Maroussi, Greece – February 15, 2024 – Pyxis
Tankers Inc. (NASDAQ Cap Mkts: PXS), an international shipping
company, announced today that it has completed the acquisition of
an 82,013 dwt dry bulk vessel built in 2015 at Jiangsu New Yangzi
Shipbuilding. The $26.625 million purchase of the eco-efficient
Kamsarmax, fitted with a ballast water treatment system and
scrubber, was funded by a combination of secured bank debt of $14.5
million and cash on hand. The five year amortizing bank loan is
priced at Term SOFR +2.35% and is secured by, among other things,
the vessel. The vessel has been named the “Konkar Asteri” and is
expected to commence commercial operations shortly. As of December
31, 2023, on a pro-forma basis for the acquisition of the vessel,
including payment of transaction fees and expenses and application
of vessel working capital, consolidated total cash would have been
$45.6 million, inclusive of restricted cash of $2.15 million, and
total funded debt would have been $76.0 million.
In addition, Valentios Valentis, our Chairman
and CEO, provided the following brief commercial update:
“As previously disclosed, we completed the sale
of our 2015 built product tanker, the “Pyxis Epsilon”, in
Mid-December, 2023 and at year-end, the Company was operating three
medium range product tankers (each an “MR”). For the fourth quarter
of 2023, we expect to report a preliminary daily average time
charter equivalent charter rate (“TCE”) *1 of
approximately $30,500 per MR. The product tanker chartering
environment continues to be constructive, especially given recent
geo-political events. As of February 15, 2024, 75% of the available
days in the first quarter of 2024 for our MR’s were booked at an
estimated average TCE of $29,200 per vessel. Two of our MRs
continue to operate under time charters (“T/C”) and one MR in the
spot market.
The acquisition of the “Konkar Asteri” provides
the opportunity to expand our commercial footprint with a fleet of
eco-efficient, scrubber-fitted mid-sized dry bulk carriers.
The Company has a controlling interest in a 2015-built Ultramax,
the “Konkar Ormi”. Shortly after the acquisition, “Konkar
Ormi” commenced commercial operations in October 2023 under a
short-term T/C. For the fourth quarter of 2023, we expect to report
an estimated daily TCE of $16,900 for this vessel. So far in 2024,
we have not experienced the usual seasonal slowdown in the dry bulk
sector. Global demand for many dry bulk commodities has been
supported by solid GDP growth and certain atypical events, such as
transit restrictions through the Panama Canal due to extreme
drought conditions. As of February 15, 2024, 75% of available days
in the first quarter of 2024 were booked for the Ultramax at an
average TCE of $20,900. We expect to employ our dry bulk vessels
under a mix of T/C’s and spot voyages.”
Vessel Name |
Shipyard |
Vessel type |
Carrying Capacity (dwt) |
Year Built |
Type of charter |
Charter(1) Rate (per day) |
Anticipated Earliest Redelivery Date |
|
|
|
Product
Tanker
Fleet |
|
|
|
|
|
|
Pyxis Lamda |
SPP / S. Korea |
MR2
Tanker |
50,145 |
2017 |
Spot |
n/a |
n/a |
|
Pyxis Theta (2) |
SPP / S. Korea |
MR2
Tanker |
51,795 |
2013 |
Time |
29,000 |
Aug
2024 |
|
Pyxis Karteria (3) |
Hyundai / S. Korea |
MR2
Tanker |
46,652 |
2013 |
Time |
30,000 |
Mar
2024 |
|
|
|
|
148,592 |
|
|
|
|
|
Dry-bulk
Fleet |
|
|
|
|
|
|
|
|
Konkar Ormi (4) |
SKD / Japan |
Ultramax |
63,520 |
2016 |
Time |
23,750 |
Mar
2024 |
|
Konkar Asteri |
JNYS / China |
Kamsarmax |
82,013 |
2015 |
TBD |
n/a |
n/a |
|
|
|
|
145,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) These tables are as of February 15, 2024 and present gross
rates in U.S.$ and do not reflect any commissions payable. 2)
“Pyxis Theta” is fixed on a time charter for min 11 max 15 months,
at $29,000 per day.3) “Pyxis Karteria” was fixed on a time charter
for min 150 max 240 days, at $30,000 per day. 4) “Konkar Ormi” was
fixed on a time charter for 60 – 70 days, at $23,750 per day.
*[1] Daily 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 U.S. GAAP. We utilize TCE
because we believe it is a meaningful measure to compare
period-to-period changes in our performance despite changes in the
mix of charter types (i.e., spot charters, time charters and
bareboat charters) under which our vessels may be employed between
the periods. Our management also utilizes TCE to assist them in
making decisions regarding the employment of the vessels. We
believe that our method of calculating TCE is consistent with
industry standards and is calculated by dividing voyage revenues
after deducting voyage expenses, including commissions, by
operating days for the relevant period. Voyage expenses primarily
consist of brokerage commissions, port, canal and bunker costs that
are unique to a particular voyage, which would otherwise be paid by
the charter under a time charter contract.
About Pyxis Tankers Inc.
The Company currently owns a modern fleet of
mid-sized vessels consisting of three product tankers, one
Kamsarmax bulk carrier and a controlling interest in a single ship
Ultramax dry bulk venture engaged in seaborne transportation of
refined petroleum products and other 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
The Company has not finalized the closing
process of its financial statements for the year ended December 31,
2023. During this process, the Company may identify items that
would require it to make adjustments, which may be material to the
information provided above. As a result, the above information
constitutes “forward-looking statements” and is subject to risks
and uncertainties, including possible adjustments to the
preliminary results herein.
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 future events or performance
and involve known and unknown risks that are difficult to predict.
As a result, our actual results, performance or achievements may
differ materially from those expressed or implied by these
forward-looking statements. In some cases, you can identify
forward-looking statements by the use of words such as “may,”
“could,” “expects,” “seeks,” “predict,” “schedule,” “projects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,”
“targets,” “continue,” “contemplate,” “possible,” “likely,”
“might,” “will, “should,” “would,” “potential,” and variations of
these terms and similar expressions, or the negative of these terms
or similar expressions. All statements that are not statements of
either historical or current facts, including among other things,
our expected financial performance, expectations or objectives
regarding future and market charter rate expectations and, in
particular, the effects of the war in the Ukraine and the Red Sea
conflict, on our financial condition and operations as well as the
nature of the product tanker and dry bulk industries, in general,
are forward-looking statements. Such forward-looking statements are
necessarily based upon estimates and assumptions. Although the
Company believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond the Company’s control, the Company cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections. The Company’s actual results may differ,
possibly materially, from those anticipated in these
forward-looking statements as a result of certain factors,
including changes in the Company’s financial resources and
operational capabilities and as a result of certain other factors
listed from time to time in the Company’s filings with the U.S.
Securities and Exchange Commission. The Company is reliant on
certain independent and affiliated managers for its operations,
including most recently an affiliated private company, Konkar
Shipping Agencies, S.A., for the management of its dry bulk
vessels. For more information about risks and uncertainties
associated with our business, please refer to our filings with the
U.S. Securities and Exchange Commission, including without
limitation, under the caption “Risk Factors” in our Annual Report
on Form 20-F for the fiscal year ended December 31, 2022. We
caution you not to place undue reliance on any forward-looking
statements, which are made as of the date of this press release. We
undertake no obligation to update publicly any information in this
press release, including forward-looking statements, to reflect
actual results, new information or future events, changes in
assumptions or changes in other factors affecting forward-looking
statements, except to the extent required by applicable laws.
CompanyPyxis Tankers Inc. 59 K. Karamanli
Street Maroussi, 15125 Greece info@pyxistankers.com
Visit our website at www.pyxistankers.com
Company ContactHenry Williams Chief Financial
Officer Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.
Pyxis Tankers (NASDAQ:PXS)
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