Pyxis Tankers Announces Financial Results for the Three Months Ended March 31, 2025

Company Overview - Pyxis Tankers Inc. reported unaudited results for the three months ended March 31, 2025, with net revenues of $9.6 million, a decrease of 18.6% from $11.8 million in the same period of 2024 [2][11][16] - The net income attributable to common shareholders for Q1 2025 was $0.8 million, down from $3.4 million in Q1 2024, resulting in earnings per share of $0.07 compared to $0.33 in the prior year [2][11][16] - Adjusted EBITDA for the first quarter of 2025 was $3.5 million, a decrease of $2.5 million from $6.0 million in Q1 2024 [2][11][16] Financial Performance - Time charter equivalent (TCE) revenues for Q1 2025 were $8.4 million, a decrease of $1.8 million or 17.4% compared to the same period in 2024 [2][11] - The average daily TCE rate for MR tankers was $23,593, which is 25.8% lower than the $31,790 rate in Q1 2024 [11][16] - The dry-bulk fleet achieved an average daily TCE rate of $13,013, down 23.2% from $16,950 in the same period of 2024 [11][16] Market Conditions - The product tanker sector faced lower charter rates due to slowing global economic activity and reduced demand for transportation fuels, although market conditions improved sequentially supported by seasonal factors [5][7] - The dry-bulk market remained subdued, impacted by soft demand for certain commodities and the deceleration of the Chinese economy [6][9] - Global demand for seaborne cargoes is expected to see modest growth in 2025, with a normalization of ton-mile activity anticipated [7][9] Fleet and Operations - As of March 31, 2025, the company had a fleet of three modern eco-efficient MR tankers and three dry-bulk vessels, all employed under short-term time charters [5][6][51] - The company repurchased 67,534 common shares at an average price of $3.91 per share during the first quarter of 2025, completing its $3.0 million share repurchase program [3][35] - The average number of vessels increased from 4.5 in Q1 2024 to 6.0 in Q1 2025 due to the acquisition of two Kamsarmax dry-bulk vessels [11][16] Future Outlook - The chartering environment for both product tankers and dry-bulk carriers is expected to remain challenging for the remainder of 2025, with limited direct exposure to tariffs but an anticipated increase in vessel supply [7][9] - The International Monetary Fund revised its global growth forecast down to 2.8% for 2025, which may impact demand for refined products and dry-bulk commodities [8][9] - The company is exploring opportunities to expand its fleet of mid-sized, modern eco-efficient vessels in both sectors [10][38]