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Pyxis Tankers (PXS)
When Will The Refined Product Tanker Market Recover?
- Another tough quarter due to rate weakness. Adjusted 4Q2018 EBITDA of $0.2 million was below $1.0 million in 4Q2017 due to weaker MR tanker rates. Record low MR rates early in 4Q2018 caused a shortfall in TCE revenue (-$0.94 million) and more than offset positive variances in opex ($0.15 million) and G&A expenses ($0.30 million).
- Adjusting 2019 Estimate to reflect new contracts and 2H2019 recovery. Our 2019 EBITDA estimate moves to $6.9 million (from $7.9 mill...
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