Greece-based product tanker company Pyxis Tankers recorded a net loss of US$1.3 million in Q2 2018, a surge from a net loss of US$0.8 million booked in the same period a year earlier due to lower MR charter rates.

"Weaker demand for MRs was caused by temporary market disruptions in the Atlantic basin, led by lower activity in the Gulf of Mexico, continued drawdown of inventories of refined petroleum products in storage and intrusion of larger ships, mainly newbuild crude carriers, which transported clean products on their maiden voyages. Three out of four of our MR tankers are currently in the spot market, which we hope will improve by this fall," the company's CEO Valentios Valentis said.

"As for our small tankers, we experienced a nice improvement in trading activity compared to the first quarter of 2018. We have continued to focus on our costs during this challenging period. The success of our efforts was clearly demonstrated during the second quarter as our total operational costs (…) improved," Valentis continued.  

The company's CEO further said that chartering activity is expected to be challenging, however, with a modest upward trend when moving into the fourth quarter. In addition, a long-term improvement in charter rates is anticipated due to attractive market fundamentals.

Valentis is optimistic about the fundamentals of the product tanker market, specifically for MRs, and believe that the Greek company has the platform and position to take advantage of them.

At present, Pyxis Tankers owns a fleet of four MRs and two small tankers.