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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.