Pyxis Tankers report financial results for 2025

For the three months ended December 31, 2025, Pyxis Tankers' revenues, net, were US$10.5 million. For the same period, Pyxis Tankers' time charter equivalent revenues were US$10.2 million, an increase of US$2.2 million, or 28.2%, over the comparable period in 2024. Pyxis Tankers' net income attributable to common shareholders for the fourth quarter ended December 31, 2025 was US$2.0 million, compared to net loss of US$2.4 million for the same period in 2024. For the fourth quarter of 2025, the net income per common share was US$0.20 basic and diluted compared to a net loss per common share of US$0.23 basic and diluted for the same period of 2024. Pyxis Tankers adjusted EBITDA for the three months ended December 31, 2025 was US$5.2 million, an increase of US$1.9 million over the comparable period in 2024.

On December 17, 2025, Pyxis Tankers closed the refinancings of the existing secured loans with Alpha Bank S.A. for the Eleventhone Corp. and the Seventhone Corp. in the amounts of US$18.6 million and US$14.75 million, respectively. Each amended loan agreement has a 5-year maturity with quarterly principal repayments of US$0.375 million and US$0.450 million, respectively, with the final installment accompanied by balloon payments of US$11.1 million for the Pyxis Lamda and US$5.75 million for the Pyxis Theta, each due in December 2030. Both existing loans were refinanced at a reduced interest rate of term secured overnight financing rate plus a margin of 1.90%. After repayment of existing principal, the Alpha Bank refinancings generated incremental net proceeds of US$9.9 million, which we expect to deploy for fleet expansion.

Pyxis Tankers Chairman & CEO, Valentios Valentis, commented:

"We are pleased to report solid operating and financial results for 2025. For the year ended December 31, 2025, we generated total revenues, net of US$39.0 million and adjusted EBITDA of US$14.1 million. Despite softer charter rates in both sectors compared to 2024, we reported better utilisation and lower operating expenses per day for our fleet. Given the heightened level of geopolitical conditions worldwide, including trade restrictions, and the potential fall-out from these events, we decided to increase our time charter exposure during the year in order to generate more predictable cash flows. In 2025, 95% of our revenues, net was derived from short-term time charters and the balance in the spot voyage market.

In the fourth quarter, 2025 revenues, net were US$10.5 million, adjusted EBITDA US$5.2 million and adjusted net income US$2.0 million. In Q4 2025, our MR tankers generated an average TCE rate of US$20 766 per day, which declined about US$320 per day sequentially from the third quarter of 2025, and 6.0% lower from the fourth quarter of 2024. As of March 3, 2026, our MRs were employed at an average estimated TCE of US$23 500 per day, with 99% of our MR available days booked in the first quarter ending March 31, 2026. Given ongoing market uncertainties caused by unprecedented geopolitical events and moderating macro-economic conditions, we continue to employ our fleet of three modern, eco-efficient MRs under staggered short-term time charters.

In the dry-bulk market, chartering conditions improved noticeably since the summer of 2025, sustained by worldwide demand for key commodities, particularly led by China. For example, the Baltic Dry Index has risen by 52% from June 30 until March 3, 2026, a good indicator of better market conditions. For the quarter ended December 31, 2025, our three mid-sized bulkers generated an average daily TCE rate of US$16 766 which increased about US$3250 per day sequentially from the third quarter of 2025, and almost 45% higher compared to Q4 2024. As of March 3, 2026, our bulkers were employed at an average estimated TCE of US$13 300 per day, with 89% of available days booked in the first quarter ending March 31, 2026. All of our dry-bulk carriers are currently employed under shorter-term time charters.

Our operating strategy and the refinancing of two of our bank loans has resulted in an expanding cash position to almost US$54 million in total at year end, including short-term time deposits. Our balance sheet strength and available credit facility of up to US$45 million puts Pyxis Tankers in a solid position to pursue value enhancing opportunities."

Read the article online at: https://www.drybulkmagazine.com/shipping/09032026/pyxis-tankers-report-financial-results-for-2025/