Pyxis Tankers Announces Financial Results for the Three & Six Months Ended June 30, 2026
Rhea-AI Summary
Pyxis Tankers (Nasdaq: PXS) reported unaudited results for Q2 and H1 2026, showing a return to profitability and higher time charter equivalent (TCE) earnings.
For Q2 2026, revenues, net, were $12.1 million, up 32.6% from $9.2 million in Q2 2025. TCE revenues rose 30.4% to $11.5 million. Net income attributable to common shareholders was $2.8 million versus a $2.0 million net loss a year earlier, with EPS of $0.27 basic and diluted versus a $0.19 loss. Adjusted EBITDA increased to $6.5 million from $1.2 million.
For H1 2026, revenues, net, were $22.1 million (up 17.9%), net income to common was $5.2 million versus a $1.2 million loss, and adjusted EBITDA grew to $11.9 million from $4.7 million. Fleet performance improved: Q2 MR tanker TCE averaged $21,899/day and dry-bulk TCE $20,245/day, with total fleet TCE at $21,075/day. As of August 31, 2026, approximately 87% of Q3 2026 available days were contracted at an estimated average TCE of about $22,250/day. According to Pyxis Tankers, total liquidity at quarter-end was approximately $103 million and net leverage was low.
Positive
- Q2 2026 revenues, net $12.1m, up 32.6% from $9.2m in Q2 2025
- Q2 2026 net income $2.8m vs $2.0m net loss in Q2 2025
- Q2 2026 adjusted EBITDA $6.5m, up from $1.2m (increase of $5.3m)
- H1 2026 net income $5.2m vs $1.2m net loss in H1 2025
- Dry-bulk Q2 2026 TCE rate $20,245/day, up 57.7% from $12,840/day
- Q3 2026 coverage ~87% of fleet days fixed at about $22,250/day
Negative
- Voyage related costs and commissions Q2 2026 $0.7m, up 86.4% from $0.4m
- Vessel operating expenses per day Q2 2026 about $6,925 vs $6,213 (up ~11.5%)
- MR fleet H1 2026 TCE $20,435/day vs $22,049/day in H1 2025
News Explained
The buyback lowered the weighted-average share base to about 10.2 million shares; vessel surveys are the next disclosed operational milestones.
In its reported second-quarter results, Pyxis Tankers says its common-share buyback program reduced the quarter’s weighted-average basic and diluted share count to approximately 10.2 million, changing the share base used for reported per-share results.
The M/T “Pyxis Karteria” completed its intermediate survey after June 30, 2026, resulting in approximately 7.5 off-hire days; the M/V “Konkar Ormi” is scheduled for a special survey in October 2026.
Market Reaction – PXS
Following this news, PXS has gained 19.40%, reflecting a significant positive market reaction. Argus tracked a peak move of +19.5% during the session. Our momentum scanner has triggered 25 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $6.40. Trading volume is exceptionally heavy at 13.2x the average, suggesting very strong buying interest.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 18 | Q1 earnings | Positive | +3.5% | Revenue, net income, TCE revenue and adjusted EBITDA all increased year over year |
| Mar 05 | Q4 earnings | Positive | -6.9% | Quarterly revenue and net income improved despite a negative 24-hour price reaction |
| Nov 20 | Q3 earnings | Negative | +8.8% | Revenue, TCE revenue and adjusted EBITDA declined while shares posted a positive reaction |
| Aug 08 | Q2 earnings | Negative | -11.0% | Revenue, earnings and fleet TCE rates declined amid a weaker market environment |
| May 21 | Q1 earnings | Negative | -1.9% | Revenue and adjusted EBITDA declined alongside lower tanker and dry-bulk TCE rates |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed, with three aligned events and two divergences; the five-event average move was negative.
Key Terms
time charter equivalent technical
adjusted ebitda financial
term sofr financial
off-hire technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Maroussi, Greece, August 31, 2026 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “Pyxis Tankers”), an international diversified shipping company, today announced unaudited results for the three and six months ended June 30, 2026.
For the three months ended June 30, 2026, our revenues, net, were
Our Chairman & CEO, Valentios Valentis, commented:
Strongest Quarter in Seven Quarters
“We are pleased to report our strongest quarterly performance in the last seven quarters, with fleet-wide TCE earnings increasing by approximately
Our dry-bulk fleet was a particularly important contributor to the quarter’s performance, achieving an average daily TCE rate of
Our MR tanker fleet also performed well, achieving
We were also pleased that the “Pyxis Karteria” safely transited the Strait of Hormuz on June 23, 2026. The safety of our crew and vessel remained our highest priority throughout the regional disruption, and we are grateful for the professionalism of the crew, our managers and all parties involved. The vessel subsequently completed its in-water intermediate survey, minimizing off-hire, and remains employed under its existing fixed-rate time charter.
Our financial position remains a significant competitive advantage. With approximately
Forward Fixture Update
All of our MR tankers and dry-bulk carriers are currently employed under short and medium-term charters. As of August 31, 2026, our overall fleet had contracted employment for approximately
Operational Update
On June 23, 2026, the M/T “Pyxis Karteria” safely transited the Strait of Hormuz. Throughout the regional disruption, the vessel remained employed under her existing fixed-rate time charter and continued to operate safely in accordance with the charterer’s instructions.
Subsequent to the end of the second quarter, the M/T “Pyxis Karteria” completed her intermediate survey, resulting in approximately 7.5 off-hire days. The M/V “Konkar Ormi” is scheduled to undergo her special survey in October 2026.
Results for the three months ended June 30, 2026 and 2025
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted.
For the three months ended June 30, 2026, we reported revenues, net, of
Results for the six months ended June 30, 2026 and 2025
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted.
For the six months ended June 30, 2026, we reported revenues, net of
| Tanker fleet | Three months ended June 30, 1 | Six months ended June 30, 1 | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2025 | 2026 | 2025 | 2026 | |||||
| which are presented in U.S. dollars per day) | |||||||||
| MR Revenues, net | $ | 5,920 | 6,143 | 12,353 | 12,008 | ||||
| MR Voyage related costs and commissions, net | (273) | (164) | (1,020) | (953) | |||||
| MR Time Charter Equivalent revenues 1 | $ | 5,647 | 5,979 | 11,333 | 11,055 | ||||
| MR Total operating days | 273 | 273 | 514 | 541 | |||||
| MR Daily Time Charter Equivalent rate 1 | $/d | 20,686 | 21,899 | 22,049 | 20,435 | ||||
| Average number of MR vessels | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| Dry-bulk fleet | Three months ended June 30, 1 | Six months ended June 30, 1 | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2025 | 2026 | 2025 | 2026 | |||||
| which are presented in U.S. dollars per day) | |||||||||
| Dry-bulk Revenues, net | $ | 3,231 | 5,991 | 6,403 | 10,102 | ||||
| Dry-bulk Voyage related costs and commissions, net | (86) | (505) | (551) | 226 | |||||
| Dry-bulk Time Charter Equivalent revenues 1 | $ | 3,145 | 5,486 | 5,852 | 10,328 | ||||
| Dry-bulk Total operating days | 245 | 271 | 453 | 525 | |||||
| Dry-bulk Daily Time Charter Equivalent rate 1 | $/d | 12,840 | 20,245 | 12,919 | 19,672 | ||||
| Average number of Dry-bulk vessels | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| Total fleet | Three months ended June 30, 1 | Six months ended June 30, 1 | |||||||
| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2025 | 2026 | 2025 | 2026 | |||||
| which are presented in U.S. dollars per day) | |||||||||
| Revenues, net | $ | 9,151 | 12,134 | 18,756 | 22,110 | ||||
| Voyage related costs and commissions, net | (359) | (669) | (1,571) | (727) | |||||
| Time Charter Equivalent revenues 1 | $ | 8,792 | 11,465 | 17,185 | 21,383 | ||||
| Total operating days | 518 | 544 | 967 | 1,066 | |||||
| Daily Time Charter Equivalent rate 1 | $/d | 16,975 | 21,075 | 17,772 | 20,059 | ||||
| Average number of vessels | 6.0 | 6.0 | 6.0 | 6.0 | |||||
1 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, 2026 and 2025
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted.
Revenues, net: Revenues, net, were
Voyage related costs and commissions, net: Voyage related costs and commissions, net, 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, 2026, management fees charged by Maritime and Konkar Shipping Agencies S.A. (“Konkar Agencies”), our dry-bulk ship manager, both affiliates of Mr. Valentis, our Chairman and Chief Executive Officer, and by International Tanker Management Ltd. (“ITM”), the unaffiliated technical manager of our MRs, remained stable at
Amortization of special survey costs: Amortization of special survey costs remained stable at
Depreciation: Depreciation remained substantially unchanged at
Interest and finance costs: Interest and finance costs for the quarter ended June 30, 2026 were
Interest income: Interest income of
Income attributable to non-controlling interests: Income attributable to the non-controlling interest holders (the “NCI”) for the quarter ended June 30, 2026, was
Management’s Discussion & Analysis of Financial Results for the Six Months ended June 30, 2026 and 2025
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted.
Revenues, net: Revenues, net, of
Voyage related costs and commissions, net: Voyage related costs and commissions, net of
Vessel operating expenses: Vessel operating expenses of
General and administrative expenses: General and administrative expenses of
Management fees: For the six months ended June 30, 2026, management fees charged by Maritime, Konkar Agencies and ITM increased slightly by less than
Amortization of special survey costs: Amortization of special survey costs of
Depreciation: Depreciation remained substantially unchanged at
Interest and finance costs: Interest and finance costs for the six months ended June 30, 2026 were
Interest income: Interest income of
Income attributable to non-controlling interests: Income attributable to the NCI for the six months ended June 30, 2026, was
Unaudited Interim Consolidated Statements of Comprehensive Income/(Loss)
For the three months ended June 30, 2025 and 2026
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Three months ended June 30, | |||||
| 2025 | 2026 | ||||
| Revenues, net | $ | 9,151 | $ | 12,134 | |
| Expenses: | |||||
| Voyage related costs and commissions, net | (359) | (669) | |||
| Vessel operating expenses | (3,392) | (3,781) | |||
| General and administrative expenses | (3,740) | (740) | |||
| Management fees, related parties | (345) | (354) | |||
| Management fees, other | (125) | (132) | |||
| Amortization of special survey costs | (167) | (170) | |||
| Depreciation | (1,889) | (1,890) | |||
| Operating (loss)/income | (866) | 4,398 | |||
| Other expenses: | |||||
| Interest and finance costs | (1,467) | (1,299) | |||
| Interest income | 423 | 480 | |||
| Total other expenses, net | (1,044) | (819) | |||
| Net (loss)/income | $ | (1,910) | $ | 3,579 | |
| Net income attributable to non-controlling interests | (93) | (764) | |||
| Net (loss)/income attributable to Pyxis Tankers Inc. | $ | (2,003) | $ | 2,815 | |
| Net (loss)/income per common share, basic and diluted | $ | (0.19) | $ | 0.27 | |
| Weighted average number of common shares, basic and diluted | 10,413,365 | 10,241,483 | |||
Unaudited Interim Consolidated Statements of Comprehensive Income/(Loss)
For the six months ended June 30, 2025 and 2026
(Expressed in thousands of U.S. dollars, except for share and per share data)
| Six months ended June 30, | ||||
| 2025 | 2026 | |||
| Revenues, net | $ 18,756 | $ 22,110 | ||
| Expenses: | ||||
| Voyage related costs and commissions, net | (1,571) | (727) | ||
| Vessel operating expenses | (6,965) | (7,111) | ||
| General and administrative expenses | (4,573) | (1,452) | ||
| Management fees, related parties | (686) | (704) | ||
| Management fees, other | (251) | (264) | ||
| Amortization of special survey costs | (264) | (338) | ||
| Depreciation | (3,752) | (3,759) | ||
| Operating income | $ 694 | $ 7,755 | ||
| Other expenses, net: | ||||
| Interest and finance costs | (2,944) | (2,628) | ||
| Interest income | 857 | 977 | ||
| Total other expenses, net | (2,087) | (1,651) | ||
| Net (loss)/income | $ (1,393) | $ 6,104 | ||
| Net loss/(income) attributable to non-controlling interests | 156 | (867) | ||
| Net (loss)/income attributable to Pyxis Tankers Inc. | $ (1,237) | $ 5,237 | ||
| Net (loss)/income per common share, basic and diluted | $ (0.12) | $ 0.51 | ||
| Weighted average number of common shares, basic and diluted | 10,417,915 | 10,290,343 | ||
Unaudited Interim Consolidated Balance Sheets
As of December 31, 2025 and June 30, 2026
(Expressed in thousands of U.S. dollars, except for share and per share data)
| December 31, | June 30, | |||
| 2025 | 2026 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ 35,555 | $ 58,153 | ||
| Short-term investment in time deposits | 18,000 | — | ||
| Inventories | 536 | 555 | ||
| Trade accounts receivable, net | 2,007 | 3,361 | ||
| Prepayments and other current assets | 552 | 578 | ||
| Total current assets | 56,650 | 62,647 | ||
| FIXED ASSETS, NET: | ||||
| Vessels, net | 133,319 | 129,628 | ||
| Total fixed assets, net | 133,319 | 129,628 | ||
| OTHER NON-CURRENT ASSETS: | ||||
| Restricted cash | 1,350 | 1,350 | ||
| Deferred dry-dock and special survey costs, net | 2,093 | 1,755 | ||
| Total other non-current assets | 3,443 | 3,105 | ||
| Total assets | $ 193,412 | $ 195,380 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Current portion of long-term debt, net of deferred financing costs | $ 7,967 | $ 7,957 | ||
| Trade accounts payable | 1,495 | 1,622 | ||
| Due to related parties | 1,685 | 940 | ||
| Hire collected in advance | 597 | 1,434 | ||
| Deferred charter hire revenue | — | 456 | ||
| Accrued and other liabilities | 1,000 | 861 | ||
| Total current liabilities | 12,744 | 13,270 | ||
| NON-CURRENT LIABILITIES: | ||||
| Long-term debt, net of current portion and deferred financing costs | 79,279 | 75,225 | ||
| Deferred charter hire revenue, non-current | — | 55 | ||
| Total non-current liabilities | 79,279 | 75,280 | ||
| COMMITMENTS AND CONTINGENCIES | — | — | ||
| STOCKHOLDERS' EQUITY: | ||||
| Preferred stock ( | — | — | ||
| Common stock ( | 10 | 10 | ||
| Additional paid-in capital | 97,826 | 97,163 | ||
| (Accumulated deficit)/Retained earnings | (2,676) | 2,561 | ||
| Total equity attributable to Pyxis Tankers Inc. and subsidiaries | 95,160 | 99,734 | ||
| Non-controlling interest | 6,229 | 7,096 | ||
| Total stockholders' equity | 101,389 | 106,830 | ||
| Total liabilities and stockholders' equity | $ 193,412 | $ 195,380 | ||
Unaudited Interim Consolidated Statements of Cash Flows
For the six months ended June 30, 2025 and 2026
(Expressed in thousands of U.S. dollars)
| Six months ended June 30, | ||||
| 2025 | 2026 | |||
| Cash flows from operating activities: | ||||
| Net (loss)/income | $ (1,393) | $ 6,104 | ||
| Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||||
| Depreciation | 3,752 | 3,759 | ||
| Amortization of special survey costs | 264 | 338 | ||
| Amortization and write-off of deferred financing costs | 115 | 109 | ||
| Amortization of restricted common stock grants | 142 | — | ||
| Changes in assets and liabilities: | ||||
| Inventories | 455 | (19) | ||
| Due to related parties | 2,128 | (745) | ||
| Trade accounts receivable | 2,567 | (1,353) | ||
| Prepayments and other current assets | 313 | (26) | ||
| Insurance claims receivable | (95) | — | ||
| Deferred dry-dock and special survey costs | (1,020) | (21) | ||
| Trade accounts payable | (611) | 148 | ||
| Hire collected in advance | 1,191 | 837 | ||
| Accrued and other liabilities and deferred charter hire revenue, current and non-current | (257) | 371 | ||
| Net cash provided by operating activities | $ 7,551 | $ 9,502 | ||
| Cash flows from investing activities: | ||||
| Additions and improvements to existing vessels | (185) | (68) | ||
| Proceeds from maturities of short-term investments in time deposits, net | 3,000 | 18,000 | ||
| Net cash provided by investing activities | $ 2,815 | $ 17,932 | ||
| Cash flows from financing activities: | ||||
| Repayment of long-term debt | (3,893) | (4,080) | ||
| Payment of financing costs | (1) | (93) | ||
| Common stock repurchases | (270) | (663) | ||
| Net cash used in financing activities | $ (4,164) | $ (4,836) | ||
| Net increase in cash and cash equivalents and restricted cash | 6,202 | 22,598 | ||
| Cash and cash equivalents and restricted cash at the beginning of the period | 22,593 | 36,905 | ||
| Cash and cash equivalents and restricted cash at the end of the period | $ 28,795 | $ 59,503 | ||
| SUPPLEMENTAL INFORMATION: | ||||
| Cash paid for interest | $ 2,897 | $ 2,411 | ||
| Unpaid portion of special survey cost | 460 | — | ||
| Unpaid portion of additions and improvements to existing vessels | $ 101 | — | ||
Liquidity, Debt and Capital Structure
Our total funded debt, net of deferred financing costs, as of June 30, 2026 was
| (Amounts in thousands of U.S. dollars) | December 31, 2025 | June 30, 2026 | ||
| Total funded debt, net of deferred financing costs | $ | 87,246 | 83,182 |
Our weighted average interest rate on our total funded debt for the six months ended June 30, 2026 was
On May 27, 2026, we filed an initial registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed public offering of up to 920,000 of our
During the quarter ended June 30, 2026, we repurchased 17,445 common shares for an aggregate purchase price of
On June 30, 2026, we had a total of 11,215,546 common shares issued and 10,239,194 common shares outstanding, of which Mr. Valentis, our Chairman and Chief Executive Officer, beneficially owned
Subsequent Events
Subsequent to June 30, 2026 and through August 31, 2026, we repurchased an additional 30 common shares at an average price of
Non-GAAP Measures and Definitions
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income, interest and finance costs, depreciation and amortization, and income taxes, if any, during a period. Adjusted EBITDA represents EBITDA as adjusted to exclude certain items that may not be indicative of our core operating performance in a given period, such as interest income, loss on debt extinguishment, gain or loss on financial derivative instruments, and gain or loss on sale of vessels. Such items may have occurred in the periods presented and may occur in future periods and, accordingly, may vary over time and may not recur. EBITDA and adjusted EBITDA are not measures recognized 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. We also believe these non-GAAP measures are useful to management and investors because they highlight trends in our core operating performance and facilitate comparisons of our operating results across periods by excluding the impact of certain items that management does not consider indicative of our ongoing operating performance. Management uses EBITDA and Adjusted EBITDA, among other things, to evaluate the performance of our core operations, to assist in financial and operational decision-making, in preparing our annual operating budgets and forecasts and, in certain cases, in evaluating management performance for compensation purposes. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation or 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/(loss), as reflected in the unaudited interim Consolidated Statements of Comprehensive Income/(Loss), to EBITDA and Adjusted EBITDA:
| Reconciliation of net (loss)/income to EBITDA and adjusted EBITDA | Unaudited three months ended June 30, | Unaudited six months ended June 30, | |||||||
| (Amounts in thousands of U.S. dollars) | 2025 | 2026 | 2025 | 2026 | |||||
| Net (loss)/income | $ | (1,910) | $ | 3,579 | $ | (1,393) | $ | 6,104 | |
| Depreciation | 1,889 | 1,890 | 3,752 | 3,759 | |||||
| Amortization of special survey costs | 167 | 170 | 264 | 338 | |||||
| Interest and finance costs | 1,467 | 1,299 | 2,944 | 2,628 | |||||
| EBITDA | $ | 1,613 | $ | 6,938 | $ | 5,567 | $ | 12,829 | |
| Interest income | (423) | (480) | (857) | (977) | |||||
| Adjusted EBITDA | $ | 1,190 | $ | 6,458 | $ | 4,710 | $ | 11,852 | |
Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel during the relevant period. 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 and time charters) under which our vessels may be employed between the periods. We also believe that TCE revenues and daily TCE provide useful information to investors because they reflect the revenue we retain from voyages after deducting voyage related costs and commissions, net, thereby facilitating comparisons of our revenue performance across periods and against other companies, irrespective of differences in charter types, trading patterns and voyage expenses. Our management also utilizes daily TCE to assist them in making decisions regarding the employment of our vessels. TCE revenues are calculated as revenues, net, less voyage related costs and commissions, net. We calculate daily TCE by dividing TCE revenues by operating days for the relevant period. Voyage related costs and commissions, net, primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, net of related credits or recoveries, including bunker price differentials realized upon charter redeliveries and deliveries. Port, canal and fuel costs would otherwise typically be paid by the charterer under a time charter contract. TCE revenues and daily TCE are not recognized measures under U.S. GAAP.
Vessel operating expenses (“Opex”) represent the costs we incur to operate our vessels, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes, as well as repairs and maintenance. Opex per day represents vessel operating expenses attributable to vessels owned during the applicable period divided by ownership days in that period. We monitor both total Opex and Opex per day to assess and compare the underlying operating cost efficiency of our fleet across periods and vessels.
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 minimizing the number of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys, intermediate dry-dockings or vessel positioning for such reasons. 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, special surveys or 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 per day and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for revenues, net, or net income/(loss). Our presentation of EBITDA, Adjusted EBITDA, Opex per day and daily TCE does not imply, and should not be construed as implying, 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 measures of performance prepared in accordance with U.S. GAAP.
| (Amounts in U.S. dollars per day) | Unaudited three months ended June 30, | Unaudited six months ended June 30, | |||||||
| 2025 | 2026 | 2025 | 2026 | ||||||
| Tanker Fleet: | |||||||||
| Eco-Efficient MR2 | |||||||||
| Daily TCE : | 20,686 | 21,899 | 22,049 | 20,435 | |||||
| Opex per day: | 7,520 | 7,239 | 7,421 | 7,325 | |||||
| Utilization % : | |||||||||
| Average number of MR vessels | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| Dry-bulk Fleet: | |||||||||
| Daily TCE : | 12,840 | 20,245 | 12,919 | 19,672 | |||||
| Opex per day: | 4,906 | 6,610 | 5,406 | 5,781 | |||||
| Utilization % : | |||||||||
| Average number of Dry-bulk vessels | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| Total Fleet: | |||||||||
| Daily TCE : | 16,975 | 21,075 | 17,772 | 20,059 | |||||
| Opex per day: | 6,213 | 6,925 | 6,414 | 6,553 | |||||
| Utilization % : | |||||||||
| Average number of vessels | 6.0 | 6.0 | 6.0 | 6.0 | |||||
As of August 31, 2026, 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 2025 and 2026, our vessels were employed under a mix of time charters and spot voyage charters.
Company Presentation
A presentation of our results is available on our website (https://www.pyxistankers.com). However, none of the information contained on our website is incorporated into or forms a part of this release.
Pyxis Tankers Fleet (as of August 31, 2026)
| Vessel Name | Shipyard | Vessel type | Carrying Capacity (dwt) | Year Built | Type of charter | Charter(1) Rate ($ per day) | Estimated Redelivery Date | |
| Tanker fleet | ||||||||
| Pyxis Lamda (2) | SPP / S. Korea | MR2 | 50,145 | 2017 | Time | 23,000 | Sep – Dec 2026 | |
| Pyxis Theta (3) | SPP / S. Korea | MR2 | 51,795 | 2013 | Time | 25,000 | Jul – Sep 2027 | |
| Pyxis Karteria (4) | Hyundai / S. Korea | MR2 | 46,652 | 2013 | Time | 19,500 | Aug – Nov 2026 | |
| 148,592 | ||||||||
| Dry-bulk fleet | ||||||||
| Konkar Ormi (5) | SKD / Japan | Ultramax | 63,520 | 2016 | Time | 19,500 | Sep 2026 | |
| Konkar Asteri (6) | JNYS / China | Kamsarmax | 82,013 | 2015 | Time | 23,000 | Sep 2026 | |
| Konkar Venture (7) | JNYS / China | Kamsarmax | 82,099 | 2015 | Time | 22,250 | Aug - Sep 2026 | |
| 227,632 |
1) These tables present gross rates in U.S.$ and do not reflect any commissions payable.
2) “Pyxis Lamda” is fixed on a time charter for 12 months -40/+60 days, at
3) “Pyxis Theta” is fixed on a time charter for 18 months -30/+30 days, at an average rate of approximately
4) “Pyxis Karteria” is fixed on a time charter for 12 months -30/+60 days, at
5) “Konkar Ormi” is fixed on a time charter for 30–35 days, at
6) “Konkar Asteri” is fixed on a time charter for 90–100 days, at
7) “Konkar Venture” is fixed on a time charter for 90–100 days, at
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: https://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, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, 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, 2025. 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 https://www.pyxistankers.com
Company Contact
Fotis Giannakoulis
Chief Financial Officer
Tel: +1 917 291 7142 / +30 (210) 638 0200
Email: ir@pyxistankers.com
