PXS News & Events

Reports Q1 revenue $9.61M vs. $9.98M last year. The company said, "We are pleased to report another strong quarter, driven by robust market conditions, disciplined commercial execution, and the quality of our fleet and operating platform. For the quarter ended March 31, 2026, our fleet achieved higher TCE rates, improved utilization, and lower operating expenses per day. Our operating performance continues to be supported by evolving global energy trade flows, longer-haul transportation demand, and elevated ton-mile activity, particularly across Atlantic Basin routes. In this environment, we remain focused on maintaining a strong balance sheet and a disciplined capital allocation framework while preserving flexibility to pursue accretive growth opportunities. As of March 31, 2026, our cash and cash equivalents and short term investment in time deposits increased to $54.4 million. Including our recently secured $45 million "Hunting License" loan facility, total available liquidity now approaches $100 million. Given our strong liquidity position, we continue to evaluate prudent capital deployment opportunities across selective fleet growth, balance sheet optimization, and opportunistic share repurchases. We continue to actively monitor the evolving situation in the Middle East and assess the potential implications for global shipping markets. One of our MR tankers, the Pyxis Karteria, currently operates in the Persian Gulf and remains safe and employed under an existing fixed-rate time charter through August 2026. The safety of our crews and vessels remains our primary consideration. Looking ahead, while macroeconomic and geopolitical risks remain elevated, we believe shipping market fundamentals remain constructive, supported by longer-haul trade patterns, constrained fleet growth, and ongoing supply-chain inefficiencies. As certain existing time charters expire during the coming quarters, we believe current market conditions may provide opportunities to secure renewed employment at improved rates for portions of our fleet. We remain focused on disciplined execution, prudent risk management, and long-term shareholder value creation."

Pyxis Tankers announced that its Chief Financial Officer, Henry Williams, will be stepping down at the end of April, 2026. Effective May, 1, 2026, Fotis Giannakoulis will assume the role of CFO. "We sincerely appreciate Henry Williams for his significant contributions to the Company since its public listing in 2015," said chairman and CEO Valentios Valentis. "He is held in the highest regard, and we wish him continued success in his future endeavors. We have known Fotis Giannakoulis, both personally and professionally for many years, and are very pleased to welcome him to our senior management team. Fotis brings 25 years of experience in ship finance, having served as a lender, research analyst and investment banker with leading institutions including Morgan Stanley, Fearnleys and ABN AMRO. We look forward to his meaningful impact as we pursue and execute on our next phase of growth."

Reports Q4 revenue $10.538M vs $12.035M last year. Chairman & CEO, Valentios Valentis, commented: "Solid results for 2025 further position the Company for strategic opportunities. We are pleased to report solid operating and financial results for 2025. For the year ended December 31, 2025, we generated total revenues, net of $39.0 million and adjusted EBITDA of $14.1 million. Despite softer charter rates in both sectors compared to 2024, we reported better utilization and lower operating expenses per day for our fleet. Given the heightened level of geopolitical conditions worldwide, including trade restrictions, and the potential fall-out from these events, we decided to increase our time charter exposure during the year in order to generate more predictable cash flows. In 2025, 95% of our revenues, net was derived from short-term time charters and the balance in the spot voyage market."