Pyxis Tankers believes product tanker markets remain positive, but a trading update has revealed a fall in day rates from the fourth quarter.
The Nasdaq-listed Greek shipowner expects to report average time charter equivalent earnings of $30,500 per day for its MR fleet from October to December.
As of 15 February, 75% of available days in the first quarter have been booked at estimated average TCE of $29,200 per vessel.
“The product tanker chartering environment continues to be constructive, especially given recent geopolitical events,” said chief executive Valentios Valentis.
Rerouting of ships away from the Red Sea has been boosting tonne-miles and therefore rates in recent weeks.
Two of Pyxis’ MRs continue to operate under time charters and the other is in the spot market.
In November, it said that 84% of available days in the fourth quarter had been booked at an average of $29,600 per vessel.
Spot rates for MRs in the Atlantic were $40,400 per day on Thursday, up 29% in a week.
In the Pacific, the figure was $43,100 per day, down 19% over the same period.
The company also said its recently acquired 63,500-dwt ultramax bulker Konkar Ormi (built 2016) began commercial operations in October under a short-term charter.
Rates climbing for bulker
For the fourth quarter, the company expects to report an estimated daily TCE of $16,900 for the ship.
“So far in 2024, we have not experienced the usual seasonal slowdown in the dry bulk sector,” added Valentis.
“Global demand for many dry bulk commodities has been supported by solid GDP growth and certain atypical events, such as transit restrictions through the Panama Canal due to extreme drought conditions.”
So far in the first quarter, 75% of available days for the Konkar Ormi have been fixed at $20,900 per day.
