Maroussi, Greece, September 18, 2023 – Pyxis
Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company”), an
international shipping company, today reported that on September
14, 2023, the Company closed on its previously announced newly
formed drybulk joint venture with an entity related to our Chairman
and Chief Executive Officer, to acquire, own and operate a 2016
Japanese built 63,250 dwt Ultramax carrier. The Company invested
approximately $6.8 million in cash for a 60% ownership interest in
the joint venture. It is expected that the scrubber-fitted,
eco-efficient vessel, which has been re-named the “Konkar Ormi”,
will be initially chartered in the spot market.
In addition, Valentios Valentis, our Chairman
and CEO, provided the following brief update:
“The product tanker chartering environment
continues to be constructive. As of September 18, 2023, 92.4% of
the available days in the third quarter of 2023 for our MR’s were
booked at an estimated average TCE of $26,200 per vessel.
Currently, two vessels are under time charter, one vessel is
employed in the spot market and one vessel is undergoing her second
special survey. After funding our joint venture investment, the
Company had approximately $31.9 million in total cash. This
acquisition is a meaningful enhancement to our growing investment
platform. Moving forward, our liquidity and low leverage should
increase our operating and financial flexibility. Subject to market
conditions and other factors, the Company expects to further
enhance shareholder value by pursuing additional vessel
acquisitions with cash on hand, and, as appropriate, utilizing bank
financing. In the meantime, the Company plans continue to optimize
our fleet, amortize our debt and re-purchase common shares under
our authorized $2.0 million program. As of September 15, 2023, the
Company had spent $0.53 million to acquire a total of 147,907
shares at an average price of approximately $3.59, including
commissions. As of that date, 10,725,336 PXS shares were
outstanding.”
About Pyxis Tankers Inc.
The Company currently owns a modern fleet of
four 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 COVID-19 and the war in the
Ukraine, 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 StreetMaroussi 15125
Greeceinfo@pyxistankers.com
Visit our website at www.pyxistankers.com
Company Contact
Henry WilliamsChief Financial OfficerTel: +30 (210) 638 0200 /
+1 (516) 455-0106Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.
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