Pyxis eyes future growth opportunities amid ‘challenging’ near-term markets

GREATER uncertainty is clouding both the product tanker and dry bulk markets, according to Pyxis Tankers, the Nasdaq-listed owner with a foot in both sectors.

Despite dipping into the red for the second quarter of this year, the company said it held “measured optimism” for developments affecting the course of both markets.

“For the remainder of 2025, we expect the chartering environment for both product tankers and the dry bulk carriers to remain challenging,” said Pyxis in a statement.

Growth in demand for seaborne cargoes was expected to be modest this year and tariffs were expected to adversely affect the global economy with slowing trade, rising inflation and unemployment.

However, Pyxis argued, “surprising positive developments may occur”.

It pointed to last week’s announcement of a $750bn energy trade agreement between the EU and the US that offered “a potential tailwind for tanker demand”.

On the dry bulk side, fleet growth for 2025 was expected to outpace sluggish demand, but scrapping and slow-steaming of a large number of older, less efficient bulkers potentially “could mitigate some of the pressure on chartering conditions”, it said.

“Looking ahead, we believe there will be compelling growth opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels in both the product tanker and dry bulk sectors.”

Last week, the company closed on a new commitment from one of its existing banks for up to $45m that would facilitate the potential acquisition of two vessels by January 2027, the company said.

Greece-based Pyxis has a fleet consisting of three medium-range product tankers and three bulkers, two of which are owned through joint ventures in which it is the majority shareholder.

It posted a second-quarter loss of $1.9m, compared with net income of $5.3m in the same period last year, as revenues slumped by 34.2% to $9.2m.

Average daily charter revenues declined by 37% for the MR fleet and by 42.5% for the company’s bulkers.