Pyxis Tankers (PXS) Q2 2024 earnings summary

Executive summary

• Q2 2024 delivered strong financial results, with net income rising to $5.3 million and adjusted EBITDA reaching $8.0 million, both up significantly year-over-year, driven by robust market conditions and expansion into the dry bulk sector.

• Net revenues for Q2 2024 were $13.9 million, up 46.3% year-over-year, supported by higher TCE rates and increased fleet ownership days.

• The fleet expanded to six modern eco vessels, including three MR2 product tankers and three bulk carriers, following the acquisition of a 2015-built Kamsarmax.

• Ongoing share buybacks and preferred share redemptions reduced the fully diluted share count, with 10,701,087 common shares outstanding as of August 8, 2024.

• Maintains a solid balance sheet with significant liquidity and moderate leverage.

Financial highlights

• Q2 2024 net revenues rose to $13.9 million from $9.5 million in Q2 2023; net income per share was $0.48 basic and $0.43 diluted.

• Adjusted EBITDA reached $8.0 million, a $2.8 million increase year-over-year.

• Average daily TCE for the fleet was $29,156, with MRs at $32,868 and bulkers at $22,333.

• Total cash and equivalents at June 30, 2024, were $44.6 million, mostly in short-term money market investments.

• Total assets increased to $198.6 million as of June 30, 2024.

Outlook and guidance

• As of August 9, 2024, 68% of MR available days for Q3 booked at an average TCE of $33,850 per day; 76% of dry-bulk available days booked at $17,200 per day.

• Positive near-term outlook for both product tanker and dry bulk sectors, supported by healthy chartering environments and global GDP growth.

• Plans include continued fleet expansion, opportunistic vessel acquisitions, and further share repurchases while maintaining capital discipline.