PYXIS TKRS.EQ.WARRT(PXSAW) - 2025 Q1 - Quarterly Report

Executive Summary & Business Highlights Pyxis Tankers reported Q4 and full-year 2024 results, detailing market conditions, strategic financial actions, and fleet modernization efforts Q4 2024 & Full Year 2024 Overview Q4 2024 saw decreased revenues and Adjusted EBITDA, leading to a net loss, while full-year revenues rose but net income fell significantly Q4 2024 Key Financials (vs. Q4 2023) | Metric (Q4 2024) | Value (USD Million) | Change vs. Q4 2023 | | :---------------- | :------------------ | :----------------- | | Revenues, net | 12.0 | -9.2% | | TCE revenues | 7.9 | -33.6% | | Adjusted net income | 0.3 | -98.6% | | Adjusted EBITDA | 3.3 | -57.7% | | Net loss attributable to common shareholders | (2.4) | N/A (vs. $21.6M income) | FY 2024 Key Financials (vs. FY 2023) | Metric (FY 2024) | Value (USD Million) | Change vs. FY 2023 | | :--------------- | :------------------ | :----------------- | | Revenues, net | 51.5 | +13.4% | | Net income attributable to Pyxis Tankers Inc. | 12.9 | -65.2% | | Adjusted income per common share (basic) | 1.17 | -65.3% | CEO Commentary & Market Outlook The CEO noted a profitable Q4 2024 despite deteriorating market conditions, anticipating continued challenges in 2025 due to stable demand and growing vessel supply - CEO Valentios Valentis commented on a 'Profitable last quarter amid deteriorating market conditions'[4] - Product tanker sector: Decelerating chartering activity in Q4 2024 due to softening global demand, seasonal refinery maintenance, and moderating inventories. MR2 tankers averaged $22,084 per day TCE in Q4 2024[5] - Dry-bulk sector: Disappointing chartering conditions in Q4 2024 due to soft demand and declining Chinese economy. Bulkers averaged $11,582 per day TCE in Q4 2024[6] - Outlook for 2025: Chartering environment for both product tankers and dry-bulk is expected to remain challenging due to stable global demand but anticipated increase in vessel supply from newbuilds. Net supply growth for MR2 is estimated at approximately 5% for 2025[7] Strategic Financial Initiatives Pyxis Tankers completed significant financial initiatives to enhance shareholder value, including fully utilizing its common share repurchase program and redeeming all outstanding convertible preferred stock - Common Share Repurchase Program: Fully utilized the $3.0 million program by January 2025, acquiring over 730,000 common shares at an average cost of $4.03 per share since summer 2023[8] - Preferred Stock Redemption: Fully redeemed all outstanding 7.75% Series A Cumulative Convertible Preferred Stock in 2024, eliminating potential dilution of approximately 1.8 million common shares and associated monthly cash dividends[9] - Aggregate investment of $13.1 million in equity repurchases prevented dilution of more than 2.5 million common shares, representing 19.4% of diluted shares[9] Fleet Expansion & Modernization The company is exploring acquisition opportunities for eco-efficient vessels, planning to enhance liquidity, repay debt, and complete maintenance programs - Potential acquisition opportunities: Ship values started to decline in H2 2024, creating opportunities to expand the fleet of mid-sized, modern eco-efficient vessels in product tanker and dry-bulk sectors[10] - Capital Allocation: Maintain a disciplined approach to capital allocation until more attractive situations materialize[10] - Operational Focus: Utilize operating cash flow to enhance balance sheet liquidity, repay scheduled debt, and complete high-quality maintenance programs[10] - Environmental Efficiency: Two vessels will undergo special surveys this spring, including the installation of advanced, fuel-saving devices[10] Financial Performance Analysis This section analyzes Pyxis Tankers' Q4 and full-year 2024 financial results, highlighting revenue, cost, and profitability drivers Q4 2024 Financial Results Pyxis Tankers experienced a decline in Q4 2024 revenues and profitability compared to Q4 2023, primarily due to lower daily TCE rates and reduced MR utilization Q4 2024 Key Financials (vs. Q4 2023) | Metric | Q4 2023 (USD Million) | Q4 2024 (USD Million) | Change (USD Million) | Change (%) | | :-------------------------- | :-------------------- | :-------------------- | :------------------- | :--------- | | Revenues, net | 13.2 | 12.0 | (1.2) | -9.2% | | Net income attributable to Pyxis Tankers Inc. | 21.8 | 0.3 | (21.5) | -98.6% | | Adjusted net income | 21.6 | 0.3 | (21.3) | -98.6% | | MR daily TCE rate | 30,484 | 22,084 | (8,400) | -27.6% | | Dry-bulk daily TCE rate | 16,932 | 11,582 | (5,350) | -31.6% | | Adjusted EBITDA | 7.7 | 3.3 | (4.5) | -57.7% | - Voyage related costs and commissions: Increased by $2.8 million (219%) to $4.1 million, primarily due to higher spot employment for MRs (195 days in Q4 2024 vs. 96 days in Q4 2023)[21] - Vessel operating expenses: Increased by $0.3 million (11.0%) to $3.5 million, reflecting fleet expansion from dry-bulk acquisitions[22] - Depreciation: Increased by $0.4 million (22.7%) to $1.9 million, due to acquired bulkers partially offset by depreciation ceasing for the sold 'Pyxis Epsilon'[26] - No gain from vessel sales was recorded in Q4 2024, compared to a $17.1 million gain from the sale of 'Pyxis Epsilon' in Q4 2023[27] Revenues, Net (Q4) Q4 2024 revenues, net, decreased due to operating one less MR, softer charter rates, and lower fleet utilization - Revenues, net decreased by $1.2 million (9.2%) to $12.0 million in Q4 2024, driven by operating one less MR, softer charter rates, and lower utilization for both MR and dry-bulk fleets[20] Voyage Related Costs and Commissions (Q4) Voyage related costs and commissions increased in Q4 2024, primarily due to higher spot employment for MRs - Voyage related costs and commissions increased by $2.8 million (219%) to $4.1 million in Q4 2024, primarily due to higher spot employment for MRs (195 days in Q4 2024 vs. 96 days in Q4 2023)[21] Vessel Operating Expenses (Q4) Vessel operating expenses increased in Q4 2024, reflecting fleet expansion from dry-bulk acquisitions - Vessel operating expenses increased by $0.3 million (11.0%) to $3.5 million in Q4 2024, reflecting fleet expansion from dry-bulk acquisitions[22] General and Administrative Expenses (Q4) General and administrative expenses increased in Q4 2024 due to higher professionals' fees and inflationary pressures in Greece - General and administrative expenses increased by $0.1 million (18.0%) to $0.8 million in Q4 2024, due to increased professionals' fees and inflationary cost pressures in Greece[23] Management Fees (Q4) Management fees remained flat in Q4 2024 compared to the prior year - Management fees remained flat at $0.5 million in Q4 2024 compared to Q4 2023[24] Amortization of Special Survey Costs (Q4) Amortization of special survey costs remained flat in Q4 2024 compared to the prior year - Amortization of special survey costs remained flat at $0.1 million in Q4 2024 compared to Q4 2023[25] Depreciation (Q4) Depreciation increased in Q4 2024, reflecting additional depreciation for acquired bulkers, partially offset by ceased depreciation for a sold vessel - Depreciation increased by $0.4 million (22.7%) to $1.9 million in Q4 2024, reflecting additional depreciation for acquired bulkers, partially offset by depreciation ceasing for the sold 'Pyxis Epsilon'[26] Gain from Sale of Vessels, Net (Q4) No gain from vessel sales was recorded in Q4 2024, contrasting with a significant gain in Q4 2023 - No gain from vessel sales was recorded in Q4 2024, compared to a $17.1 million gain from the sale of 'Pyxis Epsilon' in Q4 2023[27] Interest and Finance Costs, Net (Q4) Interest and finance costs remained flat in Q4 2024, as higher average debt was offset by lower interest rates and reduced margins - Interest and finance costs remained flat at $1.6 million in Q4 2024, as higher average debt levels were offset by lower SOFR-referenced interest rates and reduced interest rate margins on two loan agreements[28] Interest Income (Q4) Interest income increased slightly in Q4 2024 due to larger average balances of short-term time deposits - Interest income increased slightly to $0.5 million in Q4 2024, due to larger average balances of short-term time deposits, partially offset by lower interest rates[29] Loss/(Gain) Assumed by Non-Controlling Interest (Q4) Loss assumed by non-controlling interest was recorded in Q4 2024, a decrease compared to a gain in Q4 2023 - Loss assumed by non-controlling interest was $0.2 million in Q4 2024, a $0.2 million decrease compared to a gain in Q4 2023, attributable to the NCI in dry-bulk joint ventures[30] Full Year 2024 Financial Results For the full year 2024, Pyxis Tankers reported increased revenues, net, but significantly decreased net income due to the absence of prior year vessel sale gains FY 2024 Key Financials (vs. FY 2023) | Metric | FY 2023 (USD Million) | FY 2024 (USD Million) | Change (USD Million) | Change (%) | | :-------------------------- | :-------------------- | :-------------------- | :------------------- | :--------- | | Revenues, net | 45.5 | 51.5 | 6.1 | +13.4% | | Net income attributable to Pyxis Tankers Inc. | 37.0 | 12.9 | (24.1) | -65.2% | | Adjusted net income | 36.2 | 12.3 | (23.9) | -65.9% | | MR average daily TCE rate | 26,633 | 29,289 | 2,656 | +10.0% | | Dry-bulk average daily TCE rate | 15,323 | 15,353 | 30 | +0.2% | | Adjusted EBITDA | 22.6 | 24.0 | 1.4 | +6.1% | - Fleet Composition: Operated an average of 3 MR tankers in 2024 (vs. 4.2 in 2023) and an average of 2.4 bulk carriers (vs. 0.3 in 2023), reflecting dry-bulk fleet expansion with 'Konkar Asteri' and 'Konkar Venture' acquisitions[15] - Voyage related costs and commissions: Increased by $3.2 million (50.0%) to $9.5 million, due to higher spot employment (621 days in 2024 vs. 402 days in 2023)[33] - Vessel operating expenses: Increased by $1.7 million (15.0%) to $13.4 million, mainly due to 337 additional ownership days from dry-bulk fleet expansion[34] - No gain from vessel sales was recorded in FY 2024, compared to total gains of $25.1 million in FY 2023 from the sales of 'Pyxis Malou' and 'Pyxis Epsilon'[39] Revenues, Net (FY) Full-year 2024 revenues, net, increased due to higher MR daily TCE rates and increased dry-bulk operating days from acquisitions - Revenues, net increased by $6.1 million (13.4%) to $51.5 million in FY 2024, primarily due to a 10% increase in MR average daily TCE rate to $29,289 and increased dry-bulk operating days from acquisitions[32] Voyage Related Costs and Commissions (FY) Voyage related costs and commissions increased in FY 2024, primarily due to higher spot employment for the fleet - Voyage related costs and commissions increased by $3.2 million (50.0%) to $9.5 million in FY 2024, primarily due to higher spot employment for the fleet (621 days in 2024 vs. 402 days in 2023)[33] Vessel Operating Expenses (FY) Vessel operating expenses increased in FY 2024, mainly attributed to additional ownership days from dry-bulk fleet expansion - Vessel operating expenses increased by $1.7 million (15.0%) to $13.4 million in FY 2024, mainly attributed to 337 additional ownership days due to dry-bulk fleet expansion[34] General and Administrative Expenses (FY) General and administrative expenses decreased in FY 2024, mainly due to the absence of a performance bonus paid in the previous year - General and administrative expenses decreased by $0.5 million (13.1%) to $3.0 million in FY 2024, mainly due to a $0.6 million performance bonus paid in the previous year[35] Management Fees (FY) Management fees increased in FY 2024, resulting from dry-bulk carrier acquisitions, partially offset by MR sales - Management fees increased by $0.2 million (12.9%) to $1.7 million in FY 2024, resulting from the three dry-bulk carrier acquisitions, partially offset by two MR sales[36] Amortization of Special Survey Costs (FY) Amortization of special survey costs remained flat in FY 2024 compared to the prior year - Amortization of special survey costs remained flat at $0.4 million in FY 2024 compared to 2023[37] Depreciation (FY) Depreciation increased in FY 2024, reflecting additional depreciation for recently acquired bulkers, partially offset by ceased depreciation for sold tankers - Depreciation increased by $1.4 million (25.5%) to $6.9 million in FY 2024, reflecting additional depreciation for recently acquired bulkers, partially offset by depreciation ceasing for sold tankers in 2023[38] Gain from Sale of Vessels, Net (FY) No gain from vessel sales was recorded in FY 2024, contrasting with substantial gains in FY 2023 - No gain from vessel sales was recorded in FY 2024, compared to total gains of $25.1 million in FY 2023 from the sales of 'Pyxis Malou' and 'Pyxis Epsilon'[39] Loss from Debt Extinguishment (FY) No loss from debt extinguishment was recorded in FY 2024, compared to a loss in FY 2023 related to loan repayments and debt refinancing - No loss from debt extinguishment was recorded in FY 2024, compared to a $0.4 million loss in FY 2023 related to loan repayments of sold vessels and debt refinancing[40] Interest and Finance Costs, Net (FY) Interest and finance costs, net, increased in FY 2024, primarily due to higher average debt levels, partially offset by lower interest rates and reduced margins - Interest and finance costs, net, increased by $0.7 million (11.9%) to $6.5 million in FY 2024, primarily due to higher average debt levels, partially offset by lower SOFR indexed rates and reduced interest margins on two loan agreements[41] Interest Income (FY) Interest income increased in FY 2024 due to larger average balances of short-term time deposits - Interest income increased by $1.1 million (86.5%) to $2.3 million in FY 2024, due to larger average balances of short-term time deposits, partially offset by lower interest rates[42] Loss Assumed by Non-Controlling Interest (FY) Loss assumed by non-controlling interest increased in FY 2024, representing the NCI share of loss in dry-bulk joint ventures - Loss assumed by non-controlling interest increased by $0.2 million (79.6%) to $0.4 million in FY 2024, representing the 40% share of the loss attributable to NCI in the two dry-bulk joint ventures[43] Consolidated Financial Statements This section presents Pyxis Tankers' consolidated statements of comprehensive income, balance sheets, and cash flows for Q4 and full-year 2024 Consolidated Statements of Comprehensive Income/(Loss) (Q4 2024 & FY 2024) The consolidated statements show a shift to net loss in Q4 2024 and a substantial decrease in full-year net income, primarily due to the absence of vessel sale gains and preferred stock redemption Consolidated Statements of Comprehensive Income/(Loss) (Selected Data) | Metric | Q4 2023 (USD '000) | Q4 2024 (USD '000) | FY 2023 (USD '000) | FY 2024 (USD '000) | | :------------------------------------------ | :----------------- | :----------------- | :----------------- | :----------------- | | Revenues, net | 13,249 | 12,035 | 45,468 | 51,542 | | Operating income | 23,171 | 1,282 | 41,869 | 16,724 | | Net income attributable to Pyxis Tankers Inc. | 21,826 | 314 | 37,037 | 12,868 | | Net income/(loss) attributable to common shareholders | 21,630 | (2,400) | 36,227 | 9,624 | | Income/(loss) per common share, basic | 2.04 | (0.23) | 3.38 | 0.91 | - A deemed dividend of $2.682 million from Series A Convertible Preferred Stock Redemption was recognized in Q4 2024 and for the full year 2024, impacting net income attributable to common shareholders[44][45] Consolidated Balance Sheets As of December 31, 2024, total assets increased due to fleet expansion, while current assets decreased, and total liabilities rose from higher long-term debt Consolidated Balance Sheets (Selected Data) | Metric | Dec 31, 2023 (USD '000) | Dec 31, 2024 (USD '000) | Change (USD '000) | Change (%) | | :-------------------------- | :---------------------- | :---------------------- | :---------------- | :--------- | | Total current assets | 60,880 | 46,123 | (14,757) | -24.2% | | Vessels, net | 99,273 | 140,024 | 40,751 | +41.0% | | Total assets | 166,313 | 188,881 | 22,568 | +13.6% | | Total current liabilities | 10,084 | 12,254 | 2,170 | +21.5% | | Long-term debt, net | 55,370 | 76,963 | 21,593 | +39.0% | | Total stockholders' equity | 100,859 | 99,664 | (1,195) | -1.2% | - Cash and cash equivalents decreased from $34.5 million in 2023 to $21.2 million in 2024[46] - Preferred Stock: All Series A Convertible Preferred Shares were redeemed and outstanding as of December 31, 2024 (nil shares outstanding vs. 403,631 in 2023)[46] Consolidated Statements of Cash Flows Cash flows from operating activities decreased, investing activities shifted to a net outflow due to vessel acquisitions, and financing activities turned positive from debt proceeds Consolidated Statements of Cash Flows (Selected Data) | Cash Flow Activity | FY 2023 (USD '000) | FY 2024 (USD '000) | Change (USD '000) | | :------------------------------ | :----------------- | :----------------- | :---------------- | | Net cash provided by operating activities | 21,442 | 18,846 | (2,596) | | Net cash (used in)/provided by investing activities | 12,205 | (42,163) | (54,368) | | Net cash provided by/(used in) financing activities | (7,497) | 9,571 | 17,068 | | Net (decrease)/increase in cash and cash equivalents and restricted cash | 26,150 | (13,746) | (39,896) | - Payments for vessel acquisition: Increased from $28.5 million in 2023 to $45.0 million in 2024[47] - Proceeds from long-term debt: $31.0 million in 2024 (vs. $34.5 million in 2023)[47] - Redemption of Series A Convertible Preferred shares: $10.1 million outflow in 2024[47] - Common stock re-purchase program: $1.5 million outflow in 2024 (vs. $1.2 million in 2023)[47] Liquidity, Debt and Capital Structure This section details Pyxis Tankers' debt, liquidity, preferred stock redemption, common share repurchase program, and employee incentive program Debt Overview Pyxis Tankers' total funded debt increased significantly in 2024, while maintaining sufficient liquidity and refinancing certain loans to reduce interest margins Total Funded Debt, Net of Deferred Financing Costs | Date | Amount (USD '000) | | :------------ | :----------------- | | Dec 31, 2023 | 60,950 | | Dec 31, 2024 | 84,524 | - Weighted average interest rate on total funded debt: 7.77% as of December 31, 2024[49] - Weighted average interest margin: 2.38% as of December 31, 2024[50] - Liquidity: Total cash and cash equivalents, including restricted cash and short-term investments, aggregated to $39.6 million as of December 31, 2024, exceeding the minimum required cash balance of $1.35 million[49] - Debt Refinancing: Refinanced debt for 'Pyxis Theta' and 'Pyxis Lamda' in July 2024, reducing interest margins by an average of 85 basis points[41] Preferred Stock Redemption In October 2024, Pyxis Tankers fully redeemed all outstanding Series A Convertible Preferred Stock, eliminating potential common share dilution and future dividend payments - On October 20, 2024, all remaining 303,171 Preferred Shares were redeemed at $25.00 per share, extinguishing the right to convert into 1,353,442 common shares and ceasing monthly cash dividends[52] - A retained earnings reduction of $2.7 million was recognized as a deemed dividend to preferred shareholders due to the redemption[52] Common Share Repurchase Program The company fully utilized its $3.0 million common share repurchase program by January 2025, acquiring a total of 730,683 common shares since summer 2023 - Q4 2024 Repurchases: 160,690 common shares at an average price of $4.09 per share, totaling $657 thousand[54] - FY 2024 Repurchases: 331,558 common shares at an average price of $4.39 per share, totaling $1.46 million[56] - Program Completion: By January 30, 2025, the $3.0 million program was fully utilized, acquiring 730,683 common shares at an average cost of $4.03 per share since summer 2023[57] Employee Incentive Program & Share Ownership The Board approved the issuance of restricted common shares under the Employee Incentive Program in November 2024. As of December 31, 2024, the CEO beneficially owned a significant portion of the outstanding common shares - In November 2024, the Board approved the issuance of 72,500 restricted common shares under the EIP to employees, board members, and affiliates, with a 12-month vesting period through November 2025[53] - As of December 31, 2024, 10,553,399 common shares were issued and outstanding, with Mr. Valentis (CEO) beneficially owning 56.9%[55] Subsequent Events After year-end, the company completed its common share repurchase program, resulting in a slight reduction in outstanding common shares - As of January 30, 2025, an additional 67,534 common shares were repurchased at an average price of $3.91 per share, fully utilizing the $3.0 million share buy-back program[56][57] - As of January 30, 2025, 10,485,865 common shares were outstanding, with Mr. Valentis beneficially owning 57.3%[57] Non-GAAP Measures and Definitions This section provides reconciliations for non-GAAP measures like EBITDA and Adjusted EBITDA, and defines key shipping industry metrics EBITDA and Adjusted EBITDA Reconciliation The company provides EBITDA and Adjusted EBITDA as non-GAAP measures to evaluate operating performance, excluding certain non-operating or non-recurring charges like interest income, debt extinguishment, financial derivatives, and vessel sales Reconciliation of Net Income to EBITDA and Adjusted EBITDA | Metric | Q4 2023 (USD '000) | Q4 2024 (USD '000) | FY 2023 (USD '000) | FY 2024 (USD '000) | | :---------------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Net income | 21,886 | 134 | 36,836 | 12,507 | | Depreciation | 1,552 | 1,904 | 5,503 | 6,904 | | Amortization of special survey costs | 114 | 90 | 388 | 382 | | Interest and finance costs | 1,634 | 1,631 | 5,835 | 6,529 | | EBITDA | 25,186 | 3,759 | 48,562 | 26,322 | | Interest income | (441) | (483) | (1,240) | (2,312) | | Loss from debt extinguishment | 92 | — | 379 | — | | Gain from the sale of vessels, net | (17,108) | — | (25,125) | — | | Adjusted EBITDA | 7,729 | 3,276 | 22,635 | 24,010 | Adjusted Net Income and Adjusted Income Per Common Share Reconciliation Adjusted net income and adjusted income per common share are presented to exclude the non-recurring effect of the full redemption of Preferred Shares, specifically the $2.7 million deemed dividend Reconciliation of Net Income/(Loss) Attributable to Common Shareholders and Adjusted Net Income | Metric | Q4 2023 (USD '000) | Q4 2024 (USD '000) | FY 2023 (USD '000) | FY 2024 (USD '000) | | :------------------------------------------ | :----------------- | :----------------- | :----------------- | :----------------- | | Net income/(loss) attributable to common shareholders | 21,630 | (2,400) | 36,227 | 9,624 | | Deemed dividend from Series A Convertible Preferred Stock Redemption | — | 2,682 | — | 2,682 | | Adjusted net income | 21,630 | 282 | 36,227 | 12,306 | | Adjusted income per common share, basic | 2.04 | 0.03 | 3.38 | 1.17 | | Adjusted income per common share, diluted | 1.76 | 0.03 | 2.94 | 0.96 | Key Shipping Industry Metrics Definitions (Daily TCE, Opex, Utilization) The report defines key non-GAAP shipping industry performance measures used by management to evaluate vessel performance and operational efficiency - Daily TCE (Time Charter Equivalent): Average daily revenue performance of a vessel per voyage, calculated by dividing Revenues, net after deducting Voyage related costs and commissions, by operating days[62] - Vessel operating expenses (Opex) per day: Vessel operating expenses (crew wages, insurance, lube oils, etc) divided by ownership days[63] - Utilization: Measures efficiency in finding suitable employment, calculated by dividing operating days by available days[64] Fleet Information This section provides details on Pyxis Tankers' current fleet composition, including vessel types, capacities, charter information, and recent daily fleet data Current Fleet Composition As of March 13, 2025, Pyxis Tankers operates a modern fleet of six eco-vessels, comprising three MR2 tankers and three dry-bulk vessels, with details on their charter types and rates Pyxis Tankers Fleet (as of March 13, 2025) | Vessel Name | Vessel type | Carrying Capacity (dwt) | Year Built | Type of charter | Charter Rate ($ per day) | Anticipated Earliest Redelivery Date | | :------------ | :---------- | :---------------------- | :--------- | :-------------- | :----------------------- | :----------------------------------- | | Tanker fleet | | | | | | | | Pyxis Lamda | MR2 | 50,145 | 2017 | Spot | n/a | n/a | | Pyxis Theta | MR2 | 51,795 | 2013 | Time | 22,000 | Dec 2025 | | Pyxis Karteria | MR2 | 46,652 | 2013 | Time | 24,500 | Sep 2025 | | Dry-bulk fleet | | | | | | | | Konkar Ormi | Ultramax | 63,520 | 2016 | Time | 13,650 | Mar 2025 | | Konkar Asteri | Kamsarmax | 82,013 | 2015 | Time | 12,850 | Mar 2025 | | Konkar Venture | Kamsarmax | 82,099 | 2015 | Time | n/a | n/a (undergoing Special Survey) | - The fleet consists of three eco-efficient MR2 tankers and three dry-bulk vessels (one Ultramax and two Kamsarmaxes, including controlling interests in two dry-bulk joint ventures)[67][74] Recent Daily Fleet Data Recent daily fleet data shows a decrease in Daily TCE and Utilization for both MR and Total Fleet in Q4 2024 compared to Q4 2023, while Opex per day remained relatively stable or decreased Recent Daily Fleet Data (Selected Metrics) | Metric (USD per day) | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 | | :------------------- | :------ | :------ | :------ | :------ | | MR Fleet: | | | | | | Daily TCE | 30,484 | 22,084 | 26,633 | 29,289 | | Opex per day | 7,346 | 7,205 | 7,065 | 7,195 | | Utilization % | 97.7% | 89.5% | 95.7% | 96.1% | | Average number of MR vessels | 3.8 | 3.0 | 4.2 | 3.0 | | Dry-bulk: | | | | | | Daily TCE | 16,932 | 11,582 | 15,323 | 15,353 | | Opex per day | 6,087 | 5,421 | 7,772 | 6,240 | | Utilization % | 95.7% | 77.9% | 80.7% | 82.9% | | Average number of Dry-bulk vessels | 1.0 | 3.0 | 0.3 | 2.4 | | Total Fleet: | | | | | | Daily TCE | 27,717 | 17,197 | 25,972 | 23,617 | | Opex per day | 7,085 | 6,313 | 7,112 | 6,772 | | Utilization % | 97.3% | 83.7% | 94.7% | 90.3% | | Average number of vessels | 4.8 | 6.0 | 4.5 | 5.4 | Company Information & Forward-Looking Statements This section provides information about Pyxis Tankers Inc. and includes important disclaimers regarding forward-looking statements and associated risks About Pyxis Tankers Inc. Pyxis Tankers Inc. is an international shipping company owning a modern fleet of six mid-sized eco-vessels engaged in the transportation of refined petroleum products and dry-bulk commodities - Pyxis Tankers Inc. owns a modern fleet of six mid-sized eco-vessels (three MR product tankers, one Kamsarmax bulk carrier, and controlling interests in two dry-bulk joint ventures) for seaborne transportation of refined petroleum products and dry-bulk commodities[74] - The company is positioned to opportunistically expand and maximize its fleet due to significant capital resources, competitive cost structure, strong customer relationships, and an experienced management team[74] Forward-Looking Statements The report contains forward-looking statements regarding future plans, financial performance, and market expectations, which are subject to known and unknown risks and uncertainties - Forward-looking statements include plans, strategies, financial performance, prospects, future events, and market charter rate expectations, particularly concerning the effects of geopolitical conflicts (Russian-Ukrainian war, Red Sea conflict) on the product tanker and dry-bulk industries[75] - These statements are based on estimates and assumptions that are inherently subject to significant uncertainties and contingencies beyond the company's control, and actual results may differ materially[75] - The company cautions not to place undue reliance on forward-looking statements and undertakes no obligation to update them, except as required by applicable laws[75]