Maroussi, Greece, August 8, 2025 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “Pyxis Tankers”), an international shipping company, today 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.
Measured optimism with greater uncertainty
For the remainder of 2025, we expect the chartering environment for both product tankers and the dry-bulk carriers to remain challenging. Global demand for seaborne cargoes including a broad range of refined petroleum products and dry-bulk commodities are expected to see modest growth for the year, accompanied by a normalization of ton-mile activity. While world-wide economic activity has shown resilience in the first half of 2025, the unpredictable path of tariffs is expected to adversely affect the global economy with slowing trade, rising inflation and unemployment. However, surprising positive developments may occur. Notably, last week’s announcement of a $750 billion energy trade agreement by the 27 bloc of countries within the European Union to purchase U.S. energy products over the next three years represents a potential tailwind for tanker demand. In the short-term, improved refinery margins and the accelerated return of all of the voluntary OPEC+ crude oil production cuts of 2.2 million barrels per day offer further encouragement for the tanker market.
Historically, demand growth for many refined petroleum products and dry-bulk commodities has been reasonably correlated to global GDP growth. In July, the International Monetary Fund revised its annual global growth forecast to average ~ 3% through 2026. Vessel supply is anticipated to increase in the second half of 2025 due to a pick-up in scheduled new build deliveries and historically -low scrapping activity. According to Arrow Shipbrokering Group (June 3, 2025), the MR orderbook stood at 319 tankers, or 16.9% of the global fleet, while 320 MRs, or 17.2%, were already 20 years of age or more, creating a large pool of scrapping candidates and contributing to a more balanced long-term supply outlook. On the dry-bulk side, fleet growth for 2025 is expected to outpace sluggish demand growth, despite the normal seasonal uplift in trade of certain minor bulk commodities anticipated this Fall. However, potential scrapping and slow-steaming of a large number of older, less efficient bulkers could mitigate some of the pressure on chartering conditions.
Overall fundamental cargo demand continues to be supported by the ton-mile effects stemming from the continued hostilities of the Russian-Ukrainian war and tensions in the Middle East, including the resurgence of deadly vessel attacks in the Red Sea. Meanwhile, a gradual shift towards more accommodative monetary policies by global central banks along with unpredictable prospect of peace in major conflict areas offer some optimism. But, heightened macroeconomic uncertainty exacerbated by tariffs and evolving trade restrictions underscore the importance of our maintaining a prudent and disciplined approach to operational and financial management.
Looking ahead, we believe there will be compelling growth opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels in both the product tanker and dry-bulk sectors. Last week, we closed on the new bank commitment of up to $45 million, which combined with cash on hand, will enable us to promptly fund the potential acquisition of two vessels by January, 2027. In the meantime, we expect to continue to utilize our operating cash flow to further enhance balance sheet liquidity, repay scheduled debt and maintain strong technical and commercial performance of our high-quality fleet.”
Results for the three months ended June 30, 2024 and 2025
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited consolidated financials presented below.
For the three months ended June 30, 2025, we reported revenues, net of $9.2 million, or a 34.2% decrease from $13.9 million in the comparable 2024 period. Our net loss attributable to common shareholders was $2.0 million, compared to a net income attributable to common shareholders of $5.0 million for the same period in 2024. The reported net loss per common share was $0.19 basic and diluted, compared to net income per common share of $0.48 basic and $0.43 diluted, for the same period in 2024. The weighted average number of basic and diluted shares reduced to 10.4 million, in the most recent period, mainly due to the common share buyback program which was completed in January, 2025. Operationally, our MR tankers achieved an average TCE rate of $20,686 per day, a 37.1% decline from $32,868 during the three months ended June 30, 2024, reflecting weaker charter rates in the product tanker sector. Similarly, our dry bulk carriers recorded an average daily TCE of $12,840, down 42.5% from $22,333 for the same period last year, due to continued softness in the dry bulk market. In the second quarter of 2025, 100% of the MR tankers’ revenue was generated under short-term time charters, while the bulk carriers were also employed exclusively under short-term time charters. Adjusted EBITDA decreased by $6.8 million to $1.2 million in the second quarter of 2025 from $8.0 million for the same period in 2024.
Results for the six months ended June 30, 2024 and 2025
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited consolidated financials presented below.
For the six months ended June 30, 2025, we reported Revenues, net of $18.8 million, a decrease of $7.0 million, or 27.1%, from $25.7 million in the comparable period of 2024. Our net loss attributable to common shareholders was $1.2 million, compared to a net income attributable to common shareholders of $8.5 million for the same period in 2024. The reported net loss per common share was $0.12 basic and diluted, compared to net income per common share of $0.81 basic and $0.73 diluted, for the same period in 2024. During the six months of 2025, our MRs were contracted for 453 days or 83% under short-term time charters, with the remainder employed in the spot market resulting in an overall MR average daily TCE rate of $22,049. Also, during the same period, our bulkers were contracted under short-term time charters resulting in an overall dry-bulk average daily TCE rate of $12,919. During the first half of 2025, we generated a lower MR daily TCE rate of $22,049 and lower MR fleet utilization of 94.7%, compared to a daily TCE rate of $32,337 and utilization of 98.2% in the same period in 2024. We operated an average of three MR tankers in both periods. Our dry-bulk vessels achieved a daily TCE rate of $12,919 and utilization of 90.8% in the first half of 2025, compared to a daily TCE rate of $20,111 and utilization of 78.5% in the same period of 2024. In 2025, we operated an average of 3.0 bulk carriers, up from 1.8 in the prior year. Adjusted EBITDA for the six months ended June 30, 2025 declined by $9.3 million to $4.7 million, compared to $14.0 million in the 2024 period.
| Tanker fleet | Three months ended June 30, |
Six months ended June 30, |
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| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2024 | 2025 | 2024 | 2025 | |||||
| which are presented in U.S. dollars per day) | |||||||||
| MR Revenues, net | $ | 10,137 | 5,920 | 19,824 | 12,353 | ||||
| MR Voyage related costs and commissions | (1,197) | (273) | (2,492) | (1,020) | |||||
| MR Time Charter Equivalent revenues 2 | $ | 8,940 | 5,647 | 17,332 | 11,333 | ||||
| MR Total operating days | 272 | 273 | 536 | 514 | |||||
| MR Daily Time Charter Equivalent rate 2 | $/d | 32,868 | 20,686 | 32,337 | 22,049 | ||||
| Average number of MR vessels | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| Dry-bulk fleet | Three months ended June 30, |
Six months ended June 30, |
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| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2024 | 2025 | 2024 | 2025 | |||||
| which are presented in U.S. dollars per day) | |||||||||
| Dry-bulk Revenues, net 1 | $ | 3,774 | 3,231 | 5,891 | 6,403 | ||||
| Dry-bulk Voyage related costs and commissions 1 | (468) | (86) | (823) | (551) | |||||
| Dry-bulk Time Charter Equivalent revenues 1, 2 | $ | 3,306 | 3,145 | 5,068 | 5,852 | ||||
| Dry-bulk Total operating days 1 | 148 | 245 | 252 | 453 | |||||
| Dry-bulk Daily Time Charter Equivalent rate 1, 2 | $/d | 22,333 | 12,840 | 20,111 | 12,919 | ||||
| Average number of Dry-bulk vessels 1 | 2.0 | 3.0 | 1.8 | 3.0 | |||||
| Total fleet | Three months ended June 30, |
Six months ended June 30, |
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| (Amounts in thousands of U.S. dollars, except for daily TCE rates | 2024 | 2025 | 2024 | 2025 | |||||
| which are presented in U.S. dollars per day) | |||||||||
| Revenues, net 1 | $ | 13,911 | 9,151 | 25,715 | 18,756 | ||||
| Voyage related costs and commissions 1 | (1,665) | (359) | (3,315) | (1,571) | |||||
| Time Charter Equivalent revenues 1, 2 | $ | 12,246 | 8,792 | 22,400 | 17,185 | ||||
| Total operating days 1 | 420 | 518 | 788 | 967 | |||||
| Daily Time Charter Equivalent rate 1, 2 | $/d | 29,156 | 16,975 | 28,427 | 17,772 | ||||
| Average number of vessels 1, 2 | 5.0 | 6.0 | 4.8 | 6.0 | |||||
1 a) The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.
b) The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and continued her employment under the existing time charter through mid-August, 2024
2 Subject to rounding; please see “Non-GAAP Measures and Definitions” below.
Management’s Discussion & Analysis of Financial Results for the Three Months ended June 30, 2024 and 2025
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted).
Revenues, net: Revenues, net of $9.2 million for the three months ended June 30, 2025, represented a decrease of $4.8 million, or 34.2%, from $13.9 million in the comparable period of 2024. In the second quarter of 2025, our average daily TCE rate for our MR fleet was $20,686, a $12,182 per day decrease from $32,868 for the same period in 2024. This decline in Revenues, net, was the result of softer charter rates in comparison to the same period of 2024. Also, in the most recent quarter, our dry-bulk average daily TCE rate was $12,840, a $9,493 per day decrease from $22,333 for the same period in 2024. This decrease was the result of lower dry-bulk charter rates offset by higher utilization to 93.2% in comparison to 80.0% in the same period of 2024. Total fleet ownership days in the second quarter of 2025 were 546, or an average of 6.0 vessels, compared with 457 days, or an average of 5.0 vessels, for the same period of 2024. This increase was due to the acquisition of the Kamsarmax dry-bulk vessel, “Konkar Venture” in June 2024.
Voyage related costs and commissions: Voyage related costs and commissions of $0.4 million in the second quarter of 2025, represented a decrease of $1.3 million, or 78.4%, from $1.7 million in the same period of 2024, primarily as a result of lower spot employment for our MRs from 90 days in the second quarter in 2024 to nil days in the same period of 2025 and higher utilization of bulkers from 80.0% in the second quarter of 2024 to 93.2% in the same period of 2025. Under spot charters, all voyage expenses are typically borne by us rather than the charterer and a decrease in spot employment results in decreased voyage related costs.
Vessel operating expenses: Vessel operating expenses were $3.4 million for the three-month period ended June 30, 2025, an increase of $0.3 million, or 11.2%, from $3.0 million in the same period of 2024. The increase primarily reflected the expansion of our fleet due to the dry-bulk vessel acquisitions in 2024. Vessel ownership days for the three-month period ended June 30, 2025 were 546 days compared to 457 for the same period of 2024.
General and administrative expenses: General and administrative expenses of $3.7 million for the second quarter of 2025 represented an increase of $2.9 million, from $0.8 million in the same period of 2024. The second quarter of 2025, included a one-off long-term prior performance bonus paid to our tanker ship management company, Pyxis Maritime Corp. (“Maritime”), an entity affiliated with our Chairman and Chief Executive Officer, Mr. Valentis. Excluding this item, General and administrative expenses were $0.1 million lower than the prior year period. Administrative fees payable to Maritime also included the 2024 inflation adjustment rate of 2.74% in Greece.
Management fees: For the three months ended June 30, 2025, management fees charged by our tanker ship manager, Maritime, our dry-bulk ship manager, Konkar Shipping Agencies S.A. (“Konkar Agencies”), both affiliates of Mr. Valentis, and by International Tanker Management Ltd. (“ITM”), the unaffiliated technical manager of our MRs, increased by $0.1 million to $0.5 million. The increase was primarily driven by the expansion of our dry-bulk fleet and the impact of inflationary conditions, including the application of the 2024 Greek inflation rate adjustment of 2.74% to the fees charged by the affiliated ship managers.
Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the quarter ended June 30, 2025, represented an increase of $0.1 million compared to the same period in 2024. The increase reflected the commencement of amortization for two special surveys performed on our dry-bulk vessels in Spring, 2025. During the first quarter of 2025, “Konkar Venture” successfully completed her second special survey over 22 days. In addition, “Konkar Asteri” commenced her second special survey in the same quarter, with 12 days completed during the first quarter of 2025 and the remaining 10 days concluded in April 2025.
Depreciation: Depreciation of $1.9 million for the quarter that ended June 30, 2025, represented an increase of $0.3 million, or 15.6%, compared to $1.6 million in 2024. The increase reflected additional depreciation related to the acquired bulker “Konkar Venture”.
Interest and finance costs, net: Interest and finance costs for the quarter ended June 30, 2025, were $1.5 million, represented a decrease of $0.1 million, or 7.2%, compared to the same period of 2024. This reduction was primarily driven by lower average debt levels and lower SOFR based interest rates paid on all the floating rate bank debt, as well as amendments made in 2024 to two of our loan agreements relating to the “Pyxis Lamda” and the “Pyxis Theta” which included reduced interest rate margins.
Interest income: Interest income of $0.4 million received during the quarter ended June 30, 2025, decreased $0.2 million compared to the same period in 2024, due to lower interest rates on deposits.
Gain attributable to non-controlling interest: Gain attributable to the non-controlling interest (the “NCI”) for the quarter ended June 30, 2025, was $0.1 million, unchanged from the same period in 2024. This reflects the share of results attributable to the NCI in the joint ventures that own the dry-bulk carriers “Konkar Ormi” and “Konkar Venture”.
Management’s Discussion & Analysis of Financial Results for the Six Months ended June 30, 2024 and 2025
Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted).
Revenues, net: Revenues, net of $18.8 million for the six months ended June 30, 2025, represented a decrease of $7.0 million, or 27.1%, from $25.7 million in the comparable period of 2024. In the first half of 2025, our average daily TCE rate for our MR fleet was $22,049, a $10,288 per day decrease from $32,337 for the same period in 2024. The decline in Revenues, net, was the result of softer charter rates as well as lower operating days of 514 in the first half of 2025 in comparison to 536 in the same period of 2024. Also, in the most recent period, our dry-bulk average daily TCE rate was $12,919, a $7,192 per day decrease from $20,111 for the same period in 2024. This decrease was the result of lower dry-bulk charter rates offset by higher utilization to 90.8% in comparison to 78.5% in the same period of 2024. Total fleet ownership days in the first half of 2025 were 1,086 or an average of 6.0 vessels, compared with 867 days, or an average of 4.8 vessels, for the same period of 2024. This increase was due to the acquisition of the two Kamsarmax dry-bulk vessels, “Konkar Asteri” and “Konkar Venture” in February and June, 2024.
Voyage related costs and commissions: Voyage related costs and commissions of $1.6 million in the first half of 2025, represented a decrease of $1.7 million, or 52.6%, from $3.3 million in the same period of 2024, primarily as a result of lower spot employment for our MRs from 172 days in the six-month period in 2024 to 61 days in the same period of 2025 as well as by higher utilization in bulkers from 78.5% in the six-month period in 2024 to 90.8% in the same …