Pyxis Tankers Inc. · NASDAQ:PXS
Pyxis Tankers — IPO Roadshow (July 2021)
23 slides from Pyxis Tankers's IPO roadshow presentation, Jul 12, 2021
Slide 1: Pyxis Tankers Company Presentation
PYXIS TANKERS COMPANY PRESENTATION July 2021
Slide 2: Disclaimer & Forward-Looking Statements
4 DISCLAIMER & FORWARD-LOOKING STATEMENTS PXS This presentation contains forward-looking statements and forwardooking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words “expected”, “estimated”, “scheduled”, “could”, “should”,
Slide 3: Series A Convertible Preferred Shares Summary
SERIES A CONVERTIBLE PREFERRED SHARES SUMMARY PXS PYXIS TANKERS Securities Offered: Follow-on offering of 7.75% Series A Convertible Preferred Shares ("‘Series A Preferred Shares") - 7.78% per annum on the $25.00 per share liquidation preference (equivalent to $1.9375 per annum per share) Dividend R
Slide 4: Company Overview: International Pure Play Product Tanker Company
Growth Oriented with Attractive, Modern Fleet Reputable Customer Base & Diversified Chartering Strategy Competitive Cost Structure & Good Capitalization Experienced, Incentivized Management & Prominent Board Favorable Industry Fundamentals Create Attractive Entry Point * Source: Drewry, March 2021 4
Slide 5: Fleet & Employment Overview
Fleet Employment Fleet Details Overview FLEET & EMPLOYMENT OVERVIEW XS POSITIONED FOR UPSIDE OPPORTUNITIES PYXIS TANKER: Our mixed chartering strategy provides upside opportunities through spot trading when rates improve and stable, visible cash flows from time charters Pyxis Epsilon SPP / S.Korea S
Slide 6: Strong Relationships
STRONG RELATIONSHIPS PXS QUALITY VESSELS & OPERATIONS > BLUE CHIP CUSTOMERS > COMPETITIVE —pyyiS TANKERS LENDING TERMS SHIPYARDS CUSTOMERS SENIOR LENDERS Sree [ oe @MShell 5) | @ (KOCH. AHYUNDAI sant ene au Y TOTAL PY Amsterdam Tade Bank za Merber of Alf Bank Group =i TRAFIGURA 2 CSE veneng ning th
Slide 7: Senior Management
Valentios “Eddi Valentis Henry Williams Konstantinos “Kostas” Lytras 4 SENIOR MANAGEMENT PXS DECADES OF EXPERIENCE PYAIS TANKERS » 25+ years of experience in owning, operating and managing within various shipping sectors, including product, dry bulk, chemical, as well as salvage and towage » Founder
Slide 8: Pyxis Organizational Structure
4 PYXIS ORGANIZATIONAL STRUCTURE PXS LEAN, EFFICIENT, SCALABLE ORGANIZATIONAL STRUCTURE PYXIS TANKERS. Quality, Cost Effective Ship Management » Streamlined structure minimizes costs and allows management to focus on creating long term shareholder value > Very competitive technical and commercial sh
Slide 9: Company Strategy
Grow the Fleet Opportunistically Focus on the Needs of our Customers Utilize Portfolio Approach to Commercial Management Maintain Financial Flexibility & Support ESG Standards 4 COMPANY STRATEGY PXS FOCUS ON QUALITY, GROWTH, SERVICE & FINANCIAL FLEXIBILITY PYXIS TANKERS » Focus on acquisition of IMO
Slide 10: Support Good Environmental, Social & Governance Standards
SUPPORT GOOD ENVIRONMENTAL, SOCIAL & GOVERNANCE PXS STANDARDS PYXIS TANKER » Focus on eco-efficient, modern MR tankers, resulting in improved fuel consumption and lower greenhouse gas emissions > Clear strategy to comply with new and existing IMO regulations, including: + Retrofitting MR fleet with
Slide 11: Recent Developments
4 RECENT DEVELOPMENTS PXS TANKERS. Major Financial Improvement Helps Position for Upside » Concluded attractive loan refinancing's of two MR’s with new bank and raised $30M in equity offerings to strengthen balance sheet, enhance liquidity, lengthen average debt maturities, reduce interest costs, im
Slide 12: MR2 Product Tanker Market Update
Short-term challenges but positive longer-term sector fundamentals 4 MR2 PRODUCT TANKER MARKET UPDATE PXS PYXIS TANKERS » Depressed spot charter rates have continued, but period market slightly better. » Effects from Covid-19 continue to lengthen return of demand for transportation fuels, but expand
Slide 13: Unaudited Financial Highlights
4 UNAUDITED FINANCIAL HIGHLIGHTS PXS THREE MONTHS ENDED MARCH 31, 2020 & 2021 PYXIS TANKERS. Three Months ended March 31, 2020* 2021 Revenues, net ($000s) $6,635 $5,242 Lower TCE Voyage related costs & commissions 1,682) (961 Revenuesidue: Time charter equivalent revenues ** $4,953 $4,281 to Poor Ch
Slide 14: Unaudited Income Statement
Lower TCE Revenues & Loss from Loan Refi Impacted Q1 2021 Bottom Line UNAUDITED INCOME STATEMENT THREE MONTHS ENDED MARCH 31, 2020 & 2021 Revenues, net Expenses: Voyage related costs and commissions Vessel operating expenses General and administrative expenses Management fees, related parties Manage
Slide 15: Recent Daily Fleet Data
4 RECENT DAILY FLEET DATA PXS THREE MONTHS ENDED MARCH 31, 2020 & 2021 PYXIS TANKERS. Three Months Ended lfamounis in $, except Util Tough March 3 Chartering Eco-Efficient MR2: (2 of our vessels) . Average TCE* 15,676 13,679 Environment, Opex* Bois pee but Overall Utilization % 97.3% 100.0% oO Eco-M
Slide 16: Capitalization at March 31, 2021
4 CAPITALIZATION AT MARCH 31, 2021 PXS PYXIS TANKERS. All figures are expressed in USD thousands except common shares outstanding Actual As Adjusted* March 31, 2021 Long-term debt (current and non-current) 45,878 44,718 Promissory Note 5,000 3,000 Improving Total long-term debt $ 50,878 47,718 Lever
Slide 17: Management Incentivized to Achieve Prudent Growth
MANAGEMENT INCENTIVIZED TO ACHIEVE PRUDENT /, GROWTH PXS FOUNDER/CEO'S SUBSTANTIAL SHAREHOLDINGS PYXIS TANKERS. > The shareholder base as of July 8, 2021: Public Float 19,440,407 (50.7% of outstanding) Maritime Investors Corp. (“MIC") 18,688,919 (48.8%) Other Management 187,528 (_0.5% Total Common S
Slide 18: Management Incentivized to Achieve Prudent Growth - Continued
MANAGEMENT INCENTIVIZED TO ACHIEVE PRUDENT za GROWTH - Continued PXS FOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS PYXIS TANKERS. ® Other Securities Outstanding: 141,186 Series A Convertible Preferred Shares traded on Nasdaq: PXSAP (convertible at $1.40 per common share, traded on Nasdaq — PXS, at anytime
Slide 19: Investment Highlights
4 INVESTMENT HIGHLIGHTS PXS POSITIONED FOR POTENTIAL RECOVERY PLAY PYXIS TANKERS Growth Oriented with Attractive, Modern Eco Fleet Favorable Long Term Industry Reputable Customer Fundamentals Create Base & Mixed Attractive Entry Point Chartering Strategy with Upside \ PYXIS TANKERS | Experienced, In
Slide 20: Definitions - Exhibit I
PXS PYXIS TANKERS DEFINITIONS EXHIBIT |
Slide 21: Exhibit I Definitions
4 EXHIBIT | | DEFINITIONS PXS PYXIS TANKERS Earnings before interest, taxes, depreciation and amortization ("EBITDA") represents the sum of net income / (loss), interest and finance costs, depreciation and amortization and, if any. income taxes during a period. Adjusted EBITDA represents EBITDA befo
Slide 22: Exhibit II Non-GAAP Measures
(in thousands of U.S. Dollars) EXHIBIT Il | NON-GAAP MEASURES Three Months Ended March 31, 2020 2021 Reconciliation of Net loss to Adjusted EBITDA Net loss Depreciation Amortization of special survey costs Interest and finance costs, net EBITDA Loss from debt extinguishment Gain from financial deriv
Slide 23: Contact
CONTACT Pyxis Tankers Inc. K. Karamanli 59 Maroussi 15125, Greece Email: info@pyxistankers.com www. pyxistankers.com Henry Williams CFO & Treasurer Phone: +1 516 455 0106/ +30 210 638 0200 Email: hwilliams@pyxistankers.com 23 PXS PYXIS TANKERS