Movers and SHAKERS
Pyxis Tankers (PXS)
Weak Quarter and Waiting for Stronger Recovery Signs
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.
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Adjusted EBITDA loss of $1.3 million below expectations. Lower TCE revenue of $3.4 million and $7.0k/day and higher opex of $6.8k/day drove the negative variance. Adjusted 3Q2021 EBITDA losses of $1.3 million were below our estimate due to lower TCE revenue and higher opex and G&A expenses. The shift to spot market work dampened operating results, with MR weakness more than offsetting a slight improvement in small tankers.
Adjusting 2021 EBITDA estimate. To reflect weaker 3Q2021 operating results and time charters at lower TCE rates, our new 2021 EBITDA estimate drops to $1.0 million from $3.2 million. Our TCE rate estimate is $9.6k/day (down from $10.8k/day), and recent charters are in the $13.3/day range for Theta and newly acquired Karteria, but visibility is low for the rest of the fleet, and only 49% of 4Q2021 ...
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.