Business
Pyxis Tankers Announces Completion of Sale of Two Small Tankers & Chartering Update
Maroussi, Greece, March 2, 2022 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company”), an international pure play product tanker company, today
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece, March 2, 2022 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company”), an international pure play product tanker company, today announced that it has completed the sales of the Northsea Alpha and Northsea Beta, two 2010 built 8,600 dwt product tankers, for the aggregate sale price of $8.9 million. After repayment of bank debt and related transaction costs, Company received aggregate net cash proceeds of approximately $3.1 million. The sale of these non-core assets will improve our liquidity and reduce outstanding loans. Valentios Valentis, our Chairman & CEO, provided the following brief chartering update: “Since the start of the year, the chartering environment has remained relatively flat despite increasing demand for refined petroleum products as low inventories have limited cargo flows to some extent. Hopefully, increasing crude oil production as the year progresses combined with strong refinery throughput and ton-mile demand should lead to greater global trading activity and better charter rates. However, the impact from last week’s events in eastern Europe have further increased uncertainty in many ways. As of March 2, 2022, our MR’s were booked at over $14,300 /day for 75% of Q1, 2022 available days. In February, the Pyxis Epsilon experienced a minor accident at her discharge port and will consequently incur approximately 45 days of off-hire, including vessel repairs. There were no injuries nor pollution. After insurance claims, we estimate total cash costs to the Company of approximately $0.5 million during this period. The 2015 built tanker should be back in commercial service later this month.” Vessel NameShipyardVesseltypeCarrying Capacity(dwt)Year BuiltType of charterCharter(1) Rate (per day)Anticipated Earliest Redelivery Date Pyxis LamdaSPP / S. KoreaMR50,2962017Time$ 15,250Mar 2022 Pyxis EpsilonSPP / S. KoreaMR50,2952015n/a n/an/a Pyxis ThetaSPP / S. KoreaMR51,7952013Spot n/aMar 2022 Pyxis KarteriaHyundai / S. KoreaMR46,6522013Time 14,000May 2022 Pyxis MalouSPP / S. KoreaMR50,6672009Spot n/an/a 249,705 1) Charter rates are gross and do not reflect any commissions payable About Pyxis Tankers Inc. We currently own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product ta...