Business
Pyxis Tankers Announces Closing of Modern Dry Bulk Vessel Joint Venture
Maroussi, Greece – June 28, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company”), an international shipping company, announced today that it has
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece – June 28, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company”), 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. About Pyxis Tankers Inc. The Company currently owns a modern fleet of six mid-sized vessels consisting of three MR2 product tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids as well as controlling interests in two dry bulk joint ventures that each own a Kamsarmax and Ultramax vessel, respectively, and a 100% owned Kamsarmax carrier, which transport a broad range of dry-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 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 f...