Pyxis Tankers releases first quarter 2026 financial results

For the three months ended March 31, 2026, Pyxis Tankers' revenues, net, were US$10.0 million, compared to US$9.6 million for the same period in 2025. During the first quarter of 2026, Pyxis Tankers' time charter equivalent (“TCE”) revenues were US$9.9 million, an increase of US$1.5 million, or 18.2%, over the comparable period in 2025. Net income attributable to common shareholders and available to common shareholders for the first quarter ended March 31, 2026 was US$2.4 million, compared to net income of US$0.8 million for the same period in 2025. For the first quarter of 2026, net income per common share was US$0.23 basic and diluted, compared to net income per common share of US$0.07 basic and diluted for the same period in 2025. Our adjusted EBITDA for the three months ended March 31, 2026 was US$5.4 million, an increase of US$1.9 million over the comparable period in 2025.

Chairman & CEO, Valentios Valentis, commented:

Strong quarterly results supported by disciplined execution, and favourable market conditions

“We are pleased to report another strong quarter, driven by robust market conditions, disciplined commercial execution, and the quality of our fleet and operating platform. For the quarter ended March 31, 2026, our fleet achieved higher TCE rates, improved utilisation, and lower operating expenses per day.

Our operating performance continues to be supported by evolving global energy trade flows, longer-haul transportation demand, and elevated ton-mile activity, particularly across Atlantic Basin routes. In this environment, we remain focused on maintaining a strong balance sheet and a disciplined capital allocation framework while preserving flexibility to pursue accretive growth opportunities. As of March 31, 2026, our cash and cash equivalents and short term investment in time deposits increased to US$54.4 million. Including our recently secured US$45 million “Hunting License” loan facility, total available liquidity now approaches $100 million.

Given our strong liquidity position, we continue to evaluate prudent capital deployment opportunities across selective fleet growth, balance sheet optimisation, and opportunistic share repurchases.

We continue to actively monitor the evolving situation in the Middle East and assess the potential implications for global shipping markets. One of our MR tankers, the Pyxis Karteria, currently operates in the Persian Gulf and remains safe and employed under an existing fixed-rate time charter through August 2026. The safety of our crews and vessels remains our primary consideration.

Looking ahead, while macroeconomic and geopolitical risks remain elevated, we believe shipping market fundamentals remain constructive, supported by longer-haul trade patterns, constrained fleet growth, and ongoing supply-chain inefficiencies. As certain existing time charters expire during the coming quarters, we believe current market conditions may provide opportunities to secure renewed employment at improved rates for portions of our fleet. We remain focused on disciplined execution, prudent risk management, and long-term shareholder value creation.”

Read the article online at: https://www.drybulkmagazine.com/shipping/20052026/pyxis-tankers-releases-first-quarter-2026-financial-results/