Pyxis Tankers
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Pyxis Tankers (PXS) investor relations material

Pyxis Tankers Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Mar, 2026

Executive summary

  • Q4 2025 net revenues were $10.5 million, with adjusted EBITDA of $5.2 million, both up significantly year-over-year; TCE revenues rose 28.5% to $10.2 million.

  • Adjusted net income for Q4 2025 was $2.0 million, reversing a loss in Q4 2024.

  • Full-year 2025 net revenues were $39.0 million, with adjusted EBITDA of $14.1 million and net income of $1.9 million.

  • Fleet utilization improved, with MR tankers at 97.2% and dry bulkers at 90.6% in 2025.

  • The company maintains a solid balance sheet, supporting strategic expansion and a share buy-back program.

Financial highlights

  • Q4 2025 MR tanker TCE rate was $20,766/day, while dry-bulk TCE was $16,766/day, up 44.8% year-over-year.

  • Voyage-related costs dropped 91.3% in Q4 2025 due to less spot employment.

  • Vessel operating expenses per day increased to $6,914 in Q4 2025.

  • General and administrative expenses for 2025 rose to $6.1 million, mainly due to a one-time bonus.

  • Cash and equivalents at year-end 2025 totaled $54.9 million, with total funded debt at $87.2 million.

Outlook and guidance

  • As of March 3, 2026, 99% of MR available days for Q1 2026 are booked at an estimated TCE of $23,500/day; 89% of dry bulk days are booked at $13,300/day.

  • Chartering environment for both tankers and bulkers expected to remain firm in 2026.

  • Global demand for seaborne cargoes projected to grow modestly, with IMF forecasting 3.25% global GDP growth through 2027.

  • The company is well-positioned to acquire modern, eco-vessels using non-dilutive capital and a $45 million bank loan commitment.

  • Fleet expansion opportunities anticipated, supported by nearly $100 million in available capital sources.

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Q1 202618 May, 2026
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Frequently asked questions

Pyxis Tankers Inc. is a maritime transportation company specializing in the transport of refined petroleum products and other liquid bulk cargoes. The company operates a fleet of modern, eco-efficient tankers that primarily serve the global oil trade, transporting products such as gasoline, diesel, and jet fuel. Pyxis focuses on medium-range (MR) tankers, offering shipping solutions to a range of customers including oil majors, refiners, and commodity traders. The company is headquartered in Maroussi, Greece, and its shares are listed on the Nasdaq.

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