Pyxis Tankers chairman and CEO discusses strong performance and fleet expansion

Pyxis Tankers Inc (NASDAQ:PXS) chairman and CEO Valentios (Eddie) Valentis, provides an update on the company's performance and future plans in an interview with Proactive's Stephen Gunnion.

For the nine months ending September 2023, the company reported net revenues of $32.2 million and an adjusted EBITDA of approximately $15 million, with fully diluted earnings per share at $1.21.

The average daily time charter equivalent for the MRs in Q4 increased to about $30,500 per day, with bookings for Q1 2024 at approximately $29,200 for 75% of available days. Pyxis Tankers maintains a solid balance sheet and liquidity, having completed the sale of the 2015-built MR at a record price, realising a gain of over $17 million.

The fleet currently includes three eco-efficient MR tankers with an average age of approximately nine years and has expanded into the dry bulk sector with the acquisition of three vessels, bringing the total fleet to five.

The company is exploring further acquisitions, particularly in the eco-friendly dry bulk space, and remains positive about the market conditions for both tanker and dry bulk sectors, despite geopolitical tensions and weather-related disruptions.

Pyxis Tankers has repurchased 7% of its outstanding float and holds approximately 400,000 shares of Series A convertible preferred stock, trading under the symbol PXS AP.

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