First quarter results were weak. Pyxis reported a 10% decline in Time Charter Equivalent (TCE) revenues in the 2022-1Q versus 2021-1Q due primarily to lower fleet utilization and a jump in voyage-related costs and commissions. TCE revenues of $3.8m were below our estimate of $5.8m. Fleet utilization decreased to 74% from 100% due, in part, to the accidental grounding of a tanker. Voyage costs ($3.1m versus $1.0m) rose due to increased use of spot employment and higher bunker fuel cost resulting from the drop in utilization.Lower revenues mean lower cash flow generation. Adjusted EBITDA in the first quarter was ($0.7)m versus $0.8m for the same period last year. We had been expecting EBITDA of $2.1 million. Net income was ($3.4m)/($0.09) per share versus ($2.0m)/($0.07) per share. Our estimate was ($1.9m)/($0.04) per share. Excluding nonrecurring losses from the sale of a vessel and losses from debt extinguishment, net income would have been ($2.9m)/($0.08) per share, still a larger loss than anticipated. Read More >>