Pyxis Tankers Announces Completion of Common Share Repurchase Program & Update on Chartering Activity


Maroussi, Greece - January 30, 2025


Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, announced today key shareholder and chartering updates.

1. The Company has completed its authorized expanded $3.0 million common share repurchase program. Since summer 2023, we have acquired 730,683 common shares in the open market at an average cost of $4.03 per share, excluding commissions. As of January 29, 2025, there were 10,485,865 common shares of the Company outstanding, with a public float of approximately 4.37 million PXS shares.

2. In 2024, the Company also redeemed all of its outstanding 7.75% Series A Cumulative Convertible Preferred Stock, which eliminated potential shareholder dilution of 1,799,871 common shares. Thus, the Company has spent approximately $13.1 million, in total, for equity re-purchases in order to save potential shareholder dilution of 2.53 million common shares in aggregate or 19.4% of diluted common shares.

3. As of January 29, 2025, 72% of available days in the first quarter, 2025 for our three eco-MR product tankers were booked at an average estimated daily time charter equivalent rate (“TCE”) of $24,750 per vessel. As of the same date, 68% of available days in the first quarter of 2025, for our three dry-bulk vessels were booked at an average estimated daily TCE of $15,400.



Pyxis Tankers Fleet (as of January 29, 2025)


1. These tables present gross rates in U.S.$ and do not reflect any commissions payable .
2. “Pyxis Theta” is fixed on a time charter for 12 months +/- 30 days, at $22,000 per day.
3. “Pyxis Karteria” is fixed on a time charter for 12 months +/- 30 days, at $24,500 per day.
4. “Konkar Ormi” is fixed on a time charter for 60 – 70 days, at $13,650 per day, plus a $365,000 ballast bonus, plus an estimated scrubber compensation of $69,000
5. “Konkar Asteri” is fixed on a time charter for 60 – 70 days, at $12,850 per day, plus a $285,000 ballast bonus, plus an estimated scrubber compensation of $93,000.
6. “Konkar Venture” was fixed on time charter for min 120 and max 130 days, at $10,000 per day.

About Pyxis Tankers Inc.


The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. 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 or accessible through the Company’s website is not incorporated into and does not form a part of this release.

Pyxis Tankers Inc., press release