Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), 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. 

Pyxis Tankers Announces Closing of Ultramax JV Investment & Company Update

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.”