Pyxis Tankers (US:PXS)2021-03-25 01:54Financial Data and Key Metrics Changes - Time charter equivalent revenues for Q4 2020 were $3.6 million, down 42% from the same period in 2019 due to fewer operating days, lower rates, and special surveys for two ships [5][20] - The net loss for Q4 2020 was $2.7 million or $0.12 per share, an improvement compared to a net loss of $3.6 million in the same period of the prior year [5][21] - Adjusted EBITDA for Q4 2020 declined significantly to a negative $200,000 [6][21] Business Line Data and Key Metrics Changes - The average daily time charter equivalent for medium-range product tankers was approximately $12,300, which was better than potential spot market results [7] - The daily TCE rate fleet-wide was less than $10,300, a decline of $2,100 per day from the comparable 2019 period [20] Market Data and Key Metrics Changes - Chinese gasoline exports increased by 30% in the first two months of 2021 to over 3.5 million tons, while U.S. gasoline inventories are now 12% below the April 2020 peak [8][9] - The indicative one-year time charter rate for an eco-efficient MR has declined to $14,400 per day, approximating the 10-year average [15] Company Strategy and Development Direction - The company has maintained a strategy of six-month time charters, most of which have options at higher rates, to navigate the challenging chartering environment [7] - Recent financing activities have strengthened the balance sheet, enhanced liquidity, and provided capital for debt repayment and potential vessel acquisitions [10][11][26] Management's Comments on Operating Environment and Future Outlook - Management expects tough chartering conditions to persist until fall but remains positive on the long-term outlook for the product tanker sector [8][26] - The IMF revised its forecast for global economic growth in 2021 to 5.5%, which could support the product tanker sector [16] Other Important Information - The company completed special surveys for two small tankers in Q4 2020 and has no major dry dockings until 2023 [10] - The consolidated leverage ratio at quarter close was less than 62% of total capitalization, but recent financing activities indicate a lower ratio of 27% [24] Q&A Session Summary - The call concluded without any questions from participants [27]