Pyxis Tankers Inc.
Q4 2020 Earnings Call Transcript

Published: 24 Mar 2021

[Operator:]

Good day and welcome to the Pyxis Tankers’ conference call to discuss the financial results for the fourth quarter 2020. 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 year and Q4 results ended December 31, 2020. First, I hope you, your family, friends and colleagues are managing for the best during this pandemic. We continue to be encouraged by the development and expanding distribution of vaccines worldwide. We are all looking forward to experiencing a return to a more normal way of living and enjoy friends and family.

[Henry Williams:]

Thanks Eddie. Let's start with our unaudited results for the three months ended December 31, 2020, on Slide 11. Our time charter equivalent revenues for Q4 2020, which we define as revenues net minus voyage-related costs and commissions, were $3.6 million, a decrease of 42% from the same period in 2019 due to fewer operating days in our fleet, primarily reflecting the sale of the older MR in early 2020, lower charter rates and two special surveys completed in the quarter. In Q4 2020, our daily TCE rate fleet-wide was less than $10,300, a $2,100 per day decline from the comparable 2019 period. The small tankers continued to negatively affect our results.

[Eddie Valentis:]

Thanks Henry. We expect the tough chattering conditions to subside by this fall. In the meantime we have significant coverage on the stronger financing position. Our recent financing activities have dramatically improved our balance sheet and given us capital to pursue opportunities including accretive vessel acquisitions. We are excited about the prospects of a healthier and more prosperous world post-COVID and our company. We appreciate your interest in our company and thank you for joining our call today. We look forward to reporting on future progress at Pyxis Tankers. Be safe. Be well.

[Q -:]

[Operator:]

Ladies and gentlemen, that does conclude the call for today. Thank you all for joining. You may now disconnect.