For the three months ended September 30, 2025, our revenues, net, were $9.7 million. For the same period, our time charter equivalent ("TCE") revenues were $8.9 million, a decrease of $2.7 million, or 23.5%, over the comparable period in 2024. Our net income attributable to common shareholders for the third quarter ended September 30, 2025 was $1.2 million, compared to net income of $3.6 million for the same period in 2024. For the third quarter of 2025, the net income per common share was $0.11 basic and diluted compared to a net income per common share of $0.34 basic and $0.31 diluted for the same period of 2024. Our Adjusted EBITDA for the three months ended September 30, 2025 was $4.2 million, a decrease of $2.5 million over the comparable period in 2024. Please see "Non-GAAP Measures and Definitions" below.
Our Chairman & CEO, Valentios Valentis, commented:
"Improving markets support our results
We reported results for the third fiscal quarter, 2025 with revenues, net of $9.7 million, Adjusted EBITDA of $4.2 million and net income per common share of $0.11. In comparison to 2024 market conditions, recent quarterly results were largely impacted by a $2.7 million decline in TCE revenues.
As 2025 progressed, the product tanker sector has experienced healthier charter rates, supported by resilient global economic activity and continued trade disruptions caused by major armed conflicts and geopolitical conditions. For the quarter ended September 30, 2025, our MR tankers generated an average TCE rate of $21,085 per day, which increased about $400 per day sequentially from the second quarter of 2025, but 29% lower than the exceptional industry conditions of the third quarter of last year. As of November 20, 2025, our MRs were employed at an average estimated TCE of $20,700 per day, with 93% of our MR available days booked in the fourth quarter ending December 31, 2025. Given ongoing market uncertainties caused by unprecedented geopolitical events and moderating macro-economic conditions, we continue to employ our fleet of three modern, eco-efficient MRs under staggered short-term time charters.
In the dry-bulk market, chartering conditions have improved noticeably since the summer of 2025, sustained by worldwide demand for key commodities, led by China. For example, the Baltic Dry Index has risen by 48% from June 30 until November 17, 2025, a solid indicator of better market conditions. For the quarter ended September 30, 2025, our three mid-sized bulkers generated an average daily TCE rate of $13,513 which increased about $700 per day sequentially from the second quarter of 2025, but slightly lower by 2.4% compared to Q3 2024. As of November 20, 2025, our bulkers were employed at an improving average estimated TCE of $17,150 per day, with 78% of available days booked in the fourth quarter ending December 31, 2025. All of our dry-bulk carriers are currently employed under short-term time charters.
Guarded optimism despite various uncertainties
For the near-term, we expect the chartering environment for both product tankers and the dry-bulk carriers to remain firm. Global demand for seaborne cargoes including a broad range of refined petroleum products and dry-bulk commodities is expected to post modest growth through 2026. While worldwide economic activity has shown resilience in the first nine months of 2025, the unpredictable trajectory of tariffs, sanctions and policy shifts may continue to weigh on global trade, contributing to inflationary pressures, increasing unemployment and ongoing dislocation of supply chains. However, surprising positive developments may occur. For example, increasing severe sanctions against Russia by the U.S. and EU as well as damages caused by Ukrainian drone attacks on Russian refineries may further alter cargo volumes and trade routes, re-new the expansion of cargo ton-miles as well as create arbitrage opportunities in various consuming markets. As refinery maintenance programs wind down this fall and we move into the stronger winter season, crack spreads remain healthy. The accelerated return by OPEC+ of another 0.4 million barrels per day (Mb/d) of crude oil production in the fourth quarter, 2025 on top of the return of all of its voluntary cuts of 2.2 Mb/d earlier this year, offer further signs of a well-supplied market.
Historically, demand growth for many refined petroleum products and dry-bulk commodities has been reasonably correlated to global GDP growth. In October, the International Monetary Fund revised its annual global growth forecast to approximately 3.1% through 2026. On the supply side, vessel deliveries are anticipated to increase through 2026 amid continued low scrapping activity. According to Arrow Shipbrokering Group (November 4, 2025), the MR orderbook stood at 294 tankers, or 15.2% of the global fleet, while 319 MRs, or 16.5%, were 20 years of age or older, creating a large pool of scrapping candidates and contributing to a more balanced long-term tanker supply outlook. On the dry-bulk side, fleet growth for the remainder of 2025 and next year is expected to outpace modest demand growth. However, potential scrapping and slow-steaming of a large number of older, less efficient bulkers could potentially mitigate challenging chartering conditions.
Given the high degree of macroeconomic and geopolitical uncertainties, we will continue to maintain a prudent and disciplined approach to operational and financial management. However, we believe there will be compelling growth opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels in both the product tanker and dry-bulk sectors. The closing of debt refinancing of two of our tankers in December 2025 will increase available cash by an incremental $10 million, which combined with our hunting license loan facility of up to $45 million, will enable us to promptly fund the possible acquisition of at least 3 vessels by January, 2027.
Lastly, we believe our current share price does not reflect the value proposition of Pyxis Tankers, let alone the significant operational progress, financial performance as well as future prospects. We continue to trade at a substantial discount to our peers based on standard industry valuation metrics, including price to net asset value. Consequently, the Board of Directors has authorized a new common stock repurchase program of up to $3.0 million through open-market transactions for a period of up to one year."
Results for the three months ended September 30, 2024 and 2025
Amounts referenced in period–on–period comparisons in this section are derived from the interim consolidated financial statements presented below.
For the three months ended September 30, 2025, we reported revenues, net of $9.7 million, or a 29.7% decrease from $13.8 million in the comparable 2024 period. Our net income attributable to common shareholders was $1.2 million for the three months ended September 30, 2025, compared to a net income attributable to common shareholders of $3.6 million for the same period in 2024. The reported net income per common share was $0.11 basic and diluted, compared to net income per common share of $0.34 basic and $0.31 diluted, for the same period in 2024. The weighted average number of basic and diluted shares reduced to 10.4 million and 10.5 million, respectively, in the three months ended September 30, 2025, mainly due to the common share buyback program which was completed in January 2025. Operationally, our MR tankers achieved an average TCE rate of $21,085 per day, a 29.3% decline from $29,826 during the three months ended September 30, 2024, reflecting weaker charter rates in the product tanker sector. Our dry-bulk carriers recorded an average daily TCE of $13,513, down 2.4% from $13,841 for the same period last year, due to continued softness in the dry-bulk market. In the third quarter of 2025, 100% of the MR tankers' revenue was generated under short-term time charters, and similarly the bulk carriers were also employed under short-term time charters. Adjusted EBITDA decreased by $2.5 million to $4.2 million in the third quarter of 2025 from $6.7 million for the same period in 2024.
Results for the nine months ended September 30, 2024 and 2025
Amounts referenced in period–on–period comparisons in this section are derived from the interim consolidated financial statements presented below.
For the nine months ended September 30, 2025, we reported revenues, net of $28.5 million, a decrease of $11.0 million, or 28.0%, from $39.5 million in the comparable period of 2024. Our net loss attributable to common shareholders was $0.04 million, compared to a net income attributable to common shareholders of $12.0 million for the same period in 2024. The reported net loss per common share was $0.00 basic and diluted, compared to net income per common share of $1.14 basic and $1.06 diluted, for the same period in 2024. During the nine months of 2025, our MRs were contracted for 729 days or 89% of their ownership days under short-term time charters, with the remainder employed in the spot voyage market, including 29 idle days. Also, during the same period, our bulkers were contracted under short-term time charters resulting in an overall dry-bulk average daily TCE rate of $13,119. During the nine months ended September 30, 2025, we generated a lower MR daily TCE rate of $21,712 and lower MR fleet utilization of 96.5%, compared to a daily TCE rate of $31,492 and utilization of 98.3% in the same period in 2024. We operated an average of 3 MR tankers in both periods. Our dry-bulk vessels achieved a daily TCE rate of $13,119 and utilization of 88.1% in the nine months of 2025, compared to a daily TCE rate of $16,946 and utilization of 85.3% in the same period of 2024. In 2025, we operated an average of 3 bulk carriers, up from 2.2 in the prior year. Adjusted EBITDA for the nine months ended September 30, 2025 declined by $11.8 million to $8.9 million, compared to $20.7 million in the 2024 period.
Tanker fleet
Three months endedSeptember 30,
Nine months endedSeptember 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates
2024
2025
2024
2025
which are presented in U.S. dollars per day)
MR Revenues, net
$
9,593
5,932
29,417
18,285
MR Voyage related costs and commissions
(1,480)
(113)
(3,972)
(1,133)
MR Time Charter Equivalent revenues 2
$
8,113
5,819
25,445
17,152
MR Total operating days
272
276
808
790
MR Daily Time Charter Equivalent rate 2
$/d
29,826
21,085
31,492
21,712
Average number of MR vessels
3.0
3.0
3.0
3.0
Dry-bulk fleet
Three months endedSeptember 30,
Nine months endedSeptember 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates
2024
2025
2024
2025
which are presented in U.S. dollars per day)
Dry-bulk Revenues, net 1
$
4,199
3,768
10,090
10,171
Dry-bulk Voyage related costs and commissions 1
(642)
(660)
(1,465)
(1,211)
Dry-bulk Time Charter Equivalent revenues 1, 2
$
3,557
3,108
8,625
8,960
Dry-bulk Total operating days 1
257
230
509
683
Dry-bulk Daily Time Charter Equivalent rate 1, 2
$/d
13,841
13,513
16,946
13,119
Average number of Dry-bulk vessels 1
3.0
3.0
2.2
3.0
Total fleet
Three months endedSeptember 30,
Nine months endedSeptember 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates
2024
2025
2024
2025
which are presented in U.S. dollars per day)
Revenues, net 1
$
13,792
9,700
39,507
28,456
Voyage related costs and commissions 1
(2,121)
(772)
(5,436)
(2,343)
Time Charter Equivalent revenues 1, 2
$
11,671
8,928
34,071
26,113
Total operating days 1
529
506
1,317
1,473
Daily Time Charter Equivalent rate 1, 2
$/d
22,060
17,643
25,870
17,728
Average number of vessels 1, 2
6.0
6.0
5.2
6.0
1 a) The dry-bulk "Konkar Asteri" was delivered on February 15, 2024. b) The dry-bulk "Konkar Venture" was delivered on June 28, 2024.2 Subject to rounding; please see "Non-GAAP Measures and Definitions" below.
Management's Discussion & Analysis of Financial Results for the Three Months ended September 30, 2024 and 2025 (Amounts presented in millions U.S. dollars, rounded to the nearest one hundred thousand, unless as otherwise noted)Amounts referenced in period–on–period comparisons in this section are derived from the interim consolidated financial statements presented below.
Revenues, net: Revenues, net of $9.7 million for the three months ended September 30, 2025, represented a decrease of $4.1 million, or 29.7%, from $13.8 million in the comparable period of 2024. In the third quarter of 2025, our average daily TCE rate for our MR fleet was $21,085, a $8,741 per day decrease from $29,826 for the same period in 2024. This decline in revenues, net, was the result of softer charter rates in comparison to the relatively strong market of 2024. Also, in the most recent quarter, our dry-bulk average daily TCE rate was $13,513, a $328 per day decrease from $13,841 for the same period in 2024. This decrease was the result of slightly lower dry-bulk charter rates and lower utilization to 83.3% in comparison to 93.1% in the same period of 2024. Total fleet ownership days in each of the third quarters of 2025 and 2024 were 552, or an average of 6.0 vessels.
Voyage related costs and commissions: Voyage related costs and commissions of $0.8 million in the third quarter of 2025, represented a decrease of $1.3 million, or 63.6%, from $2.1 million in the same period of 2024. This decline was driven by the absence of spot employment for our MRs in the third quarter in 2025 versus 114 days, including the idle days, in the third quarter of 2024. For our MR tankers, voyage related costs and commissions decreased by $1.4 million, from $1.5 million in the third quarter of 2024 to $0.1 million in the same period of 2025, more than offsetting the impact of the lower utilization of our bulkers from 93.1% in the third quarter of 2024 to 83.3% in the same period of 2025. Under spot voyage charters, all voyage expenses are typically borne by us rather than the charterer and a decrease in spot employment results in decreased voyage related costs.
Vessel operating expenses: Vessel operating expenses were $3.5 million for the three-month period ended September 30, 2025, a decrease of $0.3 million, or 8.1%, from $3.8 million in the same period of 2024. The decrease primarily reflected the timing of certain operating expenses, including maintenance and spares, as well as the absence of non-recurring repairs incurred in the prior year period. Vessel ownership days for the three-month period ended September 30, 2025 and 2024 were 552 days.
General and administrative expenses: General and administrative expenses of $0.8 million for the third quarter of 2025 represented an increase of $0.1 million, from $0.7 million in the same period of 2024. Administrative fees payable to Pyxis Maritime Corp. ("Maritime"), our tanker ship manager, for the third quarter of 2025 also included the prior year 2024 inflation adjustment rate of 2.74% in Greece.
Management fees: For the three months ended September 30, 2025, management fees charged by Maritime, Konkar Shipping Agencies S.A. ("Konkar Agencies"), our dry-bulk ship manager, both affiliates of Mr. Valentis, and by International Tanker Management Ltd. ("ITM"), the unaffiliated technical manager of our MRs, remained stable at $0.5 million in line with the same period of 2024.
Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the quarter ended September 30, 2025, represented an increase of $0.1 million compared to the same period in 2024. This increase primarily reflects the higher level of capitalized dry-docking and special survey expenditures for our dry-bulk vessels following the second special surveys performed in 2025. During the first quarter of 2025, "Konkar Venture" successfully completed her second special survey over 22 days. In addition, "Konkar Asteri" commenced her second special survey in the same quarter, with 12 days completed during the first quarter of 2025 and the remaining 10 days concluded in April 2025, resulting in a higher amortizable balance and, consequently, a higher quarterly amortization charge.
Depreciation: Depreciation of $1.9 million for the quarter that ended September 30, 2025, remained unchanged from the same period of 2024.
Interest and finance costs: Interest and finance costs for the quarter ended September 30, 2025, were $1.4 million, representing a decrease of $0.4 million, or 21.2%, compared to the same period of 2024. This reduction was primarily driven by lower average debt levels and lower secured overnight financing rate ("SOFR") based interest rates paid on all the floating rate bank debt.
Interest income: Interest income of $0.5 million received during the quarter ended September 30, 2025, decreased by $0.1 million compared to the same period in 2024, due to lower interest rates on deposits.
Loss attributable to non-controlling interest: Loss attributable to the non-controlling interest (the "NCI") for the quarter ended September 30, 2025, was $0.025 million, compared to loss of $0.2 million from the same period in 2024. This amount reflects the share of results attributable to the NCI in the joint ventures that own the dry-bulk carriers "Konkar Ormi" and "Konkar Venture".
Management's Discussion & Analysis of Financial Results for the Nine Months ended September 30, 2024 and 2025 (Amounts presented in millions U.S. dollars, rounded to the nearest one hundred thousand, unless as otherwise noted)Amounts referenced in period–on–period comparisons in this section are derived from the interim consolidated financial statements presented below.
Revenues, net: Revenues, net were $28.5 million for the nine months ended September 30, 2025, a decrease of $11.1 million, or 28.0%, compared to $39.5 million in the same period of 2024. The decline primarily reflected softer charter market conditions for both MRs and dry-bulk vessels. During the nine months of 2025, our MR average daily TCE rate was $21,712, a $9,780 per day decrease from $31,492 in the comparable strong period of 2024. Operating days for the MR fleet declined to 790 in the nine months of 2025 compared to 808 in the same period of 2024, contributing to lower revenue generation from this segment. By contrast, revenues from our dry-bulk vessels increased slightly compared to previous year, as higher ownership days and improved utilization more than offset the impact of lower market rates. Our dry-bulk average daily TCE rate was $13,119, a $3,827 per day decrease from $16,946 in the corresponding period of 2024; however, dry-bulk utilization increased to 88.1% from 85.3%, and the expansion of our dry-bulk fleet following the acquisitions of "Konkar Asteri" and "Konkar Venture" in February and June 2024, respectively, led to higher dry-bulk revenues. Total fleet ownership days in the nine months of 2025 were 1,638, representing an average of 6.0 vessels, compared to 1,419 ownership days, or an average of 5.2 vessels, in the same period of 2024.
Voyage related costs and commissions: Voyage related costs and commissions of $2.3 million in the nine months ended September 30, 2025, represented a decrease of $3.1 million, or 56.9%, from $5.4 million in the same period of 2024. This decline was primarily driven by the significantly lower spot voyage employment of our MRs from 78 days, including idle days, in the nine-month period in 2025 compared to 364 days in the same period of 2024, as well as higher utilization of our bulkers from 85.3% in the nine-month period in 2024 to 88.1% in the same period of 2025. Under spot voyage charters, voyage expenses are typically borne by us rather than the charterer and therefore reduced spot employment results in lower voyage related costs.
