Pyxis Tankers Inc. · NASDAQ:PXS
Pyxis Tankers — Investor Presentation (July 2026)
24 slides from Pyxis Tankers's investor presentation, July 2026
Slide 1: Company Presentation: Series B Cumulative Convertible Preferred Shares
COMPANY PRESENTATION Series B Cumulative Convertible Preferred Shares July 2026 A preferred security with current income, asset-backed downside protection and equity-linked upside 7.0% $25 $15 PXSBP Cumulative Monthly Liquidation Conversion NASDAQ Income Preference Price Symbol NASDAQ: PXS | Pyxista
Slide 2: Disclaimer & Forward-Looking Statements
DISCLAIMER & FORWARD-LOOKING STATEMENTS NASDAQ: PXS | Pyxistankers.com This presentation contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. The words “expected'', “estima
Slide 3: Company Overview
COMPANY OVERVIEW NASDAQ: PXS | Pyxistankers.com MODERN, ECO- FOUNDER-LED STRONG BALANCE EFFICIENT FLEET OF ALIGNMENT COMPETITIVE SHEET & SUPPORTIVE TANKERS & BULKERS OPERATING PLATFORM FUNDAMENTALS ► 3 MR2 product tankers ► ~59% insider ownership ► Rigorous operations and ► Substantial liquidity and
Slide 4: Series B Preferred Investment Thesis
SERIES B PREFERRED INVESTMENT THESIS NASDAQ: PXS | Pyxistankers.com MONTHLY STRONG ASSET HIGH DIVIDEND FOUNDER-LED CONVERSION NON-DILUTIVE INCOME COVERAGE COVERAGE ALIGNMENT UPSIDE GROWTH CAPITAL Cumulative preferred Backed by fleet market Small dividend burden High insider ownership Conversion Pric
Slide 5: Series B Cumulative Convertible Preferred Shares Summary
SERIES B CUMULATIVE CONVERTIBLE PREFERRED SHARES SUMMARY NASDAQ: PXS | Pyxistankers.com Securities Offered: 7.0% Series B Cumulative Redeemable Perpetual Convertible Preferred Stock 7.0% per annum on the $25.00 per share liquidation preference (equivalent to $1.75 per annum per share) Dividend Rate:
Slide 6: Substantial Asset Coverage Supports Series B Preferred
SUBSTANTIAL ASSET COVERAGE SUPPORTS SERIES B PREFERRED NASDAQ: PXS | Pyxistankers.com Large common equity cushion supports preferred downside while conversion feature provides optionality ~$251.3M (~$97.2M) Other Assets ~$6.5M ~8.6x Pro Forma MV-Adjusted NAV / Series B Preferred NAV / Series B~$154.
Slide 7: Q1 2026 Results Demonstrate Cash Flow Generation & NAV Accretion
Q1 2026 RESULTS DEMONSTRATE CASH FLOW GENERATION & NAV ACCRETION NASDAQ: PXS | Pyxistankers.com Strong Q1 2026 earnings support both preferred dividend capacity and common-equity value creation Cash Flow Generation NAV Accretion from Earnings Preferred Dividend Support Q1 2026 Highlights Higher NAV
Slide 8: Common Equity Valuation Gap & Rerating Opportunity
COMMON EQUITY VALUATION GAP & RERATING OPPORTUNITY NASDAQ: PXS | Pyxistankers.com PXS currently trades at a substantial discount to management-estimated NAV and is valued at attractive Q1 2026 annualized earnings / cash flow multiples Attractive Earnings / Cash Valuation Gap Potential Rerating Catal
Slide 9: Use of Proceeds & Capital Allocation Strategy
USE OF PROCEEDS & CAPITAL ALLOCATION STRATEGY NASDAQ: PXS | Pyxistankers.com Preferred capital intended to support accretive growth while preserving balance-sheet flexibility and protecting per share value Use of Proceeds Target Outcome Maintain moderate leverage Enhance Accretive Vessel Acquisition
Slide 10: Fleet Overview & Charter Coverage
FLEET OVERVIEW & CHARTER COVERAGE NASDAQ: PXS | Pyxistankers.com 6 eco-efficient vessels – 3 MR2 product tankers & 3 mid-size dry-bulk carriers MR2 PRODUCT TANKERS | Avg. Age 11.8 yrs Vessel DWT Built Charter Rate Redelivery Shipyard Pyxis Lamda 50,145 2017 $23,000/day Sep–Dec 2026 SPP / S. Korea Py
Slide 11: Strong Historical Customer Base
STRONG HISTORICAL CUSTOMER BASE NASDAQ: PXS | Pyxistankers.com 11
Slide 12: Favorable Long-Term Fundamentals
FAVORABLE LONG-TERM FUNDAMENTALS NASDAQ: PXS | Pyxistankers.com Favorable long-term trends, combined with constrained vessel supply, create an attractive environment for maritime assets GLOBAL MEGA TRENDS Growing Trade & Supply Chain Expanding Real Assets & Cash Flow Energy Demand Diversification Tr
Slide 13: Management Team
MANAGEMENT TEAM NASDAQ: PXS | Pyxistankers.com Fotis Konstantinos Valentios Giannakoulis “Kostas” Lytras “Eddie” Valentis CFO & Treasurer COO & Corporate CEO & Chairman Secretary ►Founded Pyxis in 2015 and Pyxis ►25+ years of international ►30+ years of shipping Maritime Corp. in 2007 experience in
Slide 14: Series B Preferred Summary
SERIES B PREFERRED SUMMARY NASDAQ: PXS | Pyxistankers.com A high-yield preferred security supported by substantial asset coverage, cash-flow generation and equity-linked upside 7.0% ANNUAL INCOME PAID MONTHLY HIGH DIVIDEND COVERAGE ASSET-BACKED DOWNSIDE PROTECTION Preferred dividend paid monthly on
Slide 15: Contact
CONTACT NASDAQ: PXS | Pyxistankers.com Pyxis Tankers Inc. K. Karamanli 59 Maroussi 15125, Greece www.pyxistankers.com Fotis Giannakoulis, CFO +1 917 291 7142 / +30 210 638 0200 ir@pyxistankers.com www.pyxistankers.com | NASDAQ: PXS 15
Slide 16: Appendix A: Financial Summary – Period Ended March 31, 2026
NASDAQ: PXS | Pyxistankers.com APPENDIX A FINANCIAL SUMMARY – PERIOD ENDED MARCH 31, 2026 17
Slide 17: Unaudited Consolidated Income Statement
UNAUDITED CONSOLIDATED INCOME STATEMENT MONTHS ENDED March 31, 2025 & 2026 (UNAUDITED) NASDAQ: PXS | Pyxistankers.com Expressed in thousands of U.S. dollars, except for share and per share data 2025 2026 Revenues, net 9,605 9,976 Expenses: Voyage related costs and commissions, net (1,212) (58) Vesse
Slide 18: Financial Performance
FINANCIAL PERFORMANCE NASDAQ: PXS | Pyxistankers.com Q1 2026 vs Q1 2025 – Earnings inflection driven by dry-bulk surge and cost discipline ($000s) Q1 2025 Q1 2026 Change Balance Sheet (Mar 31, 2026) Revenues, net $9,605 $9,976 +3.9% Total Cash (Liquid Cash + Time Deposits: $54.4m) $55.7M TCE Revenue
Slide 19: Capitalization as of March 31, 2026
CAPITALIZATION AS OF MARCH 31, 2026 NASDAQ: PXS | Pyxistankers.com (Amounts in thousands of U.S. dollars) As of March 31, 2026 Pro Forma As Actual Pro Forma Adjusted (1) Current portion of long-term debt $ 8,160 7,260 7,260 Long-term debt, net of current portion 77,660 77,660 77,660 Total long-term
Slide 20: Appendix B: Market Overview
NASDAQ: PXS | Pyxistankers.com APPENDIX B MARKET OVERVIEW 21
Slide 21: Product Tanker Overview
PRODUCT TANKER OVERVIEW NASDAQ: PXS | Pyxistankers.com Supportive chartering conditions driven by trade dislocation and geopolitical disruption MR Charter Rates ($k/day) $38,583 Q1 2026 +86% YoY 50.0 Spot Eco MR TCE 45.0 43.3 38.6 40.0 $43,296 Q2 2026 QTD 35.0 32.4 +91% YoY 30.0 27.8 Spot Eco MR TCE
Slide 22: Dry Bulk Market Overview
DRY BULK MARKET OVERVIEW NASDAQ: PXS | Pyxistankers.com Strong dry bulk recovery driven by iron ore strength, geopolitical rerouting and ton-mile expansion Dry Bulk Charter Rates ($k/day) $15,382 / $14,555 Q1 2026 24.0 Spot Panamax / Ultramax TCE +60%/+40% YoY 19.319.3 20.0 17.1 17.4 $19,291 / $19,3
Slide 23: Ship Prices
SHIP PRICES NASDAQ: PXS | Pyxistankers.com Improved profitability and solid outlook have pushed vessel values and NAVs higher MR Product Tanker Vessel Prices ($m) 60 25% 51 Jun-26 1Q26 4Q25 1Q25 47 50 42 43 20% 41 40 Newbuild price ($m) 51.0 50.0 49.0 49.5 40 19.2% 15% 30 11.0% Resale ($m) 61.0 57.0
Slide 24: Exhibit I | Definitions
EXHIBIT I | DEFINITIONS NASDAQ: PXS | Pyxistankers.com Daily time charter equivalent (“TCE”) rate is a standard shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. TCE is not calculated in accordance with US GAAP. We utilize TCE because w