Breaking News

Yesterday
Show Full Stories

X

To view all stories in expanded form, please subscribe.
Send Info
Hot Stocks
Pyxis Tankers discloses continued listing notice from Nasdaq » 17:01
07/02/20
07/02
17:01
07/02/20
17:01
PXS

Pyxis Tankers

$0.79 /

+0.0299 (+3.93%)

Pyxis Tankers announced…

Pyxis Tankers announced that it received a deficiency notice from The NASDAQ Stock Market on June 29, 2020 stating that, for a period of 30 consecutive business days, the company's common shares closed below the minimum bid price of $1.00 per share as required for continued listing on Nasdaq. The notice explained that due to the extraordinary market conditions caused by COVID-19, Nasdaq is providing temporary relief and tolling the compliance period until June 30, 2020. The company has until December 28, 2020 to regain compliance with the Minimum Bid Price Requirement. The company is currently reviewing options to meet the requirements for continued listing on Nasdaq.

ShowHide Related Items >><<
PXS Pyxis Tankers
$0.79 /

+0.0299 (+3.93%)

PXS Pyxis Tankers
$0.79 /

+0.0299 (+3.93%)

10/15/19 Aegis
Pyxis Tankers initiated with a Buy at Aegis
PXS Pyxis Tankers
$0.79 /

+0.0299 (+3.93%)

Over a week ago
Earnings
Pyxis Tankers reports Q1 EPS (6c), one est. (5c) » 07:40
06/03/20
06/03
07:40
06/03/20
07:40
PXS

Pyxis Tankers

$0.99 /

+0.0433 (+4.58%)

Reports Q1 revenue $6.6M,…

Reports Q1 revenue $6.6M, two est. $6.02M. Valentios Valentis, Chairman and CEO commented: "Our operating results for the three months ended March 31, 2020 reflected a better chartering environment and continued cost discipline compared to the same period in 2019. During the first quarter, 2020 our medium range product tankers operated on staggered, shorter-term time charters in order to obtain predictable cash flow, especially in light of the various uncertainties, including those discussed below. The average daily time charter equivalent rates for our MR's was $15,400 in the first quarter of 2020. As of June 1, 2020, 100% of available days in the second quarter of 2020 were booked at an average daily TCE of $15,700 for our MR's. As previously disclosed, we completed the sale of the Pyxis Delta, our 2006 built non-eco tanker, in January 2020. The net proceeds were applied to de-lever our balance sheet, improve liquidity and better position us for growth. During the quarter ended March 31, 2020, our fleet-wide vessel operating expenses were slightly less than $5,700 per day, a 5.6% improvement over the comparable period in 2019. The first five months of 2020 may be remembered as a period of extreme volatility for the product tanker market. In early January, solid supply/demand fundamentals for the sector provided a favorable outlook at that time. The introduction of the new IMO 2020 fuel regulations had a relatively small impact as ample low-sulphur fuels blends were available worldwide, and the average price of very low sulphur fuel oil in the three major hubs of Singapore, Rotterdam and Fujairah declined more than 60% over the five months based on industry sources. Heading into the Chinese Lunar holidays, the chartering environment was acceptable after a robust winter season. But as February unfolded, unprecedented events started to occur. The rapid spread of COVID-19 quickly and severely took its toll on human life and economies worldwide. Extensive government restrictions on personal and commercial activities dramatically reduced global demand for transportation fuels. This was followed by excess crude oil production, led by Saudi Arabia and Russia, which quickly led to a global glut of crude oil and refined products, followed by a collapse of commodity prices. By April, OPEC+ decided to cut its output on a staggered basis starting May 1 through April 2022. Record low crude prices resulted in production curtailments in the U.S., including a significant number of shale oil wells. A sharp upward pricing curve, or contango, for the future delivery of petroleum products rapidly developed, leading to a burst in demand for product tankers and sky-rocketing charter rates. This extreme situation was further compounded by capacity constraints at on-shore storage facilities, port congestion and various arbitrage trades. Temporary floating storage opportunities developed and record spot charter rates were reported by late April 2020. However, improved public safety for prevention of the spread of the virus has led to a gradual re-opening of many economies and return of personal mobility in May 2020 and the start of product inventory withdrawals. Consequently, recent demand for tonnage has quickly fallen, and charter rates have declined to levels still above historical averages. As the global economies return to a "New Norm" while still managing the uncertain path of COVID-19, we expect the product tanker sector to continue to experience significant volatility for the balance of 2020. Extensive and record-setting monetary and fiscal stimulus programs by major governmental agencies and central banks should help speed global recovery. A return to more normal GDP growth should gradually lead to rising demand for refined petroleum products, led by transportation fuels. Uneven de-stocking of inventories could result in short-term arbitrage trading of cargoes. But while the economic rebuilding occurs from temporary demand destruction, the vessel supply outlook has actually improved. Despite attractive contract pricing from leading shipyards, the ordering of new product tankers continues to be very low. The uncertainty surrounding the near-term chartering environment, expanding environmental regulations, evolving ship designs and limited available capital, continue to constrain ordering activity. The virus has also caused delays at various shipyards for new build deliveries, scrubber retrofits as well as required dry-dockings. Moreover, the aging fleet will lead to more scrapping of older, less efficient tankers and further reduce the worldwide fleet. For example, according to a leading industry source, it was recently estimated that over 6% of the global fleet of MR2 are 20 years of age or more. Consequently, we expect net supply growth for MR's to be approximately 2% in 2020. We should also point out that lower bunker prices and substantially tighter spreads between high and low-sulphur fuels have narrowed the charter premium for scrubber-fitted vessels, compared to the eco -MR's found in our fleet. Overall, we continue to be optimistic in the long-term."

ShowHide Related Items >><<
PXS Pyxis Tankers
$0.99 /

+0.0433 (+4.58%)

PXS Pyxis Tankers
$0.99 /

+0.0433 (+4.58%)

10/15/19 Aegis
Pyxis Tankers initiated with a Buy at Aegis
PXS Pyxis Tankers
$0.99 /

+0.0433 (+4.58%)

Over a month ago
Hot Stocks
Pyxis Tankers regains compliance with Nasdaq rule » 09:41
05/11/20
05/11
09:41
05/11/20
09:41
PXS

Pyxis Tankers

$1.07 /

+ (+0.00%)

Pyxis Tankers announced…

Pyxis Tankers announced that it has regained compliance with the NASDAQ's continued listing requirements regarding the minimum closing bid price. On May 11, 2020, the Company received a written notification from NASDAQ stating that the closing bid price of the Company's common shares has been $1.00 per share or higher for the last ten consecutive trading days, from April 27, 2020 to May 8, 2020. Accordingly, the Company is again in compliance with the exchange's minimum closing bid price rule and the matter is closed.

ShowHide Related Items >><<
PXS Pyxis Tankers
$1.07 /

+ (+0.00%)

10/15/19 Aegis
Pyxis Tankers initiated with a Buy at Aegis
Hot Stocks
Pyxis Tankers discloses Nasdaq listing deficiency notice » 16:11
04/24/20
04/24
16:11
04/24/20
16:11
PXS

Pyxis Tankers

$0.93 /

-0.0308 (-3.21%)

Pyxis Tankers announced…

Pyxis Tankers announced that it received a deficiency notice from The NASDAQ Stock Market on April 21, 2020 stating that, for a period of 30 consecutive business days, the company's common shares closed below the minimum bid price of $1.00 per share as required for continued listing on Nasdaq. The notice explained that due to the extraordinary market conditions caused by COVID-19, Nasdaq is providing temporary relief and tolling the compliance period until June 30, 2020. The company has until December 28, 2020 to regain compliance with the Minimum Bid Price Requirement. The company is currently reviewing options to meet the requirements for continued listing on Nasdaq.

ShowHide Related Items >><<
PXS Pyxis Tankers
$0.93 /

-0.0308 (-3.21%)

10/15/19 Aegis
Pyxis Tankers initiated with a Buy at Aegis
Over a quarter ago
Earnings
Pyxis Tankers reports Q4 EPS (17c), two est. (2c) » 07:14
03/20/20
03/20
07:14
03/20/20
07:14
PXS

Pyxis Tankers

$0.76 /

+0.0176 (+2.38%)

Reports Q4 revenue $7.3M,…

Reports Q4 revenue $7.3M, two est. $7.58M. Valentios Valentis, Chairman and CEO commented: "Our operating results for the three months ended December 31, 2019 reflected a better overall market compared to the same period in 2018. During the fourth quarter, 2019 charter rates for medium range tankers continued to improve primarily as a result of seasonal demand and strong market fundamentals. We operated all of our MR's on staggered time charters in order to obtain predictable cash flow, especially in light of the various uncertainties surrounding the impact of new 2020 IMO fuel regulations. In addition to normal seasonal demand for heating oil in the Northern Hemisphere, the improving rate environment was also a result of incremental cargoes for marine gasoil and new compliant low-sulphur fuel blends as well as a dramatically stronger crude tanker market which caused a number of larger product tankers to trade dirty cargoes thereby reducing available capacity to transport clean petroleum products, such as, diesel or jet fuel. We took advantage of this positive environment to sell the Pyxis Delta, our 2006 built non-eco tanker in order to achieve some of our strategic, operating and financial goals. The net proceeds were applied to de-lever our balance sheet, improve liquidity and better position us for growth. Further, we avoided operating this older, higher consuming vessel, which would be less competitive moving forward, and incurring the costs of a major upcoming special survey, which would have included the installation of the vessel's ballast water treatment system. Since early January 2020, the chartering environment has been very volatile. But, the overall impact of Covid-19 on the MR product tanker market has been limited so far. Initially, the spot market collapsed in the South East Asia region due to the dramatic decline in demand, the extended Lunar holidays in China and the ripple economic effects of the virus. However, spot rates have rebounded over the last couple of weeks. The Atlantic Basin spot market has held-up reasonably well despite a warm winter and the delayed arrival of Covid-19 in the Western Hemisphere, the impact of which is still to be determined. The period market has softened, which is usual for this time of the year, as refinery turn-arounds start to occur as well as fears of lower demand. Since the beginning of the year, the one-year time charter rate has declined by about $1,300/day for an Eco-MR to approximately $17,200/day. Clearly, we are concerned about the health and welfare of all affected by the virus and we are hopeful that this will be a short-lived disruption. We continue to believe in a longer term, sustainable period of attractive charter rates as a result of improving product tanker fundamentals, such as, a relatively low newbuild orderbook for MRs combined with rebounding growth in consumption and increasing export-oriented petroleum refinery cargoes. In the short-term, silver-linings include lower bunker costs, tighter price spreads between high and low sulphur fuel oil, evolving arbitrage trading opportunities and lower net supply growth, primarily associated with delays in newbuild deliveries and drydockings, including scrubber installations. In this respect, we feel our mixed chartering strategy, modern eco fleet and stable operating cost structure will be beneficial during these uncertain times."

ShowHide Related Items >><<
PXS Pyxis Tankers
$0.76 /

+0.0176 (+2.38%)

10/15/19 Aegis
Pyxis Tankers initiated with a Buy at Aegis
Hot Stocks
Pyxis Tankers to sell Pyxis Delta tanker » 08:09
12/16/19
12/16
08:09
12/16/19
08:09
PXS

Pyxis Tankers

$1.18 /

+ (+0.00%)

Pyxis Tankers announced…

Pyxis Tankers announced that it had agreed to sell the Pyxis Delta, a 2006 built 46,616 dwt product tanker. The closing of the sale should occur in January, 2020 and is subject to customary closing conditions.

ShowHide Related Items >><<
PXS Pyxis Tankers
$1.18 /

+ (+0.00%)

10/15/19 Aegis
Pyxis Tankers initiated with a Buy at Aegis
Earnings
Pyxis Tankers reports Q3 EPS (4c), consensus (4c) » 06:34
11/14/19
11/14
06:34
11/14/19
06:34
PXS

Pyxis Tankers

$1.01 /

-0.08 (-7.34%)

Reports Q3 revenue $7.3M,…

Reports Q3 revenue $7.3M, consensus $6.44M.

ShowHide Related Items >><<
PXS Pyxis Tankers
$1.01 /

-0.08 (-7.34%)

10/15/19 Aegis
Pyxis Tankers initiated with a Buy at Aegis
Initiation
Pyxis Tankers initiated with a Buy at Aegis » 08:43
10/15/19
10/15
08:43
10/15/19
08:43
PXS

Pyxis Tankers

$1.74 /

+0.03 (+1.75%)

Aegis analyst James Jang…

Aegis analyst James Jang initiated coverage of Pyxis Tankers with a Buy rating and $2.50 price target.

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.