Greek product tanker company Pyxis Tankers sank further into the red during the third quarter of 2018 mainly due to a decrease in time charter equivalent revenues.
The company’s net loss reached USD 4.1 million for the period ended September 30, 2018, compared to a net loss of USD 1.3 million reported in the same period in 2017.
The change was primarily due to a USD 2.6 million decrease in time charter equivalent revenues and a USD 0.5 million rise in interest and finance costs, net, partially offset by a USD 0.2 million aggregate drop in vessel operating expenses and general and administrative expenses.
“The financial results for the third quarter of 2018 were disappointing. Our anticipated improvement in chartering activity late summer did not occur and, consequently, we suffered lower charter rates and vessel utilization,” Valentios Valentis, Pyxis Tankers Chairman and CEO, said.
Valentis explained that the spot chartering environment was especially difficult and attractive period charters of 12 months or more were virtually nonexistent.
“We are still of the belief that charter rates have bounced off the bottom and that better times are ahead of us. While demand slowed slightly due to temporary and seasonal factors, global GDP growth remains solid. We believe the new IMO sulphur regulations for the shipping industry starting January 1, 2020 will be especially positive for the MR2 segment.”