Greek Pyxis Tankers, a shipowner of product tankers, looks to expand the company´s fleet with new acquisitions. The company expects to scale up the fleet by acquiring modern eco-efficient MR2s. Now the company operates a fleet of five medium range product tankers (MR2s), all built in South Korea, and employed under a mixed chartering strategy of spot voyages and time charters.

The Nasdaq-listed tanker owner, when attractive opportunities develop in the market, will expand its fleet portfolio “when the timing is judged right”, as it is said by Pyxis Chief Executive Officer in a review with Phil Nicholls in Inside Marine.

The top management of the company said this follows the recent sale of an old non-eco MR2 and two non-core small tankers. CEO Valentios Valentis pointed out that Pyxis, last year, acquired 2013 and 2017-built product tankers. “The ongoing fleet evolution will afford many operational benefits and meet growing customer needs,” as he said.

CEO Valentios Valentis outlined the challenges and opportunities for the company and the broader industry. Mr Valentis highlighted the fact that “product tanker industry conditions in the short-term should remain robust.” “Long-term supply/demand fundamentals look positive for the next couple of years, save a massive global recession.”

The shipowner now operates a fleet of five product tankers, which carry a broad range of refined petroleum products and edible oils. These medium range product tankers (MR2s) were all built in South Korea, and have an average carrying capacity of 50k deadweight and an average age of 9 years.

In the third quarter of 2022, the company reported generated net revenues of over $17 million, the adjusted Ebitda equating to about $8m, and net income in the region of $5.3m. These results were substantially better than the comparable period in 2021, primarily due to changes in fleet composition and dramatically higher spot charter rates.

As the company claims the chartering conditions continue to be strong for Pyxis, where the daily time charter equivalent rate per MR increased from $29,062 in third quarter, to a preliminary bookings rate of $36,800 for fourth quarter of 2022.

Formed in 2015 through a reverse take-over of a small company, Pyxis immediately endured almost six years of difficult market conditions. Starting in early 2020, however, an operating and financial restructuring plan, enhanced the company’s competitive position, which was subsequently boosted by a substantial improvement in the tanker chartering environment in 2022.