Low MR Charter Rates Hurt Pyxis Tankers Earnings

first_imgzoomIllustration. Image Courtesy of Shaah Shahidh on Unsplash. Due to lower MR charter rates, Greek product tanker company Pyxis Tankers ended the second quarter of this year with a widened net loss.The company posted a net loss of USD 1.3 million in Q2 2018, compared to a net loss of USD 0.8 million seen in the corresponding period a year earlier.Voyage revenues stood at USD 7 million for the three months ended June 30, 2018, representing a decrease of USD 1.4 million from USD 8.4 million reported in Q2 2017. As explained, the decrease in gross voyage revenues during the second quarter of 2018 was primarily due to lower time charter equivalent rates, as well as to a slight decrease in total operating days attributed to increased idle days between voyage charter employments.“Overall, our operating results for the second quarter of 2018 were mixed. As the quarter unfolded, the time charters for our medium range tankers (“MRs”) rolled-off into a very difficult spot market at much lower rates,” Valentios Valentis, Pyxis Tankers’ Chairman and CEO, commented.“Weaker demand for MRs was caused by temporary market disruptions in the Atlantic basin, led by lower activity in the Gulf of Mexico, continued drawdown of inventories of refined petroleum products in storage and intrusion of larger ships, mainly newbuild crude carriers, which transported clean products on their maiden voyages. Three out of four of our MR tankers are currently in the spot market, which we hope will improve by this fall,” Valentis added.“As for our small tankers, we experienced a nice improvement in trading activity compared to the first quarter of 2018. We have continued to focus on our costs during this challenging period. The success of our efforts was clearly demonstrated during the second quarter as our total operational costs (…) improved,” Valentis continued.The company’s CEO further said that chartering activity is expected to be challenging, however, with a modest upward trend when moving into the fourth quarter. Additionally, a long-term improvement in charter rates is expected as a result of attractive market fundamentals.“We remain optimistic about the fundamentals of the product tanker market, specifically for MRs, and believe that Pyxis Tankers has the platform and position to take advantage of them,” Valentis concluded.Focused on growing its fleet of MR vessels, Pyxis Tankers currently owns a fleet of four MR and two small tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids.last_img read more

PRINCE CHARLES REVEALS HES A HUGE LEONARD COHEN FAN HE WAS INCREDIBLY

first_imgAdvertisement Advertisement Prince Charles revealed he’s a fan of Leonard Cohen as he spoke to presenter Michael Berkeley on a special edition of Radio 3’s “Private Passions”.The 70-year-old chose Cohen’s “Take This Waltz” as one of his tracks, admitting: “I’ve always loved Leonard Cohen’s voice and his whole approach to the way he sang.“He was obviously incredibly sophisticated in the way he sang, but also wrote. I find it very moving, the words are so extraordinary, sort of Salvador Dali-like, they lead you into this remarkable Dali-like world.” Prince Charles (Photo by Chris Jackson – WPA Pool /Getty Images) Twitter LEAVE A REPLY Cancel replyLog in to leave a comment center_img Charles also discussed the decline of music education in schools.He explained, according to the Guardian: “I’m one of those people who believes in the importance of arts education and music education in schools.“Apart from anything else, I think people forget – or may not realize – what an enormous contribution the creative arts make to the whole economy. It’s immense.“So we slightly shoot ourselves in the feet if we ignore it altogether. When you go to schools which still have it [music education], it is wonderful to see the enthusiasm on the part of the children in their orchestras.”The royal then said of his own school, Gordonstoun: “In those days, the early ’60s, we had these marvelous music teachers who had escaped the Holocaust in Germany and came to Gordonstoun and taught music there.”By BECCA LONGMIRE | ET CANADA Login/Register With: Advertisement Facebooklast_img read more