Pyxis Tankers, Inc. Q3 FY2024 earnings call

• Market environment: Global seaborne trade is disrupted by Russia-Ukraine war and Middle East conflict, but global economic activity is resilient, inflationary pressures are easing, and interest rate cuts are anticipated.
• Financial performance: Q3 2024 consolidated TCE revenues $11.7 million, up over 25% y-o-y; net income $3.5 million or $0.54 basic EPS; adjusted EBITDA $6.7 million.
• Fleet expansion: Entered Q3 with a fleet of six modern midsized Eco vessels after acquiring Camtamax in late June.
• Product tanker segment: Chartering environment strong until late Q3, Q4 69% of days booked at $24,630 per day.
• Dry bulk segment: Supply-demand fundamentals balanced for remainder of 2024 and 2025, Q4 65% of days booked at $13,190 per day.

In the quarter ended September 30, 2024, Pyxus Tankers generated consolidated time charter equivalent revenues (TCE) of $11.7 million, marking an increase of over 25% from the same period in 2023. The daily TCE for the fleet in Q3 2024 was approximately $22,000, with MR2 product tankers averaging almost $30,000 per day, while midsized bulkers earned slightly less than $14,000 per day. For the product tanker segment, in Q4 2024, 69% of available days were booked at an average estimated TCE rate of $24,630 per day. For the dry bulk segment, as of November 20, three modern bulk carriers were booked for 65% of available days in Q4 at an average estimated TCE of $13,190 per day.

• Q4 2024 product tanker available days: 69% booked at average estimated TCE $24,630 per day (about $5,000 lower than Q3).
• Q4 2024 dry bulk available days: 65% booked at average estimated TCE $13,190 per day (almost 5% lower than Q3).
• Committed to pursuing value-enhancing accretive investment opportunities, strengthening balance sheet by amortizing debt and repurchasing shares.

• Market conditions highly dynamic and significantly influenced by macroeconomic and geopolitical events beyond control.
• Product tanker trade dislocation persists with moderating demand growth, and potential expansion of tariffs may lead to market dislocation and volatility.
• Dry bulk sector's supply-demand is moderately correlated with global GDP growth, and uncertainties exist.