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Maroussi, Greece - March 5, 2026 Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the "Company", "we", "our", "us" or "Pyxis Tankers"), an international diversified shipping company, today announced unaudited results for the three months and year ended December 31, 2025. For the three months ended December 31, 2025, our revenues, net, were $10.5 million. For the same period, our time charter equivalent ("TCE") revenues were $10.2 million, an increase of $2.2 million, or 28.2%, over the comparable period in 2024. Our net income attributable to common shareholders for the fourth quarter ended December 31, 2025 was $2.0 million, compared to net loss of $2.4 million for the same period in 2024. For the fourth quarter of 2025, the net income per common share was $0.20 basic and diluted compared to a net loss per common share of $0.23 basic and diluted for the same period of 2024. Our adjusted EBITDA for the three months ended December 31, 2025 was $5.2 million, an increase of $1.9 million over the comparable period in 2024. Please see "Non-GAAP Measures and Definitions" below. On December 17, 2025, we closed the refinancings of the existing secured loans with Alpha Bank S.A. for the Eleventhone Corp. (the "Pyxis Lamda") and the Seventhone Corp. (the "Pyxis Theta") in the amounts of $18.6 million and $14.75 million, respectively. Each amended loan agreement has a 5-year maturity with quarterly principal repayments of $0.375 million and $0.450 million, respectively, with the final installment accompanied by balloon payments of $11.1 million for the Pyxis Lamda and $5.75 million for the Pyxis Theta, each due in December 2030. Both existing loans were refinanced at a reduced interest rate of term secured overnight financing rate ("SOFR") plus a margin of 1.90%. After repayment of existing principal, the Alpha Bank refinancings generated incremental net proceeds of $9.9 million, which we expect to deploy for fleet expansion. Our Chairman & CEO, Valentios Valentis, commented: "Solid results for 2025 further position the Company for strategic opportunities. We are pleased to report solid operating and financial results for 2025. For the year ended December 31, 2025, we generated total revenues, net of $39.0 million and adjusted EBITDA of $14.1 million. Despite softer charter rates in both sectors compared to 2024, we reported better utilization and lower operating expenses per day for our fleet. Given the heightened level of geopolitical conditions worldwide, including trade restrictions, and the potential fall-out from these events, we decided to increase our time charter exposure during the year in order to generate more predictable cash flows. In 2025, 95% of our revenues, net was derived from short-term time charters and the balance in the spot voyage market. In the fourth quarter, 2025 revenues, net were $10.5 million, adjusted EBITDA $5.2 million and adjusted net income $2.0 million. In Q4 2025, our MR tankers generated an average TCE rate of $20,766 per day, which declined about $320 per day sequentially from the third quarter of 2025, and 6.0% lower from the fourth quarter of 2024. As of March 3, 2026, our MRs were employed at an average estimated TCE of $23,500 per day, with 99% of our MR available days booked in the first quarter ending March 31, 2026. Given ongoing market uncertainties caused by unprecedented geopolitical events and moderating macro-economic conditions, we continue to employ our fleet of three modern, eco-efficient MRs under staggered short-term time charters. In the dry-bulk market, chartering conditions improved noticeably since the summer of 2025, sustained by worldwide demand for key commodities, particularly led by China. For example, the Baltic Dry Index has risen by 52% from June 30 until March 3, 2026, a good indicator of better market conditions. For the quarter ended December 31, 2025, our three mid-sized bulkers generated an average daily TCE rate of $16,766 which increased about $3,250 per day sequentially from the third quarter of 2025, and almost 45% higher compared to Q4 2024. As of March 3, 2026, our bulkers were employed at an average estimated TCE of $ 13,300 per day, with 89% of available days booked in the first quarter ending March 31, 2026. All of our dry-bulk carriers are currently employed under shorter-term time charters. Our operating strategy and the refinancing of two of our bank loans has resulted in an expanding cash position to almost $54 million in total at year end, including short-term time deposits. Our balance sheet strength and available credit facility of up to $45 million puts Pyxis Tankers in a solid position to pursue value enhancing opportunities. Positive outlook despite various uncertainties In 2026, we expect the chartering environment for both the product tankers and the dry-bulk carriers to remain firm. Global demand for seaborne cargoes including a broad range of refined petroleum products and dry-bulk commodities is expected to post modest growth this year. Historically, demand growth has been reasonably correlated with global GDP growth. In January, the International Monetary Fund revised its annual global growth forecast to approximately 3.25% through 2027. However, the unpredictable trajectory of tariffs, sanctions and policy shifts may continue to impact global trade, contributing to inflationary pressures, increasing unemployment and ongoing supply chain dislocations. The expanding scope of severe sanctions against Russia and Iran by the U.S. and EU as well as damages caused by ongoing Ukrainian drone attacks on Russian energy infrastructure may further alter cargo volumes and trade routes, re-new the expansion of cargo ton-miles as well as create arbitrage opportunities in various consuming markets and drive demand for compliant tankers. The armed conflict between Iran and the Israel-U.S. has the risk of spreading regionally, but has already resulted in significant restrictions on transits through the Straits of Hormuz, a major sea passage of petroleum cargoes, which could have a significant impact on the world’s energy sector and macroeconomic conditions. Global refinery activity remains healthy and, at this point, oil markets are adequately-supplied. As to vessel supply, deliveries are anticipated to increase this year amid continued low scrapping activity. According to Arrow Shipbrokering Group (February, 2026), the MR orderbook stood at 282 tankers, or 14.4% of the global fleet, while 388 MRs, or 19.8%, were 20 years of age or older, creating a large pool of scrapping candidates and contributing to a more balanced long-term product tanker supply outlook. With respect to the dry-bulk side, fleet growth for the remainder of 2026 and next year is expected to outpace modest demand growth. However, potential scrapping and slow-steaming of a large number of older, less efficient bulkers could potentially mitigate a softer chartering environment. Given the hightened level of macroeconomic and geopolitical uncertainties, we will continue to maintain a prudent and disciplined approach to operational and financial management, including capital allocation. We expect there will be compelling growth opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels across both the product tanker and dry-bulk sectors. With capital sources on-hand approaching $100 million, we have the capabilities to aggressively pursue the right assets, while continuing our common share repurchase program." Results for the three months ended December 31, 2024 and 2025 Amounts referenced in period–on–period comparisons in this section are derived from the unaudited consolidated financial statements presented below. For the three months ended December 31, 2025, we reported revenues, net of $10.5 million, or a 12.4% decrease from $12.0 million in the comparable 2024 period. Our net income attributable to Pyxis Tankers Inc. was $2.0 million, compared to $0.3 million for the same period in 2024. The net income per common share for the three months ended December 31, 2025 was $0.20 basic and diluted, compared to a net loss per common share of $0.23 basic and diluted for the same period in 2024. Adjusted net income was $2.0 million or $0.20 basic and diluted per common share, compared to $0.3 million, or $0.03 basic and diluted, for the same period in 2024. The weighted average number of basic and diluted shares reduced to approximately 10.4 million, in the three months ended December 31, 2025, mainly due to the new common share buyback program which commenced in December 2025. Operationally, our MR tankers achieved an average TCE rate of $20,766 per day, a 6.0% decline from $22,084 during the three months ended December 31, 2024, reflecting lower charter rates in the product tanker sector. Our dry-bulk carriers recorded an average daily TCE of $16,766, 44.8% higher than $11,582 in the same period last year, driven by strengthening chartering conditions in the dry-bulk market. In the fourth quarter of 2025, 100% of the MR tankers' revenue was generated under short-term time charters, and similarly the bulk carriers were also employed under short-term time charters. Adjusted EBITDA increased by $1.9 million to $5.2 million in the fourth quarter of 2025 from $3.3 million for the same period in 2024. Results for the twelve months ended December 31, 2024 and 2025 Amounts referenced in period–on–period comparisons in this section are derived from the unaudited consolidated financial statements presented below. For the twelve months ended December 31, 2025, we reported revenues, net of $39.0 million, a decrease of $12.5 million, or 24.3%, from $51.5 million in the comparable period of 2024. Our net income attributable to Pyxis Tankers Inc. was $2.0 million, compared to $12.9 million for the same period in 2024. The net income per common share for the twelve months ended December 31, 2025 was $0.19 basic and diluted, compared to $0.91 basic and diluted for the same period in 2024. Adjusted net income per common share was $0.19 basic and diluted, compared to $1.17 basic and $0.96 diluted, for the same period in 2024. Adjusted EBITDA for the year ended December 31, 2025 declined by $9.9 million to $14.1 million, compared to $24.0 million in the 2024 period. During the year ended December 31, 2025, our MRs were contracted for 1,005 days or 92% of their ownership days under short-term time charters, with the remainder employed in the spot voyage market, including 31 idle days. During the year ended December 31, 2025, we generated a lower MR daily TCE rate of $21,469 and higher MR fleet utilization of 97.2%, compared to a daily TCE rate of $29,289 and utilization of 96.1% in the same period in 2024. Also, during the same period, our bulkers were contracted under short-term time charters, resulting in an overall lower dry-bulk average daily TCE rate of $14,149, and higher utilization of 90.6%, compared to a daily TCE rate of $15,353 and utilization of 82.9% in the same period in 2024. We operated an average of 3 MR tankers and 2.4 dry-bulk carriers, respectively, in both periods. Full report 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: https://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 
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