Pyxis Tankers Announces Financial Results for the Three Months Ended March 31, 2025
- Completed $3.0M share repurchase program at average $4.03/share
- MR tanker rates improved 7% sequentially from Q4 2024
- 100% of MR available days booked for Q2 2025
- Dry-bulk rates improved 12% from Q4 2024
- Successfully completed second special surveys for two Kamsarmaxes on time and budget
- Revenue decreased 18.6% YoY to $9.6M
- Net income declined to $0.8M from $3.4M YoY
- Adjusted EBITDA fell by $2.5M to $3.5M
- MR tanker rates down 25.8% YoY to $23,593/day
- Dry-bulk rates decreased 23.2% YoY to $13,013/day
Insights
Pyxis reports lower Q1 results as tanker market normalizes; maintains solid profitability despite industry headwinds.
Pyxis Tankers' Q1 2025 results reveal a 17.4% year-over-year decrease in TCE revenues to
The company's MR tankers generated average daily TCE rates of
Despite the revenue decline, Pyxis maintained decent profitability with Adjusted EBITDA of
Looking ahead, management expects challenging market conditions for both product tankers and dry-bulk carriers to persist throughout 2025, citing modest global demand growth, increasing vessel supply, and macroeconomic uncertainties including the impacts of global tariffs on trade. However, Pyxis appears well-positioned with 100% of their MR available days already booked for Q2 2025 at an estimated TCE of
The company completed special surveys for two Kamsarmaxes on time and on budget, demonstrating operational efficiency. Management's strategy focuses on maintaining financial flexibility while seeking potential fleet expansion opportunities, particularly for modern eco-efficient vessels in both sectors.
Despite the year-over-year decline in performance, Pyxis' results actually signal resilience in a normalizing market, with rates remaining above historical averages and sequential improvement from Q4 2024 suggesting some stabilization. The company's mixed fleet of product tankers and dry-bulk vessels provides some diversification, though both segments currently face similar market headwinds.
Maroussi, Greece, May 21, 2025 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “Pyxis Tankers”), an international shipping company, today announced unaudited results for the three months ended March 31, 2025.
For the three months ended March 31, 2025, our revenues, net, were
On January 30, 2025, we fully utilized the remaining amount under our previously authorized
Our Chairman & CEO, Valentios Valentis, commented:
“Solid quarterly results despite challenging environment
We reported our first fiscal quarter, 2025 results with Revenues, net of
In sharp contrast to a robust Q1 of last year, the product tanker sector experienced lower charter rates due to slowing global economic activity as evidenced by softening global demand for transportation fuels. However, market conditions improved sequentially, supported by seasonal factors and underlying trade resilience. In the period ended March 31, 2025, our MR tankers generated an average TCE rate of
In the dry-bulk market, chartering conditions have remained subdued, weighed down by to soft demand for certain commodities and the continued deceleration of the Chinese economy. In the quarter ended March 31, 2025, our three mid-sized bulkers generated an average daily TCE rate of
Positive outlook but greater uncertainty
For the remainder of 2025, we expect the chartering environment for both product tankers and the dry-bulk carriers to remain challenging. Global demand of seaborne cargoes for a broad range of refined petroleum products and dry-bulk commodities are expected to see modest growth for the year, accompanied by a normalization of ton-mile activity. The unpredictable trajectory of global tariffs is expected to adversely affect global economic activity with rising inflation and unemployment. Importantly, both sectors are expected to face limited direct exposure from tariffs. However, vessel supply is anticipated to increase in the second half of 2025 due to a pick-up in scheduled new build deliveries and minimal scrapping activity.
Historically, demand growth for many refined products and dry-bulk commodities has been reasonably correlated to global GDP growth. The International Monetary Fund recently revised its global growth forecast downward to
We believe there will be compelling opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels in both the product tanker and dry-bulk sectors. In the meantime, we expect to continue to utilize our operating cash flow to further enhance balance sheet liquidity, repay scheduled debt and maintain strong technical and commercial performance of our high-quality fleet.”
Results for the three months ended March 31, 2024 and 2025
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited consolidated financials presented below.
For the three months ended March 31, 2025, we reported revenues, net of
| Tanker fleet | Three months ended March 31, | ||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2024 | 2025 | |||
| which are presented in U.S. dollars per day) | |||||
| MR Revenues, net | $ | 9,688 | 6,433 | ||
| MR Voyage related costs and commissions | (1,295) | (747) | |||
| MR Time Charter Equivalent revenues 2 | $ | 8,392 | 5,686 | ||
| MR Total operating days | 264 | 241 | |||
| MR Daily Time Charter Equivalent rate 2 | $/d | 31,790 | 23,593 | ||
| Average number of MR vessels | 3.0 | 3.0 | |||
| Dry-bulk fleet | Three months ended March 31, | ||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2024 | 2025 | |||
| which are presented in U.S. dollars per day) | |||||
| Dry-bulk Revenues, net 1 | $ | 2,117 | 3,172 | ||
| Dry-bulk Voyage related costs and commissions 1 | (355) | (465) | |||
| Dry-bulk Time Charter Equivalent revenues 1, 2 | $ | 1,762 | 2,707 | ||
| Dry-bulk Total operating days 1 | 104 | 208 | |||
| Dry-bulk Daily Time Charter Equivalent rate 1, 2 | $/d | 16,950 | 13,013 | ||
| Average number of Dry-bulk vessels 1 | 1.5 | 3.0 | |||
| Total fleet | Three months ended March 31, | ||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2024 | 2025 | |||
| which are presented in U.S. dollars per day) | |||||
| Revenues, net 1 | $ | 11,805 | 9,605 | ||
| Voyage related costs and commissions 1 | (1,650) | (1,212) | |||
| Time Charter Equivalent revenues 1, 2 | $ | 10,155 | 8,393 | ||
| Total operating days 1 | 368 | 449 | |||
| Daily Time Charter Equivalent rate 1, 2 | $/d | 27,596 | 18,692 | ||
| Average number of vessels 1,2 | 4.5 | 6.0 | |||
1 a) The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.
b) The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and continued her employment under the existing time charter through mid-August, 2024
2 Subject to rounding; please see “Non-GAAP Measures and Definitions” below.
Management’s Discussion & Analysis of Financial Results for the Three Months ended March 31, 2024 and 2025
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted).
Revenues, net: Revenues, net of
Voyage related costs and commissions: Voyage related costs and commissions of
Vessel operating expenses: Vessel operating expenses of
General and administrative expenses: General and administrative expenses of
Management fees: For the three months ended March 31, 2025, management fees charged from our tanker ship manager, Maritime, our dry-bulk ship manager, Konkar Shipping Agencies S.A. (“Konkar Agencies”), also an affiliate of Mr. Valentis, and from International Tanker Management Ltd. (“ITM”), the unaffiliated technical manager of our MRs, increased by
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation of
Interest and finance costs, net: Interest and finance costs for the quarter ended March 31, 2025, were
Interest income: Interest income of
Loss attributable by non-controlling interest: Loss attributable by the non-controlling interest for the quarter ended March 31, 2025, was
Interim Consolidated Statements of Comprehensive Income
For the three months ended March 31, 2024 and 2025
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Three months ended March 31, | |||||
| 2024 | 2025 | ||||
| Revenues, net | $ | 11,805 | $ | 9,605 | |
| Expenses: | |||||
| Voyage related costs and commissions | (1,650) | (1,212) | |||
| Vessel operating expenses | (3,067) | (3,573) | |||
| General and administrative expenses | (731) | (833) | |||
| Management fees, related parties | (226) | (341) | |||
| Management fees, other | (122) | (126) | |||
| Amortization of special survey costs | (97) | (97) | |||
| Depreciation | (1,461) | (1,863) | |||
| Operating income | 4,451 | 1,560 | |||
| Other expenses, net: | |||||
| Interest and finance costs | (1,493) | (1,477) | |||
| Interest income | 654 | 434 | |||
| Total other expenses, net | (839) | (1,043) | |||
| Net income | $ | 3,612 | $ | 517 | |
| Loss attributable to non-controlling interest | 38 | 249 | |||
| Net income attributable to Pyxis Tankers Inc. | $ | 3,650 | $ | 766 | |
| Dividend Series A Convertible Preferred Stock | (209) | — | |||
| Net income attributable to common shareholders | $ | 3,441 | $ | 766 | |
| Income per common share, basic | $ | 0.33 | $ | 0.07 | |
| Income per common share, diluted | $ | 0.30 | $ | 0.07 | |
| Weighted average number of common shares, basic | 10,508,560 | 10,422,515 | |||
| Weighted average number of common shares, diluted | 12,328,849 | 10,422.515 | |||
Consolidated Balance Sheets
As of December 31, 2024 and March 31, 2025
(Expressed in thousands of U.S. dollars, except for share and per share data)
| December 31, | March 31, | ||||
| 2024 | 2025 | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $ | 21,243 | $ | 23,193 | |
| Short-term investment in time deposits | 17,000 | 17,000 | |||
| Inventories | 1,889 | 1,285 | |||
| Trade accounts receivable, net | 5,040 | 4,735 | |||
| Prepayments and other current assets | 706 | 761 | |||
| Insurance claim receivable | 245 | 246 | |||
| Total current assets | 46,123 | 47,220 | |||
| FIXED ASSETS, NET: | |||||
| Vessels, net | 140,024 | 138,355 | |||
| Advance for vessel additions | 170 | 138 | |||
| Total fixed assets, net | 140,194 | 138,493 | |||
| OTHER NON-CURRENT ASSETS: | |||||
| Restricted cash, net of current portion | 1,350 | 1,350 | |||
| Deferred dry-dock and special survey costs, net | 1,214 | 1,871 | |||
| Total other non-current assets | 2,564 | 3,221 | |||
| Total assets | $ | 188,881 | $ | 188,934 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Current portion of long-term debt, net of deferred financing costs | $ | 7,561 | $ | 7,569 | |
| Trade accounts payable | 2,107 | 2,760 | |||
| Due to related parties | 973 | 1,287 | |||
| Hire collected in advance | 111 | 713 | |||
| Accrued and other liabilities | 1,502 | 1,555 | |||
| Total current liabilities | 12,254 | 13,884 | |||
| NON-CURRENT LIABILITIES: | |||||
| Long-term debt, net of current portion and deferred financing costs | 76,963 | 75,068 | |||
| Total non-current liabilities | 76,963 | 75,068 | |||
| COMMITMENTS AND CONTINGENCIES | — | — | |||
| STOCKHOLDERS' EQUITY: | |||||
| Preferred stock ( | — | — | |||
| Common stock ( | 11 | 11 | |||
| Additional paid-in capital | 98,035 | 97,836 | |||
| Accumulated deficit | (4,670) | (3,904) | |||
| Total equity attributable to Pyxis Tankers Inc. and subsidiaries | 93,376 | 93,943 | |||
| Non-controlling interest | 6,288 | 6,039 | |||
| Total stockholders' equity | 99,664 | 99,982 | |||
| Total liabilities and stockholders' equity | $ | 188,881 | $ | 188,934 | |
Interim Consolidated Statements of Cash Flows
For the three months ended March 31, 2024 and 2025
(Expressed in thousands of U.S. dollars)
| Three months ended March 31, | |||||
| 2024 | 2025 | ||||
| Cash flows from operating activities: | |||||
| Net income | $ | 3,612 | $ | 517 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Depreciation | 1,461 | 1,863 | |||
| Amortization of special survey costs | 97 | 97 | |||
| Amortization and write-off of financing costs | 55 | 61 | |||
| Amortization of restricted common stock grants | 8 | 71 | |||
| Changes in assets and liabilities: | |||||
| Inventories | (1,984) | 604 | |||
| Due from/(to) related parties | 486 | 314 | |||
| Trade accounts receivable, net | 777 | 305 | |||
| Prepayments and other assets | (309) | (55) | |||
| Insurance claim receivable | — | (1) | |||
| Special survey cost | (4) | (295) | |||
| Trade accounts payable | (66) | 144 | |||
| Hire collected in advance | (325) | 602 | |||
| Accrued and other liabilities | 403 | 52 | |||
| Net cash provided by operating activities | $ | 4,211 | $ | 4,279 | |
| Cash flow from investing activities: | |||||
| Proceeds from the sale of vessel, net | — | — | |||
| Advance for vessel acquisition | (23,963) | — | |||
| Vessel additions | (17) | (144) | |||
| Vessel additions prepayments | — | 32 | |||
| Short-term investment in time deposits | (2,500) | — | |||
| Net cash used in investing activities | $ | (26,480) | $ | (112) | |
| Cash flows from financing activities: | |||||
| Proceeds from long-term debt | 14,500 | — | |||
| Repayment of long-term debt | (1,582) | (1,947) | |||
| Payment of financing costs | (142) | — | |||
| Preferred stock dividends paid | (195) | — | |||
| Common stock repurchase program | (197) | (270) | |||
| Net cash (used in)/provided by financing activities | $ | 12,384 | $ | (2,217) | |
| Net increase/(decrease) in cash and cash equivalents and restricted cash | (9,885) | 1,950 | |||
| Cash and cash equivalents and restricted cash at the beginning of the period | 36,339 | 22,593 | |||
| Cash and cash equivalents and restricted cash at the end of the period | $ | 26,454 | $ | 24,543 | |
| SUPPLEMENTAL INFORMATION: | |||||
| Cash paid for interest | $ | 1,295 | $ | 1,499 | |
| Unpaid portion of special survey cost | — | 460 | |||
| Unpaid portion of vessel additions | — | 49 | |||
Liquidity, Debt and Capital Structure
Our total funded debt, net of deferred financing costs, at March 31, 2025 was
| (Amounts in thousands of U.S. dollars) | December 31, 2024 | March 31, 2025 | |||
| Total funded debt, net of deferred financing costs | $ | 84,524 | $ | 82,637 |
On March 31, 2025, our weighted average interest rate on our total funded debt for the three months ended March 31, 2025 was
On January 30, 2025, we fully utilized the remaining amount under our previously authorized
On March 31, 2025, we had a total of 10,485,865 common shares issued and outstanding of which Mr. Valentis beneficially owned
Subsequent Events
On April 10, 2025 “Konkar Asteri” successfully completed her second special survey, with 12 days of work performed during the first quarter of 2025 and the remaining 10 days of work completed in April.
On May 7, 2025 the Company signed a commitment letter with an existing bank for a “hunting license” loan facility of up to
Results of Annual Meeting of Shareholders of May 20, 2025
At the scheduled annual 2025 shareholder meeting, the Company’s shareholders re-elected Mr. Aristides Pittas as Class II Director to serve for a term of three years until the 2028 annual meeting.
Non-GAAP Measures and Definitions
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represent the sum of net income, interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before certain non-operating charges, such as interest income, loss from debt extinguishment, loss from financial derivative instrument and gain from sales of vessels. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP.
EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with means of evaluating and understanding how our management evaluates operating performance. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect:
- our cash expenditures, or future requirements for capital expenditures or contractual commitments;
- changes in, or cash requirements for, our working capital needs; and
- cash requirements necessary to service interest and principal payments on our funded debt.
In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net income, as reflected in the Unaudited Consolidated Statements of Comprehensive Income to EBITDA and Adjusted EBITDA:
| Reconciliation of Net income to EBITDA and Adjusted EBITDA | Three months ended March 31, | ||||
| (Amounts in thousands of U.S. dollars) | 2024 | 2025 | |||
| Net income | $ | 3,612 | $ | 517 | |
| Depreciation | 1,461 | 1,863 | |||
| Amortization of special survey costs | 97 | 97 | |||
| Interest and finance costs | 1,493 | 1,477 | |||
| EBITDA | $ | 6,663 | $ | 3,954 | |
| Interest income | (654) | (434) | |||
| Adjusted EBITDA | $ | 6,009 | $ | 3,520 | |
Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes daily TCE to assist them in making decisions regarding the employment of the vessels. TCE Revenues are calculated by presenting Revenues, net after deducting Voyage related costs and commissions. We calculate daily TCE by dividing TCE Revenues by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract. TCE Revenues and daily TCE are not calculated in accordance with U.S. GAAP.
Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the ownership days in the applicable period.
We calculate utilization (“Utilization”) by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimize the number of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances.
EBITDA, Adjusted EBITDA, Opex, Utilization and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net and Net income. Our presentation of EBITDA, Adjusted EBITDA, Opex and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP.
| (Amounts in U.S. dollars per day) | Three months ended March 31, | ||||
| 2024 | 2025 | ||||
| Tanker Fleet: | |||||
| Eco-Efficient MR2 | |||||
| (2025: 3 vessels) | Daily TCE : | 31,790 | 23,593 | ||
| (2024: 3 vessels) | Opex per day: | 7,221 | 7,322 | ||
| Utilization % : | |||||
| Average number of MR vessels * | 3.0 | 3.0 | |||
| Dry-bulk Fleet: | |||||
| (2025: 3 vessels) * | Daily TCE : | 16,950 | 13,013 | ||
| (2024: 2 vessels) | Opex per day: | 7,927 | 5,911 | ||
| Utilization % : | |||||
| Average number of Dry-bulk vessels * | 1.5 | 3.0 | |||
| Total Fleet: | |||||
| (2025: 6 vessels) * | Daily TCE : | 27,596 | 18,692 | ||
| (2024: 5 vessels) * | Opex per day: | 7,456 | 6,616 | ||
| Utilization % : | |||||
| Average number of vessels * | 4.5 | 6.0 | |||
As of May 20, 2025, our fleet consisted of three eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, and three dry-bulk vessels, “Konkar Ormi”, “Konkar Asteri” and “Konkar Venture”. During 2024 and 2025, the vessels in our fleet were employed under time and spot charters.
* a) The dry-bulker “Konkar Asteri” was delivered to our joint venture on February 15, 2024 and commenced her initial charter on February 29, 2024.
b) The dry-bulker “Konkar Venture” was delivered to our joint venture on June 28, 2024 and continued her employment under the existing time charter through mid-August 2024.
Company Presentation
A presentation of our results is available on our website (http://www.pyxistankers com). However, none of the information contained on our website is incorporated into or forms a part of this report.
Pyxis Tankers Fleet (as of May 20, 2025)
| Vessel Name | Shipyard | Vessel type | Carrying Capacity (dwt) | Year Built | Type of charter | Charter(1) Rate ($ per day) | Anticipated Earliest Redelivery Date | |
| Tanker fleet | ||||||||
| Pyxis Lamda (2) | SPP / S. Korea | MR2 | 50,145 | 2017 | Time | 20,000 | Sep 2025 | |
| Pyxis Theta (3) | SPP / S. Korea | MR2 | 51,795 | 2013 | Time | 22,000 | Dec 2025 | |
| Pyxis Karteria (4) | Hyundai / S. Korea | MR2 | 46,652 | 2013 | Time | 24,500 | Sep 2025 | |
| 148,592 | ||||||||
| Dry-bulk fleet | ||||||||
| Konkar Ormi (5) | SKD / Japan | Ultramax | 63,520 | 2016 | Time | 12,500 | Jun 2025 | |
| Konkar Asteri (6) | JNYS / China | Kamsarmax | 82,013 | 2015 | Time | 12,000 | May 2025 | |
| Konkar Venture (7) | JNYS / China | Kamsarmax | 82,099 | 2015 | Time | 15,500 | May 2025 | |
| 227,632 |
- These tables present gross rates in U.S.$ and do not reflect any commissions payable.
- “Pyxis Lamda” is fixed on a time charter for 6 months +30/-15 days, at
$20,000 per day. - “Pyxis Theta” is fixed on a time charter for 12 months +/- 30 days, at
$22,000 per day. - “Pyxis Karteria” is fixed on a time charter for 12 months +/- 30 days, at
$24,500 per day. - “Konkar Ormi” is fixed on a time charter for 50 – 60 days, at
$12,500 per day, plus an estimated scrubber compensation of$65,300. - “Konkar Asteri” is fixed on a time charter for 35 – 40 days, at
$12,000 per day, plus an estimated scrubber compensation of$44,100. - “Konkar Venture” is fixed on a time charter for 40 – 45 days, at
$15,500 per day.
About Pyxis Tankers Inc.
The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information on or accessible through the Company’s website is not incorporated into and does not form a part of this release.
Forward Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will, “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of the war in the Ukraine and the Red Sea conflict, on our financial condition and operations as well as the nature of the product tanker and dry-bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry-bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.
Company
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi, 15125 Greece
info@pyxistankers.com
Visit our website at www.pyxistankers.com
Company Contact
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.
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