Pyxis Tankers Announces Financial Results for the Three Months Ended March 31, 2024

Core Insights - Pyxis Tankers reported net revenues of $11.8 million for Q1 2024, a 1.6% increase from $11.6 million in Q1 2023, with a net income of $3.4 million compared to $5.9 million in the same period last year [2][10][14] - The company experienced a significant increase in time charter equivalent (TCE) revenues, reaching $10.2 million, which is a 10.2% increase from the previous year [2][10] - The average daily TCE for MR vessels was $31,790, a 35.2% increase from $23,508 in Q1 2023, driven by higher demand and better market conditions [10][14][49] Financial Performance - Net income attributable to common shareholders for Q1 2024 was $3.4 million, translating to $0.33 basic and $0.30 diluted earnings per share, down from $8.7 million or $0.81 basic and $0.71 diluted in Q1 2023 [2][10][14] - Adjusted EBITDA for Q1 2024 was $6.0 million, an increase of $1.8 million from $4.2 million in Q1 2023, primarily due to higher average TCE rates and better fleet utilization [2][10][14] - The company reported a decrease in voyage-related costs and commissions by 31.3% to $1.7 million, reflecting fewer spot employment days [15][16] Fleet and Operations - The company took delivery of the "Konkar Asteri," a dry-bulk vessel, on February 15, 2024, for $26.625 million, funded by $14.5 million in secured bank debt and cash [3][33] - The average daily TCE for dry-bulk carriers was $16,950 in Q1 2024, with a utilization rate of 76.5% [10][14][50] - As of May 16, 2024, 83% of available MR days for Q2 2024 were booked at an average TCE of $32,500 per day, indicating strong demand in the product tanker sector [5][8] Strategic Actions - The Board of Directors approved an additional $1.0 million for the common share repurchase program and authorized the redemption of 100,000 shares of Series A Cumulative Convertible Preferred Stock [4][38] - The company plans to enter into a joint venture to acquire another dry-bulk vessel, "Konkar Venture," for $30 million, with funding from bank debt, cash, and restricted common shares [4][40] - The company is expected to maintain a constructive chartering environment for both product tankers and dry-bulk carriers throughout 2024, supported by solid global demand [8][10]