Pyxis Tankers, an international shipping company, today announced unaudited results for the three months and year ended December 31, 2024.
For the three months ended December 31, 2024, our revenues, net were $12.0 million. For the same period, our time charter equivalent revenues were $7.9 million, a decrease of $4.0 million, or 33.6%, over the comparable period in 2023. Our Adjusted net income for the fourth quarter, 2024 was $0.3 million with Adjusted income per common share of $0.03 basic and diluted. Our Adjusted EBITDA for the three months ended December 31, 2024, was $3.3 million, a decrease of $4.5 million over the comparable period in 2023.
On October 20, 2024, the Company fully redeemed all the remaining outstanding 303,171 shares of its 7.75% Series A Cumulative Convertible Preferred Stock for $7.6 million. Upon redemption, all outstanding Preferred Shares were cancelled by the Company, cash dividends in respect of these shares were no longer payable and the right to convert the Preferred Shares into an aggregate of 1,353,442 common shares was extinguished. The Preferred Shares also ceased trading on the Nasdaq Capital Market, where they were previously listed under the ticker symbol “PXSAP.”
As the fair value of the Preferred Shares redemption was greater than the carrying amount, a retained earnings reduction of $2.7 million was recognized as a deemed dividend to the preferred shareholders in the fourth quarter for the full PXSAP redemption. Consequently, in the fourth quarter, 2024, the Νet loss attributable to common shareholders was $2.4 million or $0.23 basic and diluted loss per share. Please see “Non-GAAP Measures and Definitions” below, including “Adjusted net income”, which reflects the effect from the full redemption of our Preferred Shares.
Our CEO, Valentios Valentis, commented “Profitable last quarter amid deteriorating market conditions”
“We reported our fourth fiscal quarter, 2024 results with Revenues, net of $12.0 million and Adjusted net income of $0.3 million for the period.
During this recent quarter, the product tanker sector experienced decelerating chartering activity due to softening global demand for transportation fuels, seasonal refinery maintenance and moderating inventories of various refined petroleum products. In the quarter ended December 31, 2024, our MR2 tankers, or MRs, generated an average TCE rate of $22,084 per day. Since the beginning of 2025, the product tanker environment has remained volatile. As of March 13, 2025 our MRs were booked at an average estimated TCE of $25,079 per day, with 85% of our MR available days booked in the quarter ending March 31, 2025. Our fleet of three modern eco-efficient MRs is currently employed under short-term time charters for two vessels and on spot voyage for one tanker.
On the dry-bulk side, chartering conditions have remained disappointing due to soft demand for certain commodities and the declining growth of the Chinese economy. In the quarter ended December 31, 2024, our three mid-sized bulkers generated an average TCE rate of $11,582 per day. As of March 13, 2025, our bulkers were booked at an average estimated TCE of $15,028 per day, with 78% of available days booked in the quarter ending March 31, 2025. All of our dry-bulk carriers are currently employed under short-term time charters, with the exception of one vessel undergoing its special survey”.