Greece’s Pyxis Tankers is cautiously hopeful of continued strength in product tanker and bulker markets after posting a profit rise.
The Nasdaq-listed shipowner said net earnings in the three months to 30 September were $3.6m, up $400,000 from the third quarter of 2023.
Revenue jumped by $2.7m to $13.8m.
Chief executive Valentios Valentis called the results solid.
“The product tanker sector continued to experience a healthy chartering environment,” he said.
“Despite the usual seasonal slowdown, the product tanker environment remains resilient.”
This was driven by demand for fuel, tight inventories of many petroleum products, supportive refinery activity and the significant effects of the conflicts in Ukraine and the Middle East.
Pyxis managed an average daily time charter equivalent rate of $29,826 for its three MRs.
At 20 November, it had booked 69% of MR days for the fourth quarter at $24,630 per day.
One tanker is fixed on short-term time charters and two on spot voyages.
The three bulkers achieved a daily rate of $13,841 per day in a lacklustre market, the owner added.
The company has 55% of fourth-quarter days booked at $13,190.
Modest global demand growth for seaborne cargoes across a broad range of refined petroleum products and dry bulk commodities is expected to continue, with the orderbooks remaining relatively manageable.
“We are guardedly optimistic about the chartering environment for product tankers and dry bulk carriers for the near term,” Valentis said.
“Beyond the expected uptick in demand for the winter season, the tanker sector may benefit from the prospect of greater restrictions against certain sanctioned countries, which may help offset the effects of the possible de-escalation of armed conflicts.
“However, the potential expansion of tariffs amongst major trading partners is likely to lead to further market dislocation and volatility.”
Valentis sees vessel values as still near historical highs, but starting to moderate.
“We will continue to scrutinise the secondhand market for compelling vessel acquisitions, primarily in the product tanker sector,” he said.
In the meantime, he expects the owner to keep buying up its own shares, while paying off debt.
