Pyxis Tankers returned to profitability in the second quarter ended June 30, posting net income of $2.8 million compared to a net loss of $2 million during the same period in 2025.
Net revenues rose by 32.6 per cent year-on-year to $12.1 million from $9.2 million, supported by improved charter rates across its dry bulk and product tanker fleets.
Time charter equivalent revenues increased by 30.4 per cent to $11.5 million, while adjusted earnings before interest, taxes, depreciation and amortisation climbed to $6.5 million from $1.2 million a year earlier.
For the six months ended June 30, net income reached $5.2 million on revenues of $22.1 million, compared to a net loss of $1.2 million and revenues of $18.8 million in the prior-year period.
The dry bulk fleet of three vessels recorded an average daily time charter equivalent rate of $20,245 during the quarter, representing a 57.7 per cent increase from $12,840 in 2025.
Meanwhile, the three medium-range product tankers achieved an average daily rate of $21,899, marking a 5.9 per cent gain compared to the second quarter of last year with 100 per cent fleet utilisation.
“Market conditions strengthened during the quarter as grain and coal trades, longer-haul Atlantic-to-Asia routes and changing commodity-sourcing patterns supported tonne-mile demand,” said Chairman and Chief Executive Officer Valentios Valentis.
The company stated that it expects part of the second-quarter product tanker freight premium to moderate as conditions normalise, though the sector should continue to benefit from trade dislocation, refinery margins, and inventory replenishment.
Operationally, the product tanker Pyxis Karteria transited the Strait of Hormuz on June 23, before completing an intermediate survey that resulted in 7.5 off-hire days.
Bulk carrier Konkar Ormi is scheduled to undergo a special survey in October 2026, while the remaining vessels continue operating under fixed-rate time charters.
As of August 31, the company had contracted employment for approximately 87 per cent of available fleet days in the third quarter of 2026 at an estimated average rate of $22,250 per day.
Total liquidity stood at approximately $103 million at the end of the quarter, consisting of $58.2 million in cash and cash equivalents alongside an undrawn committed acquisition facility of $45 million.