Pyxis Tankers Announces Financial Results for the Three Months Ended June 30, 2025
Pyxis Tankers (NASDAQ:PXS) reported challenging Q2 2025 financial results amid a decelerating market environment. The company posted revenues of $9.2 million, down 34.2% year-over-year, and a net loss of $2.0 million ($0.19 per share), compared to net income of $5.0 million in Q2 2024.
The company's MR tankers generated an average TCE rate of $20,686 per day, declining 37.1% year-over-year, while dry-bulk carriers recorded $12,840 per day, down 42.5%. Adjusted EBITDA decreased significantly to $1.2 million from $8.0 million in Q2 2024.
Looking ahead, Pyxis secured a new $45 million bank commitment to potentially acquire two vessels by January 2027. The company maintains a cautious outlook for both tanker and dry-bulk markets amid global economic uncertainties, though recent developments like the EU's $750 billion energy trade agreement with the U.S. could provide positive momentum.
Pyxis Tankers (NASDAQ:PXS) ha riportato risultati finanziari difficili nel secondo trimestre del 2025, in un contesto di mercato in rallentamento. La società ha registrato ricavi per 9,2 milioni di dollari, in calo del 34,2% rispetto all'anno precedente, e una perdita netta di 2,0 milioni di dollari (0,19 dollari per azione), rispetto a un utile netto di 5,0 milioni di dollari nel Q2 2024.
I petroliere MR della società hanno generato un tasso medio di TCE di 20.686 dollari al giorno, in diminuzione del 37,1% su base annua, mentre le navi bulk secche hanno registrato 12.840 dollari al giorno, in calo del 42,5%. L'EBITDA rettificato è diminuito significativamente a 1,2 milioni di dollari rispetto agli 8,0 milioni del Q2 2024.
Guardando al futuro, Pyxis ha ottenuto un nuovo impegno bancario da 45 milioni di dollari per l'acquisizione potenziale di due navi entro gennaio 2027. La società mantiene una prospettiva prudente per i mercati delle petroliere e delle bulk secche a causa delle incertezze economiche globali, anche se sviluppi recenti come il accordo commerciale energetico da 750 miliardi di dollari tra UE e Stati Uniti potrebbero fornire un impulso positivo.
Pyxis Tankers (NASDAQ:PXS) reportó resultados financieros desafiantes en el segundo trimestre de 2025 en un entorno de mercado desacelerado. La compañía registró ingresos de 9,2 millones de dólares, una caída del 34,2% interanual, y una pérdida neta de 2,0 millones de dólares (0,19 dólares por acción), en comparación con una ganancia neta de 5,0 millones en el Q2 2024.
Los petroleros MR de la empresa generaron una tasa promedio de TCE de 20.686 dólares por día, disminuyendo un 37,1% interanual, mientras que los buques de carga seca registraron 12.840 dólares por día, una caída del 42,5%. El EBITDA ajustado disminuyó significativamente a 1,2 millones de dólares desde 8,0 millones en el Q2 2024.
De cara al futuro, Pyxis aseguró un nuevo compromiso bancario de 45 millones de dólares para la posible adquisición de dos embarcaciones antes de enero de 2027. La compañía mantiene una perspectiva cautelosa para los mercados de petroleros y carga seca debido a las incertidumbres económicas globales, aunque desarrollos recientes como el acuerdo comercial energético de 750 mil millones de dólares entre la UE y EE. UU. podrían aportar un impulso positivo.
Pyxis Tankers (NASDAQ:PXS)는 둔화되는 시장 환경 속에서 2025년 2분기 도전적인 재무 실적을 보고했습니다. 회사는 매출 920만 달러를 기록했으며, 이는 전년 대비 34.2% 감소한 수치입니다. 또한 순손실 200만 달러(주당 0.19달러)를 기록했으며, 이는 2024년 2분기 순이익 500만 달러와 비교됩니다.
회사의 MR 탱커는 하루 평균 TCE 요율 20,686달러를 기록하며 전년 대비 37.1% 감소했고, 건화물선은 하루 12,840달러로 42.5% 하락했습니다. 조정 EBITDA는 2024년 2분기 800만 달러에서 크게 줄어 120만 달러에 그쳤습니다.
앞으로 Pyxis는 2027년 1월까지 두 척의 선박을 인수할 수 있는 4,500만 달러의 신규 은행 약속을 확보했습니다. 회사는 글로벌 경제 불확실성 속에서 탱커 및 건화물 시장에 대해 신중한 전망을 유지하고 있지만, EU와 미국 간 7,500억 달러 규모의 에너지 무역 협정과 같은 최근 발전은 긍정적인 동력이 될 수 있습니다.
Pyxis Tankers (NASDAQ:PXS) a publié des résultats financiers difficiles pour le deuxième trimestre 2025 dans un contexte de marché en ralentissement. La société a enregistré des revenus de 9,2 millions de dollars, en baisse de 34,2 % par rapport à l'année précédente, et une perte nette de 2,0 millions de dollars (0,19 dollar par action), contre un bénéfice net de 5,0 millions au T2 2024.
Les pétroliers MR de la société ont généré un taux moyen de TCE de 20 686 dollars par jour, en baisse de 37,1 % en glissement annuel, tandis que les vraquiers secs ont enregistré 12 840 dollars par jour, en baisse de 42,5 %. L'EBITDA ajusté a fortement diminué pour atteindre 1,2 million de dollars contre 8,0 millions au T2 2024.
Pour l'avenir, Pyxis a obtenu un nouvel engagement bancaire de 45 millions de dollars pour potentiellement acquérir deux navires d'ici janvier 2027. La société adopte une perspective prudente pour les marchés des pétroliers et des vraquiers secs en raison des incertitudes économiques mondiales, bien que des développements récents comme l'accord commercial énergétique de 750 milliards de dollars entre l'UE et les États-Unis pourraient apporter un élan positif.
Pyxis Tankers (NASDAQ:PXS) meldete herausfordernde Finanzergebnisse für das zweite Quartal 2025 in einem sich verlangsamenden Marktumfeld. Das Unternehmen erzielte Einnahmen von 9,2 Millionen US-Dollar, was einem Rückgang von 34,2 % im Jahresvergleich entspricht, und einen Nettoverlust von 2,0 Millionen US-Dollar (0,19 US-Dollar pro Aktie), verglichen mit einem Nettogewinn von 5,0 Millionen US-Dollar im zweiten Quartal 2024.
Die MR-Tanker des Unternehmens erzielten eine durchschnittliche TCE-Rate von 20.686 US-Dollar pro Tag, was einem Rückgang von 37,1 % im Jahresvergleich entspricht, während die Massengutfrachter 12.840 US-Dollar pro Tag verzeichneten, ein Rückgang von 42,5 %. Das bereinigte EBITDA sank deutlich auf 1,2 Millionen US-Dollar von 8,0 Millionen im zweiten Quartal 2024.
Für die Zukunft sicherte sich Pyxis eine neue Bankzusage über 45 Millionen US-Dollar zur möglichen Übernahme von zwei Schiffen bis Januar 2027. Das Unternehmen bleibt angesichts globaler wirtschaftlicher Unsicherheiten vorsichtig für die Märkte für Tanker und Massengutfrachter, obwohl jüngste Entwicklungen wie das 750-Milliarden-Dollar-Energiehandelsabkommen zwischen der EU und den USA positive Impulse bieten könnten.
- Secured new $45 million bank commitment for potential vessel acquisitions
- 91% of MR available days booked for Q3 2025 at $21,600 per day TCE
- Improving dry-bulk rates with Q3 bookings at $15,250 per day TCE
- Completed share buyback program in January 2025
- Revenue declined 34.2% year-over-year to $9.2 million
- Net loss of $2.0 million versus $5.0 million profit in Q2 2024
- MR tanker TCE rates fell 37.1% to $20,686 per day
- Dry-bulk TCE rates decreased 42.5% to $12,840 per day
- Adjusted EBITDA dropped to $1.2 million from $8.0 million year-over-year
Insights
Pyxis Tankers reports significant Q2 revenue decline and $2.0M net loss amid weaker market conditions in both tanker and dry-bulk segments.
Pyxis Tankers' Q2 2025 results reveal a substantial decline in performance across both its product tanker and dry-bulk segments. The company reported
The deterioration stems primarily from two factors: a
The operational metrics reveal the market challenges faced by both fleet segments. The MR tanker fleet's average daily TCE rate fell to
Adjusted EBITDA plummeted to
The company attributes these weakened results to broader market conditions, specifically citing slowing global economic activity and softer demand for transportation fuels affecting the product tanker sector. For dry-bulk, depressed conditions were linked to soft demand for key commodities and continued deceleration of China's economic growth.
Looking ahead, management maintains a cautiously optimistic outlook while acknowledging ongoing uncertainties. The company secured a new bank commitment of up to
Maroussi, Greece, August 8, 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 and six month periods ended June 30, 2025.
For the three months ended June 30, 2025, our revenues, net, were
Our Chairman & CEO, Valentios Valentis, commented:
“Decelerating market environment continues to impact results
We reported results for the second fiscal quarter, 2025 with Revenues, net of
In sharp contrast to a robust first half of last year, the product tanker sector continued to experience lower charter rates during 2025, largely due to slowing global economic activity as evidenced by softer global demand for transportation fuels. Still, charter rates remain reasonably healthy in comparison to long-term historical averages. For the period ended June 30, 2025, our MR tankers generated an average TCE rate of
In the dry-bulk market, chartering conditions remained depressed during the first half of 2025, weighed down by soft demand for key commodities and the continued deceleration of China’s economic growth. For the quarter ended June 30, 2025, our three mid-sized bulkers generated an average daily TCE rate of
Measured optimism with 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 for seaborne cargoes including 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. While world-wide economic activity has shown resilience in the first half of 2025, the unpredictable path of tariffs is expected to adversely affect the global economy with slowing trade, rising inflation and unemployment. However, surprising positive developments may occur. Notably, last week’s announcement of a
Historically, demand growth for many refined petroleum products and dry-bulk commodities has been reasonably correlated to global GDP growth. In July, the International Monetary Fund revised its annual global growth forecast to average ~
Overall fundamental cargo demand continues to be supported by the ton-mile effects stemming from the continued hostilities of the Russian-Ukrainian war and tensions in the Middle East, including the resurgence of deadly vessel attacks in the Red Sea. Meanwhile, a gradual shift towards more accommodative monetary policies by global central banks along with unpredictable prospect of peace in major conflict areas offer some optimism. But, heightened macroeconomic uncertainty exacerbated by tariffs and evolving trade restrictions underscore the importance of our maintaining a prudent and disciplined approach to operational and financial management.
Looking ahead, we believe there will be compelling growth 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. Last week, we closed on the new bank commitment of up to
Results for the three months ended June 30, 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 June 30, 2025, we reported revenues, net of
Results for the six months ended June 30, 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 six months ended June 30, 2025, we reported Revenues, net of
| Tanker fleet | Three months ended June 30, | Six months ended June 30, | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2024 | 2025 | 2024 | 2025 | |||||
| which are presented in U.S. dollars per day) | |||||||||
| MR Revenues, net | $ | 10,137 | 5,920 | 19,824 | 12,353 | ||||
| MR Voyage related costs and commissions | (1,197) | (273) | (2,492) | (1,020) | |||||
| MR Time Charter Equivalent revenues 2 | $ | 8,940 | 5,647 | 17,332 | 11,333 | ||||
| MR Total operating days | 272 | 273 | 536 | 514 | |||||
| MR Daily Time Charter Equivalent rate 2 | $/d | 32,868 | 20,686 | 32,337 | 22,049 | ||||
| Average number of MR vessels | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| Dry-bulk fleet | Three months ended June 30, | Six months ended June 30, | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2024 | 2025 | 2024 | 2025 | |||||
| which are presented in U.S. dollars per day) | |||||||||
| Dry-bulk Revenues, net 1 | $ | 3,774 | 3,231 | 5,891 | 6,403 | ||||
| Dry-bulk Voyage related costs and commissions 1 | (468) | (86) | (823) | (551) | |||||
| Dry-bulk Time Charter Equivalent revenues 1, 2 | $ | 3,306 | 3,145 | 5,068 | 5,852 | ||||
| Dry-bulk Total operating days 1 | 148 | 245 | 252 | 453 | |||||
| Dry-bulk Daily Time Charter Equivalent rate 1, 2 | $/d | 22,333 | 12,840 | 20,111 | 12,919 | ||||
| Average number of Dry-bulk vessels 1 | 2.0 | 3.0 | 1.8 | 3.0 | |||||
| Total fleet | Three months ended June 30, | Six months ended June 30, | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2024 | 2025 | 2024 | 2025 | |||||
| which are presented in U.S. dollars per day) | |||||||||
| Revenues, net 1 | $ | 13,911 | 9,151 | 25,715 | 18,756 | ||||
| Voyage related costs and commissions 1 | (1,665) | (359) | (3,315) | (1,571) | |||||
| Time Charter Equivalent revenues 1, 2 | $ | 12,246 | 8,792 | 22,400 | 17,185 | ||||
| Total operating days 1 | 420 | 518 | 788 | 967 | |||||
| Daily Time Charter Equivalent rate 1, 2 | $/d | 29,156 | 16,975 | 28,427 | 17,772 | ||||
| Average number of vessels 1, 2 | 5.0 | 6.0 | 4.8 | 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 June 30, 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 were
General and administrative expenses: General and administrative expenses of
Management fees: For the three months ended June 30, 2025, management fees charged by our tanker ship manager, Maritime, our dry-bulk ship manager, Konkar Shipping Agencies S.A. (“Konkar Agencies”), both affiliates of Mr. Valentis, and by 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 June 30, 2025, were
Interest income: Interest income of
Gain attributable to non-controlling interest: Gain attributable to the non-controlling interest (the “NCI”) for the quarter ended June 30, 2025, was
Management’s Discussion & Analysis of Financial Results for the Six Months ended June 30, 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 were
Management fees: For the six months ended June 30, 2025, management fees charged by Maritime, Konkar Agencies and ITM, 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 six months ended June 30, 2025, were
Interest income: Interest income of
Loss attributable to non-controlling interest: Loss attributable to the NCI for the six months ended June 30, 2025, was
Interim Consolidated Statements of Comprehensive Income/(Loss)
For the three months ended June 30, 2024 and 2025
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Three months ended June 30, | |||||
| 2024 | 2025 | ||||
| Revenues, net | $ | 13,910 | $ | 9,151 | |
| Expenses: | |||||
| Voyage related costs and commissions | (1,665) | (359) | |||
| Vessel operating expenses | (3,049) | (3,392) | |||
| General and administrative expenses | (815) | (3,740) | |||
| Management fees, related parties | (272) | (345) | |||
| Management fees, other | (122) | (125) | |||
| Amortization of special survey costs | (97) | (167) | |||
| Depreciation | (1,634) | (1,889) | |||
| Operating income/(loss) | 6,256 | (866) | |||
| Other expenses: | |||||
| Interest and finance costs | (1,580) | (1,467) | |||
| Interest income | 607 | 423 | |||
| Total other expenses, net | (973) | (1,044) | |||
| Net income/(loss) | $ | 5,283 | $ | (1,910) | |
| Gain attributable to non-controlling interests | (91) | (93) | |||
| Net income/(loss) attributable to Pyxis Tankers Inc. | $ | 5,192 | $ | (2,003) | |
| Dividend Series A Convertible Preferred Stock | (174) | — | |||
| Net income/(loss) attributable to common shareholders | $ | 5,018 | $ | (2,003) | |
| Income/(loss) per common share, basic | $ | 0.48 | $ | (0.19) | |
| Income/(loss) per common share, diluted | $ | 0.43 | $ | (0.19) | |
| Weighted average number of common shares, basic | 10,451,364 | 10,413,365 | |||
| Weighted average number of common shares, diluted | 12,095,610 | 10,413,365 | |||
Interim Consolidated Statements of Comprehensive Income/(Loss)
For the six months ended June 30, 2024 and 2025
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Six months ended June 30, | |||||
| 2024 | 2025 | ||||
| Revenues, net | $ | 25,715 | $ | 18,756 | |
| Expenses: | |||||
| Voyage related costs and commissions | (3,315) | (1,571) | |||
| Vessel operating expenses | (6,116) | (6,965) | |||
| General and administrative expenses | (1,546) | (4,573) | |||
| Management fees, related parties | (498) | (686) | |||
| Management fees, other | (244) | (251) | |||
| Amortization of special survey costs | (194) | (264) | |||
| Depreciation | (3,095) | (3,752) | |||
| Operating income | 10,707 | 694 | |||
| Other expenses, net: | |||||
| Interest and finance costs | (3,073) | (2,944) | |||
| Interest income | 1,261 | 857 | |||
| Total other expenses, net | (1,812) | (2,087) | |||
| Net income/(loss) | $ | 8,895 | $ | (1,393) | |
| Loss/(Gain) attributable to non-controlling interests | (53) | 156 | |||
| Net income/(loss) attributable to Pyxis Tankers Inc. | $ | 8,842 | $ | (1,237) | |
| Dividend Series A Convertible Preferred Stock | (383) | — | |||
| Net income/(loss) attributable to common shareholders | $ | 8,459 | $ | (1,237) | |
| Income/(loss) per common share, basic | $ | 0.81 | $ | (0.12) | |
| Income/(loss) per common share, diluted | $ | 0.73 | $ | (0.12) | |
| Weighted average number of common shares, basic | 10,479,962 | 10,417,915 | |||
| Weighted average number of common shares, diluted | 12,124,208 | 10,417,915 | |||
Consolidated Balance Sheets
As of December 31, 2024 and June 30, 2025
(Expressed in thousands of U.S. dollars, except for share and per share data)
| December 31, | June 30, | ||||
| 2024 | 2025 | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $ | 21,243 | $ | 27,445 | |
| Short-term investment in time deposits | 17,000 | 14,000 | |||
| Inventories | 1,889 | 1,434 | |||
| Trade accounts receivable, net | 5,040 | 2,473 | |||
| Prepayments and other current assets | 706 | 393 | |||
| Insurance claim receivable | 245 | 340 | |||
| Total current assets | 46,123 | 46,085 | |||
| FIXED ASSETS, NET: | |||||
| Vessels, net | 140,024 | 136,728 | |||
| Advance for vessel additions | 170 | — | |||
| Total fixed assets, net | 140,194 | 136,728 | |||
| OTHER NON-CURRENT ASSETS: | |||||
| Restricted cash, net of current portion | 1,350 | 1,350 | |||
| Deferred dry-dock and special survey costs, net | 1,214 | 2,430 | |||
| Total other non-current assets | 2,564 | 3,780 | |||
| Total assets | $ | 188,881 | $ | 186,593 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Current portion of long-term debt, net of deferred financing costs | $ | 7,561 | $ | 7,572 | |
| Trade accounts payable | 2,107 | 2,057 | |||
| Due to related parties | 973 | 3,101 | |||
| Hire collected in advance | 111 | 1,302 | |||
| Accrued and other liabilities | 1,502 | 1,245 | |||
| Total current liabilities | 12,254 | 15,277 | |||
| NON-CURRENT LIABILITIES: | |||||
| Long-term debt, net of current portion and deferred financing costs | 76,963 | 73,173 | |||
| Total non-current liabilities | 76,963 | 73,173 | |||
| COMMITMENTS AND CONTINGENCIES | — | — | |||
| STOCKHOLDERS' EQUITY: | |||||
| Preferred stock ( | — | — | |||
| Common stock ( | 11 | 11 | |||
| Additional paid-in capital | 98,035 | 97,907 | |||
| Accumulated deficit | (4,670) | (5,907) | |||
| Total equity attributable to Pyxis Tankers Inc. and subsidiaries | 93,376 | 92,011 | |||
| Non-controlling interest | 6,288 | 6,132 | |||
| Total stockholders' equity | 99,664 | 98,143 | |||
| Total liabilities and stockholders' equity | $ | 188,881 | $ | 186,593 |
Interim Consolidated Statements of Cash Flows
For the six months ended June 30, 2024 and 2025
(Expressed in thousands of U.S. dollars)
| Six months ended June 30, | |||||
| 2024 | 2025 | ||||
| Cash flows from operating activities: | |||||
| Net income/(loss) | $ | 8,895 | $ | (1,393) | |
| Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||||
| Depreciation | 3,095 | 3,752 | |||
| Amortization of special survey costs | 194 | 264 | |||
| Amortization and write-off of financing costs | 114 | 115 | |||
| Amortization of restricted common stock grants | 17 | 142 | |||
| Changes in assets and liabilities: | |||||
| Inventories | (1,154) | 455 | |||
| Due from/(to) related parties | 178 | 2,128 | |||
| Trade accounts receivable, net | (253) | 2,567 | |||
| Prepayments and other current assets | (1,133) | 313 | |||
| Insurance claim receivable | — | (95) | |||
| Special survey cost | (4) | (1,020) | |||
| Trade accounts payable | 241 | (611) | |||
| Hire collected in advance | (296) | 1,191 | |||
| Accrued and other liabilities | 785 | (257) | |||
| Net cash provided by operating activities | $ | 10,679 | $ | 7,551 | |
| Cash flows from investing activities: | |||||
| Vessel acquisitions | (44,969) | — | |||
| Vessel additions | (24) | (355) | |||
| Vessel additions prepayments | — | 170 | |||
| Short-term investment in time deposits | 3,000 | 3,000 | |||
| Net cash (used in)/provided by investing activities | $ | (41,993) | $ | 2,815 | |
| Cash flows from financing activities: | |||||
| Proceeds from long-term debt | 31,000 | — | |||
| Repayment of long-term debt | (3,313) | (3,893) | |||
| Contributions from non-controlling interests to Joint Ventures | 5,880 | — | |||
| Redemption of Series A Convertible Preferred shares | (2,500) | — | |||
| Payment of financing costs | (267) | (1) | |||
| Preferred stock dividends paid | (391) | — | |||
| Common stock re-purchase program | (380) | (270) | |||
| Deemed dividend from Konkar Venture acquisition | (7,493) | — | |||
| Net cash provided by/(used in) financing activities | $ | 22,536 | $ | (4,164) | |
| Net (decrease)/increase in cash and cash equivalents and restricted cash | (8,778) | 6,202 | |||
| 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 | $ | 27,561 | $ | 28,795 | |
| SUPPLEMENTAL INFORMATION: | |||||
| Cash paid for interest | $ | 2,815 | $ | 2,897 | |
| Non-cash financing activities – issuance of common stock financing acquisition of vessel “Konkar Venture” | 1,382 | — | |||
| Unpaid portion of Special survey cost | — | 460 | |||
| Unpaid portion of vessel additions | — | 101 | |||
Liquidity, Debt and Capital Structure
Our total funded debt, net of deferred financing costs, at June 30, 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 | $ | 80,745 |
Our weighted average interest rate on our total funded debt for the six months ended June 30, 2025 was
On June 30, 2025, we had a total of 10,485,865 common shares issued and outstanding of which Mr. Valentis, our CEO and Chairman, beneficially owned
Subsequent Events
On July 30, 2025 the Company closed on a commitment from an existing bank for a “hunting license” loan facility of up to
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 a 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/(loss) to EBITDA and Adjusted EBITDA | Three months ended June 30, | Six months ended June 30, | |||||||
| (Amounts in thousands of U.S. dollars) | 2024 | 2025 | 2024 | 2025 | |||||
| Net income/(loss) | $ | 5,283 | $ | (1,910) | $ | 8,895 | $ | (1,393) | |
| Depreciation | 1,634 | 1,889 | 3,095 | 3,752 | |||||
| Amortization of special survey costs | 97 | 167 | 194 | 264 | |||||
| Interest and finance costs | 1,580 | 1,467 | 3,073 | 2,944 | |||||
| EBITDA | $ | 8,594 | $ | 1,613 | $ | 15,257 | $ | 5,567 | |
| Interest income | (607) | (423) | (1,261) | (857) | |||||
| Adjusted EBITDA | $ | 7,987 | $ | 1,190 | $ | 13,996 | $ | 4,710 | |
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 June 30, | Six months ended June 30, | |||||||
| 2024 | 2025 | 2024 | 2025 | ||||||
| Tanker Fleet: | |||||||||
| Eco-Efficient MR2 | |||||||||
| (2025: 3 vessels) | Daily TCE : | 32,868 | 20,686 | 32,337 | 22,049 | ||||
| (2024: 3 vessels) | Opex per day: | 7,130 | 7,520 | 7,175 | 7,421 | ||||
| Utilization % : | |||||||||
| Average number of MR vessels * | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| Dry-bulk Fleet: | |||||||||
| (2025: 3 vessels) * | Daily TCE : | 22,333 | 12,840 | 20,111 | 12,919 | ||||
| (2024: 2 vessels) * | Opex per day: | 5,952 | 4,906 | 6,789 | 5,406 | ||||
| Utilization % : | |||||||||
| Average number of Dry-bulk vessels * | 2.0 | 3.0 | 1.8 | 3.0 | |||||
| Total Fleet: | |||||||||
| (2025: 6 vessels) * | Daily TCE : | 29,156 | 16,975 | 28,427 | 17,772 | ||||
| (2024: 5 vessels) * | Opex per day: | 6,654 | 6,213 | 7,032 | 6,414 | ||||
| Utilization % : | |||||||||
| Average number of vessels * | 5.0 | 6.0 | 4.8 | 6.0 | |||||
As of August 8, 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 August 7, 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 | 15,250 | Sep 2025 | |
| Konkar Asteri (6) | JNYS / China | Kamsarmax | 82,013 | 2015 | Time | 13,000 | Sep 2025 | |
| Konkar Venture (7) | JNYS / China | Kamsarmax | 82,099 | 2015 | Time | 14,000 | Sep 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 up to Sep 18, 2025, at
$24,500 per day. The charterers have agreed to extend the time charter agreement for an additional 12 months - 30/+60 days, beginning Sep 19, 2025 at$19,500 per day. - “Konkar Ormi” is fixed on a time charter for 50 – 60 days, at
$15,250 per day, plus$525 b allast bonus. - “Konkar Asteri” is fixed on a time charter for 30 – 40 days, at
$13,000 per day. - “Konkar Venture” is fixed on a time charter for 85 – 100 days, at
$14,000 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 conflicts in the Middle East and the Red Sea region, 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.
FAQ
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