For the three months ended December 31, 2025, our revenues, net, were $10.5 million. For the same period, our time charter equivalent ("TCE") revenues were $10.2 million, an increase of $2.2 million, or 28.2%, over the comparable period in 2024. Our net income attributable to common shareholders for the fourth quarter ended December 31, 2025 was $2.0 million, compared to net loss of $2.4 million for the same period in 2024. For the fourth quarter of 2025, the net income per common share was $0.20 basic and diluted compared to a net loss per common share of $0.23 basic and diluted for the same period of 2024. Our adjusted EBITDA for the three months ended December 31, 2025 was $5.2 million, an increase of $1.9 million over the comparable period in 2024. Please see "Non-GAAP Measures and Definitions" below.
On December 17, 2025, we closed the refinancings of the existing secured loans with Alpha Bank S.A. for the Eleventhone Corp. (the "Pyxis Lamda") and the Seventhone Corp. (the "Pyxis Theta") in the amounts of $18.6 million and $14.75 million, respectively. Each amended loan agreement has a 5-year maturity with quarterly principal repayments of $0.375 million and $0.450 million, respectively, with the final installment accompanied by balloon payments of $11.1 million for the Pyxis Lamda and $5.75 million for the Pyxis Theta, each due in December 2030. Both existing loans were refinanced at a reduced interest rate of term secured overnight financing rate ("SOFR") plus a margin of 1.90%. After repayment of existing principal, the Alpha Bank refinancings generated incremental net proceeds of $9.9 million, which we expect to deploy for fleet expansion.
Our Chairman & CEO, Valentios Valentis, commented:
"Solid results for 2025 further position the Company for strategic opportunitiesWe are pleased to report solid operating and financial results for 2025. For the year ended December 31, 2025, we generated total revenues, net of $39.0 million and adjusted EBITDA of $14.1 million. Despite softer charter rates in both sectors compared to 2024, we reported better utilization and lower operating expenses per day for our fleet. Given the heightened level of geopolitical conditions worldwide, including trade restrictions, and the potential fall-out from these events, we decided to increase our time charter exposure during the year in order to generate more predictable cash flows. In 2025, 95% of our revenues, net was derived from short-term time charters and the balance in the spot voyage market.
In the fourth quarter, 2025 revenues, net were $10.5 million, adjusted EBITDA $5.2 million and adjusted net income $2.0 million. In Q4 2025, our MR tankers generated an average TCE rate of $20,766 per day, which declined about $320 per day sequentially from the third quarter of 2025, and 6.0% lower from the fourth quarter of 2024. As of March 3, 2026, our MRs were employed at an average estimated TCE of $23,500 per day, with 99% of our MR available days booked in the first quarter ending March 31, 2026. Given ongoing market uncertainties caused by unprecedented geopolitical events and moderating macro-economic conditions, we continue to employ our fleet of three modern, eco-efficient MRs under staggered short-term time charters.
In the dry-bulk market, chartering conditions improved noticeably since the summer of 2025, sustained by worldwide demand for key commodities, particularly led by China. For example, the Baltic Dry Index has risen by 52% from June 30 until March 3, 2026, a good indicator of better market conditions. For the quarter ended December 31, 2025, our three mid-sized bulkers generated an average daily TCE rate of $16,766 which increased about $3,250 per day sequentially from the third quarter of 2025, and almost 45% higher compared to Q4 2024. As of March 3, 2026, our bulkers were employed at an average estimated TCE of $ 13,300 per day, with 89% of available days booked in the first quarter ending March 31, 2026. All of our dry-bulk carriers are currently employed under shorter-term time charters.
Our operating strategy and the refinancing of two of our bank loans has resulted in an expanding cash position to almost $54 million in total at year end, including short-term time deposits. Our balance sheet strength and available credit facility of up to $45 million puts Pyxis Tankers in a solid position to pursue value enhancing opportunities.
Positive outlook despite various uncertainties
In 2026, we expect the chartering environment for both the product tankers and the dry-bulk carriers to remain firm. Global demand for seaborne cargoes including a broad range of refined petroleum products and dry-bulk commodities is expected to post modest growth this year. Historically, demand growth has been reasonably correlated with global GDP growth. In January, the International Monetary Fund revised its annual global growth forecast to approximately 3.25% through 2027. However, the unpredictable trajectory of tariffs, sanctions and policy shifts may continue to impact global trade, contributing to inflationary pressures, increasing unemployment and ongoing supply chain dislocations. The expanding scope of severe sanctions against Russia and Iran by the U.S. and EU as well as damages caused by ongoing Ukrainian drone attacks on Russian energy infrastructure may further alter cargo volumes and trade routes, re-new the expansion of cargo ton-miles as well as create arbitrage opportunities in various consuming markets and drive demand for compliant tankers. The armed conflict between Iran and the Israel-U.S. has the risk of spreading regionally, but has already resulted in significant restrictions on transits through the Straits of Hormuz, a major sea passage of petroleum cargoes, which could have a significant impact on the world's energy sector and macroeconomic conditions. Global refinery activity remains healthy and, at this point, oil markets are adequately-supplied.
As to vessel supply, deliveries are anticipated to increase this year amid continued low scrapping activity. According to Arrow Shipbrokering Group (February, 2026), the MR orderbook stood at 282 tankers, or 14.4% of the global fleet, while 388 MRs, or 19.8%, were 20 years of age or older, creating a large pool of scrapping candidates and contributing to a more balanced long-term product tanker supply outlook. With respect to the dry-bulk side, fleet growth for the remainder of 2026 and next year is expected to outpace modest demand growth. However, potential scrapping and slow-steaming of a large number of older, less efficient bulkers could potentially mitigate a softer chartering environment.
Given the hightened level of macroeconomic and geopolitical uncertainties, we will continue to maintain a prudent and disciplined approach to operational and financial management, including capital allocation. We expect there will be compelling growth opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels across both the product tanker and dry-bulk sectors. With capital sources on-hand approaching $100 million, we have the capabilities to aggressively pursue the right assets, while continuing our common share repurchase program."
Results for the three months ended December 31, 2024 and 2025
Amounts referenced in period–on–period comparisons in this section are derived from the unaudited consolidated financial statements presented below.
For the three months ended December 31, 2025, we reported revenues, net of $10.5 million, or a 12.4% decrease from $12.0 million in the comparable 2024 period. Our net income attributable to Pyxis Tankers Inc. was $2.0 million, compared to $0.3 million for the same period in 2024. The net income per common share for the three months ended December 31, 2025 was $0.20 basic and diluted, compared to a net loss per common share of $0.23 basic and diluted for the same period in 2024. Adjusted net income was $2.0 million or $0.20 basic and diluted per common share, compared to $0.3 million, or $0.03 basic and diluted, for the same period in 2024. The weighted average number of basic and diluted shares reduced to approximately 10.4 million, in the three months ended December 31, 2025, mainly due to the new common share buyback program which commenced in December 2025. Operationally, our MR tankers achieved an average TCE rate of $20,766 per day, a 6.0% decline from $22,084 during the three months ended December 31, 2024, reflecting lower charter rates in the product tanker sector. Our dry-bulk carriers recorded an average daily TCE of $16,766, 44.8% higher than $11,582 in the same period last year, driven by strengthening chartering conditions in the dry-bulk market. In the fourth quarter of 2025, 100% of the MR tankers' revenue was generated under short-term time charters, and similarly the bulk carriers were also employed under short-term time charters. Adjusted EBITDA increased by $1.9 million to $5.2 million in the fourth quarter of 2025 from $3.3 million for the same period in 2024.
Results for the twelve months ended December 31, 2024 and 2025
Amounts referenced in period–on–period comparisons in this section are derived from the unaudited consolidated financial statements presented below.
For the twelve months ended December 31, 2025, we reported revenues, net of $39.0 million, a decrease of $12.5 million, or 24.3%, from $51.5 million in the comparable period of 2024. Our net income attributable to Pyxis Tankers Inc. was $2.0 million, compared to $12.9 million for the same period in 2024. The net income per common share for the twelve months ended December 31, 2025 was $0.19 basic and diluted, compared to $0.91 basic and diluted for the same period in 2024. Adjusted net income per common share was $0.19 basic and diluted, compared to $1.17 basic and $0.96 diluted, for the same period in 2024. Adjusted EBITDA for the year ended December 31, 2025 declined by $9.9 million to $14.1 million, compared to $24.0 million in the 2024 period.
During the year ended December 31, 2025, our MRs were contracted for 1,005 days or 92% of their ownership days under short-term time charters, with the remainder employed in the spot voyage market, including 31 idle days. During the year ended December 31, 2025, we generated a lower MR daily TCE rate of $21,469 and higher MR fleet utilization of 97.2%, compared to a daily TCE rate of $29,289 and utilization of 96.1% in the same period in 2024. Also, during the same period, our bulkers were contracted under short-term time charters, resulting in an overall lower dry-bulk average daily TCE rate of $14,149, and higher utilization of 90.6%, compared to a daily TCE rate of $15,353 and utilization of 82.9% in the same period in 2024. We operated an average of 3 MR tankers and 2.4 dry-bulk carriers, respectively, in both periods.
Tanker fleet
Three months endedDecember 31, 1
Year endedDecember 31, 1
(Amounts in thousands of U.S. dollars, except for daily TCE rates
2024
2025
2024
2025
which are presented in U.S. dollars per day)
MR Revenues, net
$
8,983
5,837
38,400
24,123
MR Voyage related costs and commissions 2
(3,528)
(147)
(7,500)
(1,280)
MR Time Charter Equivalent revenues 1
$
5,455
5,690
30,900
22,843
MR Total operating days
247
274
1,055
1,064
MR Daily Time Charter Equivalent rate 1
$/d
22,084
20,766
29,289
21,469
Average number of MR vessels
3.0
3.0
3.0
3.0
Dry-bulk fleet
Three months endedDecember 31, 1, 3
Year endedDecember 31, 1, 3
(Amounts in thousands of U.S. dollars, except for daily TCE rates
2024
2025
2024
2025
which are presented in U.S. dollars per day)
Dry-bulk Revenues, net
$
3,052
4,701
13,143
14,871
Dry-bulk Voyage related costs and commissions
(562)
(191)
(2,027)
(1,401)
Dry-bulk Time Charter Equivalent revenues 1
$
2,490
4,510
11,116
13,470
Dry-bulk Total operating days
215
269
724
952
Dry-bulk Daily Time Charter Equivalent rate 1
$/d
11,582
16,766
15,353
14,149
Average number of Dry-bulk vessels
3.0
3.0
2.4
3.0
Total fleet
Three months endedDecember 31, 1, 3
Year endedDecember 31, 1, 3
(Amounts in thousands of U.S. dollars, except for daily TCE rates
2024
2025
2024
2025
which are presented in U.S. dollars per day)
Revenues, net
$
12,035
10,538
51,542
38,994
Voyage related costs and commissions 2
(4,091)
(338)
(9,527)
(2,681)
Time Charter Equivalent revenues 1
$
7,944
10,200
42,015
36,313
Total operating days
462
543
1,779
2,016
Daily Time Charter Equivalent rate 1
$/d
17,197
18,784
23,617
18,012
Average number of vessels
6.0
6.0
5.4
6.0
1 Subject to rounding; please see "Non-GAAP Measures and Definitions" below.2 Voyage related costs and commissions of $18 thousand attributable to sold vessels have been excluded for the three months ended December 31, 2025 and the year ended December 31, 2025.3 a) The dry-bulk "Konkar Asteri" was delivered on February 15, 2024. b) The dry-bulk "Konkar Venture" was delivered on June 28, 2024.
Management's Discussion & Analysis of Financial Results for the Three Months ended December 31, 2024 and 2025 (Amounts presented in millions U.S. dollars, rounded to the nearest one hundred thousand, unless as otherwise noted)Amounts referenced in period–on–period comparisons in this section are derived from the unaudited consolidated financial statements presented below.
Revenues, net: Revenues, net of $10.5 million for the three months ended December 31, 2025, represented a decrease of $1.5 million, or 12.4%, from $12.0 million in the comparable period of 2024. In the fourth quarter of 2025, our average daily TCE rate for our MR fleet was $20,766, a $1,318 per day decrease from $22,084 for the same period in 2024. This decline in revenues, net, was the result of softer charter rates in comparison to the relatively strong market of 2024. On the other hand, in the fourth quarter of 2025, our dry-bulk average daily TCE rate was $16,766, a $5,184 per day increase from $11,582 for the same period in 2024. This increase was the result of higher dry-bulk charter rates and higher utilization to 97.5% in comparison to 77.9% in the same period of 2024. Total fleet ownership days in each of the fourth quarters of 2025 and 2024 were 552, or an average of 6.0 vessels.
Voyage related costs and commissions: Voyage related costs and commissions of $0.4 million in the fourth quarter of 2025, represented a decrease of $3.7 million, or 91.3%, from $4.1 million in the same period of 2024. This decline was driven by the strategic absence of spot employment for our MRs in the fourth quarter in 2025 versus 195 spot charter days, including the idle days, in the fourth quarter of 2024. For our MR tankers, voyage related costs and commissions decreased by $3.4 million, from $3.5 million in the fourth quarter of 2024 to $0.1 million in the same period of 2025. In addition, the higher utilization of our dry-bulk vessels, which increased from 77.9% in the fourth quarter of 2024 to 97.5% in the same period of 2025, and favorable changes in bunker fuel pricing between charters contributed to the decrease in voyage related costs and commissions. Under spot voyage charters substantially all voyage expenses are typically borne by us rather than the charterer, therefore, a lower level of spot voyage charter employment generally results in lower voyage related costs.
Vessel operating expenses: Vessel operating expenses were $3.8 million for the three months ended December 31, 2025, higher by $0.3 million, or 9.5%, from $3.5 million in the same period of 2024. Total vessel ownership days for the three months ended December 31, 2025 and 2024 were the same; accordingly, vessel operating expenses increased on a per ownership day basis to approximately $6,914 per day from approximately $6,313 per day. The increase primarily reflected the timing of certain operating expenses, including maintenance and spares, partially offset by the absence of non-recurring repairs incurred in the prior year period.
General and administrative expenses: General and administrative expenses of $0.7 million for the fourth quarter of 2025 represented a slight decrease of $0.1 million, from $0.8 million in the same period of 2024. Administrative fees payable to Pyxis Maritime Corp. ("Maritime"), our tanker ship manager, for the fourth quarter of 2025 also included the inflation adjustment rate of 2.74% in Greece for 2024.
Management fees: For the three months ended December 31, 2025, management fees charged by Maritime and Konkar Shipping Agencies S.A. ("Konkar Agencies"), our dry-bulk ship manager, both affiliates of Mr. Valentis, and by International Tanker Management Ltd. ("ITM"), the unaffiliated technical manager of our MRs, remained stable at $0.5 million versus the same period of 2024.
Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the quarter ended December 31, 2025, represented an increase of $0.1 million compared to the same period in 2024. This increase primarily reflected the higher level of capitalized dry-docking and special survey expenditures for two dry-bulk vessels following their second special surveys performed in 2025. During the first quarter of 2025, "Konkar Venture" successfully completed her second special survey over 22 days. In addition, "Konkar Asteri" completed her second special survey also in 22 days by early April 2025, resulting in a higher amortizable balance and, consequently, a higher quarterly amortization charge.
Depreciation: Depreciation of $1.9 million for the quarter that ended December 31, 2025, remained unchanged from the same period of 2024.
Interest and finance costs: Interest and finance costs for the quarter ended December 31, 2025, were $1.4 million, representing a decrease of $0.2 million, or 14.6%, compared to the same period of 2024. This reduction was primarily driven by lower average debt levels and lower SOFR based interest rates paid on all the floating rate bank debt. On December 17, 2025, we refinanced Alpha Bank's secured loans for the "Pyxis Lamda" and "Pyxis Theta", extending maturities to five years with quarterly principal repayments of $0.375 million and $0.45 million, respectively, and importantly, reducing the margin to Term SOFR + 1.90%.
Interest income: Interest income of $0.5 million received during the quarter ended December 31, 2025, remained unchanged from the same period of 2024.
(Gain)/Loss attributable to non-controlling interest: Gain attributable to the non-controlling interest (the "NCI") for the quarter ended December 31, 2025, was $0.1 million, compared to loss of $0.2 million from the same period in 2024. This amount reflects the share of results attributable to the NCI in the two joint ventures that own the dry-bulk carriers "Konkar Ormi" and "Konkar Venture".
Management's Discussion & Analysis of Financial Results for the years ended December 31, 2024 and 2025 (Amounts presented in millions U.S. dollars, rounded to the nearest one hundred thousand, unless as otherwise noted)Amounts referenced in period–on–period comparisons in this section are derived from the unaudited consolidated financial statements presented below.
Revenues, net: Revenues, net were $39.0 million for the twelve months ended December 31, 2025, a decrease of $12.5 million, or 24.3%, compared to $51.5 million in the same period of 2024. The decline primarily reflected lower charter rates for both sectors. During the twelve months of 2025, our MR average daily TCE rate was $21,469, a $7,820 per day decrease from $29,289 in the comparable robust market of 2024 primarily due to lower charter rates, partially offset by slightly higher operating days for the MR fleet of 1,064 days in 2025 compared to 1,055 days in the same period of 2024 that contribute to revenue generation from this segment. In contrast, revenues from our dry-bulk vessels increased compared to previous year, as higher ownership days and improved utilization offset the impact of lower market rates. During the twelve months of 2025, our dry-bulk average daily TCE rate was $14,149, a $1,204 per day decline from $15,353 in the corresponding period of 2024; however, dry-bulk utilization increased to 90.6% from 82.9%, and the expansion of our dry-bulk fleet following the acquisitions of "Konkar Asteri" and "Konkar Venture" in February and June 2024, respectively, led to higher dry-bulk revenues. Total fleet ownership days in the twelve months of 2025 were 2,190, representing an average of 6.0 vessels, compared to 1,971 ownership days, or an average of 5.4 vessels, in the same period of 2024.
Voyage related costs and commissions: Voyage related costs and commissions of $2.7 million in the twelve months ended December 31, 2025, represented a decrease of $6.8 million, or 71.7%, from $9.5 million in the same period of 2024. This decline was primarily driven by the significantly lower spot voyage employment of our MRs of 92 days, including idle days, in the twelve-month period in 2025 compared to 472 days in the same period of 2024, as well as higher utilization of our MR tankers from 96.1% in the twelve-month period in 2024 to 97.2% in the same period of 2025 and bulkers from 82.9% in the twelve-month period in 2024 to 90.6% in the same period of 2025. Under spot voyage charters, substantially all voyage expenses are typically borne by us rather than the charterer, therefore, a lower level of spot voyage charter employment generally results in lower voyage related costs.
Vessel operating expenses: Vessel operating expenses of $14.2 million for the year ended December 31, 2025, represented an increase of $0.9 million, or 6.6%, from $13.4 million in the same period of 2024, primarily reflecting the expansion of our dry-bulk fleet in 2024, which increased vessel ownership days from 1,971 for the year ended in December 31, 2024 to 2,190 in 2025. On a total fleet basis, vessel operating expenses per day decreased to $6,503 from $6,772 in the corresponding period of 2024, mainly due to lower Opex per day for our dry-bulk vessels, partially offset by higher Opex per day for our MR tankers.
General and administrative expenses: General and administrative expenses were $6.1 million for the year ended December 31, 2025, representing an increase of $3.1 million, compared to $3.0 million in the same period of 2024. The increase primarily reflected a one-time long term prior performance bonus paid to Maritime in 2025. Other general and administrative expenses were relatively consistent with the prior year period. Administrative fees payable to Maritime in 2025 also reflected inflationary cost pressures, including the 2024 inflation adjustment rate of 2.74% in Greece.
Management fees: For the year ended December 31, 2025, management fees charged by Maritime, Konkar Agencies and ITM, were $1.9 million, an increase of $0.2 million compared to the same period of 2024. The increase primarily reflected the further expansion of our fleet in the dry-bulk sector as well as inflationary cost pressures, including the application of the 2024 Greek inflation adjustment rate of 2.74% to the fees charged by the two affiliated ship managers.
Amortization of special survey costs: Amortization of special survey costs of $0.6 million for the year ended December 31, 2025, represented an increase of $0.2 million compared to the same period of 2024. This increase primarily reflected the higher level of capitalized dry-docking and special survey expenditures for our dry-bulk vessels following the second special surveys of "Konkar Venture" and "Konkar Asteri," which were completed in spring 2025, resulting in a higher amortizable balance and, consequently, a higher amortization charge for the period.
Depreciation: Depreciation of $7.6 million for the year ended December 31, 2025, represented an increase of $0.7 million, or 9.7%, compared to $6.9 million in 2024. The increase reflected additional depreciation related to the acquired bulkers "Konkar Asteri" and "Konkar Venture".
Interest and finance costs: Interest and finance costs for the year ended December 31, 2025, were $5.8 million, representing a decrease of $0.7 million, or 11.5%, compared to the same period of 2024. This reduction was primarily driven by lower average debt levels and lower SOFR based interest rates paid on all the floating rate bank debt, as well as amendments made in 2024 to the loan agreements relating to the "Pyxis Lamda" and the "Pyxis Theta" which reduced interest rate margins. Further, in December, 2025, we refinanced the secured loans for these vessels with the same bank to extend debt maturities, modify quarterly principal amortization and reduce interest rate margins.
Interest income: Interest income of $1.8 million during the year ended ...
