Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an international shipping company, on Friday (Sep22) announced that it has agreed to sell the vessel Pyxis Epsilon, a 2015 built 50,295 dwt. product tanker, for a sale price of $40.75 million in cash to an unaffiliated buyer located in the United States.
Completion of the vessel sale, which is subject to customary closing conditions, is expected to occur during the fourth quarter of 2023. After the repayment of the outstanding indebtedness secured by the vessel and the payment of various transaction costs, the Company expects to receive cash proceeds of approximately $26.4 million, which would be used for general corporate purposes. Assuming completion of the vessel sale during the fourth quarter of 2023, the Company expects to recognize a non-cash gain from asset disposition of approximately $16.8 million or $1.57 per current outstanding common share.
Valentios Valentis, our Chairman and CEO commented:
“The sale of our eight year old tanker at what we believe is a very attractive price underscores our focus on optimizing fleet value and providing further financial strength and capital resources. Our current total cash balance of $30.7 million is expected to subsequently increase upon receipt of the net cash sale proceeds of over $26 million. On completion of this latest asset disposition, our substantial cash position and low leverage will further increase our operating and financial flexibility to potentially pursue additional vessel purchases as well as other corporate and strategic initiatives that should enhance shareholder value.”