Movers and SHAKERS
Pyxis Tankers Inc. (PXS)
Quarter Below Expectations and Still Waiting for Market Turn
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.
Refer to the full report for the price target, fundamental analysis, and rating.
Adjusted EBITDA of $0.4 million was below expectations. Lower TCE revenue of $4.1 million and flat rates of $10.9k/day and higher opex of $6.2k/day drove the negative variance. Versus our estimate, TCE revenue of $4.14 million was $0.38 million lower, opex of $2.83 million was $0.26 million higher, but G&A expense of $0.58 million was slightly lower than expected by $0.07 million. TCE rates were $379 off our estimate and operating days were 20 days below.
Adjusting 2021 EBITDA estimate. To reflect weaker 2Q2021 operating results and time charters at lower TCE rates, our new 2021 EBITDA estimate drops to $3.2 million (down from $5.4 million). Forward cover remains low as of August 4th with only 47% of 3Q2021 available MR days booked at at an average TCE rate of ~$10.9k/day. Forward cover visibility into 4Q2021 is limited to the Theta ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.