The CEO of Pyxis Tankers Inc., Valentios Valentis, expressed cautious optimism about the course of the oil and dry bulk transportation market. On the occasion of the announcement of the listed company’s results for 2024, he said that he sees exciting opportunities for the expansion of the company’s fleet of tankers and bulk carriers.
Despite the worsening market conditions, the shipping company recorded a profitable performance in the last quarter of last year, with Valentis noting that the company’s revenue amounted to 12 million dollars and net profit to 0.3 million dollars for the same period.
Revenue for the year amounted to 51.5 million dollars, an increase of 6.1 million or 13.4%, from 45.5 million compared to the same period in 2023.
Respectively, net profit for the twelve months ended December 31, 2024 stood at 12.9 million or adjusted income of 1.17 per common share, compared to 37 million in 2023.
The market
According to Pyxis, during the fourth quarter of 2024, the product tanker industry experienced a slowdown in chartering activity, due to the decline in global demand for transportation fuels, seasonal refinery maintenance and the holding of inventories of various refined petroleum products.
In this context, the daily TCE charter rate of the fleet for the MR2 and MR tankers was at 22,084 dollars.
Regarding the bulk carrier industry, chartering conditions remained disappointing, due to low demand for certain commodities and the declining growth of the Chinese economy.
