Core Viewpoint - Pyxis Tankers Inc. reported a challenging financial performance for the fourth quarter of 2024, with significant declines in revenues and net income compared to the same period in 2023, attributed to deteriorating market conditions in the shipping industry [2][4][13]. Financial Performance - For the three months ended December 31, 2024, net revenues were 12.0million,adecreaseof9.213.2 million in the same period of 2023 [13][22]. - Adjusted net income for the fourth quarter was 0.3million,downfrom21.8 million in the comparable period in 2023, resulting in a loss attributable to common shareholders of 2.4million[3][13].−AdjustedEBITDAforthefourthquarterdecreasedby4.5 million to 3.3millioncomparedto7.7 million in the same period in 2023 [2][13]. Tanker Sector Performance - The average Time Charter Equivalent (TCE) rate for MR tankers in the fourth quarter of 2024 was 22,084perday,adeclineof27.630,484 per day in the same period of 2023 [13][22]. - The MR fleet's utilization rate was 89.5% in the fourth quarter of 2024, down from 97.7% in the same period of 2023 [22]. - As of March 13, 2025, the MR tankers were booked at an average estimated TCE of 25,079perday,with8511,582 per day, a decrease of 31.6% from 16,932perdayinthesameperiodof2023[13][22].−Thedry−bulkfleet′sutilizationratewas77.93.0 million common share repurchase program, acquiring over 730,000 shares at an average cost of 4.03pershare,andfullyredeemeditsSeriesAConvertiblePreferredStocktopreventpotentialdilution[9][10].−Thecompanyisexploringacquisitionopportunitiestoexpanditsfleetofeco−efficientvessels,particularlyinlightofdecliningshipvalues[11].BalanceSheetHighlights−AsofDecember31,2024,totalassetsincreasedto188.9 million from 166.3millionin2023,withcashandcashequivalentsdecreasingto21.2 million [52]. - Total liabilities increased to 84.2millionfrom65.0 million in 2023, primarily due to increased long-term debt [52].
