Pyxis Tankers Stock Price, News & Analysis

Pyxis Tankers Inc. (PXS), based in Maroussi, Greece, announced the date for its second quarter earnings release on August 8, 2022. The unaudited results will be available before market opens, followed by a conference call at 8:30 a.m. Eastern Time. Participants can register for the call via the company's website. Pyxis operates a modern fleet of five tankers focused on the transportation of refined petroleum products and other liquids, aiming to expand its medium-range tanker fleet for improved operational flexibility and earnings potential.

Pyxis Tankers Inc. (NASDAQ CM: PXS) announced it has regained compliance with Nasdaq's minimum bid price requirement. Following a notification from Nasdaq, the company's common shares traded above $1.00 for ten consecutive days from May 13 to May 26, 2022. Additionally, the company continues a mixed chartering strategy for its medium-range tankers, with approximately 77% of available days in Q2 2022 booked at an estimated daily charter rate of $27,500.

Pyxis Tankers Inc. (NASDAQ: PXS) reported its unaudited results for Q1 2022, showing revenues of $6.9 million, up 31.7% from Q1 2021. However, the company faced a net loss of $3.7 million, or $0.09 per share, worse than the prior year's loss of $2.1 million. Adjusted EBITDA was negative $0.7 million, a decline of $1.5 million. Factors affecting performance included the ongoing impacts of COVID-19, a vessel grounding incident, and higher operational costs. Despite challenges, demand for refined products is rising, suggesting a potential recovery in tanker charter rates.

On May 11, 2022, Pyxis Tankers Inc. (PXS) held its Annual Meeting of Shareholders in London, where shareholders re-elected Mr. Aristides J. Pittas as Director and approved a reverse stock split of its common shares. Effective May 13, 2022, the ratio will be one-for-four, reducing outstanding shares from approximately 42.4 million to about 10.6 million. This move aims to maintain the minimum $1.00 per share requirement on Nasdaq. The conversion price of Series A preferred shares and the exercise price of warrants will also adjust to $5.60.

Pyxis Tankers Inc. (NASDAQ: PXS) announced that it will release its unaudited financial results for Q1 2022 on May 16, 2022, before market opening. A conference call will follow at 8:30 a.m. ET the same day for a discussion of these results. Participants can access the call via specified dialing numbers. A webcast will also be available on the company’s website. Pyxis Tankers operates a modern fleet of five product tankers and aims to expand its medium range tankers, leveraging a competitive cost structure and strong customer relationships for growth.

Pyxis Tankers (NASDAQ: PXS) filed its Annual Report on Form 20-F for the fiscal year ending December 31, 2021, with the SEC, accessible on its website. As of March 31, 2022, the company operates three vessels in the spot market and two on short-term charters, with approximately 40% of Q2 2022 days booked at an estimated TCE daily rate of $17,300. The company focuses on expanding its fleet of eco-friendly medium range product tankers, highlighting its operational flexibility and earnings potential.

Pyxis Tankers Inc. reported a net loss of $5.6 million for Q4 2021, up $2.9 million from Q4 2020, primarily due to a $2.4 million non-cash loss on vessels held for sale. Revenues rose to $8.1 million, an increase of 79.6% year-over-year, attributed to higher fleet utilization. However, Time Charter Equivalent (TCE) revenues declined, averaging $7,972 per day. The company expects charter rate volatility amid ongoing geopolitical uncertainties, including the Ukraine conflict, though they anticipate improved market conditions in the near future.

Pyxis Tankers Inc. (PXS) announced its earnings release date, set for March 18, 2022, after market close, covering the period ended December 31, 2021. A conference call will follow at 4:30 p.m. ET to discuss the results. Participants can join via specific dial-in numbers, and a telephonic replay will be available until March 25, 2022. The company operates a modern fleet of five tankers, emphasizing growth in medium-range product tankers to enhance earnings potential. For more details, visit their website.

Pyxis Tankers Inc. (NASDAQ: PXS) announced the completion of the sale of two 2010-built product tankers, Northsea Alpha and Northsea Beta, for $8.9 million. After repaying bank debt and transaction costs, the company received net cash proceeds of approximately $3.1 million, improving liquidity and reducing outstanding loans. The chartering environment remains flat, with MR tankers booked at over $14,300/day for 75% of Q1 2022. A minor accident with the Pyxis Epsilon will incur around $0.5 million in cash costs, but no injuries or pollution were reported.