Thursday, March 25, 2021
Pyxis Tankers Inc. (PXS)
Weak End to 2020, But Capital Raises Add Flexibility
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.
4Q2020 EBITDA Below Expectations. Adjusted 4Q2020 EBITDA of negative $0.2 million was below our estimate due to lower TCE revenue, higher opex and G&A expenses. Versus our estimate, TCE revenue of $3.58 million was $0.8 million lower and opex of $2.86 million was $0.3 million above. G&A expense of $0.61 million was slightly lower than expected by $0.1 million.
Adjusting 2021 EBITDA estimates with potential 2H2021 rebound as the swing factor. Our 2021 EBITDA estimate drops to $4.3 million from $4.5 million, which is based on TCE rates of $10,167/day and operating days of 1,611. With the quarter largely behind us, 1Q2021 forward cover on the MR fleet is 100% booked at an average rate of ~ $13.2k and 75% of available 2Q2021 available days are booked at …
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.
