Pyxis Tankers Announces Completion of Sale of Its 2009 Built Tanker
Pyxis Tankers Inc. (NASDAQ: PXS) announced the sale of its oldest vessel, the Pyxis Malou, a 50,667 dwt product tanker built in 2009, for $24.8 million. After settling bank debt and transaction costs, the company secured net cash proceeds of approximately $18.9 million. This strategic decision aims to enhance liquidity and reduce debt, allowing the company to pursue further opportunities. Following this sale, Pyxis Tankers will operate a fleet of four eco-efficient MR2 product tankers with an average age of 8 years, enhancing operational flexibility and earnings potential.
- Received $18.9 million in net cash from vessel sale.
- Enhanced liquidity and reduced outstanding debt.
- Positioned for future corporate opportunities with a modern fleet.
- None.
Maroussi, Greece, March 23, 2022 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company”), an international pure play product tanker company, today announced that it has completed the sale of the Pyxis Malou, a 2009 built 50,667 dwt product tanker, for the aggregate sale price of
Moving forward, our fleet of eco-efficient MR2 product tankers will have an average age of 8 years and consist of the following vessels:
| Vessel Name | Shipyard | Vessel type | Carrying Capacity (dwt) | Year Built | Type of charter | Charter Rate(1) (per day) | Anticipated Earliest Redelivery Date | |
| Pyxis Lamda (2) | SPP / S. Korea | MR | 50,145 | 2017 | Time | Apr 2023 | ||
| Pyxis Epsilon (3) | SPP / S. Korea | MR | 50,295 | 2015 | Time | 30,000 | Sep 2023 | |
| Pyxis Theta (4) | SPP / S. Korea | MR | 51,795 | 2013 | Time | 18,500 | Jun 2023 | |
| Pyxis Karteria (5) | Hyundai / S. Korea | MR | 46,652 | 2013 | DD | n/a | n/a | |
| 198,887 |
- Charter rates are gross in U.S.$ and do not reflect any commissions payable.
- “Pyxis Lamda” is fixed on a time charter for 6 months, +/- 15 days at
$40,000 per day. - “Pyxis Epsilon” is fixed on a time charter for 12 months, +/- 30 days at
$30,000 per day. - “Pyxis Theta” is fixed on a time charter for min 120 days and max 180 days. 31-60 days at
$18,500 per day, 61-120 days at$22,500 and 121-180 days at$26,000 per day. - “Pyxis Karteria” is currently on scheduled Dry-Docking. Upon completion, the charterer has declared the option of additional charter of min 45 max 90 days at
$30,000.
About Pyxis Tankers Inc.
We currently own a modern fleet of four tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on prudently growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their "eco" features. We are positioned to opportunistically expand and maximize our fleet due to 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 discussed contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, including the conference call and Webcast information, is not incorporated into, and does not constitute part of this report.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words “expected'', “estimated”, “scheduled”, “could”, “should”, “anticipated”, “long-term”, “opportunities”, “potential”, “continue”, “likely”, “may”, “will”, “positioned”, “possible”, “believe”, “expand” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to identify forward-looking information or statements. But the absence of such words does not mean that a statement is not forward-looking. 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 COVID-19 or any variant thereof, or the war in the Ukraine, on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Although we believe that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, those are not guarantees of our future performance and you should not place undue reliance on the forward-looking statements and information because we cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual results and future events could differ materially from those anticipated or implied in such information. Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2021 and our other filings with the Securities and Exchange Commission. The forward-looking statements and information contained in this presentation are made as of the date hereof. We do not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other applicable securities 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.
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