Wednesday, August 12, 2020
Pyxis Tankers Inc. (PXS)
In Line Quarter. Waiting for Seasonal Upswing
Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
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Adjusted 2Q2020 EBITDA of $1.2 million slightly ahead of expectations due to lower opex, G&A expenses and other costs. TCE revenue was $4.54 million was slightly below our estimate, but the shortfall was more than offset by positive variances in opex of $0.09 million, G&A expense of $0.08 million, and other expenses of $0.7 million, or a total of $0.24 million.
Moving 2020 EBITDA estimate to $5.9 million (from $6.2 million) based on TCE rates of $12,406/day (down from $13,064/day) to reflect 2Q2020 operating results, softer rates and the timing of dry dockings on the two small tankers. As of August 6th, 62% of available 3Q2020 days booked at an average MR2 gross TCE rate of …
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