MAROUSSI, Greece, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an emerging growth pure play product tanker company, today announced unaudited results for the three and nine months ended September 30, 2016. Summary: Reported time charter equivalent revenues of $5.0 million for the three months ended September 30, 2016, which resulted in net loss of $1.5 million, or loss per share (basic and diluted) of $0.08, and EBITDA of $0.8 million (see "Non-GAAP Measures and Definitions" below). Valentios Valentis, our Chairman and CEO commented: "Our third quarter 2016 results were directly related to the poor chartering market for our vessels. A continuation and deepening of the fall in spot charter rates since the second quarter of the year has negatively affected virtually all product tanker operators, including ourselves. The principal reasons are substantial new vessel deliveries, record high inventories in storage of refined products and limited opportunities for arbitrage trading. By the end of the quarter, we only had two of our six tankers on time charters. We are guardedly optimistic that charter rates will improve later in the fourth quarter, typically a stronger seasonal period due to colder weather in the Northern Hemisphere which results in increased demand for heating oil and longer wait times at numerous ports. As previously stated, we continue to believe the chartering environment should materially improve starting in the latter half of 2017 due to attractive market fundamentals - dramatically lower scheduled deliveries from the new build tankers orderbook combined with projected demand growth. Consequently, as the remaining time charters we have will be expiring in the last quarter of 2016, we intend to continue to focus on a mixed chartering strategy of spot and time charters." "We continue to be pleased about our disciplined cost structure. In the third quarter 2016, our total daily operational costs, which include vessel operating expenses, general and administrative costs and management fees, for our eco-efficient medium range tankers ("MRs") and our eco-modified MR were $7,434 and $8,009 per vessel, respectively, a modest improvement over the second quarter. Our net debt stood at $71.4 million at September 30, 2016, and we have no balloon loan principal payments until 2018. Our weighted average interest rate during the nine months ended September 30, 2016 was 3.24%."