Pyxis Tankers Inc. announces share repurchase completion and chartering updates for its eco-friendly tanker and bulk vessel fleet.
Quiver AI Summary
Pyxis Tankers Inc. announced on January 30, 2025, that it has completed a $3.0 million common share repurchase program, acquiring 730,683 shares at an average cost of $4.03 each since summer 2023. As of January 29, 2025, there are 10,485,865 outstanding shares, with a public float of approximately 4.37 million shares. The company also redeemed its 7.75% Series A Cumulative Convertible Preferred Stock, preventing possible dilution of 1,799,871 common shares. Additionally, 72% of available days for its three eco-MR product tankers and 68% for its three dry-bulk vessels have been booked at average estimated daily time charter equivalent rates of $24,750 and $15,400, respectively. Pyxis Tankers currently operates a fleet of six eco-efficient vessels engaged in transporting refined petroleum products and dry bulk commodities.
Potential Positives
- The completion of the $3.0 million common share repurchase program demonstrates Pyxis Tankers' commitment to returning value to shareholders and potentially enhancing share price.
- Redemption of all outstanding 7.75% Series A Cumulative Convertible Preferred Stock eliminates potential dilution for shareholders, protecting their equity interests.
- The booking of 72% of available days for the tanker fleet and 68% for dry-bulk vessels at attractive time charter equivalent rates indicates strong demand and revenue generation for the company.
- The company’s modern eco-efficient fleet positions it favorably for future growth and competitiveness in the shipping industry.
Potential Negatives
- The company completed a $3.0 million share repurchase program, which may indicate a lack of viable investment opportunities for growth.
- Booking rates for the dry-bulk vessels are significantly lower than those for the tankers, raising concerns about the profitability of this segment.
- The reliance on independent and affiliated managers for operation exposes the company to operational risks beyond its control.
FAQ
What recent updates were announced by Pyxis Tankers?
Pyxis Tankers announced key shareholder and chartering updates, including the completion of a $3.0 million share repurchase program.
How many common shares did Pyxis Tankers repurchase?
The company repurchased 730,683 common shares at an average cost of $4.03 per share since summer 2023.
What was the impact of redeeming Series A Preferred Stock?
Redemption of Series A Preferred Stock eliminated potential dilution of 1,799,871 common shares for shareholders.
What is the current status of Pyxis Tankers’ fleet bookings?
As of January 29, 2025, 72% of available days for product tankers and 68% for dry-bulk vessels were booked for Q1 2025.
What type of vessels does Pyxis Tankers operate?
Pyxis Tankers operates a modern fleet of six eco-vessels, including three MR product tankers and dry-bulk carriers.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PXS Hedge Fund Activity
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Full Release
Maroussi, Greece – January 30, 2025 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, announced today key shareholder and chartering updates.
- The Company has completed its authorized expanded $3.0 million common share repurchase program. Since summer 2023, we have acquired 730,683 common shares in the open market at an average cost of $4.03 per share, excluding commissions. As of January 29, 2025, there were 10,485,865 common shares of the Company outstanding, with a public float of approximately 4.37 million PXS shares.
- In 2024, the Company also redeemed all of its outstanding 7.75% Series A Cumulative Convertible Preferred Stock, which eliminated potential shareholder dilution of 1,799,871 common shares. Thus, the Company has spent approximately $13.1 million, in total, for equity re-purchases in order to save potential shareholder dilution of 2.53 million common shares in aggregate or 19.4% of diluted common shares.
- As of January 29, 2025, 72% of available days in the first quarter, 2025 for our three eco-MR product tankers were booked at an average estimated daily time charter equivalent rate (“TCE”) of $24,750 per vessel. As of the same date, 68% of available days in the first quarter of 2025, for our three dry-bulk vessels were booked at an average estimated daily TCE of $15,400.
Pyxis Tankers Fleet (as of January 29, 2025)
Vessel Name | Shipyard | Vessel type |
Carrying Capacity
(dwt) |
Year Built | Type of charter |
Charter
(1)
Rate
($ per day) |
Anticipated
Earliest Redelivery Date |
|
Tanker fleet | ||||||||
Pyxis Lamda | SPP / S. Korea | MR2 | 50,145 | 2017 | Spot | n/a | n/a | |
Pyxis Theta (2) | SPP / S. Korea | MR2 | 51,795 | 2013 | Time | $ 22,000 | Dec 2025 | |
Pyxis Karteria (3) | Hyundai / S. Korea | MR2 | 46,652 | 2013 | Time | 24,500 | Sep 2025 | |
148,592 | ||||||||
Dry-bulk fleet | ||||||||
Konkar Ormi ( 4 ) | SKD / Japan | Ultramax | 63,520 | 2016 | Time | 13,650 | Mar 2025 | |
Konkar Asteri ( 5 ) | JNYS / China | Kamsarmax | 82,013 | 2015 | Time | 12,850 | Mar 2025 | |
Konkar Venture ( 6 ) | JNYS / China | Kamsarmax | 82,099 | 2015 | Time | 10,000 | Feb 2025 | |
227,632 |
- These tables present gross rates in U.S.$ and do not reflect any commissions payable .
- “Pyxis Theta” is fixed on a time charter for 12 months +/- 30 days, at $22,000 per day.
- “Pyxis Karteria” is fixed on a time charter for 12 months +/- 30 days, at $24,500 per day.
- “Konkar Ormi” is fixed on a time charter for 60 – 70 days, at $13,650 per day, plus a $365,000 ballast bonus, plus an estimated scrubber compensation of $69,000
- “Konkar Asteri” is fixed on a time charter for 60 – 70 days, at $12,850 per day, plus a $285,000 ballast bonus, plus an estimated scrubber compensation of $93,000.
- “Konkar Venture” was fixed on time charter for min 120 and max 130 days, at $10,000 per day.
About Pyxis Tankers Inc.
The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, 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 on or accessible through the Company’s website is not incorporated into and does not form a part of this release.
Forward Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will, “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. 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 the war in the Ukraine and the Red Sea conflict, on our financial condition and operations as well as the nature of the product tanker and dry-bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry-bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.
Company
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi, 15125 Greece
[email protected]
Visit our website at www.pyxistankers.com
Company Contact
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email:
[email protected]
Source: Pyxis Tankers Inc.