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)

Vessel Name	Shipyard	Vessel type	Carrying Capacity(dwt)	Year Built	Type of charter	Charter(1) Rate($ per day)	AnticipatedEarliestRedelivery Date
Tanker fleet
Pyxis Lamda	SPP / S. Korea	MR2	50,145	2017	Spot	n/a	n/a
Pyxis Theta (2)	SPP / S. Korea	MR2	51,795	2013	Time	$ 22,000	Dec 2025
Pyxis Karteria (3)	Hyundai / S. Korea	MR2	46,652	2013	Time	24,500	Sep 2025
			148,592
Dry-bulk fleet
Konkar Ormi (4)	SKD / Japan	Ultramax	63,520	2016	Time	13,650	Mar 2025
Konkar Asteri (5)	JNYS / China	Kamsarmax	82,013	2015	Time	12,850	Mar 2025
Konkar Venture (6)	JNYS / China	Kamsarmax	82,099	2015	Time	10,000	Feb 2025
			227,632

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.

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 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, 2023. 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 [e-mail]

Visit our website at www.pyxistankers.com

Company ContactHenry Williams Chief Financial Officer Tel: [phone] Email: [e-mail]

Source: Pyxis Tankers Inc.