bunkers, which decreased from **$1,911 thousand** at December 31, 2022, to **$858 thousand** at June 30, 2023 Inventories (thousands of U.S. dollars) | Item | December 31, 2022 | June 30, 2023 | | :-------- | :---------------- | :------------ | | Lubricants| $617 | $457 | | Bunkers | $1,294 | $401 | | Total | $1,911 | $858 | [Note 5: Vessels, net](index=26&type=section&id=Note%205.%20Vessels%2C%20net%3A) The net book value of vessels decreased from **$114,185 thousand** at January 1, 2023, to **$95,467 thousand** at June 30, 2023, primarily due to the sale of 'Pyxis Malou' and depreciation Vessels, net (thousands of U.S. dollars) | Item | January 1, 2023 | June 30, 2023 | | :------------------------ | :-------------- | :------------ | | Vessel Cost | $148,736 | $123,758 | | Accumulated Depreciation | $(34,551) | $(28,291) | | Net Book Value | $114,185 | $95,467 | | Sale of Vessel - Pyxis Malou | | $(16,106) | | Depreciation | | $(2,634) | - The sale of 'Pyxis Malou' on March 23, 2023, resulted in a net book value reduction of **$16,106 thousand**[99](index=99&type=chunk) - All company vessels are pledged as collateral for bank loans, and no impairment charges were recognized for the period ended June 30, 2023[100](index=100&type=chunk) [Note 6: Deferred Dry Dock and Special Survey Costs, net](index=26&type=section&id=Note%206.%20Deferred%20Dry%20Dock%20and%20Special%20Survey%20Costs%2C%20net%3A) Deferred dry dock and special survey costs increased from **$794 thousand** at January 1, 2023, to **$1,263 thousand** at June 30, 2023, mainly due to 'Pyxis Karteria' special survey additions Deferred Dry Dock and Special Survey Costs (thousands of U.S. dollars) | Item | 2023 | | :---------------------------- | :---- | | Balance January 1 | $794 | | Additions | $814 | | Amortization of special survey costs | $(176)| | Pyxis Malou write-off | $(169)| | Balance June 30 | $1,263| - Additions during H1 2023 were primarily for the 'Pyxis Karteria' special survey, completed on April 14, 2023[101](index=101&type=chunk) [Note 7: Long-term Debt](index=27&type=section&id=Note%207.%20Long-term%20Debt%3A) Long-term debt decreased from **$65,750 thousand** at December 31, 2022, to **$59,553 thousand** at June 30, 2023, due to loan settlements and refinancing, despite higher interest rates Long-term Debt by Vessel (thousands of U.S. dollars) | Vessel (Borrower) | December 31, 2022 | June 30, 2023 | | :------------------------ | :---------------- | :------------ | | "Pyxis Malou" (Fourthone) | $6,616 | $0 | | "Pyxis Theta" (Seventhone)| $12,550 | $11,950 | | "Pyxis Epsilon" (Eighthone)| $14,900 | $14,300 | | "Pyxis Karteria" (Tenthone)| $11,800 | $15,050 | | "Pyxis Lamda" (Eleventhone)| $19,884 | $18,253 | | Total | $65,750 | $59,553 | - The loan for 'Pyxis Malou' was fully settled by June 30, 2023, following its sale[103](index=103&type=chunk) - The 'Pyxis Karteria' loan was refinanced on March 13, 2023, with a new **$15.5 million secured loan** from Piraeus Bank, bearing interest at SOFR plus **2.7%**[114](index=114&type=chunk) - The weighted average interest rate increased from **4.30% in H1 2022 to 8.17% in H1 2023**, primarily due to higher LIBOR/SOFR indexed rates[119](index=119&type=chunk) - As of June 30, 2023, the company was in compliance with all loan covenants[120](index=120&type=chunk) [Note 8: Equity Capital Structure and Equity Incentive Plan](index=31&type=section&id=Note%208.%20Equity%20Capital%20Structure%20and%20Equity%20Incentive%20Plan%3A) This note details the company's equity structure, including common and preferred shares, and outstanding warrants, all adjusted for the May 2022 reverse stock split - As of June 30, 2023, there were **10,849,812 common shares** and **403,831 Series A Convertible Preferred Shares** outstanding, with a conversion price of **$5.60**[123](index=123&type=chunk) - During H1 2023, **45,642 Series A Preferred Shares** were converted into **203,924 common shares**[125](index=125&type=chunk) - **55,000 restricted common shares** were granted under the 2015 EIP to employees, board members, and affiliates, with vesting periods up to November 2024[127](index=127&type=chunk) - Mr. Valentis beneficially owned approximately **53%** of the company's outstanding common shares as of June 30, 2023[130](index=130&type=chunk) [Note 9: Income per Common Share](index=32&type=section&id=Note%209.%20Income%20per%20Common%20Share%3A) Basic EPS significantly increased from **$0.09 to $1.06**, while diluted EPS rose from **$0.09 to $0.94**, reflecting improved net income attributable to common shareholders Income per Common Share (Six months ended June 30) | Item | 2022 | 2023 | | :------------------------------------ | :----------- | :----------- | | Net income available to common stockholders, basic | $909 | $11,452 | | Weighted average number of common shares, basic | 10,613,424 | 10,754,405 | | Net income per common share, basic | $0.09 | $1.06 | | Net income available to common stockholders, diluted | $909 | $11,812 | | Weighted average number of common shares, diluted | 10,613,424 | 12,577,390 | | Net income per common share, diluted | $0.09 | $0.94 | - Diluted income per common share for H1 2023 includes shares from the conversion of Series A Preferred Shares[134](index=134&type=chunk) [Note 10: Risk Management and Fair Value Measurements](index=33&type=section&id=Note%2010.%20Risk%20Management%20and%20Fair%20Value%20Measurements%3A) This note addresses the company's exposure to interest rate, credit, and currency risks, using interest rate caps for hedging and maintaining fair values consistent with carrying amounts - The company is exposed to interest rate risk due to SOFR-linked loan interest rates and uses interest rate caps for hedging[136](index=136&type=chunk) - An interest rate cap was sold on January 25, 2023, realizing a net cash gain of **$0.6 million**[141](index=141&type=chunk) - Credit risk is minimized by placing cash with high-credit financial institutions and performing periodic evaluations; currency exchange risk is limited as transactions are primarily in U.S. dollars[138](index=138&type=chunk)[139](index=139&type=chunk) Fair Value of Assets and Liabilities (thousands of U.S. dollars, June 30, 2023) | Item | Carrying Value | Fair Value | | :---------------------------------------- | :------------- | :--------- | | Cash and cash equivalents (including restricted cash) | $34,448 | $34,448 | | Trade accounts receivable | $4,146 | $4,146 | | Trade accounts payable | $2,113 | $2,113 | | Long-term debt with variable interest rates, net | $59,553 | $59,553 | | Due to related parties | $1,078 | $1,078 | [Note 11: Commitments and Contingencies](index=35&type=section&id=Note%2011.%20Commitments%20and%20Contingencies%3A) This note outlines the company's minimum contractual charter revenues, totaling **$3,498 thousand** as of June 30, 2023, and addresses potential liabilities covered by insurance - Future minimum contractual charter revenues from committed, non-cancelable time charter contracts as of June 30, 2023, amount to **$3,498 thousand**[145](index=145&type=chunk) - The company is covered for liabilities associated with individual vessel actions by Protection and Indemnity (P&I) Clubs[147](index=147&type=chunk) [Note 12: Interest and Finance Costs, net](index=35&type=section&id=Note%2012.%20Interest%20and%20Finance%20Costs%2C%20net%3A) Interest and finance costs, net, increased from **$1,829 thousand** in H1 2022 to **$2,395 thousand** in H1 2023, primarily due to higher interest on long-term debt Interest and Finance Costs, net (thousands of U.S. dollars, Six months ended June 30) | Item | 2022 | 2023 | | :---------------------------- | :---- | :---- | | Interest on long-term debt | $1,463| $2,592| | Interest on Promissory Note | $223 | $69 | | Amortization of financing costs | $155 | $126 | | Financing fees and charges | $(12) | $21 | | Interest from time deposits | $0 | $(413)| | Total | $1,829| $2,395| - Interest on long-term debt significantly increased from **$1,463 thousand to $2,592 thousand**[148](index=148&type=chunk) [Note 13: Revenues, net](index=35&type=section&id=Note%2013.%20Revenues%2C%20net%3A) This note disaggregates net revenues by charter type, showing a shift from spot charters to time charters, with time charter revenues more than tripling in H1 2023 Revenues, net by Source (thousands of U.S. dollars, Six months ended June 30) | Revenue Source | 2022 | 2023 | | :---------------------------- | :------ | :------ | | Revenues derived from spot charters, net | $17,194 | $3,962 | | Revenues derived from time charters, net | $5,774 | $17,159 |\ | Total Revenues, net | $22,968 | $21,121 | Net Trade Accounts Receivable by Source (thousands of U.S. dollars) | Accounts Receivable Source | December 31, 2022 | June 30, 2023 | | :---------------------------- | :---------------- | :------------ | | Trade from spot charters | $10,598 | $3,852 | | Trade from time charters | $35 | $383 | | Less: Bad debt provisions | $(26) | $(26) | | Less: Allowance for credit losses | $(138) | $(63) | | Total | $10,469 | $4,146 | [Note 14: Subsequent Events](index=36&type=section&id=Note%2014.%20Subsequent%20Events%3A) Subsequent to June 30, 2023, the company approved a **$6.8 million equity investment** for a **60% stake** in a new drybulk joint venture and declared preferred share dividends - In July 2023, the Board approved a **$6.8 million equity investment** for a **60% ownership** in a newly formed company to acquire a **2016 Japanese-built 63,520 DWT Ultramax bulk carrier** for **$28.5 million**[153](index=153&type=chunk) - The bulk carrier acquisition is expected to be partially funded by a **$19.0 million five-year secured bank loan** and managed by Konkar Shipping Services, S.A., a related party[153](index=153&type=chunk) - Monthly cash dividends of **$0.1615 per share** on Series A Preferred Shares were paid in July 2023 and declared for August 2023, each amounting to **$65 thousand**[152](index=152&type=chunk)

Call Start: 08:30 January 1, 0000 8:48 AM ET Pyxis Tankers Inc. (NASDAQ:PXS) Q2 2023 Earnings Conference Call July 31, 2023 08:30 ET Company Participants Eddie Valentis - Chairman and Chief Executive Officer Henry Williams - Chief Financial Officer Operator Good day and welcome to the Pyxis Tankers Conference Call to discuss the Financial Results for the Second Quarter 2023. As a reminder, today’s call is being recorded. Additionally, a live webcast of today’s conference call and an accompanying presentatio ...

FORWARD-LOOKING STATEMENTS & INFORMATION Q2 2023 SUMMARY & OUTLOOK Solid quarterly performance with positive momentum ►Time charter equivalent revenues* of $8.6 million, down 23.7% from Q2 '22 ►Net income of $2.8 million, or $0.25 income per share, basic ($0.23/share diluted) ►Adjusted EBITDA of $5.2 million**, down $2.0 million from Q2 '22 ►Q2 '23 results impacted by fewer ships, reduced Spot employment and slightly lower daily TCE of $25,000 ►As of July 26th, 55% of available days booked for Q3 '23 at est ...

A Pure Play Product Tanker Company This presentation contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words "expected'', "estimated", "scheduled", "could", "should", "anticipated", "long-term", "opportunities", "potential", "continue", "likely", "may", "will", "positioned", "possible", "believe", "expand" and variations of these terms and similar expressions, or the negative of these ...