The increase in the net result was primarily due to a $0.2 mill increase in timecharter equivalent revenues. An EBITDA of $0.8 mill for 3Q17 remained relatively stable, compared to the same period in 2016.
For the nine months ended 30th September, 2017, Pyxis reported a net loss of $3.8 mill, compared to a net income of $19,000 for the same period in 2016.
This decrease was primarily due to a $3.9 mill drop in TCE revenues. In addition, during 2Q17, the company recorded one-off expenses of around $0.3 mill associated with the termination of an equity offering in July, 2017, which is included under general and administrative expenses for the period.
For the first nine months of this year, EBITDA was $2.6 mill, a decrease of $4.1 mill from $6.6 mill recorded for the same period in 2016.
Valentios Valentis, chairman and CEO commented: "Our operating results for the third quarter of 2017 reflected a slight improvement over the comparable period in 2016. Spot charter rates for MRs continued to be volatile during the quarter but improved slightly overall.
“Improving demand growth reduced high inventories of refined products in storage worldwide to levels below 2016 and increased voyage activity. As previously mentioned, we expected chartering activity to be choppy for most of 2017. Consequently, we took the opportunity to increase our timecharter coverage for our MRs on a short-term basis.
“We believe this employment strategy positions us to take advantage of improving rates in late Q4. Overall, we continue to believe in a longer term improvement in charter rates moving into 2018 as the result of attractive market fundamentals, such as significantly lower scheduled deliveries of newbuild MRs combined with projected solid growth in consumption and increasing export-oriented petroleum refinery cargoes. Over the long-term, we intend to maintain our mixed chartering strategy.
"We continue to be pleased with our disciplined, cost-effective operating structure, which is evidenced by our fleet-wide daily operating expenses of $5,747 per vessel for the nine-month period of 2017, representing a slight decrease over the same period in 2016.
"As of 30th September, 2017, our net funded debt stood at $64.7 mill, and the weighted average interest rate was approximately 3.7% during the first nine months of 2017. We do not have a scheduled balloon payment on our bank debt until the second quarter of 2020, which enhances our financial flexibility.
"In the near-term, we will continue to pursue cost-effective, flexible capital alternatives. We remain optimistic about the fundamentals of the product tanker market and believe that Pyxis Tankers is positioned to take advantage of them," he said.