PXS Pyxis Tankers Inc

Maroussi, Greece – February 15, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an international shipping company, announced today that it has completed the acquisition of an 82,013 dwt dry bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. The $26.625 million purchase of the eco-efficient Kamsarmax, fitted with a ballast water treatment system and scrubber, was funded by a combination of secured bank debt of $14.5 million and cash on hand. The five year amortizing bank loan is priced at Term SOFR +2.35% and is secured by, among other things, the vessel. The vessel has been named the “Konkar Asteri” and is expected to commence commercial operations shortly. As of December 31, 2023, on a pro-forma basis for the acquisition of the vessel, including payment of transaction fees and expenses and application of vessel working capital, consolidated total cash would have been $45.6 million, inclusive of restricted cash of $2.15 million, and total funded debt would have been $76.0 million.  

In addition, Valentios Valentis, our Chairman and CEO, provided the following brief commercial update:

“As previously disclosed, we completed the sale of our 2015 built product tanker, the “Pyxis Epsilon”, in Mid-December, 2023 and at year-end, the Company was operating three medium range product tankers (each an “MR”). For the fourth quarter of 2023, we expect to report a preliminary daily average time charter equivalent charter rate (“TCE”) *1 of approximately $30,500 per MR. The product tanker chartering environment continues to be constructive, especially given recent geo-political events. As of February 15, 2024, 75% of the available days in the first quarter of 2024 for our MR’s were booked at an estimated average TCE of $29,200 per vessel. Two of our MRs continue to operate under time charters (“T/C”) and one MR in the spot market.

The acquisition of the “Konkar Asteri” provides the opportunity to expand our commercial footprint with a fleet of eco-efficient, scrubber-fitted mid-sized dry bulk carriers.  The Company has a controlling interest in a 2015-built Ultramax, the “Konkar Ormi”.  Shortly after the acquisition, “Konkar Ormi” commenced commercial operations in October 2023 under a short-term T/C. For the fourth quarter of 2023, we expect to report an estimated daily TCE of $16,900 for this vessel. So far in 2024, we have not experienced the usual seasonal slowdown in the dry bulk sector. Global demand for many dry bulk commodities has been supported by solid GDP growth and certain atypical events, such as transit restrictions through the Panama Canal due to extreme drought conditions. As of February 15, 2024, 75% of available days in the first quarter of 2024 were booked for the Ultramax at an average TCE of $20,900. We expect to employ our dry bulk vessels under a mix of T/C’s and spot voyages.”

1) These tables are as of February 15, 2024 and present gross rates in U.S.$ and do not reflect any commissions payable. 2) “Pyxis Theta” is fixed on a time charter for min 11 max 15 months, at $29,000 per day.3) “Pyxis Karteria” was fixed on a time charter for min 150 max 240 days, at $30,000 per day. 4) “Konkar Ormi” was fixed on a time charter for 60 – 70 days, at $23,750 per day.

*[1] Daily TCE rate is a standard shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. TCE is not calculated in accordance with U.S. GAAP. We utilize TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes TCE to assist them in making decisions regarding the employment of the vessels. We believe that our method of calculating TCE is consistent with industry standards and is calculated by dividing voyage revenues after deducting voyage expenses, including commissions, by operating days for the relevant period. Voyage expenses primarily consist of brokerage commissions, port, canal and bunker costs that are unique to a particular voyage, which would otherwise be paid by the charter under a time charter contract.

About Pyxis Tankers Inc.

The Company currently owns a modern fleet of mid-sized vessels consisting of three product tankers, one Kamsarmax bulk carrier and a controlling interest in a single ship Ultramax dry bulk venture engaged in seaborne transportation of refined petroleum products and other bulk commodities. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels 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

The Company has not finalized the closing process of its financial statements for the year ended December 31, 2023. During this process, the Company may identify items that would require it to make adjustments, which may be material to the information provided above. As a result, the above information constitutes “forward-looking statements” and is subject to risks and uncertainties, including possible adjustments to the preliminary results herein.

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 the Ukraine and the Red Sea conflict, on our financial condition and operations as well as the nature of the product tanker and dry bulk industries, 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. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry bulk vessels. 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.

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

Visit our website at www.pyxistankers.com

Company ContactHenry 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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