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 $12.0 million, a decrease of 9.2% from $13.2 million in the same period of 2023 [13][22]. - Adjusted net income for the fourth quarter was $0.3 million, down from $21.8 million in the comparable period in 2023, resulting in a loss attributable to common shareholders of $2.4 million [3][13]. - Adjusted EBITDA for the fourth quarter decreased by $4.5 million to $3.3 million compared to $7.7 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 $22,084 per day, a decline of 27.6% from $30,484 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 $25,079 per day, with 85% of available days booked for the quarter ending March 31, 2025 [5]. Dry-Bulk Sector Performance - The average TCE rate for dry-bulk carriers in the fourth quarter of 2024 was $11,582 per day, a decrease of 31.6% from $16,932 per day in the same period of 2023 [13][22]. - The dry-bulk fleet's utilization rate was 77.9% in the fourth quarter of 2024, compared to 95.7% in the same period of 2023 [22]. Market Outlook - The chartering environment for both product tankers and dry-bulk markets is expected to remain challenging in 2025, with stable global demand but increasing vessel supply due to newbuild deliveries [7][8]. - The International Monetary Fund (IMF) projects global economic growth of 3.3% annually for 2025 and 2026, which may support demand for seaborne cargoes [7]. Strategic Initiatives - The company completed a $3.0 million common share repurchase program, acquiring over 730,000 shares at an average cost of $4.03 per share, and fully redeemed its Series A Convertible Preferred Stock to prevent potential dilution [9][10]. - The company is exploring acquisition opportunities to expand its fleet of eco-efficient vessels, particularly in light of declining ship values [11]. Balance Sheet Highlights - As of December 31, 2024, total assets increased to $188.9 million from $166.3 million in 2023, with cash and cash equivalents decreasing to $21.2 million [52]. - Total liabilities increased to $84.2 million from $65.0 million in 2023, primarily due to increased long-term debt [52].
Pyxis Tankers Announces Financial Results for the Three Months and Year Ended December 31, 2024