surfer44
3月前
Pyxis Tankers Announces Financial Results for the Three Months and Year Ended December 31, 2025
March 05 2026 - 8:00AM
Maroussi, Greece, March 5, 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 months and year ended December 31, 2025.
For the three months ended December 31, 2025, our revenues, net, were $10.5 million. For the same period, our time charter equivalent (“TCE”) revenues were $10.2 million, an increase of $2.2 million, or 28.2%, over the comparable period in 2024. Our net income attributable to common shareholders for the fourth quarter ended December 31, 2025 was $2.0 million, compared to net loss of $2.4 million for the same period in 2024. For the fourth quarter of 2025, the net income per common share was $0.20 basic and diluted compared to a net loss per common share of $0.23 basic and diluted for the same period of 2024. Our adjusted EBITDA for the three months ended December 31, 2025 was $5.2 million, an increase of $1.9 million over the comparable period in 2024. Please see “Non-GAAP Measures and Definitions” below.
On December 17, 2025, we closed the refinancings of the existing secured loans with Alpha Bank S.A. for the Eleventhone Corp. (the “Pyxis Lamda”) and the Seventhone Corp. (the “Pyxis Theta”) in the amounts of $18.6 million and $14.75 million, respectively. Each amended loan agreement has a 5-year maturity with quarterly principal repayments of $0.375 million and $0.450 million, respectively, with the final installment accompanied by balloon payments of $11.1 million for the Pyxis Lamda and $5.75 million for the Pyxis Theta, each due in December 2030. Both existing loans were refinanced at a reduced interest rate of term secured overnight financing rate (“SOFR”) plus a margin of 1.90%. After repayment of existing principal, the Alpha Bank refinancings generated incremental net proceeds of $9.9 million, which we expect to deploy for fleet expansion.
Our Chairman & CEO, Valentios Valentis, commented:
“Solid results for 2025 further position the Company for strategic opportunities
We are pleased to report solid operating and financial results for 2025. For the year ended December 31, 2025, we generated total revenues, net of $39.0 million and adjusted EBITDA of $14.1 million. Despite softer charter rates in both sectors compared to 2024, we reported better utilization and lower operating expenses per day for our fleet. Given the heightened level of geopolitical conditions worldwide, including trade restrictions, and the potential fall-out from these events, we decided to increase our time charter exposure during the year in order to generate more predictable cash flows. In 2025, 95% of our revenues, net was derived from short-term time charters and the balance in the spot voyage market.
In the fourth quarter, 2025 revenues, net were $10.5 million, adjusted EBITDA $5.2 million and adjusted net income $2.0 million. In Q4 2025, our MR tankers generated an average TCE rate of $20,766 per day, which declined about $320 per day sequentially from the third quarter of 2025, and 6.0% lower from the fourth quarter of 2024. As of March 3, 2026, our MRs were employed at an average estimated TCE of $23,500 per day, with 99% of our MR available days booked in the first quarter ending March 31, 2026. Given ongoing market uncertainties caused by unprecedented geopolitical events and moderating macro-economic conditions, we continue to employ our fleet of three modern, eco-efficient MRs under staggered short-term time charters.
In the dry-bulk market, chartering conditions improved noticeably since the summer of 2025, sustained by worldwide demand for key commodities, particularly led by China. For example, the Baltic Dry Index has risen by 52% from June 30 until March 3, 2026, a good indicator of better market conditions. For the quarter ended December 31, 2025, our three mid-sized bulkers generated an average daily TCE rate of $16,766 which increased about $3,250 per day sequentially from the third quarter of 2025, and almost 45% higher compared to Q4 2024. As of March 3, 2026, our bulkers were employed at an average estimated TCE of $ 13,300 per day, with 89% of available days booked in the first quarter ending March 31, 2026. All of our dry-bulk carriers are currently employed under shorter-term time charters.
Our operating strategy and the refinancing of two of our bank loans has resulted in an expanding cash position to almost $54 million in total at year end, including short-term time deposits. Our balance sheet strength and available credit facility of up to $45 million puts Pyxis Tankers in a solid position to pursue value enhancing opportunities.
Positive outlook despite various uncertainties
In 2026, we expect the chartering environment for both the product tankers and the dry-bulk carriers to remain firm. Global demand for seaborne cargoes including a broad range of refined petroleum products and dry-bulk commodities is expected to post modest growth this year. Historically, demand growth has been reasonably correlated with global GDP growth. In January, the International Monetary Fund revised its annual global growth forecast to approximately 3.25% through 2027. However, the unpredictable trajectory of tariffs, sanctions and policy shifts may continue to impact global trade, contributing to inflationary pressures, increasing unemployment and ongoing supply chain dislocations. The expanding scope of severe sanctions against Russia and Iran by the U.S. and EU as well as damages caused by ongoing Ukrainian drone attacks on Russian energy infrastructure may further alter cargo volumes and trade routes, re-new the expansion of cargo ton-miles as well as create arbitrage opportunities in various consuming markets and drive demand for compliant tankers. The armed conflict between Iran and the Israel-U.S. has the risk of spreading regionally, but has already resulted in significant restrictions on transits through the Straits of Hormuz, a major sea passage of petroleum cargoes, which could have a significant impact on the world’s energy sector and macroeconomic conditions. Global refinery activity remains healthy and, at this point, oil markets are adequately-supplied.
As to vessel supply, deliveries are anticipated to increase this year amid continued low scrapping activity. According to Arrow Shipbrokering Group (February, 2026), the MR orderbook stood at 282 tankers, or 14.4% of the global fleet, while 388 MRs, or 19.8%, were 20 years of age or older, creating a large pool of scrapping candidates and contributing to a more balanced long-term product tanker supply outlook. With respect to the dry-bulk side, fleet growth for the remainder of 2026 and next year is expected to outpace modest demand growth. However, potential scrapping and slow-steaming of a large number of older, less efficient bulkers could potentially mitigate a softer chartering environment.
Given the hightened level of macroeconomic and geopolitical uncertainties, we will continue to maintain a prudent and disciplined approach to operational and financial management, including capital allocation. We expect there will be compelling growth opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels across both the product tanker and dry-bulk sectors. With capital sources on-hand approaching $100 million, we have the capabilities to aggressively pursue the right assets, while continuing our common share repurchase program.”
https://investorshub.advfn.com/stock-market/NASDAQ/pyxis-tankers-PXS/stock-news/97987925/pyxis-tankers-announces-financial-results-for-the
surfer44
4月前
Pyxis Tankers Announces Updates on Loan Agreements, Common Share Repurchase Program & Chartering Activity
January 26 2026 - 4:10PM
Maroussi, Greece – January 26, 2026 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, announced today key loan, shareholder and chartering updates.
On December 17, 2025, we closed the refinancings of the existing secured loans with Alpha Bank S.A. for the Eleventhone Corp. (the “Pyxis Lamda”) and the Seventhone Corp. (the “Pyxis Theta”) in amounts of $18.6 million and $14.75 million, respectively. Each of the amended loan agreements have a maturity in 5 years with quarterly principal repayments of $375,000 and $450,000, respectively. Both existing loans were refinanced at a reduced interest rate of Term SOFR plus a margin of 1.90%. After repayment of existing principal, the Alpha Bank refinancings generated an incremental $9.9 million in net proceeds which we expect to deploy for fleet expansion.
On January 26, 2026, we completed amendments to the existing secured loans with Piraeus Bank S.A. for the Tenthone Corp. (the “Pyxis Karteria”), the Dryone Corp. (the “Konkar Ormi”) and the Drythree Corp. (the “Konkar Venture”) relating to outstanding principal borrowings of $42.1 million in the aggregate. The maturity of each loan was extended by six months, with an interest rate reduction to Term SOFR + 1.80%, representing a weighted average margin savings of 58 basis points in margin from the prior loan agreements. All other terms and conditions remain in full force and effect.
As of January 23, 2026, we have acquired 115,873 shares under our authorized common share repurchase program of up to $3.0 million which commenced in December, 2025. We have spent approximately $0.3 million to acquire these PXS shares in the open market at an average price of $2.94 per share, exclusive of commissions. There is $2.7 million of authorization remaining under the program which expires in November, 2026. The common share repurchase program does not require the Company to purchase a specific number or amount of common shares, and may be suspended or re-instated at any time at the Company’s discretion and without notice. As of January 23, 2026, there were 10,368,990 common shares of the Company outstanding.
As of January 26, 2026, 73% of available days in the first quarter of 2026 for our MR product tankers were booked at an average estimated daily time charter equivalent rate (“TCE”) of $23,100 per vessel. As of the same date, 27% of available days in the first quarter for our dry bulkers were booked at an average estimated daily TCE of $12,000.
Pyxis Tankers Fleet (as of January 26, 2026)
Vessel Name Shipyard Vessel type Carrying Capacity
(dwt) Year Built Type of charter Charter(1) Rate
($ per day) Anticipated Earliest Redelivery Date
Tanker fleet
Pyxis Lamda (2) SPP / S. Korea MR2 50,145 2017 Time 23,000 Sep 2026
Pyxis Theta SPP / S. Korea MR2 51,795 2013 Spot n/a n/a
Pyxis Karteria (3) Hyundai / S. Korea MR2 46,652 2013 Time 19,500 Aug 2026
148,592
Dry-bulk fleet
Konkar Ormi SKD / Japan Ultramax 63,520 2016 Spot n/a n/a
Konkar Asteri (4) JNYS / China Kamsarmax 82,013 2015 Time 12,250 Feb 2026
Konkar Venture (5) JNYS / China Kamsarmax 82,099 2015 Time 15,000 Jan 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 $23,000 per day.
3) “Pyxis Karteria” is fixed on a time charter for 12 months -30/+60 days, at $19,500 per day.
4) “Konkar Asteri” is fixed on a time charter for 55–65 days, at $12,250 per day.
5) “Konkar Venture” is fixed on a time charter for 11–16 days, at $15,000 per day.
Mr. Eddie Valentis, Chairman and Chief Executive Officer of the Company, commented:
“Our recent operating and financing activities have strengthened our financial position and enhanced our ability to pursue further growth. Our existing lenders have been highly supportive of our strategic plan to expand our fleet in a disciplined way. The recent loan refinancings have extended maturities, and our next loan maturity is not scheduled until September, 2028. Moreover, our cash position has increased by an incremental $10.0 million. These refinancings are also expected to result in a material reduction in interest expense as the overall weighted average interest margin above SOFR is now less than 2%. Currently, we have approximately $52.0 million in unrestricted cash, which combined with our hunting licensed loan commitment of up to $45.0 million, provides us the capital to potentially expand our fleet. At the same time, we will continue to repurchase our common shares in the open market under the remaining $2.7 million authorized program.
As reflected in our updated bookings for the first quarter of 2026, market conditions remain reasonably healthy for both the product tanker and dry bulk sectors, despite some seasonal softness. Geopolitical developments continue to influence industry conditions, effecting market sentiment and contributing to volatility. Accordingly, we will continue to manage employment -related risks by maintaining diversification across vessel classes, customers, cargoes and charter durations.”
About Pyxis Tankers Inc.
The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry bulk commodities, and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information on the Company’s website is not incorporated into and does not form a part of this release.
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