Pyxis Tankers has reported a significant downturn in its financial performance, swinging to a net loss for the second quarter and first half of 2025 as a result of a sharp decline in revenues. The Greece-based shipping company’s results were hit by a weaker charter rate environment for both its product tanker and dry bulk fleets, which it attributes to slowing global economic activity.
For the three months ending June 30, the company posted net revenues of $9.2 million, a 34 per cent decrease from the $13.9 million recorded in the second quarter of 2024. This led to a net loss attributable to common shareholders of $2 million, a stark reversal from the $5 million profit reported in the same period last year.
The company’s outgoings were impacted by a $2.9 million increase in general and administrative expenses, which it said was substantially due to a non-recurring bonus payment.
The negative trend was consistent across the first half of the year. For the six months ending June 30, net revenues fell to $18.8 million from $25.7 million in the first half of 2024. Consequently, the company recorded a net loss of $1.2 million for the period, compared to a net income of $8.5 million in the corresponding period of the previous year.
Chairman and CEO Valentios Valentis commented on the "decelerating market environment," noting that the product tanker sector experienced lower charter rates, "largely due to slowing global economic activity as evidenced by softer global demand for transportation fuels." He added that in the dry bulk market, "chartering conditions remained depressed."
Looking ahead, Valentis stated, "For the remainder of 2025, we expect the chartering environment for both product tankers and the dry-bulk carriers to remain challenging." However, he also pointed to potential positive developments, including a major new energy trade agreement between the European Union and the United States.