Pyxis reported strong top-line results due to higher shipping rates. Results carried through to earnings. Pyxis reported 2022-2Q net revenues of $16.1 million vs. $7.7 million for the same period last year as higher energy prices and a disruption in global oil flow routes due to the Russia/Ukraine war resulted in higher tanker shipping rates. The average TCE rate for the quarter was $21,070 vs. $12,280 and could go higher in the third quarter with 57% of capacity fixed at $30,500. Meanwhile, operating costs per day declined to $6,181 from $6,697 leading to net income of $4.6 million or $0.38 per diluted versus ($1.4 million) or ($0.16 per share).Cash flow is strong and the balance sheet is reasonable. Adjusted EBITDA was $7.3 million up from $0.4 million. The company's cash position has grown to $6.2 million with $73.8 million in debt. Debt represents approximately 60% of capitalization (net debt is 55%). Debt is well supported by a increasingly more valuable asset base. Financing costs are an average 4.6%. The utilization rate for the quarter was 98%, a large improvement above first quarter rates of 74% that suffered from the accidental grounding of a tanker. Read More >>