Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an emerging growth pure
play product tanker company, today announced unaudited results for
the three and nine months ended September 30, 2016.
Summary:
Reported time charter equivalent revenues of
$5.0 million for the three months ended September 30, 2016, which
resulted in net loss of $1.5 million, or loss per share (basic and
diluted) of $0.08, and EBITDA of $0.8 million (see "Non-GAAP
Measures and Definitions" below).
Valentios Valentis, our Chairman and CEO
commented:
"Our third quarter 2016 results were directly
related to the poor chartering market for our vessels. A
continuation and deepening of the fall in spot charter rates since
the second quarter of the year has negatively affected virtually
all product tanker operators, including ourselves. The principal
reasons are substantial new vessel deliveries, record high
inventories in storage of refined products and limited
opportunities for arbitrage trading. By the end of the quarter, we
only had two of our six tankers on time charters. We are guardedly
optimistic that charter rates will improve later in the fourth
quarter, typically a stronger seasonal period due to colder weather
in the Northern Hemisphere which results in increased demand for
heating oil and longer wait times at numerous ports. As previously
stated, we continue to believe the chartering environment should
materially improve starting in the latter half of 2017 due to
attractive market fundamentals - dramatically lower scheduled
deliveries from the new build tankers orderbook combined with
projected demand growth. Consequently, as the remaining time
charters we have will be expiring in the last quarter of 2016, we
intend to continue to focus on a mixed chartering strategy of spot
and time charters."
"We continue to be pleased about our disciplined
cost structure. In the third quarter 2016, our total daily
operational costs, which include vessel operating expenses, general
and administrative costs and management fees, for our eco-efficient
medium range tankers ("MRs") and our eco-modified MR were $7,434
and $8,009 per vessel, respectively, a modest improvement over the
second quarter. Our net debt stood at $71.4 million at September
30, 2016, and we have no balloon loan principal payments until
2018. Our weighted average interest rate during the nine months
ended September 30, 2016 was 3.24%."
"As part of our strategic plan, Pyxis Tankers
continues to be on the look-out for acquisitions. The long-term
economics for the acquisition of a quality second-hand MR2 are even
more attractive today with vessel prices substantially below 10
year averages. The challenge is funding - access to cost-effective
capital, especially equity. "
Results for the three months ended September 30, 2015
and 2016
For the three months ended September 30, 2016,
we reported a net loss of $1.5 million, or $0.08 basic and diluted
loss per share, compared to net income of $1.3 million, or $0.07
basic and diluted earnings per share, for the same period in 2015.
For the third quarter of 2016, our EBITDA (see "Non-GAAP Measures
and Definitions" below) was $0.8 million, a decrease of $2.5
million from $3.3 million for the same period in 2015. The decrease
in net income was primarily due to a $2.4 million decrease in time
charter equivalent revenues, coupled with a $0.1 million increase
in general and administrative expenses.
Results for the nine months ended
September 30, 2015 and 2016
For the nine months ended September 30, 2016, we
achieved net income of $19,000, or $0.00 basic and diluted earnings
per share, compared to net income of $2.9 million, or $0.16 basic
and diluted earnings per share, for the same period in 2015. For
the first nine months of 2016, our EBITDA (see "Non-GAAP Measures
and Definitions" below) was $6.6 million, a decrease of $2.4
million from $9.0 million for the same period in 2015. The decrease
in net income was primarily due to a $1.7 million decrease in time
charter equivalent revenues, coupled with a $1.0 million increase
in general and administrative expenses.
|
Three months
ended September 30, |
|
Nine months
ended September 30, |
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Thousands of U.S.
dollars, except for daily TCE rates) |
Voyage revenues |
|
8,239 |
|
|
|
7,197 |
|
|
|
24,800 |
|
|
|
23,538 |
|
Voyage related costs
and commissions |
|
(832 |
) |
|
|
(2,234 |
) |
|
|
(3,462 |
) |
|
|
(3,914 |
) |
Time charter equivalent
revenues* |
|
7,407 |
|
|
|
4,963 |
|
|
|
21,338 |
|
|
|
19,624 |
|
|
|
|
|
|
|
|
|
Total operating
days |
|
548 |
|
|
|
477 |
|
|
|
1,569 |
|
|
|
1,529 |
|
|
|
|
|
|
|
|
|
Daily time charter
equivalent rate* |
|
13,514 |
|
|
|
10,406 |
|
|
|
13,599 |
|
|
|
12,835 |
|
* Subject to rounding; please see "Non-GAAP
Measures and Definitions" below.
Management's Discussion and Analysis of
Financial Results for the Three Months ended September 30, 2015 and
2016 (Amounts are presented in million U.S. dollars,
rounded to the nearest one hundred thousand, except otherwise
noted)
Voyage revenues: Voyage revenues of $7.2 million
for the three months ended September 30, 2016 represented a
decrease of $1.0 million, or 12.6%, from $8.2 million over the
comparable period in 2015. The decrease during the third quarter of
2016 was attributed to lower time charter equivalent rate as well
as to a decrease in total operating days.
Voyage related costs and commissions: Voyage
related costs and commissions of $2.2 million for the three months
ended September 30, 2016 represented an increase of $1.4 million,
or 168.5%, from $0.8 million in the comparable period in 2015. The
increase was primarily attributed to greater spot charter activity
which incurs voyage costs.
Vessel operating expenses: Vessel operating
expenses of $3.2 million for the three months ended September 30,
2016 represented a decrease of $0.1 million, or 1.7%, from $3.3
million in the comparable period in 2015. The decrease was
primarily attributed to our cost efficiencies from the two
eco-efficient MR vessels.
General and administrative expenses: General and
administrative expenses of $0.6 million for the three months ended
September 30, 2016 increased by $0.1 million, or 31.4%, from $0.4
million in the comparable period in 2015, mainly due to other
additional fees and expenses associated with our status as a
publicly listed company.
Management fees, related parties: Management
fees to related parties, our ship manager Pyxis Maritime Corp.
("Maritime"), of $0.2 million for the three months ended September
30, 2016 remained flat compared to the three month period ended
September 30, 2015.
Management fees, other: Management fees to
others, comprised of fees paid to International Tanker Management
Ltd. ("ITM"), our fleet's technical manager, and North Sea Tankers
BV ("NST"), the commercial manager of Northsea Alpha, of $0.3
million for the three months ended September 30, 2016 remained
relatively stable compared to the three month period ended
September 30, 2015.
Amortization of special survey costs:
Amortization of special survey costs of $0.1 million for the three
months ended September 30, 2016 remained relatively stable compared
to the three month period ended September 30, 2015.
Depreciation: Depreciation of $1.4 million for
the three months ended September 30, 2016 remained flat compared to
the three month period ended September 30, 2015.
Interest and finance costs, net: Interest and
finance costs, net for the three months ended September 30, 2016
amounted to $0.7 million, compared to $0.6 million in the
comparable period in 2015, an increase of $0.1 million, or 26.0%.
The increase is mainly attributed to the increase of the
LIBOR-based interest rates applied to our outstanding debt.
Management's Discussion and Analysis of
Financial Results for the Nine Months ended September 30, 2015 and
2016
Voyage revenues: Voyage revenues of $23.5
million for the nine months ended September 30, 2016 represented a
decrease of $1.3 million, or 5.1%, from $24.8 million over the
comparable period in 2015. The decrease during the nine months
ended September 30, 2016 was attributed to lower time charter
equivalent rate as well as to a decrease in total operating
days.
Voyage related costs and commissions: Voyage
related costs and commissions of $3.9 million for the nine months
ended September 30, 2016 represented an increase of $0.5 million,
or 13.1%, from $3.5 million in the comparable period in 2015. The
increase was primarily attributed to greater spot charter activity
which incurs voyage costs.
Vessel operating expenses: Vessel operating
expenses of $9.8 million for the nine months ended September 30,
2016 declined $0.3 million, or 2.8% from $10.1 million over the
comparable period in 2015. This decrease was mainly attributed to
the absence in the first nine months of 2016 of the one-time,
pre-operating costs incurred by the new build Pyxis Epsilon, which
was delivered to our fleet in January, 2015.
General and administrative expenses: General and
administrative expenses of $2.0 million for the nine months ended
September 30, 2016 increased by $1.0 million, or 92.1%, from $1.0
million in the comparable period in 2015, mainly due to the
additional administration fees payable to Maritime under the Head
Management Agreement (which commenced effectively on March 23,
2015) of $0.4 million and other fees and expenses of $0.6 million
associated with our status as a publicly listed company.
Management fees, related parties: Management
fees to Maritime of $0.5 million for the nine months ended
September 30, 2016 remained relatively stable compared to the nine
month period ended September 30, 2015.
Management fees, other: Management fees to
others, comprised of fees paid to ITM and NST of $0.8 million in
the aggregate for the nine months ended September 30, 2016 remained
relatively stable compared to the same period in 2015. In March and
June 2016, we sent notices of termination of the commercial
management agreements with NST for the Northsea Beta and Northsea
Alpha, respectively. In June 2016, Maritime assumed full commercial
management of the Northsea Beta, and it is expected to assume full
commercial management of the Northsea Alpha in November 2016,
following the vessel's redelivery.
Amortization of special survey costs:
Amortization of special survey costs of $0.2 million for the nine
months ended September 30, 2016 increased by $0.1 million or 65.2%,
compared to the same period in 2015, mainly due to the amortization
of the special surveys performed by Northsea Alpha and Northsea
Beta during the second quarter of 2015.
Depreciation: Depreciation of $4.3 million for
the nine months ended September 30, 2016 remained relatively stable
compared to the same period in 2015.
Interest and finance costs, net: Interest and
finance costs, net for the nine months ended September 30, 2016
amounted to $2.1 million, compared to $1.8 million in the
comparable period in 2015, an increase of $0.3 million, or 18.2%.
The increase is mainly attributed to the increase of the
LIBOR-based interest rates applied to our outstanding debt.
Unaudited Interim Consolidated Statements of
Comprehensive Income / (Loss)For the three months ended
September 30, 2015 and 2016(Expressed in thousands of U.S. dollars,
except for share and per share data)
|
Three Months Ended |
|
Three Months Ended |
|
September 30, 2015 |
|
September 30, 2016 |
|
|
|
|
Voyage
revenues |
|
8,239 |
|
|
|
7,197 |
|
|
|
|
|
Expenses: |
|
|
|
Voyage related costs
and commissions |
|
(832 |
) |
|
|
(2,234 |
) |
Vessel operating
expenses |
|
(3,266 |
) |
|
|
(3,211 |
) |
General and
administrative expenses |
|
(442 |
) |
|
|
(581 |
) |
Management fees,
related parties |
|
(151 |
) |
|
|
(169 |
) |
Management fees,
other |
|
(263 |
) |
|
|
(252 |
) |
Amortization of special
survey costs |
|
(63 |
) |
|
|
(61 |
) |
Depreciation |
|
(1,405 |
) |
|
|
(1,449 |
) |
Operating income / (loss) |
|
1,817 |
|
|
|
(760 |
) |
|
|
|
|
Other
expenses: |
|
|
|
Interest and finance
costs, net |
|
(558 |
) |
|
|
(703 |
) |
Total other expenses, net |
|
(558 |
) |
|
|
(703 |
) |
|
|
|
|
Net income / (loss) |
|
1,259 |
|
|
|
(1,463 |
) |
|
|
|
|
Earnings /
(loss) per common share, basic and diluted |
$ |
0.07 |
|
|
$ |
(0.08 |
) |
|
|
|
|
Weighted
average number of common shares, basic and diluted |
|
18,244,671 |
|
|
|
18,277,893 |
|
Unaudited Interim Consolidated Statements of
Comprehensive IncomeFor the nine months ended September
30, 2015 and 2016(Expressed in thousands of U.S. dollars, except
for share and per share data)
|
Nine Months Ended |
|
Nine Months Ended |
|
September 30, 2015 |
|
September 30, 2016 |
|
|
|
|
Voyage
revenues |
|
24,800 |
|
|
|
23,538 |
|
|
|
|
|
Expenses: |
|
|
|
Voyage related costs
and commissions |
|
(3,462 |
) |
|
|
(3,914 |
) |
Vessel operating
expenses |
|
(10,056 |
) |
|
|
(9,774 |
) |
General and
administrative expenses |
|
(1,031 |
) |
|
|
(1,981 |
) |
Management fees,
related parties |
|
(426 |
) |
|
|
(460 |
) |
Management fees,
other |
|
(798 |
) |
|
|
(778 |
) |
Amortization of special
survey costs |
|
(112 |
) |
|
|
(185 |
) |
Depreciation |
|
(4,259 |
) |
|
|
(4,318 |
) |
Operating income |
|
4,656 |
|
|
|
2,128 |
|
|
|
|
|
Other
expenses: |
|
|
|
Interest and finance
costs, net |
|
(1,784 |
) |
|
|
(2,109 |
) |
Total other expenses, net |
|
(1,784 |
) |
|
|
(2,109 |
) |
|
|
|
|
Net income |
|
2,872 |
|
|
|
19 |
|
|
|
|
|
Earnings per
common share, basic and diluted |
$ |
0.16 |
|
|
$ |
0.00 |
|
|
|
|
|
Weighted
average number of common shares, basic and diluted |
|
18,244,671 |
|
|
|
18,277,893 |
|
Consolidated Balance SheetsAs of December 31,
2015 and September 30, 2016 (unaudited)(Expressed in thousands of
U.S. dollars, except for share and per share data)
|
December 31, 2015 |
September 30, 2016 |
ASSETS |
|
|
|
|
|
CURRENT
ASSETS: |
|
|
Cash and cash
equivalents |
|
4,122 |
|
|
1,034 |
|
Restricted cash,
current portion |
|
143 |
|
|
144 |
|
Inventories |
|
583 |
|
|
1,010 |
|
Trade receivables |
|
455 |
|
|
1,023 |
|
Prepayments and other
assets |
|
725 |
|
|
325 |
|
Total current assets |
|
6,028 |
|
|
3,536 |
|
|
|
|
FIXED ASSETS,
NET: |
|
|
Vessels, net |
|
130,501 |
|
|
126,183 |
|
Total fixed assets, net |
|
130,501 |
|
|
126,183 |
|
|
|
|
OTHER NON
CURRENT ASSETS: |
|
|
Restricted cash, net of
current portion |
|
4,357 |
|
|
4,856 |
|
Deferred charges,
net |
|
836 |
|
|
651 |
|
Total other non-current assets |
|
5,193 |
|
|
5,507 |
|
Total assets |
|
141,722 |
|
|
135,226 |
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
Current portion of
long-term debt, net of deferred financing costs, current |
|
7,095 |
|
|
6,910 |
|
Accounts payable |
|
1,103 |
|
|
1,752 |
|
Due to related
parties |
|
121 |
|
|
171 |
|
Hire collected in
advance |
|
2,129 |
|
|
515 |
|
Accrued and other
liabilities |
|
752 |
|
|
801 |
|
Total current liabilities |
|
11,200 |
|
|
10,149 |
|
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
Long-term debt, net of
current portion and deferred financing costs, non-current |
|
73,456 |
|
|
67,992 |
|
Promissory note |
|
2,500 |
|
|
2,500 |
|
Total non-current liabilities |
|
75,956 |
|
|
70,492 |
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
STOCKHOLDERS'
EQUITY: |
|
|
Preferred stock ($0.001
par value; 50,000,000 shares authorized; none issued) |
|
- |
|
|
- |
|
Common stock ($0.001
par value; 450,000,000 shares authorized; |
|
|
18,244,671 and
18,277,893 shares issued and outstanding at |
|
|
December 31, 2015 and
September 30, 2016, respectively) |
|
18 |
|
|
18 |
|
Additional paid-in
capital |
|
70,123 |
|
|
70,123 |
|
Accumulated
deficit |
|
(15,575 |
) |
|
(15,556 |
) |
Total stockholders' equity |
|
54,566 |
|
|
54,585 |
|
Total liabilities and stockholders' equity |
|
141,722 |
|
|
135,226 |
|
Unaudited Interim Consolidated Statements of Cash
FlowFor the nine months ended September 30, 2015 and
2016(Expressed in thousands of U.S. dollars, except for share and
per share data)
|
Nine Months Ended |
Nine Months Ended |
|
September 30, 2015 |
September 30, 2016 |
|
|
|
Cash flows from
operating activities: |
|
|
Net income |
|
2,872 |
|
|
19 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
Depreciation |
|
4,259 |
|
|
4,318 |
|
Amortization of special
survey costs |
|
112 |
|
|
185 |
|
Amortization of
financing costs |
|
129 |
|
|
125 |
|
Changes in
assets and liabilities: |
|
|
Inventories |
|
130 |
|
|
(427 |
) |
Trade receivables |
|
903 |
|
|
(568 |
) |
Due from related
parties |
|
(2,332 |
) |
|
- |
|
Prepayments and other
assets |
|
788 |
|
|
400 |
|
Special survey
cost |
|
(888 |
) |
|
- |
|
Accounts payable |
|
984 |
|
|
649 |
|
Due to related
parties |
|
- |
|
|
50 |
|
Hire collected in
advance |
|
26 |
|
|
(1,614 |
) |
Accrued
and other liabilities |
|
46 |
|
|
49 |
|
Net cash provided by operating activities |
|
7,029 |
|
|
3,186 |
|
|
|
|
Cash flow from
investing activities: |
|
|
Advances
for vessel acquisition |
|
(18,766 |
) |
|
- |
|
Net cash used in investing activities |
|
(18,766 |
) |
|
- |
|
|
|
|
Cash flows from
financing activities: |
|
|
Proceeds from long-term
debt |
|
21,000 |
|
|
- |
|
Repayment of long-term
debt |
|
(5,352 |
) |
|
(5,752 |
) |
Change in restricted
cash |
|
(2,133 |
) |
|
(500 |
) |
Issuance of common
stock |
|
10 |
|
|
- |
|
Paid-in capital
re-imbursement / distribution |
|
(1,248 |
) |
|
- |
|
Payment of financing
costs |
|
(278 |
) |
|
(22 |
) |
Expenses for
merger |
|
(909 |
) |
|
- |
|
Net cash provided by / (used in) financing
activities |
|
11,090 |
|
|
(6,274 |
) |
|
|
|
Net decrease in
cash and cash equivalents |
|
(647 |
) |
|
(3,088 |
) |
|
|
|
Cash and cash
equivalents at the beginning of the period |
|
647 |
|
|
4,122 |
|
|
|
|
Cash and cash equivalents at the end of the
period |
|
- |
|
|
1,034 |
|
Liquidity and Debt
Pursuant to our loan agreements, as of September
30, 2016, we were required to maintain minimum liquidity of $5.0
million. Total Cash and cash equivalents, including restricted
cash, aggregated to $6.0 million as of September 30, 2016.
Total debt (in thousands of U.S. dollars), net
of deferred financing costs:
|
|
As at
December |
|
As at
September |
|
|
31, 2015 |
|
30, 2016 |
Bank debt |
$ |
80,551 |
$ |
74,902 |
Promissory Note -
related party |
|
2,500 |
|
2,500 |
Total |
$ |
83,051 |
$ |
77,402 |
Our weighted average interest rate on all of our
total debt for the nine months ended September 30, 2016 was
3.24%.
In September 2016, we agreed with the lender of
the Pyxis Delta to extend the maturity of the respective loan from
May 2017 to September 2018, under the same amortization schedule
and applicable margin. Following the repayment of the scheduled
installment of $0.3 million in August 2016, the then outstanding
balance of the respective loan of $8.8 million, will be repaid in
eight quarterly installments of $0.3 million each, the first
falling due in November 2016 and the last in August 2018, followed
by a balloon payment of $6.1 million falling due in September
2018.
Dry-docking
In the fourth quarter of 2016, the Pyxis Delta
will have a scheduled dry-docking for an estimated 14 days.
2016 Annual General Meeting
Results
On November 7, 2016, we held our 2016 Annual
General Meeting of Shareholders pursuant to a Notice of Annual
Meeting of Shareholders dated October 5, 2016.
At the meeting, the following proposal, which is
set forth in more detail in the Notice of Annual Meeting of
Shareholders and our Proxy Statement sent to shareholders on or
around October 5, 2016, was approved and adopted: the election of
Mr. Aristides J. Pittas and Mr. Robert B. Ladd as our Class II
Directors to serve until our 2019 Annual Meeting of
Shareholders.
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, if
any, income taxes during a period. EBITDA is not a recognized
measurement under U.S. GAAP.
EBITDA is presented in this press release as we
believe that it provides investors with a means of evaluating and
understanding how our management evaluates operating performance.
This non-GAAP measure should not be considered in isolation from,
as substitute for, or superior to financial measures prepared in
accordance with U.S. GAAP. In addition, this non-GAAP measure does
not have a standardized meaning, and is therefore, unlikely to be
comparable to similar measures presented by other companies.
|
|
Three months Ended |
|
Nine months Ended |
(In thousands of U.S.
dollars) |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
Reconciliation of Net income to EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income / (loss) |
$ |
1,259 |
$ |
|
(1,463 |
) |
$ |
2,872 |
$ |
19 |
|
|
|
|
|
|
|
|
|
Depreciation |
|
1,405 |
|
|
1,449 |
|
|
4,259 |
|
4,318 |
|
|
|
|
|
|
|
|
|
Amortization of special survey costs |
|
63 |
|
|
61 |
|
|
112 |
|
185 |
|
|
|
|
|
|
|
|
|
Interest and finance costs, net |
|
558 |
|
|
703 |
|
|
1,784 |
|
2,109 |
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
3,285 |
$ |
|
750 |
|
$ |
9,027 |
$ |
6,631 |
Daily time charter equivalent ("TCE") is a
standard shipping industry performance measure of the average daily
revenue performance of a vessel on a per voyage basis. TCE is not
calculated in accordance with U.S. GAAP. We utilize 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 TCE to assist them in making decisions
regarding employment of the vessels. We believe that our method of
calculating TCE is consistent with industry standards and is
determined by dividing voyage revenues after deducting voyage
expenses, including commissions by operating days for the relevant
period. Voyage expenses primarily consist of brokerage commissions,
port, canal and fuel costs that are unique to a particular voyage,
which would otherwise be paid by the charter under a time charter
contract.
Vessel operating expenses per day ("Opex") are
our vessel operating expenses for a vessel, which consist primarily
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 fleet utilization by dividing the
number of operating days during a period by the number of available
days during the same period. The shipping industry uses fleet
utilization to measure a company's efficiency in finding suitable
employment for its vessels and minimizing the amount of days that
its 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. 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. 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. Ownership days are the total number
of days in a period during which we owned each of the vessels in
our fleet.
Recent Daily
Fleet Data: |
|
|
|
|
|
|
|
|
|
(Amounts in U.S.$) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
Eco-Efficient
MR2: (2 units) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
|
15,727 |
|
|
|
14,830 |
|
|
|
15,606 |
|
|
|
15,442 |
|
|
Opex |
|
|
6,078 |
|
|
|
5,624 |
|
|
|
6,658 |
|
|
|
5,798 |
|
|
Utilization % |
|
|
100.0 |
% |
|
|
96.2 |
% |
|
|
99.2 |
% |
|
|
98.5 |
% |
Eco-Modified MR2:
(1 unit) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
|
14,829 |
|
|
|
4,847 |
|
|
|
18,102 |
|
|
|
12,447 |
|
|
Opex |
|
|
6,277 |
|
|
|
6,199 |
|
|
|
6,539 |
|
|
|
6,484 |
|
|
Utilization % |
|
|
95.7 |
% |
|
|
85.9 |
% |
|
|
97.4 |
% |
|
|
93.4 |
% |
Standard MR2:
(1 unit) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
|
19,412 |
|
|
|
11,540 |
|
|
|
16,642 |
|
|
|
16,291 |
|
|
Opex |
|
|
7,196 |
|
|
|
6,635 |
|
|
|
6,388 |
|
|
|
6,862 |
|
|
Utilization % |
|
|
100.0 |
% |
|
|
79.3 |
% |
|
|
100.0 |
% |
|
|
92.7 |
% |
Small Tankers:
(2 units) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
|
7,722 |
|
|
|
7,523 |
|
|
|
7,432 |
|
|
|
8,271 |
|
|
Opex |
|
|
4,933 |
|
|
|
5,412 |
|
|
|
5,454 |
|
|
|
5,365 |
|
|
Utilization % |
|
|
100.0 |
% |
|
|
80.4 |
% |
|
|
99.0 |
% |
|
|
87.4 |
% |
Fleet: (6
units) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
|
13,514 |
|
|
|
10,406 |
|
|
|
13,599 |
|
|
|
12,835 |
|
|
Opex |
|
|
5,916 |
|
|
|
5,818 |
|
|
|
6,188 |
|
|
|
5,945 |
|
|
Utilization % |
|
|
99.3 |
% |
|
|
86.4 |
% |
|
|
99.0 |
% |
|
|
93.0 |
% |
When we refer to total daily operational costs
as applied to our eco-modified and eco-efficient tankers, we define
that as the sum of (1) daily Opex per vessel, (2) total general and
administrative expenses in the period per day per vessel, and (3)
the technical and commercial management fees in the period per day
per vessel. We believe total daily operational costs for such
vessels can provide a more complete picture of financial results
for comparative purposes.
Conference Call and Webcast
We will host a conference call to discuss our
results at 9:00 a.m. Eastern Time on November 14, 2016.
Participants should dial into the call 10 minutes prior to the
scheduled time using the following dial-in numbers:
U.S.
Toll Free: |
|
·
+1 (877) 201-0168 |
U.S.
Toll/International: |
|
·
+1 (647) 788-4901 |
Conference ID: |
|
·
13545552 |
A live webcast of the conference call will be
available through our website (http://www.pyxistankers.com).
Webcast participants of the live conference call should register on
the website approximately 10 minutes prior to the start of the
webcast. An archived version of the webcast will be available on
the website within approximately two hours of the completion of the
call.
About Pyxis Tankers Inc.
We own a modern fleet of six tankers engaged in
seaborne transportation of refined petroleum products and other
bulk liquids. We are focused on growing our fleet of medium range
product tankers, which provide operational flexibility and enhanced
earnings potential due to their "eco" features and modifications.
We are well positioned to opportunistically expand and maximize our
fleet due to competitive cost structure, strong customer
relationships, and experienced management team, whose interests are
aligned with those of our shareholders.
Pyxis Tankers Fleet (as of November 4,
2016)
|
|
|
Carrying |
|
|
Charter |
|
Anticipated |
|
|
|
Capacity |
Year |
Type of |
Rate |
|
Redelivery |
Vessel Name |
Shipyard |
Vessel type |
(dwt) |
Built |
Charter |
(per day) (1) |
|
Date |
Pyxis Epsilon |
SPP / S. Korea |
MR |
50,295 |
2015 |
Time |
$ |
16,575 |
|
|
Dec. 2016 |
Pyxis Theta |
SPP / S. Korea |
MR |
51,795 |
2013 |
Time |
$ |
14,700 |
|
|
Dec. 2016 |
Pyxis Malou |
SPP / S. Korea |
MR |
50,667 |
2009 |
Spot |
n/a |
|
Nov. 2016 |
Pyxis Delta |
Hyundai / S. Korea |
MR |
46,616 |
2006 |
Spot |
n/a |
|
Nov. 2016 |
Northsea Alpha |
Kejin / China |
Small Tanker |
8,615 |
2010 |
Time |
$ |
9,650 |
|
|
Nov. 2016 |
Northsea Beta |
Kejin / China |
Small Tanker |
8,647 |
2010 |
Spot |
n/a |
|
Nov. 2016 |
|
|
|
216,635 |
|
|
|
|
|
- This table shows gross rates and does not reflect commissions
payable.
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. These statements include statements about our plans,
strategies, financial performance, prospects or future events 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," "expect,"
"schedule, " "project, " "intend," "plan," "anticipate," "believe,"
"estimate," "potential," "outlook," "continue," "likely," "will,"
"would" and variations of these terms and similar expressions, or
the negative of these terms or similar expressions. Such
forward-looking statements are necessarily based upon estimates and
assumptions that, while considered reasonable by us and our
management team, are inherently uncertain. A more complete
description of these risks and uncertainties can be found in our
filings with the U.S. Securities and Exchange Commission, including
in our Annual Report on Form 20-F for the year ended December 31,
2015 under the caption "Item 3. Key Information - D. Risk Factors".
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 of these
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 StreetMaroussi 15125
Greeceinfo@pyxistankers.com
Visit our website www.pyxistankers.com
Company Contacts:
Henry WilliamsChief Financial OfficerTel: +30 (210) 638 0200 /
+1 (516) 455-0106Email: hwilliams@pyxistankers.com
Antonios C. BackosSenior VP for Corporate Development &
General CounselTel: +30 (210) 638-0180Email:
abackos@pyxistankers.com
Source: Pyxis Tankers Inc.
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