Pyxis Tankers Inc., an international shipping company, announced unaudited results for the three and six month periods ended June 30, 2025.
For the three months ended June 30, 2025, our revenues, net, were $9.2 million. For the same period, our time charter equivalent (“TCE”) revenues were $8.8 million, a decrease of $3.5 million, or 28.2%, over the comparable period in 2024. Our net loss attributable to common shareholders for the second quarter ended June 30, 2025 was $2.0 million. For the second quarter of 2025, the net loss per common share was $0.19 basic and diluted compared to the net income per common share of $0.48 basic and $0.43 diluted for the same period of 2024. Our Adjusted EBITDA for the three months ended June 30, 2025 was $1.2 million, a decrease of $6.8 million over the comparable period in 2024. Please see “Non-GAAP Measures and Definitions” below.
Our Chairman & CEO, Valentios Valentis, commented:
“Decelerating market environment continues to impact results
We reported results for the second fiscal quarter, 2025 with Revenues, net of $9.2 million, Adjusted EBITDA of $1.2 million and net loss per share of $0.19. In comparison to the comparable 2024 period, quarterly results were largely impacted by a $3.5 million decline in TCE revenues and a $2.9 million increase in general and administrative expenses, substantially reflecting the payment of a non-recurring long-term prior performance bonus.
In sharp contrast to a robust first half of last year, the product tanker sector continued to experience lower charter rates during 2025, largely due to slowing global economic activity as evidenced by softer global demand for transportation fuels. Still, charter rates remain reasonably healthy in comparison to long-term historical averages. For the period ended June 30, 2025, our MR tankers generated an average TCE rate of $20,686 per day, which declined about $2,900 per day sequentially from the first quarter of 2025 and decreased by 37% from the second quarter of last year. As of August 7, 2025, our MRs were employed at an average estimated TCE of $21,600 per day, with 91% of our MR available days booked in the third quarter ending September 30, 2025. Given ongoing market uncertainties caused by unprecedented geo-political events and subdued macro-economic conditions, we continue to employ our fleet of three modern, eco-efficient MRs under short-term time charters.
In the dry-bulk market, chartering conditions remained depressed during the first half of 2025, weighed down by soft demand for key commodities and the continued deceleration of China’s economic growth. For the quarter ended June 30, 2025, our three mid-sized bulkers generated an average daily TCE rate of $12,840 which was a slight decline from the first quarter of 2025 but lower by over 42% compared to Q2 2024. As of August 7, 2025, our bulkers were employed at an improving average estimated TCE of $15,250 per day, with 66% of available days booked in the third quarter ending September 30, 2025. All of our dry-bulk carriers are currently employed under short-term time charters”.