|
Maroussi, Greece - May 18, 2026 Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the "Company", "we", "our", "us" or "Pyxis Tankers"), an international diversified shipping company, today announced unaudited results for the three months ended March 31, 2026. For the three months ended March 31, 2026, our revenues, net, were $10.0 million, compared to $9.6 million for the same period in 2025. During the first quarter of 2026, our time charter equivalent ("TCE") revenues were $9.9 million, an increase of $1.5 million, or 18.2%, over the comparable period in 2025. Our net income attributable to common shareholders and available to common shareholders for the first quarter ended March 31, 2026 was $2.4 million, compared to net income of $0.8 million for the same period in 2025. For the first quarter of 2026, net income per common share was $0.23 basic and diluted, compared to net income per common share of $0.07 basic and diluted for the same period in 2025. Our adjusted EBITDA for the three months ended March 31, 2026 was $5.4 million, an increase of $1.9 million over the comparable period in 2025. Please see "Non-GAAP Measures and Definitions" below. Our Chairman & CEO, Valentios Valentis, commented: Strong quarterly results supported by disciplined execution and favorable market conditions "We are pleased to report another strong quarter, driven by robust market conditions, disciplined commercial execution, and the quality of our fleet and operating platform. For the quarter ended March 31, 2026, our fleet achieved higher TCE rates, improved utilization, and lower operating expenses per day. Our operating performance continues to be supported by evolving global energy trade flows, longer-haul transportation demand, and elevated ton-mile activity, particularly across Atlantic Basin routes. In this environment, we remain focused on maintaining a strong balance sheet and a disciplined capital allocation framework while preserving flexibility to pursue accretive growth opportunities. As of March 31, 2026, our cash and cash equivalents and short term investment in time deposits increased to $54.4 million. Including our recently secured $45 million "Hunting License" loan facility, total available liquidity now approaches $100 million. Given our strong liquidity position, we continue to evaluate prudent capital deployment opportunities across selective fleet growth, balance sheet optimization, and opportunistic share repurchases. We continue to actively monitor the evolving situation in the Middle East and assess the potential implications for global shipping markets. One of our MR tankers, the Pyxis Karteria, currently operates in the Persian Gulf and remains safe and employed under an existing fixed-rate time charter through August 2026. The safety of our crews and vessels remains our primary consideration. Looking ahead, while macroeconomic and geopolitical risks remain elevated, we believe shipping market fundamentals remain constructive, supported by longer-haul trade patterns, constrained fleet growth, and ongoing supply-chain inefficiencies. As certain existing time charters expire during the coming quarters, we believe current market conditions may provide opportunities to secure renewed employment at improved rates for portions of our fleet. We remain focused on disciplined execution, prudent risk management, and long-term shareholder value creation." Forward Fixture Update As of May 15, 2026, our MR tanker fleet had secured employment at an average estimated TCE rate of approximately $21,850 per day, with 100% of available days booked for the second quarter ending June 30, 2026. As of May 15, 2026, our dry-bulk fleet had secured employment at an average estimated TCE rate of approximately $19,130 per day, with approximately 46% of available days booked for the second quarter ending June 30, 2026. All of our dry-bulk carriers are currently employed under shorter-term time charters. Results for the three months ended March 31, 2026 and 2025 Amounts referenced in period–to–period comparisons in this section are derived from the unaudited consolidated financial statements presented below. For the three months ended March 31, 2026, we reported revenues, net, of $10.0 million, representing a 3.9% increase from $9.6 million in the comparable 2025 period. Our net income attributable to common shareholders was $2.4 million, compared to $0.8 million for the same period in 2025. Net income per common share for the three months ended March 31, 2026 was $0.23, basic and diluted, compared to net income per common share of $0.07, basic and diluted for the same period in 2025. The weighted average number of common shares outstanding, basic and diluted, decreased to approximately 10.3 million during the three months ended March 31, 2026, mainly due to the common share buyback program, which commenced in December 2025. Operationally, our MR tankers achieved an average TCE rate of $18,944 per day, a 19.7% decline from $23,593 during the three months ended March 31, 2025, reflecting lower charter rates in the product tanker sector. Our dry-bulk carriers recorded an average daily TCE rate of $19,601, 50.6% higher than $13,013 in the same period in 2025, driven by strengthening chartering conditions in the dry-bulk market and the positive impact from bunker price differentials realized upon charter redeliveries and deliveries. The increase in dry-bulk TCE revenues was further supported by higher utilization of 91.5%, compared to 88.1% in the same period in 2025. In the first quarter of 2026, 81% of MR tanker revenue was generated under short-term time charters, and our dry-bulk carriers were employed entirely under short-term time charters. Adjusted EBITDA increased by $1.9 million to $5.4 million in the first quarter of 2026 from $3.5 million for the same period in 2025. Full report 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: https://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. Pyxis Tankers Inc., press release 
|
