The following is a summary of the Pyxis Tankers Inc. (PXS) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Pyxis Tankers reported Q4 2023 TCE revenues of $12 million, a decrease of 13.6% over the same period in 2022, mainly due to fewer operating tankers and less spot chartering activity.

• The net income for this period was $21.9 million or $2.04 basic EPS, largely contributed by the sale of a 2015 built product tanker which resulted in a $17.1 million gain.

• The company's Q4 2023 adjusted EBITDA was $7.7 million.

• Pyxis repurchased 375,000 common shares using an aggregate of $1.4 million.

• By the end of 2023, Pyxis had a cash position of over $56 million with a leverage ratio of less than 3%.

Business Progress:

• Pyxis Tankers has increased its fleet by acquiring a second mid-sized dry bulk carrier in early 2024.

• 92% of available days in Q1 2024 were booked at an average TCE rate of $30,300 per day for the product tanker sector, and 70% for the dry bulk sector at a TCE of $19,600.

• Pyxis sold two of its MR2 in 2023, realizing gains of over $25 million.

• The next bank loan maturity is set for July 2025.

• The company aims to improve operations, strengthen its balance sheet, and explore viable vessel acquisitions.

• The company is prepared for a balanced supply-demand in the dry bulk sector in 2024.

More details: Pyxis Tankers IR

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