Pyxis Tankers Shares Lose Their Anchor and Skyrocket Two Sessions in a Row

Pyxis Tankers Inc. (NASDAQ: PXS) operates as a maritime transportation company with a focus on the tanker sector in the United States. Its fleet transports refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, and fuel oil, as well as other liquid bulk items, including vegetable oils and organic chemicals.

On Friday, December 1, 2017, PXS shares opened at $1.92 and hit an intra-day high of $9.20. On Monday, December 4, 2017, PXS shares opened at $5.48 and hit an intra-day high of $12.22.

The company reports 18.15 million shares outstanding, and 1.23 million shares in the public float. Over 12 million shares have traded in the last two trading sessions.

No recent news or SEC filings are available. Valentios Velentis, the company chairman, owns 93% of the outstanding shares.


Fleet Inventory

Vessel Name      Shipyard              Carrying Capacity (dwt)     Year Built    Type of Charter

Pyxis Epsilon       SPP – So. Korea             50,295                            2015              Time

Pyxis Theta         SPP – So. Korea             51,795                            2013              Time

Pyxis Malou        SPP – So. Korea             50,667                            2009              Spot

Pyxis Delta          Hyundai – So. Korea     46,616                            2006              Time

Northsea Alpha Kejin – China                    8,615                            2010              Spot

Northsea Beta   Kejin – China                    8,647                            2010              Spot



PXS is engaged in the seaborne transportation of refined petroleum products and other bulk liquids. Their fleet is comprised of six double hull product tankers with a weighted average age of 6.7 years (based on deadweight tonnage as of November 1, 2017) and that are employed under a mix of short- and medium-term time charters and spot charters. Four of the vessels in the fleet are medium-range, or MR, product tankers, three of which have eco-efficient or eco-modified designs, and two of which are short-range tanker sister ships. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, and fuel oil, as well as other liquid bulk items, such as vegetable oils and organic chemicals.



Date                      Firm                       Action                   From     To

Dec 2017              Maxim Group    Downgrades      Buy        Hold

Nov 2017              Maxim Group    Maintains                            Buy

Aug 2017              Aegis Capital       Initiates Coverage            Buy

Maxim Group analyst James Jang has been unable to substantiate Pyxis’ price movement using its source and channel checks, Jang said in a Monday, December 4, 2017 note.


Financial Review

For the three months ended September 30, 2017, revenues were $5.2 million, which resulted in a net loss of $1.3 million, or a loss per share (basic and diluted) of $0.07, and EBITDA was $0.8 million.

As of September 30, 2017, the net funded debt stood at $64.7 million. The weighted average interest rate was approximately 3.7% during the first nine months of 2017. There is no scheduled balloon payment on bank debt until the second quarter of 2020.

Voyage revenues of $6.3 million for the three months ended September 30, 2017 represented a decrease of $0.9 million, or 11.9%, from $7.2 million in the comparable period in 2016.


Stock Influences and Risk Factors

A rise in shipping rates or an improved market would benefit the company,

They operate vessels worldwide and as a result, are exposed to international risks that may reduce revenue or increase expenses,

Charter hire rates for product tankers are cyclical and volatile,

An over-supply of product tanker capacity may lead to reductions in charter rates, vessel values, and profitability.


Stock Chart

On Monday, December 4, 2017, PXS was trading at $9.12 (+122.44%) on traded volume of 11.2 million shares. The current RSI (14) is 93.55

PXS shares are trading above their 50-day and 200-day moving averages of $2.07 and $1.88 respectively.


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