International product tanker and dry bulk vessel owner Pyxis Tankers Inc. (Nasdaq: PXS) announced its unaudited financial results for the third quarter of 2025. Affected by weaker TCE revenue, the company’s quarterly revenue and profit declined significantly year-on-year. However, management stated that with overall market improvement, a more robust operating environment is anticipated in the coming quarters.
In the third quarter, the company’s net revenue was $9.7 million, a decrease of 29.7% year-on-year; Time Charter Equivalent (TCE) revenue decreased to $8.9 million, down $2.7 million or 23.5% compared to the same period last year. Net income attributable to common shareholders was $1.2 million, lower than the $3.6 million in the same period last year; earnings per share were $0.11. Adjusted EBITDA was $4.2 million, a decrease of $2.5 million year-on-year.
Looking at the overall performance for the first three quarters, the company’s net revenue was $28.5 million, a decrease of 28% year-on-year; net income attributable to common shareholders shifted from $12.0 million in the same period last year to a slight loss, essentially breaking even. The average TCE for the MR tanker fleet decreased to $21,712 per day from $31,492 per day in the same period last year. The average TCE for the dry bulk fleet in the first three quarters was $13,119 per day, lower than the level in the previous year. Adjusted EBITDA was $8.9 million, a decrease of $11.8 million year-on-year.
Valentios Valentis, Chairman and CEO of Pyxis Tankers, stated that although the third quarter was impacted by weaker freight rates, the product tanker market as a whole has shown signs of improvement since 2025. Factors such as the resilience of global economic activity and the continuous reshaping of trade routes due to geopolitical conflicts have jointly driven the market recovery. In the third quarter, the average TCE for the company’s three MR tankers was $21,085 per day, slightly up quarter-on-quarter, but still 29% lower than the high point of the same period last year. As of November 20th, 93% of the tanker schedules for the fourth quarter have been fixed, with an expected average TCE of $20,700 per day.
The dry bulk market also showed signs of recovery. With the global demand for major commodities picking up, the Baltic Dry Index rose 48% from the end of June to mid-November. The average TCE for the company’s three medium-sized bulk carriers in the third quarter was $13,513 per day, up quarter-on-quarter but slightly down year-on-year. 78% of the schedules for the fourth quarter have been fixed, with the expected TCE rising to $17,150 per day.
Looking ahead at the market, Valentis believes that although macro and geopolitical uncertainties remain high, demand for product and dry bulk shipping is expected to continue moderate growth into 2026. Factors such as additional US and European sanctions on Russia, and Ukrainian drone attacks on Russian refineries, could further lead to longer trade voyages, bringing ton-mile increments and arbitrage opportunities to the market.
On the supply side, the MR fleet’s orderbook stands at 15.2% of the existing fleet, while a large number of vessels over 20 years old face retirement, suggesting potential improvement in future supply structure. Although the dry bulk market faces short-term supply pressure, increased scrapping and slower sailing speeds of older vessels may alleviate some challenges.
On the financial and strategic front, the company is preparing for a new round of expansion. The refinancing of two tankers will be completed in December, which could release approximately $10 million in cash. The company expects to complete the acquisition of at least three vessels by January 2027 at the earliest.
Valentis also emphasized that the company’s current stock price is significantly undervalued, showing a substantial discount compared to peers on metrics such as net asset value. To address this, the Board of Directors has approved a new repurchase plan of up to $3 million, to be executed in the open market over the next year.
Information shows that Pyxis Tankers currently owns a modern fleet of six medium-sized, eco-friendly vessels, comprising three MR product tankers, one Kamsarmax bulk carrier, and controlling interests in two dry bulk joint ventures (comprising one Kamsarmax and one Ultramax of the same type, respectively).
