Pyxis Tankers Announces Closing of the Sale of 2015 Built Tanker

Rhea-AI Summary

Pyxis Tankers Inc. (NASDAQ: PXS) has announced the successful closing of the sale of the Pyxis Epsilon, a 2015 built 50,295 dwt MR product tanker. The company received approximately $26.8 million in net cash proceeds after repayment of a loan secured by the vessel and associated transaction costs.

Pyxis Tankers Announces Closing of the Sale of 2015 Built Tanker

Maroussi, Greece, December 18, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company”), an international shipping company, today reported that on December 15, 2023, the Company closed on its previously announced sale of the Pyxis Epsilon, a 2015 built 50,295 dwt MR product tanker. After repayment of a loan secured by the vessel and associated transaction costs, the Company received approximately $26.8 million in net cash proceeds.

About Pyxis Tankers Inc.

The Company currently owns a modern fleet of three product tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids as well as a controlling interest in a single ship drybulk joint venture. The Company is positioned to opportunistically expand and maximize our fleet due to significant capital resources, competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information on the Company’s website is not incorporated into and does not form a part of this release.

Forward Looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of the war in Ukraine the armed conflict in Israel and the Gaza Strip and acts by terrorists or acts of piracy on ocean-going vessels, on our financial condition and operations and the product tanker industry, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs, or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. In addition, the Company is not obligated under the terms of its share repurchase program to purchase any of its common shares and the program may be terminated, suspended, or reinstated at any time on the Company’s discretion and without notice. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.

Company

Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
info@pyxistankers.com

Visit our website at www.pyxistankers.com

Company Contact

Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com

Source: Pyxis Tankers Inc.

FAQ

What did Pyxis Tankers Inc. (PXS) announce?

Pyxis Tankers Inc. (PXS) announced the closing of the sale of the Pyxis Epsilon, a 2015 built 50,295 dwt MR product tanker.

When did Pyxis Tankers Inc. (PXS) close the sale?

Pyxis Tankers Inc. (PXS) closed the sale on December 15, 2023.

How much did Pyxis Tankers Inc. (PXS) receive in net cash proceeds?

Pyxis Tankers Inc. (PXS) received approximately $26.8 million in net cash proceeds after repayment of a loan secured by the vessel and associated transaction costs.