Pyxis Tankers Q3 2024

Industry Discussions Shipping News
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11/23
Pyxis Tankers (PXS) reported Q3 2024 results, including

  • Rev of $13.8M
  • Net Income of $3.6M
  • Refinanced two loans, and moved their debt further out.

Pyxis Tankers is a small company that has diversified its fleet in the last 14 months. The company has gone from a tanker only entity (5 MR tankers) to a shipping company with tankers and dry bulk vessels (3 of each). Good move? With tanker rates starting to weaken, it might look like a good move. However, dry bulk rates, at least, rates for the category of vessels PXS own, are also weak.

But, Pxyis Tankers big move was the plan to redeem the convertible preferred shares, and avoid dilution of common shareholders. That plan was completed in Oct 2024. PXS has also repurchased common shares (around 4 - 5%)

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Pyxis did have a Q3 results slide deck –

Addition color items:

  • It appears the PXS fleet is now 100% ECO.
  • I had no idea the MR2 orderbook was that big - over 300 vessels
  • MR2 delivery slippage almost 10%
  • Now that the fleet segments each have three vessels, it is a direct comparison. Though tanker rates have come down, they still are very profitable. And avg better than dry bulk