Pyxis Tankers Inc.
Q1 2021 Earnings Call Transcript

Published: 2 Jun 2021

[Operator:]

Good day and welcome to the Pyxis Tankers’ Conference Call to discuss the Financial Results for the First Quarter 2021. As a reminder, today's call is being recorded. Additionally, a live webcast of today's conference call and an 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. Please go ahead, sir.

[Eddie Valentis:]

Good afternoon, everyone. And thank you for joining our call for the three months results ended March 31, 2021. First, I hope you, your family, friends and colleagues are all well and on the way to recovery from this pandemic. We continue to be encouraged by the development and expanding distribution of vaccines worldwide and are all looking forward to experiencing a return to a more normal way of living and enjoying friends and family.

[Henry Williams:]

Thanks, Eddie. Let's review our unaudited results for the three months ended March 31, 2021 on Slide 11. Our time charter equivalent revenues for Q1 2021, which we define as revenues net minus voyage-related costs and commissions were $4.3 million, a decrease of 21% from the same period in 2020, due to fewer operating days of our fleet and lower charter rates. In the first quarter of 2021, our fleet-wide daily TCE rate was $10,865. It was about $1,000 per day lower than the comparable 2020 period. The small tankers continue to negatively affect our results. Moving to Slide 12. We incurred a net loss to common shareholders of $2.1 million for the three months ended March 31, 2021, or $0.07 basic and diluted loss per share based on 29.2 million weighted average shares outstanding, compared to a net loss of $1.2 million or $0.06 basic and diluted loss per share based on 7.8 million fewer shares. Besides the lower TCE revenues, the most recent quarter results were negatively impacted by $0.5 million loss or $0.02 associated with the repayment of the prior loan when we refinanced the Pyxis Epsilon at the end of March. Adjusted EBITDA declined to $800,000 in Q1 2021. Please turn to Slide 13, which reviews our recent fleet data by current vessel type. The key takeaway here is our OpEx fleet line reflects a slight improvement with stable performance of less than $5,600 per day during the tough chartering environment of Q1 2021.

[Eddie Valentis:]

Thanks, Henry. Based on recent signs of optimism, we believe the current tough employment conditions will subside by this fall. Our stronger financial position and operating discipline will continue to help us weather the storm and pursue accretive acquisitions, such as the one we will be closing shortly. Looking ahead, we are excited about the prospects of a healthier and more prosperous post-COVID world and our company. We appreciate your interest, and thank you for joining our call today. We look forward to reporting on future progress at Pyxis Tankers. Be safe, be well.

[End of Q&A:]

This concludes today's conference call. Thank you for participating. You may now disconnect.