Movers and SHAKERS
Pyxis Tankers Inc. (PXS)
Lowering EBITDA Estimate to Reflect 3Q2020 and Soft Outlook
Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
3Q2020 EBITDA Below Expectations. Adjusted 3Q2020 EBITDA of $0.7 million was below our estimate due to lower TCE revenue and higher opex and G&A expenses. TCE revenue was $4.37 million, below our estimate by $0.8 million, and opex of $2.59 million was $0.3 million higher. G&A expense of $0.63 million was also $0.1 million higher. TCE rates were $801/day off our estimate and operating days were 39 days below.
Moving 2020 EBITDA estimate down to $4.0 million (from $5.9 million) based on TCE rates of $11,843/day (down from $12,406/day) and 1,568 operating days to reflect 3Q2020 operating results, softer rates and the dry dockings on the two small tankers in October. As of November 11th, 68% of available days booked for 4Q2020 (to earliest re-delivery) at an average MR2 gross TCE rate of $14,565/day versus ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.