Pyxis Tankers Inc. Announces Financial Results
for the Three and Six Months Ended June 30, 2017
Maroussi, Greece, August 10, 2017 - Pyxis
Tankers Inc. (NASDAQ Cap Mkts: PXS), an emerging growth pure play
product tanker company, today announced unaudited results for the
three and six months ended June 30, 2017.
Summary
- For the three months ended June 30, 2017, our time charter
equivalent revenues were $5.9 million, which resulted in a net loss
of $0.8 million, or a loss per share (basic and diluted) of $0.04,
and our EBITDA (see "Non-GAAP Measures and Definitions" below) was
$1.4 million.
- We completed the extension of the maturity of approximately
one-third of our outstanding debt to September 2022.
Valentios Valentis, our Chairman and CEO
commented:
"Our operating results for the second quarter of
2017 reflected an improvement within the context of a challenging
chartering environment. Spot and period charter rates continued to
be volatile during the quarter but improved slightly overall.
Modest demand growth reduced high inventories of refined products
in storage and improved voyage activity. As previously noted, we
expected chartering activity to be choppy for most of 2017. We took
the opportunity to fix all of our medium range tankers ("MRs")
under short-term time charters. Our MR charters have an average
duration of three months as of June 30, 2017, exclusive of options,
which positions us to take advantage of improving rates. We
continue to believe in a longer term improvement in rates starting
in late 2017 as the result of attractive market fundamentals, such
as, significantly lower scheduled deliveries of new build MRs
combined with projected solid growth in consumption and
export-oriented refinery cargoes. We intend to maintain our mixed
chartering strategy over the long-term.
"We are pleased with our continued disciplined,
cost-effective operating structure. In the second quarter of 2017,
we saw a fleet-wide improvement in our daily vessel operating
expenses as compared to the same period in 2016.
"As of June 30, 2017, our net funded debt stood
at $66.7 million, and the weighted average interest rate was
approximately 3.6% during the first six months of 2017. In June
2017, we amended our loan agreement with respect to two of our
vessels to extend the maturity of their loans, which represent
approximately $24.4 million of our outstanding debt, for an
additional four years to September 2022. The first scheduled
balloon payment with respect to our bank debt will be due in the
second quarter of 2020, which enhances our financial
flexibility.
"Given the recent market conditions, we decided
not to proceed with our planned public equity offering. We will
continue to pursue cost-effective flexible capital alternatives,
primarily for growth purposes. We remain optimistic about the
fundamentals of the product tanker market and believe that Pyxis
Tankers is well positioned to take advantage of them."
Results for the three months ended June 30, 2016 and
2017
For the three months ended June 30, 2017, we
reported a net loss of $0.8 million, or $0.04 basic and diluted
loss per share, compared to a net income of $0.4 million, or $0.02
basic and diluted earnings per share, for the same period in 2016.
The decrease in net income was primarily due to a $1.1 million
decrease in time charter equivalent revenues. In addition, during
the second quarter of 2017, we recorded one-off expenses of
approximately $0.3 million associated with the termination of our
equity offering in July 2017, which are included under general and
administrative expenses for the period. For the second quarter of
2017, our EBITDA was $1.4 million, a decrease of $1.2 million from
$2.6 million for the same period in 2016. If we were to exclude the
write-off of our equity offering expenses in the second quarter of
2017, our EBITDA and net loss would have been $1.7 million and $0.4
million, or $0.02 basic and diluted loss per share,
respectively.
Results for the six months ended June 30, 2016 and
2017
For the six months ended June 30, 2017, we
reported a net loss of $2.5 million, or $0.14 basic and diluted
loss per share, compared to a net income of $1.5 million, or $0.08
basic and diluted earnings per share, for the same period in 2016.
The decrease in net income was primarily due to a $4.1 million
decrease in time charter equivalent revenues. For the first six
months of 2017, our EBITDA was $1.7 million, a decrease of $4.1
million from $5.9 million for the same period in 2016. If we were
to exclude the write-off of our equity offering expenses in the six
months ended June 30, 2017, our EBITDA and net loss would have been
$2.1 million and $2.1 million, or $0.12 basic and diluted loss per
share, respectively.
|
Three Months ended June 30, |
|
Six Months ended June 30, |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
(Thousands of U.S. dollars, except for daily TCE
rates) |
Voyage revenues |
7,893 |
|
8,455 |
|
16,341 |
|
16,170 |
Voyage related costs
and commissions |
(875) |
|
(2,584) |
|
(1,680) |
|
(5,590) |
Time charter equivalent
revenues* |
7,018 |
|
5,871 |
|
14,661 |
|
10,580 |
|
|
|
|
|
|
|
|
Total operating
days |
519 |
|
504 |
|
1,052 |
|
984 |
|
|
|
|
|
|
|
|
Daily time charter
equivalent rate* |
13,523 |
|
11,648 |
|
13,936 |
|
10,752 |
* Subject to rounding; please see "Non-GAAP
Measures and Definitions" below.
Management's Discussion and Analysis of
Financial Results for the Three Months ended June 30, 2016 and
2017 (Amounts are presented in million U.S. dollars, rounded to
the nearest one hundred thousand, except as otherwise noted)
Voyage revenues: Voyage revenues of $8.5 million
for the three months ended June 30, 2017 represented an increase of
$0.6 million, or 7.1%, from $7.9 million in the comparable period
in 2016. The increase in gross voyage revenues during the second
quarter of 2017 was attributed to greater spot charter activity,
partially offset by a decrease in total operating days attributed
to increased idle days between voyage charter employments.
Voyage related costs and commissions: Voyage
related costs and commissions of $2.6 million for the three months
ended June 30, 2017 represented an increase of $1.7 million, or
195.3%, from $0.9 million in the comparable period in 2016. 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 June 30, 2017
represented a slight decrease of $0.1 million, or 2.4%, from $3.3
million in the comparable period in 2016.
General and administrative expenses: General and
administrative expenses of $0.9 million for the three months ended
June 30, 2017 increased by $0.2 million, or 24.1%, from $0.7
million in the comparable period in 2016. The increase in general
and administrative expenses is primarily attributed to the one-off
expenses of $0.3 million relating to the public equity offering
that was terminated in July 2017.
Management fees, related parties: Management
fees to our ship manager, Pyxis Maritime Corp. ("Maritime"), of
$0.2 million for the three months ended June 30, 2017 increased by
less than $0.1 million, or 21.9%, from $0.1 million in the
comparable period in 2016. The increase is attributed to the
increase in the daily management fee of two of our vessels, the
Northsea Beta and the Northsea Alpha, as a result of Maritime's
assumption of full commercial management of these vessels in June
and November 2016, respectively.
Management fees, other: Management fees mainly
payable to International Tanker Management Ltd., our fleet's
technical manager, of $0.2 million for the three months ended June
30, 2017 decreased by less than $0.1 million, or 11.7%, compared to
the three months ended June 30, 2016, which included the services
of North Sea Tankers BV, the former commercial manager of the
Northsea Alpha and the Northsea Beta.
Amortization of special survey costs:
Amortization of special survey costs was less than $0.1 million for
both three-month periods ended June 30, 2017 and 2016.
Depreciation: Depreciation of $1.4 million for
the three months ended June 30, 2017 remained stable compared to
the three-month period ended June 30, 2016.
Interest and finance costs, net: Interest and
finance costs, net, for the three months ended June 30, 2017
amounted to $0.7 million and remained relatively stable compared to
the three-month period ended June 30, 2016.
Management's Discussion and Analysis of
Financial Results for the Six Months ended June 30, 2016 and
2017 (Amounts are presented in million U.S. dollars, rounded to
the nearest one hundred thousand, except as otherwise noted)
Voyage revenues: Voyage revenues of $16.2
million for the six months ended June 30, 2017 represented a
decrease of approximately $0.2 million, or 1.0%, from $16.3 million
in the comparable period in 2016. The decrease during the first six
months of 2017 was attributed to lower time charter equivalent
rates as well as to a decrease in total operating days attributed
to increased idle days between voyage charter employments.
Voyage related costs and commissions: Voyage
related costs and commissions of $5.6 million for the six months
ended June 30, 2017 represented an increase of $3.9 million, or
232.7%, from $1.7 million in the comparable period in 2016. The
increase was primarily attributed to greater spot charter activity,
which incurs voyage costs.
Vessel operating expenses: Vessel operating
expenses of $6.1 million for the six months ended June 30, 2017
represented a decrease of approximately $0.4 million, or 6.3%, from
$6.6 million in the comparable period in 2016. The decrease was
primarily attributed to our cost efficiencies through most of our
fleet.
General and administrative expenses: General and
administrative expenses of $1.7 million for the six months ended
June 30, 2017 increased by $0.3 million, or 20.5%, from $1.4
million in the comparable period in 2016. The increase in general
and administrative expenses is primarily attributed to the one-off
expenses of $0.3 million relating to the public equity offering
that was terminated in July 2017.
Management fees, related parties: Management
fees to our ship manager, Maritime, of $0.4 million for the six
months ended June 30, 2017 increased by $0.1 million, or 21.3%,
from $0.3 million in the comparable period in 2016. The increase is
attributed to the increase in the daily management fee of the
Northsea Beta and the Northsea Alpha as a result of Maritime's
assumption of full commercial management of these vessels in June
and November 2016, respectively.
Management fees, other: Management fees mainly
payable to International Tanker Management Ltd., our fleet's
technical manager, of $0.5 million for the six months ended June
30, 2017 decreased by $0.1 million, or 11.6%, compared to the six
months ended June 30, 2016, which included the services of North
Sea Tankers BV, the former commercial manager of the Northsea Alpha
and the Northsea Beta.
Amortization of special survey costs:
Amortization of special survey costs was less than $0.1 million for
the six months ended June 30, 2017, compared to $0.1 million for
the six months ended June 30, 2016. The decrease in amortization of
special survey costs is attributed to the write-off of the
unamortized portion of the special survey costs of the Northsea
Alpha and the Northsea Beta since an impairment charge was
recognized on both vessels as of December 31, 2016.
Depreciation: Depreciation of $2.8 million for
the six months ended June 30, 2017 remained stable compared to the
six-month period ended June 30, 2016.
Bad debt provisions: Bad debt provisions of $0.2
million for the six months ended June 30, 2017 represented an
increase in doubtful account for trade receivables.
Interest and finance costs, net: Interest and
finance costs, net, for the six months ended June 30, 2017 amounted
to $1.4 million and remained relatively stable compared to the
six-month period ended June 30, 2016.
Unaudited Consolidated Statements of Comprehensive Income /
(Loss)
For the three months ended June 30, 2016 and 2017
(Expressed in thousands of U.S. dollars, except for share and
per share data)
|
Three Months Ended |
|
Three Months Ended |
|
June 30, 2016 |
|
June 30, 2017 |
|
|
|
|
Voyage
revenues |
7,893 |
|
8,455 |
|
|
|
|
Expenses: |
|
|
|
Voyage related costs
and commissions |
(875) |
|
(2,584) |
Vessel operating
expenses |
(3,260) |
|
(3,183) |
General and
administrative expenses |
(740) |
|
(918) |
Management fees,
related parties |
(146) |
|
(178) |
Management fees,
other |
(264) |
|
(233) |
Amortization of special
survey costs |
(62) |
|
(18) |
Depreciation |
(1,434) |
|
(1,388) |
Operating income / (loss) |
1,112 |
|
(47) |
|
|
|
|
Other
expenses: |
|
|
|
Interest
and finance costs, net |
(705) |
|
(721) |
Total
other expenses, net |
(705) |
|
(721) |
|
|
|
|
Net
income / (loss) |
407 |
|
(768) |
|
|
|
|
Earnings / (loss)
per common share, basic and diluted |
$
0.02 |
|
($
0.04) |
|
|
|
|
Weighted average
number of common shares, basic and diluted |
18,277,893 |
|
18,277,893 |
Unaudited Consolidated Statements of Comprehensive Income /
(Loss)
For the six months ended June 30, 2016 and 2017
(Expressed in thousands of U.S. dollars, except for share and
per share data)
|
Six
Months Ended |
|
Six
Months Ended |
|
June 30, 2016 |
|
June 30, 2017 |
|
|
|
|
Voyage
revenues |
16,341 |
|
16,170 |
|
|
|
|
Expenses: |
|
|
|
Voyage related costs
and commissions |
(1,680) |
|
(5,590) |
Vessel operating
expenses |
(6,563) |
|
(6,148) |
General and
administrative expenses |
(1,400) |
|
(1,687) |
Management fees,
related parties |
(291) |
|
(353) |
Management fees,
other |
(526) |
|
(465) |
Amortization of special
survey costs |
(124) |
|
(36) |
Depreciation |
(2,869) |
|
(2,761) |
Bad debt
provisions |
- |
|
(181) |
Operating income / (loss) |
2,888 |
|
(1,051) |
|
|
|
|
Other
expenses: |
|
|
|
Interest
and finance costs, net |
(1,406) |
|
(1,420) |
Total
other expenses, net |
(1,406) |
|
(1,420) |
|
|
|
|
Net
income / (loss) |
1,482 |
|
(2,471) |
|
|
|
|
Earnings / (loss)
per common share, basic and diluted |
$
0.08 |
|
($
0.14) |
|
|
|
|
Weighted average
number of common shares, basic and diluted |
18,277,893 |
|
18,277,893 |
Consolidated Balance Sheets
As of December 31, 2016 and June 30, 2017 (unaudited)
(Expressed in thousands of U.S. dollars, except for share and
per share data)
|
December 31, 2016 |
June 30, 2017 |
ASSETS |
|
|
|
|
|
CURRENT
ASSETS: |
|
|
Cash and cash
equivalents |
783 |
556 |
Restricted cash,
current portion |
143 |
142 |
Inventories |
1,173 |
605 |
Trade receivables,
net |
1,681 |
1,506 |
Prepayments and other
assets |
404 |
337 |
Total current assets |
4,184 |
3,146 |
|
|
|
FIXED ASSETS,
NET: |
|
|
Vessels, net |
121,341 |
118,580 |
Total fixed assets, net |
121,341 |
118,580 |
|
|
|
OTHER NON-CURRENT
ASSETS: |
|
|
Restricted cash, net of
current portion |
4,857 |
4,858 |
Deferred charges,
net |
358 |
322 |
Total other non-current assets |
5,215 |
5,180 |
Total
assets |
130,740 |
126,906 |
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
Current portion of
long-term debt, net of deferred financing costs, current |
6,813 |
6,718 |
Accounts payable |
3,115 |
3,193 |
Due to related
parties |
1,953 |
4,123 |
Hire collected in
advance |
415 |
415 |
Accrued and other
liabilities |
574 |
606 |
Total current liabilities |
12,870 |
15,055 |
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
Long-term debt, net of
current portion and deferred financing costs, non-current |
66,617 |
63,069 |
Promissory note |
2,500 |
2,500 |
Total non-current liabilities |
69,117 |
65,569 |
|
|
|
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; |
|
|
18,277,893 shares
issued and outstanding at |
|
|
each of December 31,
2016 and June 30, 2017) |
18 |
18 |
Additional paid-in
capital |
70,123 |
70,123 |
Accumulated
deficit |
(21,388) |
(23,859) |
Total stockholders' equity |
48,753 |
46,282 |
Total
liabilities and stockholders' equity |
130,740 |
126,906 |
Unaudited Consolidated Statements of Cash Flow
For the six months ended June 30, 2016 and 2017
(Expressed in thousands of U.S. dollars)
|
Six
Months Ended |
Six
Months Ended |
|
June 30, 2016 |
June 30, 2017 |
|
|
|
Cash flows from
operating activities: |
|
|
Net income /
(loss) |
1,482 |
(2,471) |
Adjustments to
reconcile net income / (loss) to net cash provided by operating
activities: |
|
|
Depreciation |
2,869 |
2,761 |
Amortization of special
survey costs |
124 |
36 |
Amortization of
financing costs |
84 |
78 |
Bad debt
provisions |
- |
181 |
Changes in assets
and liabilities: |
|
|
Inventories |
(36) |
568 |
Trade receivables,
net |
(635) |
(6) |
Prepayments and other
assets |
628 |
67 |
Accounts payable |
(186) |
78 |
Due to related
parties |
50 |
2,170 |
Hire collected in
advance |
(1,165) |
- |
Accrued
and other liabilities |
24 |
32 |
Net
cash provided by operating activities |
3,239 |
3,494 |
|
|
|
Cash flow from
investing activities: |
|
|
Net cash provided by investing activities |
- |
- |
|
|
|
Cash flows from
financing activities: |
|
|
Repayment of long-term
debt |
(3,631) |
(3,531) |
Change in restricted
cash |
(500) |
- |
Payment
of financing costs |
- |
(190) |
Net
cash used in financing activities |
(4,131) |
(3,721) |
|
|
|
Net decrease in cash
and cash equivalents |
(892) |
(227) |
|
|
|
Cash and cash
equivalents at the beginning of the period |
4,122 |
783 |
|
|
|
Cash and cash equivalents at the end of the period |
3,230 |
556 |
Liquidity and Debt
Pursuant to our loan agreements, as of June 30,
2017, we were required to maintain minimum liquidity of $5.0
million. Total cash and cash equivalents, including restricted
cash, aggregated to $5.6 million as of June 30, 2017.
Total debt (in thousands of U.S. dollars), net
of deferred financing costs:
|
|
As
at December |
|
As
at June |
|
|
31, 2016 |
|
30, 2017 |
Bank debt |
$ |
73,430 |
$ |
69,787 |
Promissory Note -
related party |
|
2,500 |
|
2,500 |
Total |
$ |
75,930 |
$ |
72,287 |
Our weighted average interest rate on our total
funded debt for the six months ended June 30, 2017 was 3.60%.
In June 2017, the lender of Sixthone Corp. and
Seventhone Corp. (the owners of two of our vessels, the Pyxis Delta
and the Pyxis Theta, respectively) agreed to extend the maturity of
its respective loans from September 2018 to September 2022 under
the same applicable margin, but with an extended amortization
schedule. The aggregate outstanding balance of these loans as of
June 30, 2017 of $24.4 million is scheduled to be repaid in 20
quarterly installments of $0.65 million each, one quarterly
installment of $1.0 million and a balloon payment of $10.4
million.
Non-GAAP Measures and Definitions
Earnings before interest, taxes, depreciation
and amortization ("EBITDA") represents the sum of net income /
(loss), 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 a substitute for, or superior to financial measures prepared in
accordance with U.S. GAAP. In addition, this non-GAAP measure does
not have standardized meaning, and is therefore unlikely to be
comparable to similar measures presented by other companies.
|
|
Three Months Ended |
|
Six Months Ended |
(In thousands of U.S. dollars) |
|
June 30, 2016 |
|
June 30, 2017 |
|
June 30, 2016 |
|
June 30, 2017 |
Reconciliation of Net
income / (loss) to EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income /
(loss) |
$ |
407 |
$ |
(768) |
$ |
1,482 |
$ |
(2,471) |
|
|
|
|
|
|
|
|
|
Depreciation |
|
1,434 |
|
1,388 |
|
2,869 |
|
2,761 |
|
|
|
|
|
|
|
|
|
Amortization of special
survey costs |
|
62 |
|
18 |
|
124 |
|
36 |
|
|
|
|
|
|
|
|
|
Interest and finance
costs, net |
|
705 |
|
721 |
|
1,406 |
|
1,420 |
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
2,608 |
$ |
1,359 |
$ |
5,881 |
$ |
1,746 |
The 2017 periods presented above include the
offering expenses incurred with respect to the public equity
offering we terminated in July 2017. If we were to exclude these
costs, our EBITDA for the three and six-month periods ended June
30, 2017, would have been $1,688 and $2,075, respectively.
Daily time charter equivalent ("TCE") is a
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 calculate TCE by dividing
voyage revenues after deducting voyage related costs and
commissions 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.
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 fleet 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 amount 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.
Recent Daily Fleet
Data: |
|
|
|
|
|
|
|
|
|
(Amounts in U.S.$) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2016 |
|
2017 |
|
2016 |
|
2017 |
Eco-Efficient MR2:
(2 of our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
15,783 |
|
12,354 |
|
15,741 |
|
13,151 |
|
Opex |
|
5,437 |
|
6,012 |
|
5,885 |
|
5,818 |
|
Utilization % |
|
100.0% |
|
93.4% |
|
99.7% |
|
89.0% |
Eco-Modified MR2: (1 of
our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
13,920 |
|
16,046 |
|
15,839 |
|
13,475 |
|
Opex |
|
6,703 |
|
6,989 |
|
6,628 |
|
6,669 |
|
Utilization % |
|
94.5% |
|
91.2% |
|
97.3% |
|
94.5% |
Standard MR2: (1 of
our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
17,678 |
|
12,788 |
|
18,207 |
|
11,483 |
|
Opex |
|
7,509 |
|
5,628 |
|
6,977 |
|
5,778 |
|
Utilization % |
|
98.9% |
|
100.0% |
|
99.5% |
|
98.3% |
Small Tankers: (2 of
our vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
8,433 |
|
7,969 |
|
8,605 |
|
6,380 |
|
Opex |
|
5,364 |
|
5,171 |
|
5,341 |
|
4,942 |
|
Utilization % |
|
88.5% |
|
87.9% |
|
90.9% |
|
86.5% |
Fleet: (6
vessels) |
|
|
|
|
|
|
|
|
|
|
TCE |
|
13,523 |
|
11,648 |
|
13,936 |
|
10,752 |
|
Opex |
|
5,969 |
|
5,830 |
|
6,010 |
|
5,661 |
|
Utilization % |
|
95.1% |
|
92.3% |
|
96.3% |
|
90.6% |
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.
Other Developments
Due to market conditions, we decided not to
proceed with our planned public equity offering and on July 13,
2017, we withdrew the registration statement we had initially filed
with the U.S. Securities and Exchange Commission on April 27, 2017.
Consequently, during the second quarter of 2017, we incurred
approximately $0.3 million of offering expenses.
Stock Purchases
Maritime Investors Corp., a corporation
controlled by our chief executive officer and our largest
shareholder, has notified our board of directors that it intends to
purchase through its wholly-owned subsidiary, Pyxis Holdings Inc.
("Holdings"), up to 200,000 shares of our outstanding common stock.
Holdings may purchase these shares in one or more open market
(whether through the safe harbor afforded by Rule 10b-18
promulgated under the U.S. Securities Exchange Act of 1934 or
otherwise) or privately negotiated purchases at times and prices
considered to be appropriate, although it is not obligated to
purchase any shares.
Conference Call and Webcast
We will host a conference call to discuss our
results at 4:30 p.m., Eastern Time, on August 10, 2017.
Participants should dial into the call 10 minutes prior to the
scheduled time using the following dial-in numbers:
U.S.
Toll Free: |
|
·
+1 (833) 235-7646 |
U.S.
Toll/International: |
|
·
+1 (647) 689-4167 |
Conference ID: |
|
·
56717652 |
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 an experienced management team, whose interests
are aligned with those of our shareholders.
Pyxis Tankers Fleet (as of August 1, 2017)
|
|
|
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 |
$13,350 |
|
Dec.
2017 |
Pyxis Theta |
SPP / S. Korea |
MR |
51,795 |
2013 |
Time |
$13,625 |
|
Nov.
2017 |
Pyxis Malou |
SPP / S. Korea |
MR |
50,667 |
2009 |
Time |
$13,250 |
|
Aug.
2017 |
Pyxis Delta |
Hyundai / S. Korea |
MR |
46,616 |
2006 |
Time |
$13,125 |
|
Sep.
2017 |
Northsea Alpha |
Kejin / China |
Small Tanker |
8,615 |
2010 |
Spot |
n/a |
|
n/a |
Northsea Beta |
Kejin / China |
Small Tanker |
8,647 |
2010 |
Spot |
n/a |
|
n/a |
|
|
|
216,635 |
|
|
|
|
|
- This table shows gross rates and does not reflect any
commissions payable.
We have no drydockings scheduled until the third
quarter of 2018.
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,"
"seek," "predict," "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 under the caption "Risk Factors" in our Annual Report on
Form 20-F for the fiscal year ended December 31, 2016. 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 Street
Maroussi 15125 Greece
info@pyxistankers.com
Visit our website at www.pyxistankers.com
Company Contact
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.
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