Pyxis Tankers Announces Financial Results for the Three Months Ended September 30, 2025

Core Viewpoint - Pyxis Tankers Inc. reported a significant decline in revenues and net income for the third quarter of 2025 compared to the same period in 2024, primarily due to weaker charter rates in both the product tanker and dry-bulk sectors [2][3][12]. Financial Performance - For the three months ended September 30, 2025, net revenues were $9.7 million, a decrease of 29.7% from $13.8 million in the same period of 2024 [12]. - Net income attributable to common shareholders was $1.2 million, down from $3.6 million in Q3 2024, resulting in a net income per common share of $0.11 compared to $0.34 in the prior year [12][40]. - Adjusted EBITDA for Q3 2025 was $4.2 million, a decrease of $2.5 million from $6.7 million in Q3 2024 [2][12]. Market Conditions - The product tanker sector experienced a decline in time charter equivalent (TCE) revenues, which were $8.9 million, down $2.7 million or 23.5% from the comparable period in 2024 [2][3]. - The average TCE rate for MR tankers was $21,085 per day, which is 29% lower than the same period last year [4][12]. - In the dry-bulk market, the average daily TCE rate was $13,513, a slight decrease of 2.4% compared to Q3 2024, but an increase of about $700 per day from the second quarter of 2025 [5][12]. Operational Insights - As of November 20, 2025, 93% of MR available days were booked for Q4 2025 at an estimated TCE of $20,700 per day [4]. - The dry-bulk fleet's average daily TCE rate improved to $17,150 per day, with 78% of available days booked for Q4 2025 [5]. Future Outlook - The company anticipates a firm chartering environment for both product tankers and dry-bulk carriers, with modest growth in global demand for seaborne cargoes expected through 2026 [6]. - The International Monetary Fund revised its global growth forecast to approximately 3.1% through 2026, which is expected to correlate with demand growth for refined petroleum products and dry-bulk commodities [7]. - The company plans to maintain a disciplined approach to operational and financial management while seeking growth opportunities in expanding its fleet of eco-efficient vessels [9][10]. Shareholder Actions - The Board of Directors has authorized a new common stock repurchase program of up to $3.0 million through open-market transactions for a period of up to one year, reflecting the belief that the current share price does not reflect the company's value proposition [10].