Pyxis Tankers Announces Completion of Sale of Two Small Tankers & Chartering Update
March 02 2022 - 8:00AM
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 Name |
Shipyard |
Vesseltype |
Carrying Capacity(dwt) |
Year Built |
Type of charter |
Charter(1) Rate
(per day) |
Anticipated Earliest Redelivery Date |
|
|
|
|
|
|
|
|
|
|
|
|
Pyxis Lamda |
SPP / S. Korea |
MR |
50,296 |
2017 |
Time |
$ 15,250 |
Mar
2022 |
|
Pyxis Epsilon |
SPP / S. Korea |
MR |
50,295 |
2015 |
n/a |
n/a |
n/a |
|
Pyxis Theta |
SPP / S. Korea |
MR |
51,795 |
2013 |
Spot |
n/a |
Mar
2022 |
|
Pyxis Karteria |
Hyundai / S. Korea |
MR |
46,652 |
2013 |
Time |
14,000 |
May
2022 |
|
Pyxis Malou |
SPP / S. Korea |
MR |
50,667 |
2009 |
Spot |
n/a |
n/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 tankers, which provide operational flexibility
and enhanced earnings potential due to their “eco” features and
modifications. We are positioned to opportunistically expand and
maximize our fleet due to 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.
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
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
COVID-19 on our financial condition and operations and the product
tanker industry, 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. 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, 2020. 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.
Company
Pyxis Tankers Inc.59 K. Karamanli StreetMaroussi 15125
Greeceinfo@pyxistankers.com
Visit our website at www.pyxistankers.com
Company Contact
Henry WilliamsChief Financial OfficerTel: +30 (210) 638 0200 /
+1 (516) 455-0106Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.
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