Pyxis Tankers Announces Delivery of a Modern Product Tanker

Rhea-AI Summary

Pyxis Tankers announced the delivery of the Pyxis Karteria, a medium-range product tanker, enhancing its fleet to six vessels. The acquisition, funded by cash and a $13.5 million bank loan, positions the company to capitalize on a strengthening charter market. CEO Valentios Valentis highlighted the improved fleet and potential for future acquisitions. The forward-looking statement warns of uncertain market conditions and risks that may affect performance.

Positive

• Addition of the Pyxis Karteria increases fleet to six vessels.
• Acquisition positions the company to benefit from an improving chartering environment.

Negative

• Acquisition funded by a $13.5 million loan, introducing financial obligations.
• Forward-looking statements indicate uncertainty in market conditions and potential risks affecting performance.

Maroussi, Greece – July 15, 2021 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an international pure play product tanker company, announced today that it took delivery of the Pyxis Karteria, a medium range product tanker of 46,652 dwt built in 2013 at Hyundai Mipo shipyard in South Korea, pursuant to the previously announced transaction of April 29, 2021.  The purchase was funded by a combination of cash and a $13.5 million bank loan that matures in seven years and is secured by the vessel.  It is anticipated that the tanker will be chartered in the spot market over the short term.

Valentios Valentis, our Chairman & CEO commented:

“We are pleased to announce the successful delivery of the Pyxis Karteria, which increases our fleet to a total of six vessels including four modern eco- MR2’s. The addition of this quality vessel to our fleet positions our Company to take advantage of an anticipated improving chartering environment, potentially starting later this year. We hope to consider other acquisition opportunities in the near future”.

About Pyxis Tankers Inc.

We own a modern fleet of six tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their "eco" features and modifications. 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, is not incorporated into, and does not constitute part of this report.

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,” “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  COVID-19 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. 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, 2020. 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 in 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 is the latest fleet update for Pyxis Tankers (PXS)?

Pyxis Tankers has expanded its fleet to six vessels with the delivery of the Pyxis Karteria.

How was the acquisition of the <em>Pyxis Karteria</em> funded?

The acquisition was funded through cash and a $13.5 million bank loan.

What are the future prospects for Pyxis Tankers (PXS) after acquiring the <em>Pyxis Karteria</em>?

The company aims to leverage an expected improving chartering environment for better performance.

What risks does Pyxis Tankers (PXS) face after the acquisition of the <em>Pyxis Karteria</em>?

The company faces market uncertainties as highlighted in their forward-looking statements.