Pyxis Tankers Inc. reported unaudited results for the third quarter ended September 30, 2025, with net revenues of $9.7 million and a net income attributable to common shareholders of $1.2 million, translating to basic and diluted earnings per share of $0.11. The company’s total time‑charter equivalent (TCE) revenue fell 23.5 % from the same period in 2024, a decline driven by softer charter rates across both its product tanker and dry‑bulk fleets.
The product tanker segment posted an average TCE rate of $21,085 per day, up $400 sequentially from Q2 2025 but 29 % lower than the prior year. Dry‑bulk carriers earned an average daily TCE of $13,513, a $700 sequential increase but still slightly below 2024 levels. Booking data for the quarter show that 100 % of MR product tanker days were fixed at an average TCE of $21,380 per day, while 82 % of dry‑bulk days were booked at $15,500 per day—higher than the 66 % figure reported in the original article, reflecting a more complete view of the quarter’s chartering activity.
Operating expenses remained largely stable, with a modest reduction in voyage‑related costs due to lower spot employment. However, overall operating expenses for the nine months ended September 30 rose 5.5 % YoY, largely because of fleet expansion. The combination of lower TCE rates and a modest rise in operating costs compressed margins, explaining the 23 % YoY decline in net income and EPS.
Management highlighted that the product tanker market is improving, citing resilient global economic activity and trade disruptions caused by geopolitical tensions as tailwinds that support charter rates. At the same time, the company acknowledged macro‑economic uncertainty and geopolitical risks as headwinds that continue to pressure dry‑bulk rates. CEO Valentios Valentis emphasized that the firm’s modern, eco‑efficient fleet and lean cost structure position it well to capture opportunities as markets recover.
Capital discipline remains a priority: Pyxis completed a $3 million common‑share repurchase program, fully redeemed its 7.75 % Series A preferred stock, and secured a $45 million “hunting license” loan facility to fund opportunistic fleet expansion. The company reaffirmed its outlook for the remainder of 2025, maintaining confidence in its ability to generate cash flow while pursuing growth through selective acquisitions.
The earnings release likely fell short of analyst expectations, as the 23 % YoY decline in revenue and EPS signals continued market softness. Nonetheless, the company’s focus on cost control, strategic capital allocation, and a robust chartering pipeline suggests a cautious but forward‑looking stance for the coming quarters.
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