Q2 2024 Pyxis Tankers Inc Earnings Call Transcript
Key Points
- Pyxis Tankers Inc (PXS) reported a significant increase in consolidated time charter equivalent revenues, reaching $12.2 million, a 42% rise compared to the same period in 2023.
- The company achieved a net income of $5 million or $0.48 basic EPS, substantially better than Q2 2023.
- Adjusted EBITDA rose to $8 million, reflecting strong financial performance.
- The fleet expansion into the dry bulk sector has been successful, contributing to the overall revenue growth.
- The average daily time charter equivalent for the fleet in Q2 2024 was approximately $29,150, with MRs averaging close to $32,900 per day.
- Global economic activity remains uncertain due to ongoing geopolitical conflicts, which can significantly influence market conditions.
- Despite the positive outlook, the company has yet to find compelling acquisitions of modern MRs due to high prices.
- The supply-demand fundamentals for the dry bulk sector are relatively balanced, but market conditions can change rapidly.
- The order book for new product tankers has grown significantly, which could lead to increased competition in the future.
- The weighted average interest rate was 8% in the most recent quarter, which could impact profitability if interest rates rise further.
Good day and welcome to the Pyxis Tankers conference call to discuss the financial results for the second quarter 2024. I must advise you that the conference call is being recorded. Additionally, a live webcast of today's conference call and accompanying presentation is available on Pyxis Tankers' website which is www.pyxistankers.com. Hosting the call is Mr. Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers; and Mr. Henry Williams, Chief Financial Officer of the company.
I would like to pass the floor to one of your speakers today, Mr. Eddie Valentis. Sir, please go ahead.
Hello, everyone, and thank you for joining our call for results of the three months ended June 30, 2024.
The disruption in global seaborne trade from the Russia-Ukraine war and the conflict in the Middle East continues. Global economic activity remains resilient despite the tight monetary policies by
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