Friday, March 29, 2019
Pyxis Tankers (PXS)
When Will The Refined Product Tanker Market Recover?
Pyxis Tankers Inc is a US-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of six double hull product tankers, which are employed under a mix of short- and medium-term time charters and spot charters.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- 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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