Pyxis Tankers Inc. Announces Refinancing of Modern Product Tanker

Maroussi, Greece - March 30, 2021

Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the "Company" or "Pyxis Tankers"), a growth-oriented, pure play product tanker company, today announced that it had successfully completed the refinancing of a previous loan facility secured by the Pyxis Epsilon with a $17 million loan which has an interest rate of Libor plus 3.35% and is repayable over 5 years.

Valentios Valentis, our Chairman and CEO commented:

"We are very pleased that we are expanding our relationship with Alpha Bank S.A. which has provided us with an additional $17 million loan on terms and conditions, including quarterly amortization of $300,000, that are similar to the existing loan for our vessel, the Pyxis Theta.

This new facility provides us a number of benefits including improving balance sheet leverage, lengthening our average debt maturities and reducing aggregate principal and interest payments.

For example, the consolidated weighted average interest rate on our debt has declined from 7.1% in the fourth quarter, 2020 to approximately 5% currently. We do not have any scheduled senior loan maturities for the next two years."

About Pyxis Tankers Inc.
We 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. The information discussed contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, is not incorporated into, and does not constitute part of this report.

Pyxis Tankers Inc., press release