Tuesday, March 22, 2022
Pyxis Tankers (PXS)
Looking Ahead to Recovery With MR Tanker Focus
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, Logistics, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Adjusted EBITDA loss of $0.7 million below expectations. Lower TCE revenue of $3.9 million, lower TCE rates of $8.0k/day and higher opex of $6.2k/day drove the negative EBITDA variance and adjusted 4Q2021 EBITDA losses of $0.7 million were below our estimate. The shift to spot market work dampened operating results, with MR weakness more than offsetting a slight improvement in small tankers.
Recovery expected and our 2022 EBITDA estimate is $8.6 million. Our 2022 TCE rate estimate is $13.4k/day and recent charters are setting a more positive tone heading into the rest of the year. In addition, the two acquisitions should more than offset the sale of the two small tankers. Forward cover visibility into 1Q2022 is solid at 83% of available days booked at TCE rates in the $14.8k/day range …
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.
