Why Pyxis Tankers is Up Over 300 Percent


 
 
12:44 12/01/2017

Despite posting a loss last month, Greece based maritime transportation company Pyxis Tankers Inc. PXS  is up more than 300 percent on record volume and new 52 week highs today. The stock is currently trading in blue sky territory as it continues to build momentum through the day.

Earlier last month the company announced its unaudited results for the three and nine months ended September 30, 2017 with time charter equivalent revenues being $5.2 million, which resulted in a net loss of $1.3 million

For the nine months ended September 30, 2017, Pyxis Tankers reported a net loss of $3.8 million, or $0.21 basic and diluted loss per share, compared to a net income of $19,000, or $0.00 basic and diluted earnings per share, for the same period in 2016.

The decrease in Pyxis Tankers net result was primarily due to a $3.9 million decrease in time charter equivalent revenues. In addition, during the second quarter of 2017, the company recorded one-off expenses of approximately $0.3 million associated with the termination of our equity offering in July 2017, which are included under general and administrative expenses for the period.

For the first nine months of 2017, Pyxis Tankers EBITDA was $2.6 million, a decrease of $4.1 million from $6.6 million for the same period in 2016.

The companys’ Chairman and CEO Valentios Valentis commented "We continue to be pleased with our disciplined, cost-effective operating structure, which is evidenced by our fleet-wide daily operating expenses of $5,747 per vessel for the nine-month period of 2017 representing a slight decrease over the same period in 2016.

"As of September 30, 2017, our net funded debt stood at $64.7 million, and the weighted average interest rate was approximately 3.7% during the first nine months of 2017. We do not have a scheduled balloon payment on our bank debt until the second quarter of 2020, which enhances our financial flexibility.

"In the near-term, we will continue to pursue cost-effective, flexible capital alternatives. We remain optimistic about the fundamentals of the product tanker market and believe that Pyxis Tankers is positioned to take advantage of them."


This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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