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Pyxis Tankers expecting strong product tanker demand through 2024

London, UK --News Direct-- Pyxis Tankers Inc

Pyxis Tankers Inc (NASDAQ:PXS) chairman and CEO Valentios (Eddie) Valentis speaks to Thomas Warner from Proactive about how the tanker operator has been performing since his last Proactive appearance in April.

Valentis gives an overview of the results from the six months to 30 June, highlighting revenues of approximately $17.8 million, adjusted EBITDA of $9.4 million, and fully diluted earnings per share of $0.94. The performance was driven by a high daily charter rate of over $24,000 and utilization at around 94%.

The sale of their oldest tanker in March bolstered their cash position to over $34 million, with net funded debt at less than 19% of total capitalization at the end of the reporting period. He explains that Pyxis also made strides in asset diversification by entering a joint venture to acquire a 2016 UltraMax dry bulk vessel. This venture allows the company to explore new opportunities and maintain control with a 60% ownership stake.

Valentis emphasises the company's commitment to the product tanker sector despite the foray into dry bulk, anticipating continued strength in demand due to low inventories of refined petroleum products and healthy crack spreads. He expects the sector to remain solid at least through 2024, although short-term volatility may persist due to factors like weather conditions and geopolitical developments.

Despite Pyxis Tankers' strong performance, Valentis noted that the company's share price trades at a significant discount to its estimated net asset value, highlighting potential for share price improvement as strategic investments and vessel acquisitions gain traction.

Contact Details

Proactive United States

+1 347-449-0879

action@proactiveinvestors.com

View source version on newsdirect.com: https://newsdirect.com/news/pyxis-tankers-expecting-strong-product-tanker-demand-through-2024-512331169

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