Costamare (CMRE) Q2 2025 Earnings Call July 31, 2025 08:30 AM ET Speaker0Thank you for standing by, ladies and gentlemen, and welcome to the Costa Amare Inc. Conference call on the Second Quarter twenty twenty five financial results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. At this time, all participants are in a listen only mode.There will be a presentation followed by a question and answer session. At which time, if you wish to ask a question question, please press the st ...

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]