Reports Q1 revenue $6.72M, two estimates $6.76M. Valentios Valentis, chairman and CEO said, "Our operating results for the first quarter of 2019 reflected the contribution from the short-term time charters of our medium-range product tankers ("MR") which we had entered into during the fourth quarter of 2018 as well as continued cost discipline. The average TCE for our MR's was approximately $12,700 during the quarter. The continued underperformance of our smaller tankers reduced our improving fleet-wide results for the period."
Reports Q4 revenue $7.48M, two estimates $5.99M. CEO Valentios Valentis said, "Our operating results for the fourth quarter of 2018 reflected a deterioration over the comparable period in 2017. Spot charter rates for medium range tankers ("MRs") in the beginning of the fourth quarter, 2018 were near record lows but rebounded towards the end of the period. We decided to fix three of our MR's on short-term time charters in order to ride out this difficult period. In addition to normal seasonal demand for heating oil in the Northern Hemisphere, the upswing was a result of some replenishment of refined products held in storage worldwide, healthier demand within the Atlantic basin and a stronger crude tanker market earlier in the quarter which caused certain larger product tankers to trade dirty cargoes and reduce available capacity to transport clean petroleum products, such as, diesel or jet fuel."
Pyxis Tankers announced that it received a deficiency notice from The Nasdaq Stock Market on September 6, 2018 stating that, for a period of 30 consecutive business days, our shares closed below the minimum bid price of $1.00 per share as required for continued listing on The Nasdaq Capital Market. In accordance with the notice, we will have until March 5, 2019, or 180 calendar days from the date of the notice, to regain compliance with the exchange's continued listing requirements regarding the minimum closing bid price rule. On September 7, 2018, the company filed with the SEC a similar notice under Form 6-K. "We are currently reviewing options to meet the requirements for continued listing on The NASDAQ Capital Market. This notice will have no effect on the operations of our business, and we will take all reasonable measures to regain compliance with the exchange."