Pyxis Tankers Announces Financial Results
for the Three Months and Year Ended December 31, 2021
Maroussi, Greece, March 18, 2022 – Pyxis Tankers
Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), a
growth-oriented pure play product tanker company, today announced
unaudited results for the three months and year ended December 31,
2021.
Summary
For the three months ended December 31, 2021,
our Revenues, net were $8.1 million. For the same period, our time
charter equivalent (“TCE”) revenues were $3.9 million, an increase
of approximately $0.3 million or 8.7% from the comparable period in
2020. This increase was primarily due to 139 more operating days in
our fleet which resulted from the addition of one medium range
tanker (“MR”), higher fleet utilization counterbalanced by lower
charter rates for our MR’s. Our net loss to common shareholders
increased by $2.9 million to $5.6 million versus the comparable
period in 2020. This larger loss was primarily due to higher costs,
including the $2.4 million non-cash loss on vessels held-for-sale
in the fourth quarter of 2021, which represented the sale of our
two 2010 built 8,600 dwt product tankers, the “Northsea Alpha” and
“Northsea Beta”, that closed earlier this current quarter. For the
fourth quarter of 2021, loss per share (basic and diluted) was
$0.14. Our Adjusted EBITDA was negative $0.7 million, which
represented an increase of $0.5 million over the comparable period
in 2020. Please see “Non-GAAP Measures and Definitions” below.
Valentios Valentis, our Chairman and CEO,
commented:
“During the fourth quarter, 2021 we announced
the acquisition of the “Pyxis Lamda”, a 2017 built eco-efficient
MR, the debt refinancing of the “Pyxis Malou” and the non-core
sales of the two small tankers, which finalized our planned
operating and financial repositioning of the Company that commenced
in January, 2020. During this very challenging chartering period of
two years, we managed to raise over $36 million of equity capital,
source almost $75 million in bank loans at lower interest costs,
renew the fleet by selling three older vessels and acquiring two
eco-efficient MR’s as well as undertake four special surveys.
Moving forward, we have a modern fleet of five eco-MR’s, long-lived
bank debt and a reasonable balance sheet. We believe the Company is
situated to take advantage of better market conditions.
Historically depressed charter rates for the
product tanker sector continued into the beginning of the fourth
quarter, 2021. However, the traditional seasonal improvement of
better activity was cut short by the COVID-19 variant, Omicron,
which resulted in many adversities including the re-introduction of
travel restrictions worldwide. Personal mobility was reduced which
hurt demand for transportation fuels, a major portion of global
cargoes. Fortunately, the personal and economic impact from Omicron
has been considered mild. However, the delayed return to better
chartering conditions now faces the added unpredictability from the
effects of the hostilities in the Ukraine. We will do our best to
navigate the unchartered waters ahead.
During the three-month period ended December 31,
2021, we reported an average TCE of $8,706 for our MR’s,
substantially lower than the same period in the prior year.
However, charter rates have rebounded from historical lows, and as
of March 16th, our bookings for 83% of available days in the first
quarter, 2022 are approximately $14,775, exclusive of charterer’s
options. Over the balance of this year, we expect to continue our
mixed chartering strategy of shorter-term time charters and spot
employment, diversified by charterer and duration.
While we continue to be optimistic about the
long-term fundamentals of the product tanker sector, the
uncertainty surrounding demand growth is significant. Global
inventories of many refined products are well below the five year
averages, which is usually a positive indicator to rebuild stocks
in order to meet demand. However, the International Monetary Fund’s
forecast for global growth in GDP of 4.4% for 2022 is likely to be
revised downward due to recent geopolitical events. Given these
conditions, we expect increased charter rate volatility with an
expansion of ton miles for the balance of 2022, which could lead to
a wide range of spot charter rates worldwide. Nevertheless,
the vessel supply picture is much clearer, as the orderbook for
MR’s stood at 7.4% of the global fleet as of February 28, 2022,
according to a leading independent research firm. New ordering
continues to be very low as only two MR’s were ordered in the first
two months of the year. Delays in the delivery of new build MR’s
should continue given the overall size of ship yard backlogs and a
five year historical slippage rate of 13.4% per year. In 2021, 33
MR’s were scrapped and with 116 vessels at 20 years of age or more,
demolitions should continue at a brisk rate as 7 tankers have
already been scrapped in the first two months of 2022.
Consequently, we expect that net supply growth in 2022 and 2023
will run at approximately 2% per year.
We believe our experienced management team,
solid operating platform, disciplined use of capital and stronger
financial position should help us weather these uncertain times,
and potentially create further opportunities to enhance shareholder
value.”
Results for the three months ended December 31, 2020 and
2021
For the three months ended December 31, 2021, we
reported a net loss to common shareholders of $5.6 million,
approximately $2.9 million more than the loss in the comparable
period in 2020. This decline was primarily a result of the non-cash
loss on vessels held-for-sale of $2.4 million in the fourth quarter
of 2021, the sales of which subsequently closed in early 2022.
During the fourth quarter of 2021, our Revenues, net were $8.1
million or 79.6% higher compared to the same period in 2020,
primarily as a result of higher utilization and increased spot
employment for our MR tankers, which was offset from lower
fleet-wide daily TCE rate of $7,972, a $2,262 per day decline from
the comparable 2020 period due to poor charter rates and increased
voyage related costs and commissions that amounted to $4.2 million,
or $3.3 million higher compared with the same period in 2020.
Furthermore, the addition of one MR in July 2021 and the special
surveys of our small tankers completed during the fourth quarter of
2020, resulted in an aggregate increase of 139 operating days for
the period, from 350 days during the fourth quarter of 2020 to 489
days in 2021. Adjusted negative EBITDA of $0.7 million represented
an increase of $0.5 million from a negative $0.2 million in the
same period of
2020.
Results for the years ended December 31, 2020 and
2021
For the year ended December 31, 2021, we
reported a net loss to common shareholders of $12.9 million. Loss
per share basic and diluted for the year ended December 31, 2021
was $0.36. In 2020, our net loss was $7.0 million with a loss per
share basic and diluted of $0.32. In 2021, higher revenues, net of
$3.6 million or 16.7%, compared to 2020 were mainly due to higher
spot employment of our fleet and more available days due to the
addition of one MR tanker in July 2021. This revenue increase was
more than offset by an increase of $5.3 million in voyage related
costs and commissions as a result of higher spot market employment.
The aforementioned increase of voyage related costs as well as the
poor market conditions resulted to lower daily TCE rate of our
fleet with an average of $8,981 per day for the year ended December
31, 2021, compared to, $11,456 per day for the same period in 2020.
Furthermore, the increase in our revenues, net, was also impacted
by an aggregate net increase of approximately $2.5 million in
vessel operating expenses, general and administrative expenses,
management fees, depreciation and amortization which primarily
reflected the addition of one vessel, the “Pyxis Karteria”.
Moreover, in 2021, we recorded a loss from debt extinguishment of
$0.5 million, which primarily reflected prepayment fees and the
write-off of remaining unamortized balance of deferred financing
costs associated with the loan refinancing of “Pyxis Malou” and
“Pyxis Epsilon” during the year. Interest and finance costs, net in
2021 were reduced by $1.7 million due to the loan refinancing of
the Eighthone and lower LIBOR rates paid on all the floating rate
bank debt, despite the increase in the overall outstanding debt due
to the acquisitions of “Pyxis Karteria” and “Pyxis Lamda”. Lastly,
we recognized a $2.4 million non-cash loss on vessels held for sale
in fourth quarter of 2021. Our adjusted negative EBITDA of $0.8
million represented a decrease of $3.5 million from $2.7 million
for the same period in 2020.
|
|
Three months ended December 31, |
|
Year ended December 31, |
(Thousands of U.S. dollars, except for daily TCE rates) |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
|
|
|
|
|
|
|
Revenues, net |
$ |
4,512 |
$ |
8,104 |
$ |
21,711 |
$ |
25,341 |
Voyage related costs and commissions
1 |
|
(935) |
|
(4,205) |
|
(4,268) |
|
(9,579) |
Time charter equivalent revenues 2 |
$ |
3,577 |
$ |
3,899 |
$ |
17,443 |
$ |
15,762 |
|
|
|
|
|
|
|
|
|
Total operating days |
|
350 |
|
489 |
|
1,523 |
|
1,755 |
|
|
|
|
|
|
|
|
|
Daily time charter equivalent rate 1,
2 |
|
10,234 |
|
7,972 |
|
11,456 |
|
8,981 |
1 “Pyxis Karteria”, a 46,652 dwt medium range
product tanker built in 2013 at Hyundai Mipo, was acquired on July
15, 2021 and commenced commercial operations at that time. On
December 20, 2021, we took delivery from a related party the “Pyxis
Lamda”, a 50,145 dwt MR product tanker built in 2017 at SPP
Shipbuilding in South Korea. After her first special survey, the
“Pyxis Lamda” launched commercial employment in early January,
2022. For 2021, the vessel contributed nil available days and,
consequently voyage and related costs of $10 have been excluded
from the above data.2 Subject to rounding; please see “Non-GAAP
Measures and Definitions” below.
Management’s Discussion and Analysis of
Financial Results for the Three Months ended December 31, 2020 and
2021
(Amounts are presented in U.S. dollars, rounded
to the nearest one hundred thousand, except as otherwise noted)
Revenues, net: Revenues, net of $8.1 million for
the three months ended December 31, 2021, represented an increase
of $3.6 million, or 79.6%, from $4.5 million in the comparable
period of 2020 as a result of higher spot employment for our MR’s,
a 94-day increase from 28 operating days in 2020 to 122 days during
the same period in 2021 and the improved utilization achieved by
the Company’s two small tankers of 99.5% compared to 65.1% in the
previous year, achieving a higher TCE rate of $6,744 per day for
the fourth quarter of 2021 compared with $4,722 in the same period
of 2020. This aforementioned Revenues, net increase was partially
counterbalanced by the decrease in the charter rates as a result of
the prevailing market conditions in the two comparative periods. In
Q4 2021, our daily TCE rate fleet-wide was $7,972, a $2,262 per day
decline from the comparable 2020 period as a result of poor charter
rates and the increase of $3.3 million of the voyage related costs
and commissions discussed below.
Voyage related costs and commissions: Voyage
related costs and commissions of $4.2 million in the fourth quarter
2021, represented an increase of $3.3 million, or 350.8%, from $0.9
million in the comparable period of 2020. This increase was
primarily a result of a 94-day increase in spot employment and a
decline in MR utilization to 83.2% for the three months ended
December 31, 2021 from 92.2% in the comparable period of 2020, as
well as substantially higher bunker fuel costs. Under spot
charters, all voyage expenses are typically borne by us rather than
the charterer and a decrease in time chartering results in
increased voyage related costs and commissions.
Vessel operating expenses: Vessel operating
expenses of $3.5 million for the three month period ended December
31, 2021, represented an increase of $0.6 million, or 21.3%, from
$2.9 million in the comparable period of 2020, which was mainly
attributed to the addition of the “Pyxis Karteria” as well as
higher crewing costs significantly due to COVID-19 related
measures.
General and administrative expenses: General and
administrative expenses of $0.6 million for the fourth quarter,
2021 remained stable compared to 2020.
Management fees: For the three months ended
December 31, 2021, management fees paid to our ship manager, Pyxis
Maritime Corp. (“Maritime”), an entity affiliated with our Chairman
and Chief Executive Officer, Mr. Valentis, and to
International Tanker Management Ltd. (“ITM”), our fleet’s technical
manager, increased by $0.1 million to $0.5 million as a result of
one more vessel, versus the comparable period in 2020.
Amortization of special survey costs:
Amortization of special survey costs of $0.1 million for the
quarter ended December 31, 2021, represented an increase of 11.1%,
compared to $90 thousand for the same period in 2020 primarily
attributed to the additional amortization costs from the “Pyxis
Epsilon”, “Northsea Alpha” and “Northsea Beta” special surveys in
2020.
Depreciation: Depreciation of $1.4 million for
the quarter ended December 31, 2021, increased of $0.3 million or
22.8% compared to $1.1 million in 2020. The increase was attributed
to the vessel additions during the year, mainly to the “Pyxis
Karteria”.
Loss on vessels held-for-sale: The non-cash loss
of $2.4 million for the quarter ended December 31, 2021, relates to
the sales of the two small tankers “Northsea Alpha” and “Northsea
Beta”, which met the criteria of being classified as held for sale
as of December 31, 2021, and were subsequently closed on January
28, 2022 and March 1, 2022, respectively. There was no comparable
amount in the year ended December 31, 2020.
Loss from debt extinguishment: On the fourth
quarter of 2021, we recorded a loss from debt extinguishment of
approximately $0.1 million reflecting a prepayment fee and the
write-off of remaining unamortized balance of deferred financing
costs, which are associated with the refinance of the “Pyxis Malou”
loan at the end of the year. No such loss was recorded for the
prior period.
Interest and finance costs, net: Interest and
finance costs, net, for the quarter ended December 31, 2021, was
$0.8 million, compared to $1.2 million in the comparable
period in 2020, a decrease of $0.4 million, or 32.3%. This decrease
was primarily attributable to lower interest costs derived from the
refinancing on March 29, 2021, of the Pyxis Epsilon (“Eighthone”)
loan. Additionally, despite the increase in the overall outstanding
debt due to the two vessels acquired, “Pyxis Karteria” and “Pyxis
Lamda”, the lower outstanding balance of the new Eighthone loan and
lower LIBOR rates paid on all the floating rate bank debt helped
reduce the overall interest expense compared to the same period in
2020.
Management’s Discussion and Analysis of
Financial Results for the Years ended December 31, 2020 and
2021 (Amounts are presented in U.S. dollars, rounded to
the nearest one hundred thousand, except as otherwise noted)
Revenues, net: Revenues, net, of $25.3 million
for the year ended December 31, 2021, represented an increase of
$3.6 million, or 16.7%, from $21.7 million in the comparable
period in 2020, mainly as a result of higher spot employment for
our MR’s. Our small tankers operated solely in the spot market
during 2020 and 2021, whereas our MR tankers operated on spot and
time charters during both periods. Our MR’s perform 183-day more
days in spot market, from 58 operating days in 2020 to 241 days
during the year ended December 31, 2021. Moreover, the Company’s
two small tankers achieved improved utilization for 2021 of 81.5%
compared to 69.5% in the previous year. This overall increase
however, was counterbalanced by $5.3 million higher voyage related
costs and commissions that are discussed below. Revenue from spot
voyages in 2021 was $13.7 million, an increase of $6.7 million from
$7.0 million in 2020. Time charter revenue decreased by 20.8%, or
$3.1 million, to $11.6 million from $14.7 million in 2020. This
decrease was primarily attributable to lower charter rates, as well
as decreased time charter activity for our MR tankers at reduced
TCE rates offset by increased operating days due to the “Pyxis
Karteria” acquisition. Our total available days increased from
1,764 days in 2020 to 1,994 days in 2021, as a result of this
acquisition and 54 fewer dry-dock days from 66 in 2020 to 12 in
2021.
Voyage related costs and commissions: Voyage
related costs and commissions of $9.6 million for the year ended
December 31, 2021, represented an increase of $5.3 million, or
124.7%, from $4.3 million in the comparable period in 2020. This
increase was primarily a result of a 184-day increase in spot
employment for our MRs from 57 days during 2020 to 241 days during
2021, and higher utilization of the two small tankers from 69.5% to
81.5% providing 113 more voyage charter days, as well as
substantially higher bunker fuel costs. Under spot charters, all
voyage expenses are typically borne by us rather than the charterer
and a decrease in time chartering results in increased voyage
related costs and commissions.
Vessel operating expenses: Vessel operating
expenses of $12.5 million for the year ended December 31, 2021,
represented an increase of $1.6 million, or 14.5%, from $10.9
million in the comparable period in 2020. This increase was mainly
attributed to the addition of the “Pyxis Karteria” as well as
higher crewing costs significantly due to COVID-19 related
measures.
General and administrative expenses: General and
administrative expenses of $2.5 million for the year ended December
31, 2021 were $0.2 million higher, or 6.7%, from $2.4 million in
the comparable period 2020, primarily attributed to higher
professional fees.
Management fees, related parties: Management
fees to Maritime of $0.7 million for the year ended December 31,
2021, represented an increase of 12.4 % over the comparable period
in 2020 or $0.1 million due to the “Pyxis Karteria” acquisition in
July, 2021.
Management fees, other: Management fees, payable
to ITM of $0.9 million for the year ended December 31, 2021,
represented an increase of 4.0% which was attributed to the “Pyxis
Karteria” acquisition in July, 2021.
Amortization of special survey costs:
Amortization of special survey costs of $0.4 million for the year
ended December 31, 2021, represented an increase of 60.5%, compared
to $0.3 million for the same period in 2020 primarily attributed to
the additional amortization costs from the special surveys of the
“Pyxis Epsilon”, “Northsea Alpha” and “Northsea Beta” in 2020.
Depreciation: Depreciation of $4.9 million for
the year ended December 31, 2021, increased $0.5 million or 10.9%
compared to $4.4 million charged in 2020. The increase was due to
the vessel additions during the year, mainly to the “Pyxis
Karteria”.
Loss on vessels held-for-sale: The non-cash loss
of $2.4 million for the year ended December 31, 2021, relates to
the sales of the two small tankers “Northsea Alpha” and “Northsea
Beta”, which met the criteria of being classified as held for sale
as of December 31, 2021, and were subsequently closed on January
28, 2022 and March 1, 2022, respectively. There was no comparable
amount in the year ended December 31, 2020.
Loss from debt extinguishment: During 2021 we
recorded a loss from debt extinguishment of $0.5 million, which
primarily reflected a prepayment fee and the write-off of remaining
unamortized balance of deferred financing costs, of which $83
thousand was associated with the loan refinance of “Pyxis Malou” at
the end of the fourth fiscal quarter of 2021 and $458 thousand
associated with the “Pyxis Epsilon” that was refinanced at the end
of first quarter of 2021. No such loss was recorded in 2020.
Interest and finance costs, net: Interest and
finance costs, net, for the year ended December 31, 2021, was
$3.3 million, compared to $5.0 million in the comparable
period in 2020, a decrease of $1.7 million, or 33.8%. This decrease
was primarily attributable to lower interest costs derived from the
refinancing on March 29, 2021, of the Eighthone loan. Additionally,
despite the increase in the overall outstanding debt due to the two
vessels acquired, “Pyxis Karteria” and “Pyxis Lamda”, the lower
outstanding balance of the new Eighthone loan and lower LIBOR rates
paid on all the floating rate bank debt helped reduce the overall
interest expense compared to the same period in 2020.
Unaudited Consolidated Statements of Comprehensive
LossFor the three months ended December 31, 2020 and
2021(Expressed in thousands of U.S. dollars, except for share and
per share data)
|
|
|
Three months ended December
31, |
|
|
|
2020(Unaudited) |
|
2021(Unaudited) |
|
|
|
|
|
|
Revenues,
net |
|
|
$
4,512 |
|
$
8,104 |
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
Voyage related
costs and commissions |
|
|
(935) |
|
(4,215) |
Vessel operating
expenses |
|
|
(2,856) |
|
(3,464) |
General and
administrative expenses |
|
|
(610) |
|
(639) |
Management fees,
related parties |
|
|
(153) |
|
(237) |
Management fees,
other |
|
|
(193) |
|
(238) |
Amortization of
special survey costs |
|
|
(90) |
|
(100) |
Depreciation |
|
|
(1,116) |
|
(1,370) |
Loss on vessels
held for sale |
|
|
— |
|
(2,389) |
Allowance for
credit losses |
|
|
— |
|
(2) |
Operating
loss |
|
|
(1,441) |
|
(4,550) |
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
|
Loss from debt
extinguishment |
|
|
— |
|
(83) |
Gain / (Loss)
from financial derivative instrument |
|
|
(1) |
|
18 |
Interest and
finance costs, net |
|
|
(1,182) |
|
(800) |
Total
other expenses, net |
|
|
(1,183) |
|
(865) |
|
|
|
|
|
|
Net
loss |
|
|
$
(2,624) |
|
$
(5,415) |
|
|
|
|
|
|
Dividend Series A
Convertible Preferred Stock |
|
|
(82) |
|
(174) |
|
|
|
|
|
|
Net loss
attributable to common shareholders |
|
|
$
(2,706) |
|
$
(5,589) |
|
|
|
|
|
|
Loss per common
share, basic |
|
|
$
(0.12) |
|
$
(0.14) |
|
|
|
|
|
|
Weighted average
number of common shares, basic |
|
|
21,720,761 |
|
38,856,724 |
Consolidated Statements of Comprehensive
LossFor the years ended December 31, 2020 and
2021(Expressed in thousands of U.S. dollars, except for share and
per share data)
|
|
|
Year ended December 31, |
|
|
|
2020 |
|
2021(Unaudited) |
Revenues, net |
|
$ |
21,711 |
$ |
25,341
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
Voyage related costs and commissions |
|
|
(4,268) |
|
(9,589) |
Vessel operating expenses |
|
|
(10,880) |
|
(12,454) |
General and administrative expenses |
|
|
(2,378) |
|
(2,538) |
Management fees, related parties |
|
|
(637) |
|
(716) |
Management fees, other |
|
|
(819) |
|
(852) |
Amortization of special survey costs |
|
|
(253) |
|
(406) |
Depreciation |
|
|
(4,418) |
|
(4,898) |
Loss on vessels held for sale |
|
|
— |
|
(2,389) |
Gain from the sale of vessel, net |
|
|
7 |
|
— |
Allowance for credit losses |
|
|
— |
|
(11) |
Operating loss |
|
$ |
(1,935) |
$ |
(8,512) |
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
|
Loss from debt extinguishment |
|
|
— |
|
(541) |
Loss from financial derivative
instrument |
|
|
(1) |
|
— |
Interest and finance costs, net |
|
|
(4,964) |
|
(3,285) |
Total
other expenses, net |
|
$ |
(4,965) |
$ |
(3,826) |
|
|
|
|
|
|
Net loss |
|
$ |
(6,900) |
$ |
(12,338) |
|
|
|
|
|
|
Dividend Series A Convertible Preferred
Stock |
|
|
(82) |
|
(555) |
|
|
|
|
|
|
Net loss attributable to common
shareholders |
|
$ |
(6,982) |
$ |
(12,893) |
|
|
|
|
|
|
Loss per common share,
basic |
|
$ |
(0.32) |
$ |
(0.36) |
|
|
|
|
|
|
Weighted average number of
shares, basic |
|
|
21,548,126 |
|
35,979,071 |
Consolidated Balance SheetsAs of December 31,
2020 and 2021(Expressed in thousands of U.S. dollars, except for
share and per share data)
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2020 |
|
2021 (Unaudited) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
$ |
1,620 |
$ |
6,180 |
Restricted cash, current portion |
|
|
|
|
— |
|
944 |
Inventories |
|
|
|
|
681 |
|
1,567 |
Trade accounts receivable |
|
|
|
|
672 |
|
1,736 |
Less: Allowance for credit losses |
|
|
|
|
(9) |
|
(20) |
Trade accounts receivable, net |
|
|
|
|
663 |
|
1,716 |
Due from related parties |
|
|
|
|
2,308 |
|
— |
Vessel held-for-sale |
|
|
|
|
— |
|
8,509 |
Prepayments and other current assets |
|
|
|
|
133 |
|
186 |
Total current
assets |
|
|
|
|
5,405 |
|
19,102 |
|
|
|
|
|
|
|
|
FIXED ASSETS, NET: |
|
|
|
|
|
|
|
Vessels, net |
|
|
|
|
83,774 |
|
119,724 |
Total fixed assets,
net |
|
|
|
|
83,774 |
|
119,724 |
|
|
|
|
|
|
|
|
OTHER NON-CURRENT
ASSETS: |
|
|
|
|
|
|
|
Restricted cash, net of current
portion |
|
|
|
|
2,417 |
|
2,750 |
Financial derivative instrument |
|
|
|
|
— |
|
74 |
Deferred dry dock and special survey
costs, net |
|
|
|
|
1,594 |
|
912 |
Total other non-current
assets |
|
|
|
|
4,011 |
|
3,736 |
Total assets |
|
|
|
$ |
93,190 |
$ |
142,562 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
Current portion of long-term debt, net of
deferred financing costs |
|
|
|
$ |
3,255 |
$ |
11,695 |
Trade accounts payable |
|
|
|
|
3,642 |
|
3,084 |
Due to related parties |
|
|
|
|
— |
|
6,962 |
Hire collected in advance |
|
|
|
|
726 |
|
— |
Accrued and other liabilities |
|
|
|
|
677 |
|
1,089 |
Total current
liabilities |
|
|
|
|
8,300 |
|
22,830 |
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
Long-term debt, net of current portion
and deferred financing costs |
|
|
|
|
50,331 |
|
64,880 |
Promissory note |
|
|
|
|
5,000 |
|
6,000 |
Total non-current
liabilities |
|
|
|
|
55,331 |
|
70,880 |
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
— |
|
— |
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY: |
|
|
|
|
|
|
|
Preferred stock ($0.001 par value;
50,000,000 shares authorized; of which 1,000,000 authorized Series
A Convertible Preferred Shares; 181,475 and 449,673 Series A
Convertible Preferred Shares issued and outstanding as at
December 31, 2020 and December 31, 2021) |
|
|
|
|
— |
|
— |
Common stock ($0.001 par value;
450,000,000 shares authorized; 21,962,881 and 42,455,857 shares
issued and outstanding as at December 31, 2020 and December
31, 2021, respectively) |
|
|
|
|
22 |
|
42 |
Additional paid-in capital |
|
|
|
|
79,692 |
|
111,840 |
Accumulated deficit |
|
|
|
|
(50,155) |
|
(63,030) |
Total stockholders'
equity |
|
|
|
|
29,559 |
|
48,852 |
Total liabilities and
stockholders' equity |
|
|
|
$ |
93,190 |
$ |
142,562 |
Consolidated Statements of Cash FlowsFor the
years ended December 31, 2020 and 2021(Expressed in thousands of
U.S. dollars)
|
|
|
Year ended December 31, |
|
|
|
2020 |
|
2021 (Unaudited) |
Cash
flows from operating activities: |
|
|
|
|
|
Net loss |
|
$ |
(6,900) |
$ |
(12,338) |
Adjustments to reconcile net loss to net cash provided by
operating activities: |
|
|
|
|
|
Depreciation |
|
|
4,418 |
|
4,898 |
Amortization and
write-off of special survey costs |
|
|
253 |
|
406 |
Allowance for
credit losses |
|
|
— |
|
11 |
Amortization and
write-off of financing costs |
|
|
328 |
|
247 |
Loss from debt
extinguishment |
|
|
— |
|
541 |
Loss / (gain)
from financial derivative instrument |
|
|
1 |
|
— |
Loss on vessels
held for sale |
|
|
— |
|
2,389 |
Gain on sale of
vessel, net |
|
|
(7) |
|
— |
Issuance of
common stock under the promissory note |
|
|
169 |
|
55 |
Changes
in assets and liabilities: |
|
|
|
|
|
Inventories |
|
|
(180) |
|
(886) |
Due from/to
related parties |
|
|
(9,157) |
|
6,276 |
Trade accounts
receivable, net |
|
|
571 |
|
(1,064) |
Prepayments and
other assets |
|
|
239 |
|
(53) |
Special survey
cost |
|
|
(1,068) |
|
— |
Trade accounts
payable |
|
|
(939) |
|
(618) |
Hire collected
in advance |
|
|
(689) |
|
(726) |
Accrued and
other liabilities |
|
|
(69) |
|
(34) |
Net cash
used in operating activities |
|
$ |
(13,030) |
$ |
(896) |
|
|
|
|
|
|
Cash
flow from investing activities: |
|
|
|
|
|
Proceeds from
the sale of vessel, net |
|
|
13,197 |
|
— |
Vessel
acquisition |
|
|
— |
|
(43,005) |
Vessel
additions |
|
|
(25) |
|
(14) |
Ballast water
treatment system installation |
|
|
(542) |
|
(175) |
Net cash
(used in) / provided by investing activities |
|
$ |
12,630 |
$ |
(43,194) |
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
Proceeds from
long-term debt |
|
|
15,250 |
|
59,500 |
Repayment of
long-term debt |
|
|
(19,909) |
|
(35,980) |
Gross proceeds
from issuance of common stock |
|
|
— |
|
25,000 |
Common stock
offering costs |
|
|
(57) |
|
(1,899) |
Gross
proceeds from the issuance of Series A Convertible Preferred
units |
|
4,571 |
|
6,170 |
|
Preferred shares
offering costs |
|
|
(260) |
|
(548) |
Proceeds from
conversion of warrants into common shares |
|
|
— |
|
202 |
Repayment of
promissory note |
|
|
— |
|
(1,000) |
Financial
derivative instrument |
|
|
— |
|
(74) |
Payment of
financing costs |
|
|
(265) |
|
(907) |
Preferred stock
dividends paid |
|
|
(69) |
|
(537) |
Net cash
provided by / (used in) financing activities |
|
$ |
(739) |
$ |
49,927 |
|
|
|
|
|
|
Net increase /
(decrease) in cash and cash equivalents and restricted cash |
|
|
(1,139) |
|
5,837 |
Cash
and cash equivalents and restricted cash at the beginning of the
period |
|
5,176 |
|
4,037 |
|
Cash and
cash equivalents and restricted cash at the end of the
period |
|
$ |
4,037 |
$ |
9,874 |
Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of December
31, 2021, we were required to maintain total restricted cash of
$3.7 million. Total cash and cash equivalents, including restricted
cash, aggregated $9.9 million as of December 31, 2021, including
the retention account of $0.3 million for one of our loans.
Total funded debt (in thousands of U.S.
dollars), net of deferred financing costs:
|
|
|
December 31, 2020 |
|
December
31, 2021 |
Funded debt, net of deferred financing
costs |
|
$ |
53,586 |
$ |
76,575 |
Promissory Note - related party |
|
|
5,000 |
|
6,000 |
Total funded debt |
|
$ |
58,586 |
$ |
82,575 |
Our weighted average interest rate on our total
funded debt for the year ended December 31, 2021 was 5.0% and 4.2%
in the fourth quarter, 2021.
On January 4, 2021 and April 2, 2021, following
the second amendment to the Amended & Restated Promissory Note
dated May 14, 2019, we issued to Maritime Investors Corp. (“MIC”),
an affiliate, 64,446 and 47,827, respectively, of our common shares
at the volume weighted average closing share price for the 10-day
period immediately prior to the quarter end to settle interest
payable under this obligation.
On June 17, 2021, following the exchange of $1
million in principal of the Amended & Restated Promissory Note,
we issued to MIC 1,091,062 common shares computed on the volume
weighted average closing share price for the 10-day period
commencing one day after publishing our first quarter, 2021
financial results press release.
On December 20, 2021, as part of the purchase
consideration for our acquisition of the “Pyxis Lamda”, we issued
to MIC 4,139,003 common shares, which was equivalent to $3 million
of the vessel’s purchase price, based on the average of a) the
volume weighted average closing share price for the five trading
day period immediately before the public announcement of such
acquisition dated November 15, 2021 and b) a similar 5-day period
after such announcement. On delivery date, these 4,139,003 Company
shares had a fair value of $2.2 million. On January 20, 2022 and
February 23, 2022, we paid cash dividends of $0.1615 per
Series A Convertible Preferred Share for each month.
At December 31, 2021, we had a total of
42,455,857 common shares issued and outstanding of which Mr.
Valentis beneficially owned 53.8%.
The recent outbreak of conflict between Russia
and the Ukraine has disrupted supply chains and caused instability
in the global economy, while the United States and the European
Union, among other countries, announced sanctions against Russia.
For example, on March 8, 2022, President Biden issued an executive
order prohibiting the import of certain Russian energy products
into the United States, including crude oil, petroleum, petroleum
fuels, oils, liquefied natural gas and coal. Additionally, the
executive order prohibits any investments in the Russian energy
sector by US persons, among other restrictions. The ongoing
conflict could result in the imposition of further economic
sanctions against Russia, and the Company’s business may be
adversely impacted. Currently, the Company’s charter contracts and
operations have not been negatively affected by the events in
Russia and Ukraine. However, it is possible that in the future
third parties with whom the Company has or will have charter
contracts may be impacted by such events. While in general much
uncertainty remains regarding the global impact of the conflict in
Ukraine, it is possible that such tensions could adversely affect
the Company’s business, financial condition, results of operation
and cash flows.
Impact of COVID-19 on the Company’s
Business
In response to the outbreak of COVID-19 in late
2019, governments and governmental agencies around the world took
numerous actions, including travel bans, quarantines, and other
emergency public health measures, and a number of countries
implemented lockdown measures, which resulted in a significant
reduction in global economic activity and extreme volatility in the
global financial markets. By 2021, however many of these measures
were relaxed. Nonetheless, we cannot predict whether and to what
degree emergency public health and other measures will be
reinstituted in the event of any resurgence in the COVID-19 virus
or any variants thereof. If the COVID-19 pandemic continues on a
prolonged basis or becomes more severe, the adverse impact on the
global economy and the charter rate environment for product tankers
may deteriorate further and our operations and cash flows may be
negatively impacted. Relatively weak global economic conditions
during periods of volatility have and may continue to have a number
of adverse consequences for product tankers and other shipping
sectors, as we experienced in most of 2020 and 2021 and we may
experience in the future, including, among other things:
•
low charter rates, particularly for vessels employed on short-term
time charters or in the spot market;
•
decreases in the market value of product tankers and limited
second-hand market for the sale of vessels;
•
limited financing for vessels;
•
loan covenant defaults; and
•
declaration of bankruptcy by certain vessel operators, vessel
owners, shipyards and charterers.
The COVID-19 pandemic and measures to contain
its spread have negatively impacted regional and global economies
and trade patterns in markets in which we operate, the way we
operate our business, and the businesses of our charterers and
suppliers. These negative impacts could continue or worsen, even
after the pandemic itself diminishes or ends. Companies, including
us, have also taken precautions, such as requiring employees to
work remotely and imposing travel restrictions, while some other
businesses have been required to close entirely. Moreover, we face
significant risks to our personnel and operations due to the
COVID-19 pandemic. The crews on our vessels face risk of exposure
to COVID-19 as a result of travel to ports in which cases of
COVID-19 have been reported. Our shore-based personnel likewise
face risk of such exposure, as we maintain offices in areas that
have been impacted by the spread of COVID-19.
Measures against COVID-19 in a number of
countries have restricted crew rotations on our vessels, which may
continue or become more severe. As a result, in 2021, we
experienced and may continue to experience disruptions to our
normal vessel operations caused by increased deviation time
associated with positioning our vessels to countries in which we
can undertake a crew rotation in compliance with such measures. We
have had and expect to continue to have increased expenses due to
incremental fuel consumption and days in which our vessels are
unable to earn revenue in order to deviate to certain ports on
which we would ordinarily not call during a typical voyage. We may
also incur additional expenses associated with testing, personal
protective equipment, quarantines, and travel expenses such as
airfare costs in order to perform crew rotations in the current
environment. In 2021, delays in crew rotations have also caused us
to incur additional costs related to crew bonuses paid to retain
the existing crew members on board and may continue to do so.
Moreover, COVID-19 and governmental and other
measures related to it have led to a highly difficult environment
in which to acquire and dispose of vessels given difficulty to
physically inspect vessels. The impact of COVID-19 has also
resulted in reduced industrial activity globally, and more
specifically, in China with temporary closures of factories and
other facilities, labor shortages and restrictions on travel. In
addition, the effects of COVID-19 has resulted in changes to vessel
drydocking locations and higher related costs.
This and future epidemics may affect personnel
operating payment systems through which we receive revenues from
the chartering of our vessels or pay for our expenses, resulting in
delays in payments. We continue to focus on our employees'
well-being, while making sure that our operations continue
undisrupted and at the same time, adapting to the new ways of
operating. As such employees are encouraged and in certain cases
required to operate remotely which significantly increases the risk
of cyber security attacks.
The occurrence or continued occurrence of any of
the foregoing events or other epidemics or an increase in the
severity or duration of the COVID-19 or other epidemics could have
a material adverse effect on our business, results of operations,
cash flows, financial condition, value of our vessels and ability
to pay dividends on our Series A Convertible Preferred Stock.
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. Adjusted EBITDA
represents EBITDA before certain non-operating or non-recurring
charges, such as loss on vessel held for sale, loss from debt
extinguishment, loss or gain from financial derivative instrument
and gain from sale of vessel. EBITDA and Adjusted EBITDA are not
recognized measurements under U.S. GAAP.
EBITDA and Adjusted EBITDA are presented in this
press release as we believe that they provide investors with means
of evaluating and understanding how our management evaluates
operating performance. These non-GAAP measures have limitations as
analytical tools, and should not be considered in isolation from,
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 loss, as reflected in the Unaudited
Consolidated Statements of Comprehensive Loss to EBITDA and
Adjusted EBITDA:
|
|
Three months ended December 31, |
|
Year ended December 31, |
(In thousands of U.S. dollars) |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
Reconciliation of Net loss to Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(2,624) |
$ |
(5,415) |
$ |
(6,900) |
$ |
(12,338) |
|
|
|
|
|
|
|
|
|
Depreciation |
|
1,116 |
|
1,370 |
|
4,418 |
|
4,898 |
|
|
|
|
|
|
|
|
|
Amortization of special survey costs |
|
90 |
|
100 |
|
253 |
|
406 |
|
|
|
|
|
|
|
|
|
Interest and finance costs, net |
|
1,182 |
|
800 |
|
4,964 |
|
3,285 |
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
(236) |
$ |
(3,145) |
$ |
2,735 |
$ |
(3,749) |
|
|
|
|
|
|
|
|
|
Loss on vessels held for sale |
|
— |
|
2,389 |
|
— |
|
2,389 |
|
|
|
|
|
|
|
|
|
Loss from debt extinguishment |
|
— |
|
83 |
|
— |
|
541 |
|
|
|
|
|
|
|
|
|
Loss / (Gain) from financial derivative
instrument |
|
1 |
|
(18) |
|
1 |
|
— |
|
|
|
|
|
|
|
|
|
Gain from the sale of vessel, net |
|
— |
|
— |
|
(7) |
|
— |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
(235) |
$ |
(691) |
$ |
2,729 |
$ |
(819) |
Daily TCE is a shipping industry performance
measure of the average daily revenue performance of a vessel on a
per voyage basis. Daily TCE is not calculated in accordance with
U.S. GAAP. 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, time charters and bareboat charters) under which our
vessels may be employed between the periods. Our management also
utilizes daily TCE to assist them in making decisions regarding
employment of the vessels. We calculate daily TCE by dividing
Revenues, net 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 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 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.
EBITDA, Adjusted EBITDA, Opex and daily TCE are
not recognized measures under U.S. GAAP and should not be regarded
as substitutes for Revenues, net and Net income. Our presentation
of EBITDA, Adjusted EBITDA, Opex and daily TCE does not imply, and
should not be construed as an inference, 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 a measure of
performance prepared in accordance with U.S. GAAP.
(Amounts in U.S. Dollars per day) |
|
|
Three months ended December
31, |
|
Year ended December 31, |
|
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
Eco-Efficient MR2: (2021: 3
of our vessels*) |
|
|
|
|
|
|
|
|
|
(2020: 2 of our vessels) |
TCE : |
|
$13,104 |
|
$10,763 |
|
$14,377 |
|
$10,855 |
|
Opex : |
|
6,232 |
|
6,785 |
|
6,107 |
|
6,993 |
|
Utilization % : |
|
93.3% |
|
87.7% |
|
97.2% |
|
93.1% |
Eco-Modified MR2: (1 of our
vessels) |
|
|
|
|
|
|
|
|
|
|
TCE : |
|
10,611 |
|
927 |
|
14,130 |
|
8,486 |
|
Opex : |
|
7,714 |
|
6,613 |
|
6,612 |
|
6,724 |
|
Utilization % : |
|
90.2% |
|
69.6% |
|
97.5% |
|
88.5% |
Small Tankers: (2 of our
vessels) |
|
|
|
|
|
|
|
|
|
|
TCE : |
|
4,722 |
|
6,744 |
|
5,331 |
|
6,612 |
|
Opex : |
|
5,476 |
|
4,828 |
|
5,204 |
|
4,956 |
|
Utilization % : |
|
65.1% |
|
99.5% |
|
69.5% |
|
81.5% |
Fleet: (2021: 6
vessels*) |
|
|
|
|
|
|
|
|
|
(2020: 5 vessels) |
TCE : |
|
10,234 |
|
7,972 |
|
11,456 |
|
8,981 |
|
Opex : |
|
6,226 |
|
6,104 |
|
5,847 |
|
6,198 |
|
Utilization % : |
|
82.8% |
|
88.6% |
|
86.3% |
|
88.0% |
As at December 31, 2021 our fleet consisted of
four eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”,
“Pyxis Karteria” and “Pyxis Epsilon”, one eco-modified MR2, “Pyxis
Malou”, and two handysize tankers, “Northsea Alpha” and “Northsea
Beta”. During 2020 and 2021, the vessels in our fleet were employed
under time and spot charters.
* a) On December 20, 2021, we took
delivery from a related party the “Pyxis Lamda”, a
50,145 dwt medium range product tanker built in 2017 at SPP
Shipbuilding in South Korea. After her first special survey,
the “Pyxis Lamda” launched commercial employment in
early January, 2022. For 2021, the vessel contributed nil available
days, and, consequently voyage and related costs of $10 have been
excluded from the above data. b) “Pyxis Karteria” was acquired on
July 15, 2021 and commenced commercial activities at that time.
2022 Annual Shareholder Meeting Date and
Deadline for Submitting Shareholder Proposals
We will host our annual shareholder meeting (the
“ASM”) for 2022 in London, United Kingdom on May 11, 2022. The
board of directors of the Company (the “Board”) has set a record
date for the 2022 ASM of April 14, 2020. Shareholders of record
will be asked to vote on the following proposals, which will be
described in more detail in the proxy materials for the 2022 ASM
that are expected to be available on or around April 21, 2022: a)
to re-elect Mr. Aristides Pittas, as a Class II director, to serve
until the 2025 ASM; b) to approve one or more amendments to the
Company’s articles of incorporation (the “Articles”) to effect one
or more reverse stock splits of the Company’s issued common shares
at any time and from time to time until the 2023 ASM at a ratio of
not less than 1 for 4 and not more than 1 for 10 and in the
aggregate of not more than 1 for 10, inclusive, with the exact
ratio to be set at a whole number within this range determined by
the Board, or any duly constituted committee thereof, in its
discretion, and to authorize the Board to implement any such
reverse stock split by filing any such amendment to the Articles
with the Registrar of Corporations of the Republic of the Marshall
Islands at any time following such approval and prior to the 2023
ASM, provided that fractional share interests are expected to
settled in cash; and c) to transact such other business that
may properly come before the 2022 ASM or any adjournment
thereof.
Since the 2022 ASM is expected to occur more
than 30 days prior to the anniversary of the Company’s 2021 ASM,
the Board has set a new deadline for the receipt of shareholder
proposals a reasonable time before the Company will begin to print
and send its proxy materials. For business to be properly
brought before the 2022 ASM by any shareholder, and for nomination
of directors to be made by a shareholder, notice must be received
by the Company in proper written form, in accordance with the
Company Amended and Restated Bylaws, no later than 5:00 p.m.
(Athens local time) on April 14, 2022.
Conference Call and Webcast
We will host a conference call to discuss our
results at 4:30 p.m., Eastern Time, on Friday, March 18, 2022.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: 1
(877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK
Toll Free Dial In) or +44 (0) 2071 928592 (Standard International
Dial In). Please quote "Pyxis Tankers".
A telephonic replay of the conference and
accompanying slides will be available following the completion of
the call and will remain available until Friday, March 25, 2022. To
listen to the archived audio file, visit our website
http://www.pyxistankers.com and click on Events& Presentations
under our Investor Relations page.
Webcast:A webcast of the conference call will be
available through our website (http://www.pyxistankers.com) under
our Events & Presentations page.
Webcast participants of the live conference call
should register on the website approximately 10 minutes prior to
the start of the webcast and can also access it through the
following link:
https://events.q4inc.com/attendee/201614083
An archived version of the webcast will be
available on the website within approximately two hours of the
completion of the call.
The information discussed on the conference
call, or that can be accessed through, Pyxis Tankers Inc.’s website
is not incorporated into, and does not constitute part of this
report.
About Pyxis Tankers Inc.
We own a modern fleet of five 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.
Pyxis Tankers Inc. is positioned to opportunistically expand and
maximize the value of its fleet due to 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 discussed contained in, or that can be accessed
through, Pyxis Tankers Inc.’s website, is not incorporated into,
and does not constitute part of this report.
Pyxis Tankers Fleet (as of March 18, 2022)
Vessel Name |
Shipyard |
Vessel type |
Carrying Capacity (dwt) |
Year Built |
Type of charter |
Charter(1) Rate (per day) |
Anticipated Earliest Redelivery Date |
|
|
|
|
|
|
|
|
|
|
|
|
Pyxis
Lamda (2) |
SPP /
S. Korea |
MR |
50,145 |
2017 |
Time |
15,250 |
Mar
2022 |
|
Pyxis
Epsilon |
SPP /
S. Korea |
MR |
50,295 |
2015 |
Spot |
n/a |
n/a |
|
Pyxis
Theta |
SPP /
S. Korea |
MR |
51,795 |
2013 |
Spot |
n/a |
n/a |
|
Pyxis
Karteria |
Hyundai
/ S. Korea |
MR |
46,652 |
2013 |
Time |
14,000 |
May
2022 |
|
Pyxis
Malou |
SPP /
S. Korea |
MR |
50,667 |
2009 |
Spot |
n/a |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
249,554 |
|
|
|
|
|
- Charter rates are gross and do not reflect any commissions
payable.
- “Pyxis Lamda” is fixed on a time charter for 70 days, +/- 15
days at $15,250 per day with charterer’s option of additional min
70 max 180 days +/- 15 days at $15,700 per day.
Forward Looking Statements
This press release contains forward-looking
statements and forward-looking information within the meaning of
the Private Securities Litigation Reform Act of 1995 applicable
securities laws. The words “expected'', “estimated”, “scheduled”,
“could”, “should”, “anticipated”, “long-term”, “opportunities”,
“potential”, “continue”, “likely”, “may”, “will”, “positioned”,
“possible”, “believe”, “expand” and variations of these terms and
similar expressions, or the negative of these terms or similar
expressions, are intended to identify forward-looking information
or statements. But the absence of such words does not mean that a
statement is not forward-looking. 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, the effects of COVID-19 on our financial
condition and operations and the product tanker industry in
general, are forward-looking statements. Forward-looking
information is based on the opinions, expectations and estimates of
management of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) at the
date the information is made, and is based on a number of
assumptions and subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking information.
Although we believe that the expectations and assumptions on which
such forward-looking statements and information are based are
reasonable, those are not guarantees of our future performance and
you should not place undue reliance on the forward-looking
statements and information because we cannot give any assurance
that they will prove to be correct. Since forward-looking
statements and information address future events and conditions, by
their very nature they involve inherent risks and uncertainties and
actual results and future events could differ materially from those
anticipated or implied in such information. Factors that might
cause or contribute to such discrepancy include, but are not
limited to, the risk factors described in our Annual Report on Form
20-F for the year ended December 31, 2020 and our other filings
with the Securities and Exchange Commission (the “SEC”). The
forward-looking statements and information contained in this
presentation are made as of the date hereof. We do not undertake
any obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, except in accordance with U.S. federal
securities laws and other applicable securities laws.
Company
Pyxis Tankers Inc.59 K. Karamanli StreetMaroussi 15125
Greeceinfo@pyxistankers.com
Visit our website at www.pyxistankers.com
Company Contact
Henry WilliamsChief Financial OfficerTel: +30 (210) 638 0200 /
+1 (516) 455-0106Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.
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