Pyxis Tankers Inc. (PXS) shares plunged 6.17% to trade at $0.76 in the after-market on Friday, May 14, 2021. Earlier, PXS’s stock lost 3.47% to close Friday’s session at $0.81. PXS shares have fallen 19.80% over the last 12 months, and they have moved down only 0.01% in the past week. Over the past three months, the stock has plummeted 47.06%, while over the past six months, it has shed 3.46%.
Recent Business activities
Acquiring modern product tanker
On April 29, 2021, Pyxis Tankers Inc entered into a definitive agreement with an unaffiliated third party to purchase a medium-range product tanker of approximately 47,000 dwt for$20 million, which was built in 2013 at Hyundai Mipo shipyard in South Korea.
The acquisition will be completed during the summer of 2021.
Refinancing of modern product tanker
On March 30, 2021, Pyxis Tankers Inc completed the refinancing of a previous loan facility secured by the Pyxis Epsilon with a $17 million loan which has an interest rate of Libor plus 3.35% and is repayable over 5 years.
Financial results announcement
On March 24, 2021, Pyxis Tankers reported its unaudited financial results for the three months and year ended December 31, 2020.
Q4 financial highlights
- Pyxis Tankers reported a net loss to common shareholders of $2.7 million in Q4 2020, compared to a $3.6 million loss in the same period in 2019.
- Q4 2020 net revenue was $4.5 million compared to $7.3 million in Q4 2019.
- General and administrative expenses of $0.6 million for the fourth quarter, 2020 remained stable compared to 2019.
- Q4 2020 adjusted EBITDA was negative $0.2 million compared to $1.9 million in the same period of 2019.
FY 2020 financial highlights
- Pyxis Tankers reported a net loss of $7.0 million or loss per share basic and diluted share of $0.32 in FY 2020 compared to a net loss of $8.3 million with a loss per share basic and diluted of $0.39 in 2019.
- PXS reported net revenue of $21.7 million for the year ended December 31, 2020, compared to $27.8 million in the year 2019.
- FY 2020 adjusted EBITDA was $2.7 million compared to $5.8 million for the same period in 2019.
- General and administrative expenses of $2.4 million for the year ended December 31, 2020, remained flat compared to 2019.
Closing private placement of common stock
The company announced on February 24 2021 that it has closed its previously announced definitive securities purchase agreements with a group of investors, which resulted in gross proceeds to Pyxis Tankers of $25.0 million. The revenue from the sales will be used for the repayment of outstanding indebtedness and potential vessel acquisitions.
The Pyxis Tankers loss on Friday is a bit strange because there is no recent news behind its loss. We hope that PXS will commence the new week with positivity.