By ST Staff
7:55 AM UTC
Pyxis Tankers Inc. (PXS) is a maritime transportation holding tanker company, that has announced that it had officially finished the refinancing of a foregoing loan by obtaining for a financial first position, with a $17 million debt and a traditional interest rate of 3.35% which is to be paid over a 60-month time frame.
The new load provides the company with several competitive advantages such as a surplus in the balance sheet, and a minimum interest rate and principal payments. The company is stagnant on expanding their mid ranged fleet of product tankers which will provide a surge in operations and earnings. PXS is aiming to diversify its fleet due to restructure cost benefits, establish customer service and a skilful team of managerial staff who are on the same page as the shareholders of the company.
PXS stock stated a quarterly loss of $0.12 per share and announced revenues of approximately $4.5M for the quarter of December, compared to the previous year revenue of $7.26M. PXS Stocks have increased by42.2% since start of this year and has immensely outperformed the S&P gain of 4.1%, which has investors keen on the future of the company.
PXS had also released 14,285,715 common stocks with each share costing $1.75. The capital gained from the transaction will be used to repay outstanding and acquisition of potential vessels for the company, as well as for corporate purposes
PSX is a growth-oriented company which is investing heavily on diversifying its vessels through a loan channel. A substantial increase in the stock price since the start of the year is a positive sign in terms of revenue and has been a healthy indicator for the company’s future valuation.