Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an international shipping company, announced today that it has closed its previously announced dry bulk vessel joint venture with an entity related to its Chairman and Chief Executive Officer, that was newly formed to acquire, own and operate, the Konkar Venture, a 2015 built 82,099 dwt Kamsarmax carrier.
The Company invested $7.3 million in cash and will issue 267,857 restricted common shares for a 60% ownership interest in the joint venture. The Konkar Venture, which is a sister ship to the Company’s eco-efficient “Konkar Asteri”, is continuing its employment under the existing time charter through mid-August, 2024 at a gross daily rate of $18,000.
After the acquisition of the vessel, including payment of transaction fees and expenses and application of vessel working capital, the Company’s consolidated total cash is estimated to be approximately $43.0 million, inclusive of restricted cash of $2.2 million, with total funded debt of approximately $89.0 million.