Pyxis tankers Inc. (NASDAQ:PXS) has announced its unaudited financial results for the quarter that ended March 31, 2020.
Pyxis realized net revenue of $6.6 million in Q1
In the quarter, the company posted net revenues of $6.6 million with time charter equivalent revenues increasing by 3.8% or $0.2 million to $5 million from the same period a year ago. Pyxis reported a net loss of or around $1.2 million or $0.06 per share, an improvement from Q1 2019. There was a YoY increase of $0.7 million in adjusted EBITDA to $1.2 million in Q1 2020.
The Company’s CEO and Chairman Valentino Valentis stated that its operating results in Q1 demonstrated continued cost-effectiveness and better chartering conditions relative to Q1 2019. The CEO confirmed that in Q1, its medium-range product tankers were operating on short term chartered that were staggered so that to generate predictive cash flow. Pyxis’ average time charter equivalent rates per day for the medium-range tankers was around $15,400, and as of June 1, 2020, all the available days in Q2 were booked at a rate of $15,700.
Pyxis bolstered balance sheet with Pyxis Delta sale
Valentino confirmed that the company had finalized the sale of Pyxis Delta as previously in January 2020. Net proceeds from the sale were used to enhance liquidity and de-lever the company’s balance sheet, thus placing it in a better position for growth. Equally, the CEO confirmed that in Q1, the operating expenses of its fleet-wide vessel were below $5,700 per day, which was a massive improvement compared to Q1 2019.
Pyxis expects uncertainty due to COVID-19 to continue, and the product tanker sector will continue experiencing significant volatility for the rest of the year. However, the CEO stated that the extensive fiscal and monetary stimulus plans from government agencies and central banks will help accelerate the rate of recovery. The irregular inventory destocking is likely likely to create a near-term cargo arbitrage trading. Further, Valentino confirmed that despite the temporary demand collapse, there has been an improvement in vessel supply.
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