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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pyxis Tankers Inc | NASDAQ:PXS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.055 | 1.23% | 4.525 | 4.44 | 4.73 | 4.60 | 4.4501 | 4.59 | 20,077 | 00:00:00 |
|
Marshall Islands
|
| |
4412
|
| |
Not Applicable
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Antonios C. Backos, Esq.
Pyxis Tankers Inc. 59 K. Karamanli Street Maroussi 15125 Greece +30 210 638 0180 |
| |
Alexander A. Gendzier, Esq.
Rory T. Hood, Esq. Jones Day 250 Vesey Street New York, NY 10281 (212) 326-3939 |
| |
Barry I. Grossman, Esq.
Sarah Williams, Esq. Joshua N. Englard, Esq. Ellenoff Grossman & Schole LLP 1345 Avenue of the Americas, 11 th Floor New York, New York 10105 (212) 370-1300 |
|
| | ||||||||||||||||||
Title of Each Class of
Securities to be Registered (1) |
| |
Proposed Maximum
Aggregate Offering Price (1)(2) |
| |
Amount of
Registration Fee |
| | | ||||||||||
Common Stock, par value U.S. $0.001 per share
|
| | | $ | 11,500,000 | | | | | $ | 1,333 | | | | | ||||
|
| | |
Price to
Public |
| |
Underwriting Discounts
And Commissions |
| |
Proceeds to Us
Before Expenses (1) |
| |||||||||
Per share
|
| | | $ | | | | | | $ | | | | | | $ | | | |
Total
|
| | | $ | | | | | | $ | | | | | | $ | | | |
| | |
Page
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| | | | F-1 |
Vessel Name
|
| |
Year
Built |
| |
Shipyard
|
| |
Vessel
Type |
| |
Carrying
Capacity (dwt) |
| |
Type of
Charter |
| |
Charter
Rate (p/day) (1) |
| |
Anticipated
Delivery Date |
|
Pyxis Epsilon
|
| |
2015
|
| |
SPP/
S. Korea |
| |
MR
|
| |
50,295
|
| |
Time
|
| |
$13,350
|
| |
Dec. 2017
|
|
Pyxis Theta
|
| |
2013
|
| |
SPP/
S. Korea |
| |
MR
|
| |
51,795
|
| |
Spot
|
| |
n/a
|
| |
n/a
|
|
Pyxis Malou
|
| |
2009
|
| |
SPP/
S. Korea |
| |
MR
|
| |
50,667
|
| |
Spot
|
| |
n/a
|
| |
n/a
|
|
Pyxis Delta
|
| |
2006
|
| |
Hyundai/S. Korea
|
| |
MR
|
| |
46,616
|
| |
Time
|
| |
$13,125
|
| |
Sep. 2017
|
|
Northsea Alpha
|
| |
2010
|
| |
Kejin/China
|
| |
Small Tanker
|
| |
8,615
|
| |
Spot
|
| |
n/a
|
| |
n/a
|
|
Northsea Beta
(2)
|
| |
2010
|
| |
Kejin/China
|
| |
Small Tanker
|
| |
8,647
|
| |
Time
|
| |
$7,650
|
| |
Sep. 2017
|
|
| | |
Avg Age: 6.1
|
| | | | | | | |
Total:
216,635 |
| | | | | |
Vessel Name
|
| |
Year
Built |
| |
Shipyard
|
| |
Vessel
Type |
| |
Carrying
Capacity (dwt) |
| |
Type of
Charter |
| |
Charter
Rate (p/day) (1) |
| |
Anticipated
Delivery Date |
|
Pyxis Lamda
|
| |
2017
|
| |
SPP/S. Korea
|
| |
MR
|
| |
50,147
|
| |
Time
|
| |
$13,250
|
| |
Jan. 2018
|
|
| | |
Year ended December 31,
|
| |||||||||||||||||||||
(In thousands of U.S. Dollars, except per share data)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||||||||
Voyage revenues
|
| | | $ | 21,980 | | | | | $ | 27,760 | | | | | $ | 33,170 | | | | | $ | 30,710 | | |
Voyage related costs and commissions
|
| | | | (3,817 ) | | | | | | (10,030 ) | | | | | | (4,725 ) | | | | | | (6,611 ) | | |
Vessel operating expenses
|
| | | | (10,220 ) | | | | | | (11,064 ) | | | | | | (13,188 ) | | | | | | (12,871 ) | | |
General and administrative expenses
|
| | | | (173 ) | | | | | | (93 ) | | | | | | (1,773 ) | | | | | | (2,574 ) | | |
Management fees, related parties
|
| | | | (468 ) | | | | | | (611 ) | | | | | | (577 ) | | | | | | (631 ) | | |
Management fees, other
|
| | | | (823 ) | | | | | | (922 ) | | | | | | (1,061 ) | | | | | | (1,024 ) | | |
Depreciation and amortization of special survey
costs |
| | | | (4,677 ) | | | | | | (5,649 ) | | | | | | (5,884 ) | | | | | | (6,004 ) | | |
Vessel impairment charge
|
| | | | — | | | | | | (16,930 ) | | | | | | — | | | | | | (3,998 ) | | |
Other income
|
| | | | 192 | | | | | | — | | | | | | 74 | | | | | | — | | |
Interest expenses and finance cost, net
|
| | | | (402 ) | | | | | | (1,704 ) | | | | | | (2,531 ) | | | | | | (2,810 ) | | |
Net income/(loss)
|
| | | $ | 1,592 | | | | | $ | (19,243 ) | | | | | $ | 3,505 | | | | | $ | (5,813 ) | | |
Earnings/(loss) per common share, basic and diluted
|
| | | $ | 0.09 | | | | | $ | (1.05 ) | | | | | $ | 0.19 | | | | | $ | (0.32 ) | | |
Weighted average number of shares, basic
|
| | | | 18,244,671 | | | | | | 18,244,671 | | | | | | 18,244,671 | | | | | | 18,277,893 | | |
Weighted average number of shares, diluted
|
| | | | 18,244,671 | | | | | | 18,244,671 | | | | | | 18,277,893 | | | | | | 18,277,893 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
(In thousands of U.S. Dollars)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||||||||
Total current assets
|
| | | $ | 4,247 | | | | | $ | 3,519 | | | | | $ | 6,028 | | | | | $ | 4,184 | | |
Total other non-current assets
|
| | | | 1,104 | | | | | | 975 | | | | | | 5,193 | | | | | | 5,215 | | |
Total fixed assets, net
|
| | | | 132,265 | | | | | | 117,445 | | | | | | 130,501 | | | | | | 121,341 | | |
Total assets
|
| | | | 137,616 | | | | | | 121,939 | | | | | | 141,722 | | | | | | 130,740 | | |
Total current liabilities
|
| | | | 17,298 | | | | | | 7,047 | | | | | | 11,200 | | | | | | 12,870 | | |
Total non-current liabilities
|
| | | | 65,998 | | | | | | 60,991 | | | | | | 75,956 | | | | | | 69,117 | | |
Total stockholders’ equity
|
| | | | 54,320 | | | | | | 53,901 | | | | | | 54,566 | | | | | | 48,753 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
(In thousands of U.S. Dollars)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||||||||
Net cash provided by operating activities
|
| | | $ | 5,992 | | | | | $ | 5,362 | | | | | $ | 12,366 | | | | | $ | 4,446 | | |
Net cash used in investing activities
|
| | | | (29,389 ) | | | | | | (7,156 ) | | | | | | (18,766 ) | | | | | | — | | |
Net cash provided/(used in) by financing activities
|
| | | | 25,054 | | | | | | 241 | | | | | | 9,875 | | | | | | (7,785 ) | | |
Change in cash and cash equivalents
|
| | | | 1,657 | | | | | | (1,553 ) | | | | | | 3,475 | | | | | | (3,339 ) | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
(In thousands of U.S. Dollars unless indicated otherwise)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||||||||
EBITDA (1) | | | | $ | 6,671 | | | | | $ | (11,890 ) | | | | | $ | 11,920 | | | | | $ | 3,001 | | |
Adjusted EBITDA
(1)
|
| | | | 6,671 | | | | | | 5,040 | | | | | | 12,063 | | | | | | 6,999 | | |
Ownership days
(2)
|
| | | | 1,566 | | | | | | 1,825 | | | | | | 2,177 | | | | | | 2,196 | | |
Available days
(3)
|
| | | | 1,566 | | | | | | 1,806 | | | | | | 2,137 | | | | | | 2,176 | | |
Operating days
(4)
|
| | | | 1,523 | | | | | | 1,694 | | | | | | 2,092 | | | | | | 1,986 | | |
Utilization %
(5)
|
| | | | 97.2 % | | | | | | 93.8 % | | | | | | 97.9 % | | | | | | 91.3 % | | |
Daily time charter equivalent rate
(6)
|
| | | | 11,926 | | | | | $ | 10,466 | | | | | $ | 13,597 | | | | | $ | 12,134 | | |
Average number of vessels
(7)
|
| | | | 4.3 | | | | | | 5.0 | | | | | | 6.0 | | | | | | 6.0 | | |
Number of vessels at period end
|
| | | | 5 | | | | | | 5 | | | | | | 6 | | | | | | 6 | | |
Weighted average age of vessels
(8)
|
| | | | 4.0 | | | | | | 5.0 | | | | | | 4.8 | | | | | | 5.8 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
(In thousands of U.S. Dollars)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||||||||
Net income/(loss)
|
| | | $ | 1,592 | | | | | $ | (19,243 ) | | | | | $ | 3,505 | | | | | $ | (5,813 ) | | |
Depreciation
|
| | | | 4,520 | | | | | | 5,446 | | | | | | 5,710 | | | | | | 5,768 | | |
Amortization of special survey costs
|
| | | | 157 | | | | | | 203 | | | | | | 174 | | | | | | 236 | | |
Interest and finance costs, net
|
| | | | 402 | | | | | | 1,704 | | | | | | 2,531 | | | | | | 2,810 | | |
EBITDA
|
| | | | 6,671 | | | | | | (11,890 ) | | | | | | 11,920 | | | | | | 3,001 | | |
Vessel impairment charge
|
| | | | — | | | | | | 16,930 | | | | | | — | | | | | | 3,998 | | |
Stock compensation
|
| | | | — | | | | | | — | | | | | | 143 | | | | | | — | | |
Adjusted EBITDA
|
| | | | 6,671 | | | | | | 5,040 | | | | | | 12,063 | | | | | | 6,999 | | |
| | |
Year ended December 31,
|
| ||||||||||||||||||
(In U.S. Dollars, except for utilization %)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
Eco-Efficient MRS: (2 of our vessels) | | | | | | |||||||||||||||||
TCE
|
| | 14,401 | | | | | 15,210 | | | | | | 15,631 | | | | | | 15,015 | | |
Opex
(1)
|
| | 10,908 | | | | | 5,584 | | | | | | 6,430 | | | | | | 5,754 | | |
Utilization %
|
| | 100.0% | | | | | 100.0 % | | | | | | 99.4 % | | | | | | 97.0 % | | |
Eco-Modified MR2: (1 of our vessels) | | | | | | |||||||||||||||||
TCE
|
| | 21,114 | | | | | 12,596 | | | | | | 17,480 | | | | | | 10,705 | | |
Opex
(1)
|
| | 6,337 | | | | | 6,802 | | | | | | 6,461 | | | | | | 6,255 | | |
Utilization %
|
| | 100.0% | | | | | 86.4 % | | | | | | 91.3 % | | | | | | 92.9 % | | |
Standard MR2: (1 of our vessels) | | | | | | |||||||||||||||||
TCE
|
| | 13,021 | | | | | 12,019 | | | | | | 17,237 | | | | | | 15,504 | | |
Opex
(1)
|
| | 6,376 | | | | | 6,739 | | | | | | 6,325 | | | | | | 6,772 | | |
Utilization %
|
| | 99.2% | | | | | 95.4 % | | | | | | 100.0 % | | | | | | 90.5 % | | |
Handysize Tankers: (2 of our vessels) | | | | | | |||||||||||||||||
TCE
|
| | 6,116 | | | | | 6,200 | | | | | | 7,622 | | | | | | 7,939 | | |
Opex
(1)
|
| | 6,062 | | | | | 5,581 | | | | | | 5,358 | | | | | | 5,315 | | |
Utilization %
|
| | 94.5% | | | | | 93.4 % | | | | | | 98.6 % | | | | | | 85.1 % | | |
Fleet: (6 vessels) | | | | | | |||||||||||||||||
TCE
|
| | 11,926 | | | | | 10,466 | | | | | | 13,597 | | | | | | 12,134 | | |
Opex
(1)
|
| | 6,527 | | | | | 6,062 | | | | | | 6,058 | | | | | | 5,861 | | |
Utilization %
|
| | 97.2% | | | | | 93.8 % | | | | | | 97.9 % | | | | | | 91.3 % | | |
|
Assumed public offering price per share of Common Stock
|
| | | $ | | | |
|
Net tangible book value per share before this offering
|
| | | | 2.63 | | |
|
Decrease in net tangible book value attributable to new investors in this offering
|
| | | | | | |
|
As adjusted net tangible book value per share after giving effect to this offering
|
| | | | | | |
|
Dilution per share for new investors
|
| | | $ | | |
| | |
As Adjusted Shares
Outstanding |
| |
Total Consideration
|
| |
Average
Price Per Share |
| ||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |||
Existing Shareholders
|
| | | | | | ||||||||||
New Investors
|
| | | | | | ||||||||||
Total
|
| | | | | |
| | |
As of December 31, 2016
|
| |||||||||
(In thousands of U.S. Dollars, except per share data)
|
| |
Actual
|
| |
As Adjusted
|
| ||||||
Cash and cash equivalents, including restricted cash
|
| | | $ | 5,783 | | | | | $ | | | |
Current Debt (1) : | | | | ||||||||||
Bank loans
(2)
|
| | | | 6,963 | | | | |||||
Non-current debt (1) : | | | | ||||||||||
Bank loans
(2)
|
| | | | 66,868 | | | | |||||
Unsecured promissory note
|
| | | | 2,500 | | | | | | | | |
Total Debt
|
| | | | 76,331 | | | | |||||
Stockholders’ Equity | | | | ||||||||||
Preferred stock ($0.001 par value); 50,000,000 shares authorized; none issued, actual and as adjusted
|
| | | | — | | | | |||||
Common stock ($0.001 par value); 450,000,000 shares authorized; 18,277,893 and shares issued and outstanding, actual and as adjusted, respectively
|
| | | | 18 | | | | |||||
Additional paid-in capital
|
| | | | 70,123 | | | | |||||
Accumulated Deficit
|
| | | | (21,388 ) | | | | | | | | |
Total stockholders’ equity
|
| | | | 48,753 | | | | | | | | |
Total capitalization
|
| | | $ | 125,084 | | | | | $ | | | |
|
For the year ended December 31,
|
| |
High
|
| |
Low
|
| ||||||
2015
|
| | | $ | 4.30 | | | | | $ | 1.26 | | |
2016
|
| | | $ | 4.27 | | | | | $ | 0.55 | | |
For the quarter ended
|
| |
High
|
| |
Low
|
| ||||||
December 31, 2015
|
| | | $ | 4.30 | | | | | $ | 1.26 | | |
March 31, 2016
|
| | | $ | 2.05 | | | | | $ | 0.55 | | |
June 30, 2016
|
| | | $ | 4.27 | | | | | $ | 1.92 | | |
September 30, 2016
|
| | | $ | 3.52 | | | | | $ | 2.07 | | |
December 31, 2016
|
| | | $ | 4.25 | | | | | $ | 1.89 | | |
March 31, 2017
|
| | | $ | 3.00 | | | | | $ | 1.92 | | |
For the months
|
| |
High
|
| |
Low
|
| ||||||
October 2016
|
| | | $ | 2.96 | | | | | $ | 2.07 | | |
November 2016
|
| | | $ | 4.25 | | | | | $ | 2.01 | | |
December 2016
|
| | | $ | 3.50 | | | | | $ | 1.89 | | |
January 2017
|
| | | $ | 3.00 | | | | | $ | 2.47 | | |
February 2017
|
| | | $ | 2.71 | | | | | $ | 2.19 | | |
March 2017
|
| | | $ | 2.42 | | | | | $ | 1.92 | | |
April 2017 (1) | | | | $ | 2.33 | | | | | $ | 1.78 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
(In thousands of U.S. Dollars, except per share data)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||||||||
Voyage revenues
|
| | | $ | 21,980 | | | | | $ | 27,760 | | | | | $ | 33,170 | | | | | $ | 30,710 | | |
Voyage related costs and commissions
|
| | | | (3,817 ) | | | | | | (10,030 ) | | | | | | (4,725 ) | | | | | | (6,611 ) | | |
Vessel operating expenses
|
| | | | (10,220 ) | | | | | | (11,064 ) | | | | | | (13,188 ) | | | | | | (12,871 ) | | |
General and administrative expenses
|
| | | | (173 ) | | | | | | (93 ) | | | | | | (1,773 ) | | | | | | (2,574 ) | | |
Management fees, related parties
|
| | | | (468 ) | | | | | | (611 ) | | | | | | (577 ) | | | | | | (631 ) | | |
Management fees, other
|
| | | | (823 ) | | | | | | (922 ) | | | | | | (1,061 ) | | | | | | (1,024 ) | | |
Depreciation and amortization of special survey
costs |
| | | | (4,677 ) | | | | | | (5,649 ) | | | | | | (5,884 ) | | | | | | (6,004 ) | | |
Vessel impairment charge
|
| | | | — | | | | | | (16,930 ) | | | | | | — | | | | | | (3,998 ) | | |
Other income
|
| | | | 192 | | | | | | — | | | | | | 74 | | | | | | — | | |
Interest expenses and finance cost, net
|
| | | | (402 ) | | | | | | (1,704 ) | | | | | | (2,531 ) | | | | | | (2,810 ) | | |
Net income/(loss)
|
| | | $ | 1,592 | | | | | $ | (19,243 ) | | | | | $ | 3,505 | | | | | $ | (5,813 ) | | |
Earnings/(loss) per common share, basic and diluted
|
| | | $ | 0.09 | | | | | $ | (1.05 ) | | | | | $ | 0.19 | | | | | $ | (0.32 ) | | |
Weighted average number of shares, basic
|
| | | | 18,244,671 | | | | | | 18,244,671 | | | | | | 18,244,671 | | | | | | 18,277,893 | | |
Weighted average number of shares, diluted
|
| | | | 18,244,671 | | | | | | 18,244,671 | | | | | | 18,277,893 | | | | | | 18,277,893 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
(In thousands of U.S. Dollars)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||||||||
Total current assets
|
| | | $ | 4,247 | | | | | $ | 3,519 | | | | | $ | 6,028 | | | | | $ | 4,184 | | |
Total other non-current assets
|
| | | | 1,104 | | | | | | 975 | | | | | | 5,193 | | | | | | 5,215 | | |
Total fixed assets, net
|
| | | | 132,265 | | | | | | 117,445 | | | | | | 130,501 | | | | | | 121,341 | | |
Total assets
|
| | | | 137,616 | | | | | | 121,939 | | | | | | 141,722 | | | | | | 130,740 | | |
Total current liabilities
|
| | | | 17,298 | | | | | | 7,047 | | | | | | 11,200 | | | | | | 12,870 | | |
Total non-current liabilities
|
| | | | 65,998 | | | | | | 60,991 | | | | | | 75,956 | | | | | | 69,117 | | |
Total stockholders’ equity
|
| | | | 54,320 | | | | | | 53,901 | | | | | | 54,566 | | | | | | 48,753 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
(In thousands of U.S. Dollars)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||||||||
Net cash provided by operating activities
|
| | | $ | 5,992 | | | | | $ | 5,362 | | | | | $ | 12,366 | | | | | $ | 4,446 | | |
Net cash used in investing activities
|
| | | | (29,389 ) | | | | | | (7,156 ) | | | | | | (18,766 ) | | | | | | — | | |
Net cash provided/(used in) by financing activities
|
| | | | 25,054 | | | | | | 241 | | | | | | 9,875 | | | | | | (7,785 ) | | |
Change in cash and cash equivalents
|
| | | | 1,657 | | | | | | (1,553 ) | | | | | | 3,475 | | | | | | (3,339 ) | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
(In thousands of U.S. Dollars unless indicated otherwise)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||||||||
EBITDA (1) | | | | $ | 6,671 | | | | | $ | (11,890 ) | | | | | $ | 11,920 | | | | | $ | 3,001 | | |
Adjusted EBITDA
(1)
|
| | | | 6,671 | | | | | | 5,040 | | | | | | 12,063 | | | | | | 6,999 | | |
Ownership days
(2)
|
| | | | 1,566 | | | | | | 1,825 | | | | | | 2,177 | | | | | | 2,196 | | |
Available days
(3)
|
| | | | 1,566 | | | | | | 1,806 | | | | | | 2,137 | | | | | | 2,176 | | |
Operating days
(4)
|
| | | | 1,523 | | | | | | 1,694 | | | | | | 2,092 | | | | | | 1,986 | | |
Utilization %
(5)
|
| | | | 97.2 % | | | | | | 93.8 % | | | | | | 97.9 % | | | | | | 91.3 % | | |
Daily time charter equivalent rate
(6)
|
| | | | 11,926 | | | | | $ | 10,466 | | | | | $ | 13,597 | | | | | $ | 12,134 | | |
Average number of vessels
(7)
|
| | | | 4.3 | | | | | | 5.0 | | | | | | 6.0 | | | | | | 6.0 | | |
Number of vessels at period end
|
| | | | 5 | | | | | | 5 | | | | | | 6 | | | | | | 6 | | |
Weighted average age of vessels
(8)
|
| | | | 4.0 | | | | | | 5.0 | | | | | | 4.8 | | | | | | 5.8 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
(In thousands of U.S. Dollars)
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||||||||
Net income/(loss)
|
| | | $ | 1,592 | | | | | $ | (19,243 ) | | | | | $ | 3,505 | | | | | $ | (5,813 ) | | |
Depreciation
|
| | | | 4,520 | | | | | | 5,446 | | | | | | 5,710 | | | | | | 5,768 | | |
Amortization of special survey costs
|
| | | | 157 | | | | | | 203 | | | | | | 174 | | | | | | 236 | | |
Interest and finance costs, net
|
| | | | 402 | | | | | | 1,704 | | | | | | 2,531 | | | | | | 2,810 | | |
EBITDA
|
| | | | 6,671 | | | | | | (11,890 ) | | | | | | 11,920 | | | | | | 3,001 | | |
Vessel impairment charge
|
| | | | — | | | | | | 16,930 | | | | | | — | | | | | | 3,998 | | |
Stock compensation
|
| | | | — | | | | | | — | | | | | | 143 | | | | | | — | | |
Adjusted EBITDA
|
| | | | 6,671 | | | | | | 5,040 | | | | | | 12,063 | | | | | | 6,999 | | |
(In U.S. Dollars, except for utilization %)
|
| |
Year ended December 31,
|
| ||||||||||||||||||
| | |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
Eco-Efficient MRS: (2 of our vessels) | | | | | | |||||||||||||||||
TCE
|
| |
14,401
|
| | | | 15,210 | | | | | | 15,631 | | | | | | 15,015 | | |
Opex
(1)
|
| |
10,908
|
| | | | 5,584 | | | | | | 6,430 | | | | | | 5,754 | | |
Utilization %
|
| |
100.0%
|
| | | | 100.0 % | | | | | | 99.4 % | | | | | | 97.0 % | | |
Eco-Modified MR2: (1 of our vessels) | | | | | | |||||||||||||||||
TCE
|
| |
21,114
|
| | | | 12,596 | | | | | | 17,480 | | | | | | 10,705 | | |
Opex
(1)
|
| |
6,337
|
| | | | 6,802 | | | | | | 6,461 | | | | | | 6,255 | | |
Utilization %
|
| |
100.0%
|
| | | | 86.4 % | | | | | | 91.3 % | | | | | | 92.9 % | | |
Standard MR2: (1 of our vessels) | | | | | | |||||||||||||||||
TCE
|
| |
13,021
|
| | | | 12,019 | | | | | | 17,237 | | | | | | 15,504 | | |
Opex
(1)
|
| |
6,376
|
| | | | 6,739 | | | | | | 6,325 | | | | | | 6,772 | | |
Utilization %
|
| |
99.2%
|
| | | | 95.4 % | | | | | | 100.0 % | | | | | | 90.5 % | | |
Handysize Tankers: (2 of our vessels) | | | | | | |||||||||||||||||
TCE
|
| |
6,116
|
| | | | 6,200 | | | | | | 7,622 | | | | | | 7,939 | | |
Opex
(1)
|
| |
6,062
|
| | | | 5,581 | | | | | | 5,358 | | | | | | 5,315 | | |
Utilization %
|
| |
94.5%
|
| | | | 93.4 % | | | | | | 98.6 % | | | | | | 85.1 % | | |
Fleet: (6 vessels) | | | | | | |||||||||||||||||
TCE
|
| |
11,926
|
| | | | 10,466 | | | | | | 13,597 | | | | | | 12,134 | | |
Opex
(1)
|
| |
6,527
|
| | | | 6,062 | | | | | | 6,058 | | | | | | 5,861 | | |
Utilization %
|
| |
97.2%
|
| | | | 93.8 % | | | | | | 97.9 % | | | | | | 91.3 % | | |
| | |
Year ended
December 31, 2014 |
| |
Year ended
December 31, 2015 |
| |
Year ended
December 31, 2016 |
| |||||||||||||||||||||||||||
| | |
Spot
|
| |
Time
|
| |
Spot
|
| |
Time
|
| |
Spot
|
| |
Time
|
| ||||||||||||||||||
Voyage revenues
|
| | | $ | 15,881 | | | | | $ | 11,879 | | | | | $ | 8,677 | | | | | $ | 24,493 | | | | | $ | 9,472 | | | | | $ | 21,238 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
Ownership days
(1)
|
| | | | 1,825 | | | | | | 2,177 | | | | | | 2,196 | | |
Available days
(2)
|
| | | | 1,806 | | | | | | 2,137 | | | | | | 2,176 | | |
Operating days
(3)
|
| | | | 1,694 | | | | | | 2,092 | | | | | | 1,986 | | |
Utilization %
(4)
|
| | | | 93.8 % | | | | | | 97.9 % | | | | | | 91.3 % | | |
Daily time charter equivalent rate
(5)
|
| | | $ | 10,466 | | | | | $ | 13,597 | | | | | $ | 12,134 | | |
Average number of vessels
(6)
|
| | | | 5.0 | | | | | | 6.0 | | | | | | 6.0 | | |
Number of vessels at period end
|
| | | | 5 | | | | | | 6 | | | | | | 6 | | |
Weighted average age of vessels
(7)
|
| | | | 5.0 | | | | | | 4.8 | | | | | | 5.8 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
Voyage revenues
|
| | | $ | 27,760 | | | | | $ | 33,170 | | | | | $ | 30,710 | | |
Voyage related costs and commissions
|
| | | | (10,030 ) | | | | | | (4,725 ) | | | | | | (6,611 ) | | |
Time charter equivalent revenues*
|
| | | $ | 17,730 | | | | | $ | 28,445 | | | | | $ | 24,099 | | |
Total operating days
|
| | | | 1,694 | | | | | | 2,092 | | | | | | 1,986 | | |
Daily time charter equivalent rate*
|
| | | $ | 10,466 | | | | | $ | 13,597 | | | | | $ | 12,134 | | |
| | |
Year ended December 31,
|
| ||||||||||||
(In U.S. Dollars, except for utilization %)
|
| |
2014
|
| |
2015
|
| |
2016
|
| ||||||
Eco-Efficient MR2: (2 of our vessels) | | | | | ||||||||||||
TCE
|
| |
15,210
|
| | | | 15,631 | | | | | | 15,015 | | |
Opex
(1)
|
| |
5,584
|
| | | | 6,430 | | | | | | 5,754 | | |
Utilization %
|
| |
100.0%
|
| | | | 99.4 % | | | | | | 97.0 % | | |
Eco-Modified MR2: (1 of our vessels) | | | | | ||||||||||||
TCE
|
| |
12,596
|
| | | | 17,480 | | | | | | 10,705 | | |
Opex
(1)
|
| |
6,802
|
| | | | 6,461 | | | | | | 6,255 | | |
Utilization %
|
| |
86.4%
|
| | | | 91.3 % | | | | | | 92.9 % | | |
Standard MR2: (1 of our vessels) | | | | | ||||||||||||
TCE
|
| |
12,019
|
| | | | 17,237 | | | | | | 15,504 | | |
Opex
(1)
|
| |
6,739
|
| | | | 6,325 | | | | | | 6,772 | | |
Utilization %
|
| |
95.4%
|
| | | | 100.0 % | | | | | | 90.5 % | | |
Handysize Tankers: (2 of our vessels) | | | | | ||||||||||||
TCE
|
| |
6,200
|
| | | | 7,622 | | | | | | 7,939 | | |
Opex
(1)
|
| |
5,581
|
| | | | 5,358 | | | | | | 5,315 | | |
Utilization %
|
| |
93.4%
|
| | | | 98.6 % | | | | | | 85.1 % | | |
Fleet: (6 vessels) | | | | | ||||||||||||
TCE
|
| |
10,466
|
| | | | 13,597 | | | | | | 12,134 | | |
Opex
(1)
|
| |
6,062
|
| | | | 6,058 | | | | | | 5,861 | | |
Utilization %
|
| |
93.8%
|
| | | | 97.9 % | | | | | | 91.3 % | | |
| | |
2015
|
| |
2016
|
| |
Change
|
| |
%
|
| ||||||||||||
| | |
(In thousands of U.S. Dollars)
|
| |||||||||||||||||||||
Voyage revenues:
|
| | | $ | 33,170 | | | | | $ | 30,710 | | | | | $ | (2,460 ) | | | | | | (7.4 )% | | |
Expenses: | | | | | | ||||||||||||||||||||
Voyage related costs and commissions
|
| | | | (4,725 ) | | | | | | (6,611 ) | | | | | | (1,886 ) | | | | | | 39.9 % | | |
Vessel operating expenses
|
| | | | (13,188 ) | | | | | | (12,871 ) | | | | | | 317 | | | | | | (2.4 )% | | |
General and administrative expenses
|
| | | | (1,773 ) | | | | | | (2,574 ) | | | | | | (801 ) | | | | | | 45.2 % | | |
Management fees, related parties
|
| | | | (577 ) | | | | | | (631 ) | | | | | | (54 ) | | | | | | 9.4 % | | |
Management fees, other
|
| | | | (1,061 ) | | | | | | (1,024 ) | | | | | | 37 | | | | | | (3.5 )% | | |
Amortization of special survey costs
|
| | | | (174 ) | | | | | | (236 ) | | | | | | (62 ) | | | | | | 35.6 % | | |
Depreciation
|
| | | | (5,710 ) | | | | | | (5,768 ) | | | | | | (58 ) | | | | | | 1.0 % | | |
Vessel impairment charge
|
| | | | — | | | | | | (3,998 ) | | | | | | (3,998 ) | | | | | | n/a | | |
Operating income/(loss)
|
| | | $ | 5,962 | | | | | $ | (3,003 ) | | | | | $ | (8,965 ) | | | | | | (150.4 )% | | |
Other income/(expenses): | | | | | | ||||||||||||||||||||
Other income
|
| | | | 74 | | | | | | — | | | | | | (74 ) | | | | | | (100.0 )% | | |
Interest and finance costs, net
|
| | | | (2,531 ) | | | | | | (2,810 ) | | | | | | (279 ) | | | | | | 11.0 % | | |
Total other expenses, net
|
| | | $ | (2,457 ) | | | | | $ | (2,810 ) | | | | | $ | (353 ) | | | | | | 14.4 % | | |
Net income/(loss)
|
| | | $ | 3,505 | | | | | $ | (5,813 ) | | | | | $ | (9,318 ) | | | | | | (265.8 )% | | |
| | |
2014
|
| |
2015
|
| |
Change
|
| |
%
|
| ||||||||||||
| | |
(In thousands of U.S. Dollars)
|
| |||||||||||||||||||||
Voyage revenues:
|
| | | $ | 27,760 | | | | | $ | 33,170 | | | | | $ | 5,410 | | | | | | 19.5 % | | |
Expenses: | | | | | | ||||||||||||||||||||
Voyage related costs and commissions
|
| | | | (10,030 ) | | | | | | (4,725 ) | | | | | | 5,305 | | | | | | (52.9 )% | | |
Vessel operating expenses
|
| | | | (11,064 ) | | | | | | (13,188 ) | | | | | | (2,124 ) | | | | | | 19.2 % | | |
General and administrative expenses
|
| | | | (93 ) | | | | | | (1,773 ) | | | | | | (1,680 ) | | | | | | 1,806.5 % | | |
Management fees, related parties
|
| | | | (611 ) | | | | | | (577 ) | | | | | | 34 | | | | | | (5.6 )% | | |
Management fees, other
|
| | | | (922 ) | | | | | | (1,061 ) | | | | | | (139 ) | | | | | | 15.1 % | | |
Amortization of special survey costs
|
| | | | (203 ) | | | | | | (174 ) | | | | | | 29 | | | | | | (14.3 )% | | |
Depreciation
|
| | | | (5,446 ) | | | | | | (5,710 ) | | | | | | (264 ) | | | | | | 4.8 % | | |
Vessel impairment charge
|
| | | | (16,930 ) | | | | | | — | | | | | | 16,930 | | | | | | (100.0 )% | | |
Operating (loss)/income
|
| | | $ | (17,539 ) | | | | | $ | 5,962 | | | | | $ | 23,501 | | | | | | (134.0 )% | | |
Other income/(expenses): | | | | | | ||||||||||||||||||||
Other income
|
| | | | — | | | | | | 74 | | | | | | 74 | | | | | | n/a | | |
Interest and finance costs, net
|
| | | | (1,704 ) | | | | | | (2,531 ) | | | | | | (827 ) | | | | | | 48.5 % | | |
Total other expenses, net
|
| | | $ | (1,704 ) | | | | | $ | (2,457 ) | | | | | $ | (753 ) | | | | | | 44.2 % | | |
Net (loss)/income
|
| | | $ | (19,243 ) | | | | | $ | 3,505 | | | | | $ | 22,748 | | | | | | (118.2 )% | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(In millions of U.S. Dollars)
|
| |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
Net cash provided by operating activities
|
| | | $ | 5.4 | | | | | $ | 12.4 | | | | | $ | 4.4 | | |
Net cash used in investing activities
|
| | | $ | (7.2 ) | | | | | $ | (18.8 ) | | | | | $ | — | | |
Net cash provided/(used in) by financing activities
|
| | | $ | 0.2 | | | | | $ | 9.9 | | | | | $ | (7.8 ) | | |
| | |
Total
|
| |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
5 years |
| |||||||||||||||
| | |
(In thousands of U.S. Dollars)
|
| |||||||||||||||||||||||||||
Loan agreements – principal
(1)
|
| | | $ | 73,831 | | | | | $ | 6,963 | | | | | $ | 31,582 | | | | | $ | 23,186 | | | | | $ | 12,100 | | |
Interest on loans
(2)
|
| | | $ | 7,046 | | | | | $ | 2,554 | | | | | $ | 3,171 | | | | | $ | 1,262 | | | | | $ | 59 | | |
Promissory note – principal
(3)
|
| | | $ | 2,500 | | | | | $ | — | | | | | $ | 2,500 | | | | | $ | — | | | | | $ | — | | |
Interest on promissory note
(3)
|
| | | $ | 140 | | | | | $ | 69 | | | | | $ | 71 | | | | | $ | — | | | | | $ | — | | |
Technical management agreements – ITM
(4)
|
| | | $ | 229 | | | | | $ | 229 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Ship management agreements – Maritime
(5)
|
| | | $ | 681 | | | | | $ | 444 | | | | | $ | 237 | | | | | $ | — | | | | | $ | — | | |
Administrative services – Maritime
(6)
|
| | | $ | 5,163 | | | | | $ | 1,600 | | | | | $ | 3,200 | | | | | $ | 363 | | | | | $ | — | | |
Total
|
| | | $ | 89,590 | | | | | $ | 11,859 | | | | | $ | 40,761 | | | | | $ | 24,811 | | | | | $ | 12,159 | | |
| | |
2008 – 2016
|
| |
2013
Average |
| |
2014
Average |
| |
2015
Average |
| |
2016
Average |
| |
2017
February |
| ||||||||||||||||||||||||||||||
| | |
Average
|
| |
Low
|
| |
High
|
| |||||||||||||||||||||||||||||||||||||||
MR1
|
| | | | 13,881 | | | | | | 9,700 | | | | | | 22,500 | | | | | | 12,833 | | | | | | 12,938 | | | | | | 14,958 | | | | | | 13,833 | | | | | | 11,000 | | |
MR2
|
| | | | 15,630 | | | | | | 10,800 | | | | | | 25,000 | | | | | | 14,246 | | | | | | 14,438 | | | | | | 17,271 | | | | | | 15,125 | | | | | | 12,500 | | |
LR1
|
| | | | 16,603 | | | | | | 12,800 | | | | | | 25,000 | | | | | | 13,708 | | | | | | 15,188 | | | | | | 19,333 | | | | | | 17,000 | | | | | | 13,500 | | |
| | |
Crude Oil
|
| |
Oil Products
|
| |
Chemicals/Veg Oils
|
| |
Total
|
| |
Global GDP
(IMF) |
| |||||||||||||||||||||||||||||||||||||||
Year
|
| |
Mill T
|
| |
% y-o-y
|
| |
Mill T
|
| |
% y-o-y
|
| |
Mill T
|
| |
% y-o-y
|
| |
Mill T
|
| |
% y-o-y
|
| |
% y-o-y
|
| |||||||||||||||||||||||||||
2000
|
| | | | 1,697 | | | | | | | | | | | | 502 | | | | | | | | | | | | 111 | | | | | | | | | | | | 2,310 | | | | | | | | | | | | 4.8 % | | |
2001
|
| | | | 1,751 | | | | | | 3.2 % | | | | | | 518 | | | | | | 3.0 % | | | | | | 114 | | | | | | 3.0 % | | | | | | 2,382 | | | | | | 3.1 % | | | | | | 2.3 % | | |
2002
|
| | | | 1,756 | | | | | | 0.3 % | | | | | | 519 | | | | | | 0.3 % | | | | | | 122 | | | | | | 7.0 % | | | | | | 2,396 | | | | | | 0.6 % | | | | | | 2.9 % | | |
2003
|
| | | | 1,860 | | | | | | 5.9 % | | | | | | 550 | | | | | | 6.0 % | | | | | | 129 | | | | | | 5.9 % | | | | | | 2,538 | | | | | | 5.9 % | | | | | | 3.7 % | | |
2004
|
| | | | 1,963 | | | | | | 5.6 % | | | | | | 599 | | | | | | 8.8 % | | | | | | 141 | | | | | | 9.5 % | | | | | | 2,703 | | | | | | 6.5 % | | | | | | 5.0 % | | |
2005
|
| | | | 1,994 | | | | | | 1.6 % | | | | | | 646 | | | | | | 8.0 % | | | | | | 156 | | | | | | 10.5 % | | | | | | 2,797 | | | | | | 3.5 % | | | | | | 4.6 % | | |
2006
|
| | | | 1,996 | | | | | | 0.1 % | | | | | | 677 | | | | | | 4.7 % | | | | | | 166 | | | | | | 6.5 % | | | | | | 2,839 | | | | | | 1.5 % | | | | | | 5.3 % | | |
2007
|
| | | | 2,008 | | | | | | 0.6 % | | | | | | 723 | | | | | | 6.8 % | | | | | | 170 | | | | | | 2.5 % | | | | | | 2,902 | | | | | | 2.2 % | | | | | | 5.4 % | | |
2008
|
| | | | 2,014 | | | | | | 0.3 % | | | | | | 765 | | | | | | 5.8 % | | | | | | 169 | | | | | | -0.6 % | | | | | | 2,947 | | | | | | 1.6 % | | | | | | 2.6 % | | |
2009
|
| | | | 1,928 | | | | | | -4.2 % | | | | | | 777 | | | | | | 1.6 % | | | | | | 178 | | | | | | 5.4 % | | | | | | 2,883 | | | | | | -2.2 % | | | | | | -0.9 % | | |
2010
|
| | | | 1,997 | | | | | | 3.6 % | | | | | | 810 | | | | | | 4.3 % | | | | | | 189 | | | | | | 6.2 % | | | | | | 2,996 | | | | | | 3.9 % | | | | | | 5.2 % | | |
2011
|
| | | | 1,941 | | | | | | -2.8 % | | | | | | 860 | | | | | | 6.3 % | | | | | | 194 | | | | | | 2.6 % | | | | | | 2,996 | | | | | | 0.0 % | | | | | | 4.2 % | | |
2012
|
| | | | 1,988 | | | | | | 2.4 % | | | | | | 859 | | | | | | -0.2 % | | | | | | 202 | | | | | | 4.2 % | | | | | | 3,049 | | | | | | 1.8 % | | | | | | 3.4 % | | |
2013
|
| | | | 1,918 | | | | | | -3.5 % | | | | | | 904 | | | | | | 5.3 % | | | | | | 211 | | | | | | 4.1 % | | | | | | 3,033 | | | | | | -0.5 % | | | | | | 3.3 % | | |
2014
|
| | | | 1,895 | | | | | | -1.2 % | | | | | | 912 | | | | | | 0.9 % | | | | | | 215 | | | | | | 2.1 % | | | | | | 3,022 | | | | | | -0.4 % | | | | | | 3.4 % | | |
2015
|
| | | | 1,957 | | | | | | 3.3 % | | | | | | 954 | | | | | | 4.6 % | | | | | | 231 | | | | | | 7.5 % | | | | | | 3,143 | | | | | | 4.0 % | | | | | | 3.1 % | | |
2016 (1) | | | | | 2,016 | | | | | | 3.0 % | | | | | | 987 | | | | | | 3.5 % | | | | | | 229 | | | | | | -0.8 % | | | | | | 3,233 | | | | | | 2.9 % | | | | | | 3.1 % | | |
CAGR (2011 – 2016)
|
| | | | 0.8 % | | | | | | | | | | | | 2.8 % | | | | | | | | | | | | 3.4 % | | | | | | | | | | | | 1.5 % | | | | | ||||||||||
CAGR (2006 – 2016)
|
| | | | 0.1 % | | | | | | | | | | | | 3.8 % | | | | | | | | | | | | 3.3 % | | | | | | | | | | | | 1.3 % | | | | | | | | | |
Product Tanker Type
|
| |
Products
|
| |
Product/Chemical
|
| ||||||
Sub Types/Size (Dwt)
|
| | Long Range 2 (LR2) | | |
80,000+
|
| | Long Range 1 (LR1) | | |
55 – 79,999
|
|
| | | Long Range 1 (LR1) | | |
55 – 79,999
|
| |
Medium Range 2 (MR2)
|
| |
37 – 54,999
|
|
| | |
Medium Range 2 (MR2)
|
| |
37 – 54,999
|
| |
Medium Range 1 (MR1)
|
| |
25 – 36,999
|
|
| | |
Medium Range 1 (MR1)
|
| |
25 – 36,999
|
| | Handy | | |
10 – 24,999
|
|
| | | Handy | | |
10 – 24,999
|
| | | | | | |
Average Tank Size
(1)
|
| | >3,000 cbm | | | | | | >3,000 cbm | | | | |
Tanks (2) | | | Coated/Uncoated | | | | | | Coated | | | | |
IMO Certification
(3)
|
| | Non IMO | | | | | | IMO 2/3 & IMO 3 | | | | |
Cargoes Carried
(4)
|
| | Clean Products | | | | | | Clean Products | | | | |
| | | Dirty Products | | | | | | Vegetable Oils | | | | |
| | | | | | | | | Certain Chemicals | | | | |
Sector
|
| |
2006
|
| |
2007
|
| |
2008
|
| |
2009
|
| |
2010
|
| |
2011
|
| |
2012
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
(1)
|
| | | |||||||||||||||||||||||||||||||||||||
Products | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel Oil
|
| | | | 221.1 | | | | | | 232.0 | | | | | | 238.1 | | | | | | 240.0 | | | | | | 248.3 | | | | | | 259.0 | | | | | | 241.3 | | | | | | 256.6 | | | | | | 246.2 | | | | | | 247.1 | | | | | | 248.8 | | | | |
|
1.2
%
|
| |
Gas oil/Diesel
|
| | | | 155.9 | | | | | | 164.5 | | | | | | 187.3 | | | | | | 208.4 | | | | | | 212.1 | | | | | | 230.0 | | | | | | 237.6 | | | | | | 252.2 | | | | | | 259.0 | | | | | | 268.3 | | | | | | 282.9 | | | | |
|
6.1
%
|
| |
Gasoline
|
| | | | 109.2 | | | | | | 118.8 | | | | | | 124.2 | | | | | | 126.9 | | | | | | 136.4 | | | | | | 147.7 | | | | | | 146.2 | | | | | | 148.3 | | | | | | 156.0 | | | | | | 171.0 | | | | | | 181.8 | | | | |
|
5.2
%
|
| |
Kerosene/Jet Fuel
|
| | | | 62.9 | | | | | | 71.7 | | | | | | 76.2 | | | | | | 74.3 | | | | | | 75.5 | | | | | | 82.1 | | | | | | 79.6 | | | | | | 88.3 | | | | | | 90.0 | | | | | | 94.1 | | | | | | 94.6 | | | | |
|
4.2
%
|
| |
Lubricating Oil
|
| | | | 14.8 | | | | | | 15.1 | | | | | | 17.5 | | | | | | 17.3 | | | | | | 19.1 | | | | | | 21.4 | | | | | | 22.9 | | | | | | 23.1 | | | | | | 24.5 | | | | | | 29.1 | | | | | | 28.8 | | | | |
|
6.9
%
|
| |
Naphtha
|
| | | | 39.7 | | | | | | 43.3 | | | | | | 44.5 | | | | | | 46.0 | | | | | | 50.8 | | | | | | 49.8 | | | | | | 49.6 | | | | | | 54.2 | | | | | | 52.9 | | | | | | 60.8 | | | | | | 64.3 | | | | |
|
4.9
%
|
| |
Other/Unknown
|
| | | | 73.3 | | | | | | 77.5 | | | | | | 76.9 | | | | | | 63.7 | | | | | | 67.4 | | | | | | 70.4 | | | | | | 81.4 | | | | | | 81.5 | | | | | | 83.0 | | | | | | 83.5 | | | | | | 85.7 | | | | |
|
1.6
%
|
| |
Total Products
|
| | | | 676.8 | | | | | | 723.0 | | | | | | 764.6 | | | | | | 776.5 | | | | | | 809.5 | | | | | | 860.3 | | | | | | 858.7 | | | | | | 904.2 | | | | | | 911.6 | | | | | | 954.0 | | | | | | 986.9 | | | | | | 3.8 % | | |
Vegetable Oils & Fats
|
| | | | 52.9 | | | | | | 53.5 | | | | | | 56.4 | | | | | | 58.6 | | | | | | 60.7 | | | | | | 62.3 | | | | | | 67.3 | | | | | | 70.1 | | | | | | 71.9 | | | | | | 78.2 | | | | | | 72.6 | | | | |
|
3.2
%
|
| |
Bulk Liquid Chemicals
|
| | | | 117.6 | | | | | | 121.9 | | | | | | 121.7 | | | | | | 125.2 | | | | | | 134.8 | | | | | | 142.8 | | | | | | 142.9 | | | | | | 147.1 | | | | | | 148.8 | | | | | | 153.1 | | | | | | 156.9 | | | | |
|
2.9
%
|
| |
Total
|
| | | | 847.4 | | | | | | 898.4 | | | | | | 942.7 | | | | | | 960.4 | | | | | | 1,005.1 | | | | | | 1,065.4 | | | | | | 1,068.9 | | | | | | 1,121.4 | | | | | | 1,132.2 | | | | | | 1,185.3 | | | | | | 1,216.4 | | | | | | 3.7 % | | |
|
| | |
2006
|
| |
2007
|
| |
2008
|
| |
2009
|
| |
2010
|
| |
2011
|
| |
2012
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| |||||||||||||||||||||||||||||||||
OECD Americas
|
| | | | 18,547 | | | | | | 18,524 | | | | | | 17,973 | | | | | | 17,480 | | | | | | 17,931 | | | | | | 17,898 | | | | | | 18,190 | | | | | | 18,492 | | | | | | 18,934 | | | | | | 18,850 | | | | | | 18,900 | | |
OECD Europe
|
| | | | 13,571 | | | | | | 13,462 | | | | | | 13,364 | | | | | | 12,377 | | | | | | 12,265 | | | | | | 11,935 | | | | | | 11,942 | | | | | | 11,304 | | | | | | 11,232 | | | | | | 11,900 | | | | | | 11,900 | | |
OECD Asia Oceania
|
| | | | 7,183 | | | | | | 7,136 | | | | | | 7,049 | | | | | | 6,549 | | | | | | 6,697 | | | | | | 6,586 | | | | | | 6,609 | | | | | | 6,720 | | | | | | 6,652 | | | | | | 6,700 | | | | | | 6,700 | | |
FSU
|
| | | | 5,873 | | | | | | 6,017 | | | | | | 6,188 | | | | | | 6,170 | | | | | | 6,401 | | | | | | 6,592 | | | | | | 6,683 | | | | | | 6,831 | | | | | | 7,069 | | | | | | 6,850 | | | | | | 6,900 | | |
Non-OECD Europe
|
| | | | 792 | | | | | | 767 | | | | | | 699 | | | | | | 641 | | | | | | 658 | | | | | | 627 | | | | | | 587 | | | | | | 559 | | | | | | 557 | | | | | | 500 | | | | | | 500 | | |
China
|
| | | | 6,640 | | | | | | 7,085 | | | | | | 7,299 | | | | | | 7,762 | | | | | | 8,630 | | | | | | 9,041 | | | | | | 9,749 | | | | | | 10,427 | | | | | | 10,864 | | | | | | 10,400 | | | | | | 10,800 | | |
Other Asia
|
| | | | 7,595 | | | | | | 7,762 | | | | | | 7,695 | | | | | | 8,224 | | | | | | 8,598 | | | | | | 8,637 | | | | | | 8,792 | | | | | | 8,588 | | | | | | 8,541 | | | | | | 10,000 | | | | | | 10,400 | | |
Latin America
|
| | | | 5,147 | | | | | | 5,266 | | | | | | 5,181 | | | | | | 4,729 | | | | | | 4,678 | | | | | | 4,873 | | | | | | 4,470 | | | | | | 4,589 | | | | | | 4,545 | | | | | | 4,550 | | | | | | 4,200 | | |
Middle East
|
| | | | 6,115 | | | | | | 6,213 | | | | | | 6,211 | | | | | | 6,069 | | | | | | 6,164 | | | | | | 6,324 | | | | | | 6,257 | | | | | | 6,202 | | | | | | 6,501 | | | | | | 6,450 | | | | | | 6,700 | | |
Africa
|
| | | | 2,371 | | | | | | 2,372 | | | | | | 2,457 | | | | | | 2,292 | | | | | | 2,451 | | | | | | 2,168 | | | | | | 2,202 | | | | | | 2,182 | | | | | | 2,255 | | | | | | 2,250 | | | | | | 2,000 | | |
Total
|
| | | | 73,834 | | | | | | 74,604 | | | | | | 74,116 | | | | | | 72,293 | | | | | | 74,471 | | | | | | 74,682 | | | | | | 75,482 | | | | | | 75,894 | | | | | | 77,149 | | | | | | 78,450 | | | | | | 79,000 | | |
|
| | |
2006
|
| |
2007
|
| |
2008
|
| |
2009
|
| |
2010
|
| |
2011
|
| |
2012
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
|
| |
CAGR
06 – 16 % |
| ||||||||||||||||||||||||||||||||||||
Products | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade – Million Tons
|
| | | | 646.4 | | | | | | 676.8 | | | | | | 723.0 | | | | | | 764.6 | | | | | | 776.5 | | | | | | 809.6 | | | | | | 860.3 | | | | | | 858.8 | | | | | | 904.3 | | | | | | 912.1 | | | | | | 954.1 | | | | |
|
4.0
%
|
| |
Ton Miles – Billion Ton Miles
|
| | | | 1,735 | | | | | | 1,855 | | | | | | 2,074 | | | | | | 2,283 | | | | | | 2,450 | | | | | | 2,514 | | | | | | 2,566 | | | | | | 2,586 | | | | | | 2,733 | | | | | | 2,843 | | | | | | 2,997 | | | | |
|
5.6
%
|
| |
Avg Haul Length – Miles
|
| | | | 2,685 | | | | | | 2,741 | | | | | | 2,869 | | | | | | 2,986 | | | | | | 3,155 | | | | | | 3,105 | | | | | | 2,983 | | | | | | 3,011 | | | | | | 3,022 | | | | | | 3,117 | | | | | | 3,141 | | | | |
|
1.6
%
|
| |
Vegetable Oils | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade – Million Tons
|
| | | | 49.3 | | | | | | 50.4 | | | | | | 52.8 | | | | | | 55.0 | | | | | | 55.8 | | | | | | 56.8 | | | | | | 62.9 | | | | | | 65.8 | | | | | | 67.3 | | | | | | 71.1 | | | | | | 73.0 | | | | |
|
4.0
%
|
| |
Ton Miles – Billion Ton Miles
|
| | | | 221 | | | | | | 232 | | | | | | 232 | | | | | | 236 | | | | | | 244 | | | | | | 233 | | | | | | 259 | | | | | | 282 | | | | | | 280 | | | | | | 304 | | | | | | 315 | | | | |
|
3.6
%
|
| |
Avg Haul Length – Miles
|
| | | | 4,487 | | | | | | 4,599 | | | | | | 4,384 | | | | | | 4,296 | | | | | | 4,374 | | | | | | 4,098 | | | | | | 4,113 | | | | | | 4,292 | | | | | | 4,162 | | | | | | 4,281 | | | | | | 4,315 | | | | |
|
-0.4
%
|
| |
Chemicals | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade – Million Tons
|
| | | | 118.7 | | | | | | 123.1 | | | | | | 122.9 | | | | | | 126.0 | | | | | | 135.4 | | | | | | 143.6 | | | | | | 143.9 | | | | | | 148.4 | | | | | | 149.8 | | | | | | 154.7 | | | | | | 156.0 | | | | |
|
2.8
%
|
| |
Ton Miles – Billion Ton Miles
|
| | | | 412 | | | | | | 407 | | | | | | 431 | | | | | | 444 | | | | | | 477 | | | | | | 508 | | | | | | 497 | | | | | | 494 | | | | | | 507 | | | | | | 522 | | | | | | 532 | | | | |
|
2.6
%
|
| |
Avg Haul Length – Miles
|
| | | | 3,467 | | | | | | 3,307 | | | | | | 3,507 | | | | | | 3,524 | | | | | | 3,522 | | | | | | 3,537 | | | | | | 3,451 | | | | | | 3,333 | | | | | | 3,381 | | | | | | 3,377 | | | | | | 3,410 | | | | |
|
-0.2
%
|
| |
Total | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade – Million Tons
|
| | | | 814.4 | | | | | | 850.3 | | | | | | 898.6 | | | | | | 945.6 | | | | | | 967.7 | | | | | | 1,010.0 | | | | | | 1,067.1 | | | | | | 1,072.9 | | | | | | 1,121.4 | | | | | | 1,137.9 | | | | | | 1,183.1 | | | | | | 3.8 % | | |
Ton Miles – Billion Ton Miles
|
| | | | 2,368 | | | | | | 2,495 | | | | | | 2,736 | | | | | | 2,964 | | | | | | 3,171 | | | | | | 3,255 | | | | | | 3,322 | | | | | | 3,363 | | | | | | 3,520 | | | | | | 3,670 | | | | | | 3,844 | | | | | | 5.0 % | | |
Avg Haul Length – Miles
|
| | | | 2,908 | | | | | | 2,934 | | | | | | 3,045 | | | | | | 3,134 | | | | | | 3,277 | | | | | | 3,222 | | | | | | 3,113 | | | | | | 3,134 | | | | | | 3,139 | | | | | | 3,225 | | | | | | 3,249 | | | | | | 1.1 % | | |
Exporter
|
| |
Importer
|
| |
2006
|
| |
2007
|
| |
2008
|
| |
2009
|
| |
2010
|
| |
2011
|
| |
2012
|
| |
2013
|
| |
2014
|
| |
2015
|
| |
2016
(1)
|
| |
CAGR %
06 – 16 |
| ||||||||||||||||||||||||||||||||||||
India
|
| | Brazil | | | | | 1,478 | | | | | | 1,464 | | | | | | 1,479 | | | | | | 943 | | | | | | 2,432 | | | | | | 3,079 | | | | | | 3,456 | | | | | | 2,700 | | | | | | 5,149 | | | | | | 1,519 | | | | | | 871 | | | | | | -5.2 % | | |
| | | Saudi Arabia | | | | | 42 | | | | | | 722 | | | | | | 1,417 | | | | | | 1,725 | | | | | | 906 | | | | | | 1,395 | | | | | | 4,624 | | | | | | 7,050 | | | | | | 7,828 | | | | | | 3,771 | | | | | | 2,796 | | | | | | 52.2 % | | |
| | | Singapore | | | | | 7,133 | | | | | | 6,385 | | | | | | 5,713 | | | | | | 4,013 | | | | | | 7,961 | | | | | | 9,865 | | | | | | 10,882 | | | | | | 8,547 | | | | | | 7,426 | | | | | | 6,223 | | | | | | 7,241 | | | | | | 0.2 % | | |
| | | United Arab Emirates | | | | | 5,433 | | | | | | 6,579 | | | | | | 7,456 | | | | | | 5,563 | | | | | | 7,885 | | | | | | 7,134 | | | | | | 7,046 | | | | | | 4,534 | | | | | | 6,940 | | | | | | 6,959 | | | | | | 7,854 | | | | | | 3.8 % | | |
| | | United States | | | | | 366 | | | | | | 1,349 | | | | | | 292 | | | | | | 180 | | | | | | 952 | | | | | | 1,689 | | | | | | 1,377 | | | | | | 3,507 | | | | | | 4,585 | | | | | | 3,428 | | | | | | 3,754 | | | | | | 26.2 % | | |
| | |
Total named routes
|
| | | | 14,452 | | | | | | 16,499 | | | | | | 16,356 | | | | | | 12,424 | | | | | | 20,136 | | | | | | 23,161 | | | | | | 27,384 | | | | | | 26,337 | | | | | | 31,929 | | | | | | 21,900 | | | | | | 22,517 | | | | | | 4.5 % | | |
Russia
|
| | Germany | | | | | 347 | | | | | | 345 | | | | | | 618 | | | | | | 162 | | | | | | 437 | | | | | | 340 | | | | | | 662 | | | | | | 1,609 | | | | | | 3,729 | | | | | | 3,310 | | | | | | 2,561 | | | | | | 22.1 % | | |
| | | Netherlands | | | | | 10,237 | | | | | | 10,470 | | | | | | 12,148 | | | | | | 13,649 | | | | | | 16,325 | | | | | | 15,741 | | | | | | 18,350 | | | | | | 18,127 | | | | | | 19,107 | | | | | | 20,146 | | | | | | 17,700 | | | | | | 5.6 % | | |
| | | Singapore | | | | | 1,512 | | | | | | 1,271 | | | | | | 2,139 | | | | | | 3,828 | | | | | | 3,769 | | | | | | 1,999 | | | | | | 1,819 | | | | | | 836 | | | | | | 5,979 | | | | | | 5,619 | | | | | | 5,677 | | | | | | 14.1 % | | |
| | | South Korea | | | | | 382 | | | | | | 735 | | | | | | 647 | | | | | | 1,008 | | | | | | 700 | | | | | | 852 | | | | | | 1,419 | | | | | | 2,946 | | | | | | 6,156 | | | | | | 7,445 | | | | | | 4,328 | | | | | | 27.5 % | | |
| | | Turkey | | | | | 3,654 | | | | | | 6,187 | | | | | | 5,964 | | | | | | 8,332 | | | | | | 10,719 | | | | | | 8,944 | | | | | | 9,081 | | | | | | 6,539 | | | | | | 5,041 | | | | | | 6,102 | | | | | | 7,022 | | | | | | 6.8 % | | |
| | | United States | | | | | 2,864 | | | | | | 3,150 | | | | | | 4,927 | | | | | | 6,468 | | | | | | 3,784 | | | | | | 6,073 | | | | | | 4,491 | | | | | | 4,469 | | | | | | 5,953 | | | | | | 8,426 | | | | | | 11,501 | | | | | | 14.9 % | | |
| | |
Total named routes
|
| | | | 18,995 | | | | | | 22,158 | | | | | | 26,443 | | | | | | 33,448 | | | | | | 35,734 | | | | | | 33,949 | | | | | | 35,823 | | | | | | 34,525 | | | | | | 45,965 | | | | | | 51,048 | | | | | | 48,791 | | | | | | 9.9 % | | |
Saudi Arabia
|
| | Singapore | | | | | 4,727 | | | | | | 3,470 | | | | | | 2,024 | | | | | | 4,555 | | | | | | 2,775 | | | | | | 4,029 | | | | | | 4,200 | | | | | | 4,141 | | | | | | 5,857 | | | | | | 4,466 | | | | | | 5,375 | | | | | | 1.3 % | | |
United Arab Emirates
|
| | Singapore | | | | | 2,738 | | | | | | 2,572 | | | | | | 1,979 | | | | | | 2,219 | | | | | | 3,140 | | | | | | 3,687 | | | | | | 4,100 | | | | | | 5,782 | | | | | | 5,884 | | | | | | 6,343 | | | | | | 5,735 | | | | | | 7.7 % | | |
| | |
Total named routes
|
| | | | 7,464 | | | | | | 6,041 | | | | | | 4,003 | | | | | | 6,774 | | | | | | 5,914 | | | | | | 7,715 | | | | | | 8,300 | | | | | | 9,922 | | | | | | 11,741 | | | | | | 10,809 | | | | | | 11,111 | | | | | | 4.1 % | | |
United States
|
| | Brazil | | | | | 389 | | | | | | 276 | | | | | | 984 | | | | | | 1,268 | | | | | | 3,434 | | | | | | 4,195 | | | | | | 5,628 | | | | | | 4,891 | | | | | | 6,182 | | | | | | 4,887 | | | | | | 8,123 | | | | | | 35.5 % | | |
| | | Chile | | | | | 1,746 | | | | | | 2,614 | | | | | | 3,994 | | | | | | 3,307 | | | | | | 3,136 | | | | | | 5,356 | | | | | | 6,079 | | | | | | 5,634 | | | | | | 5,727 | | | | | | 6,124 | | | | | | 5,994 | | | | | | 13.1 % | | |
| | | Colombia | | | | | 274 | | | | | | 332 | | | | | | 1,106 | | | | | | 1,893 | | | | | | 3,242 | | | | | | 3,159 | | | | | | 3,756 | | | | | | 5,915 | | | | | | 7,384 | | | | | | 8,977 | | | | | | 7,309 | | | | | | 38.9 % | | |
| | | Ecuador | | | | | 1,627 | | | | | | 1,101 | | | | | | 678 | | | | | | 1,712 | | | | | | 2,873 | | | | | | 2,527 | | | | | | 2,607 | | | | | | 3,442 | | | | | | 4,237 | | | | | | 4,589 | | | | | | 3,842 | | | | | | 9.0 % | | |
| | | France | | | | | 127 | | | | | | 346 | | | | | | 893 | | | | | | 1,106 | | | | | | 982 | | | | | | 2,027 | | | | | | 3,186 | | | | | | 4,756 | | | | | | 4,862 | | | | | | 4,763 | | | | | | 3,994 | | | | | | 41.2 % | | |
| | | Netherlands | | | | | 3,087 | | | | | | 3,457 | | | | | | 6,452 | | | | | | 9,258 | | | | | | 7,659 | | | | | | 10,552 | | | | | | 10,926 | | | | | | 10,723 | | | | | | 9,134 | | | | | | 8,817 | | | | | | 10,182 | | | | | | 12.7 % | | |
| | | Panama | | | | | 2,188 | | | | | | 2,479 | | | | | | 2,597 | | | | | | 3,159 | | | | | | 4,135 | | | | | | 4,917 | | | | | | 5,932 | | | | | | 6,251 | | | | | | 6,819 | | | | | | 6,400 | | | | | | 5,034 | | | | | | 8.7 % | | |
| | | Singapore | | | | | 2,824 | | | | | | 3,542 | | | | | | 3,853 | | | | | | 5,729 | | | | | | 6,119 | | | | | | 5,954 | | | | | | 5,786 | | | | | | 6,800 | | | | | | 5,703 | | | | | | 4,694 | | | | | | 4,725 | | | | | | 5.3 % | | |
| | |
Total named routes
|
| | | | 12,261 | | | | | | 14,148 | | | | | | 20,557 | | | | | | 27,433 | | | | | | 31,580 | | | | | | 38,688 | | | | | | 43,899 | | | | | | 48,413 | | | | | | 50,049 | | | | | | 49,252 | | | | | | 49,203 | | | | | | 14.9 % | | |
China
|
| | Singapore | | | | | 1,886 | | | | | | 2,860 | | | | | | 1,579 | | | | | | 3,893 | | | | | | 4,312 | | | | | | 1,811 | | | | | | 1,961 | | | | | | 3,783 | | | | | | 4,160 | | | | | | 6,850 | | | | | | 10,239 | | | | | | 18.4 % | | |
| | | Panama | | | | | 1,643 | | | | | | 2,189 | | | | | | 3,750 | | | | | | 3,664 | | | | | | 4,371 | | | | | | 5,321 | | | | | | 5,019 | | | | | | 4,144 | | | | | | 3,471 | | | | | | 3,276 | | | | | | 3,048 | | | | | | 6.4 % | | |
| | | South Korea | | | | | 742 | | | | | | 844 | | | | | | 971 | | | | | | 750 | | | | | | 883 | | | | | | 1,133 | | | | | | 1,328 | | | | | | 1,539 | | | | | | 1,813 | | | | | | 2,261 | | | | | | 2,109 | | | | | | 11.0 % | | |
| | | Vietnam | | | | | 1,117 | | | | | | 853 | | | | | | 572 | | | | | | 2,347 | | | | | | 1,663 | | | | | | 1,247 | | | | | | 1,272 | | | | | | 1,525 | | | | | | 1,934 | | | | | | 1,902 | | | | | | 1,533 | | | | | | 3.2 % | | |
| | | Indonesia | | | | | 976 | | | | | | 1,449 | | | | | | 826 | | | | | | 2,002 | | | | | | 2,638 | | | | | | 2,865 | | | | | | 2,131 | | | | | | 2,594 | | | | | | 2,096 | | | | | | 1,212 | | | | | | 962 | | | | | | -0.1 % | | |
| | | Australia | | | | | 102 | | | | | | 81 | | | | | | 106 | | | | | | 159 | | | | | | 88 | | | | | | 104 | | | | | | 196 | | | | | | 147 | | | | | | 599 | | | | | | 1,453 | | | | | | 2,598 | | | | | | 38.3 % | | |
| | |
Total named routes
|
| | | | 6,467 | | | | | | 8,276 | | | | | | 7,804 | | | | | | 12,814 | | | | | | 13,955 | | | | | | 12,480 | | | | | | 11,908 | | | | | | 13,732 | | | | | | 14,073 | | | | | | 16,954 | | | | | | 20,489 | | | | | | 12.2 % | | |
|
Class of Tanker
|
| |
Cargo Capacity (Dwt)
|
| |
Typical Use
|
|
Long Range 2 (LR2)
|
| | 80,000+ | | | Short- to medium-haul refined petroleum products transportations from the North Sea or West Africa to Europe or the East Coast of the United States, from the Middle East Gulf to the Pacific Rim. | |
Long Range 1 (LR1)
|
| | 55,000 – 79,999 | | | Short- to medium-haul crude oil and refined petroleum products transportations worldwide, mostly on regional trade routes. | |
Medium Range 2 (MR2)
|
| |
37,000 – 54,999
|
| |
Flexible vessels involved in medium-haul petroleum products trades both in the Atlantic Basin and the growing intra-Asian/Middle East/ISC trades.
|
|
Medium Range 1 (MR1) | | |
25,000 – 36,999
|
| |||
Small
|
| | 1,000 – 24,999 | | | Short-haul of mostly refined petroleum products worldwide, usually on local or regional trade routes. | |
Total Product Fleet
|
| |
Deadweight
Tons (Dwt) |
| |
Number of
Vessels |
| |
% of
Fleet |
| |
Capacity
’000 Dwt |
| |
% of
Fleet |
| ||||||||||||
| | | | | | | ||||||||||||||||||||||
Long Range 2 (LR2)
|
| |
80,000+
|
| | | | 276 | | | | | | 10.4 | | | | | | 30,236 | | | | | | 21.8 | | |
Long Range 1 (LR1)
|
| |
55 – 79,999
|
| | | | 335 | | | | | | 12.6 | | | | | | 24,536 | | | | | | 17.7 | | |
Medium Range 2 (MR2)
|
| |
37 – 54,999
|
| | | | 1,609 | | | | | | 60.7 | | | | | | 74,268 | | | | | | 53.6 | | |
Medium Range 1 (MR1)
|
| |
25 – 36,999
|
| | | | 178 | | | | | | 6.7 | | | | | | 5,924 | | | | | | 4.3 | | |
Handy
|
| |
10 – 24,999
|
| | | | 252 | | | | | | 9.5 | | | | | | 3,691 | | | | | | 2.7 | | |
Total
|
| | | | | | | 2,650 | | | | | | 100.0 | | | | | | 138,655 | | | | | | 100.0 | | |
|
Of Which:
|
| | | | | | ||||||||||||||||||||||
Product Tankers
|
| |
Deadweight
Tons (Dwt) |
| |
Number of
Vessels |
| |
% of
Fleet |
| |
Capacity
’000 Dwt |
| |
% of
Fleet |
| ||||||||||||
Long Range 2 (LR2)
|
| |
80,000+
|
| | | | 273 | | | | | | 19.2 | | | | | | 29,935 | | | | | | 36.1 | | |
Long Range 1 (LR1)
|
| |
55 – 79,999
|
| | | | 312 | | | | | | 22.0 | | | | | | 22,861 | | | | | | 27.6 | | |
Medium Range 2 (MR2)
|
| |
37 – 54,999
|
| | | | 511 | | | | | | 36.0 | | | | | | 23,474 | | | | | | 28.3 | | |
Medium Range 1 (MR1)
|
| |
25 – 36,999
|
| | | | 109 | | | | | | 7.7 | | | | | | 3,518 | | | | | | 4.2 | | |
Handy
|
| |
10 – 24,999
|
| | | | 214 | | | | | | 15.1 | | | | | | 3,119 | | | | | | 3.8 | | |
Total
|
| | | | | | | 1,419 | | | | | | 100.0 | | | | | | 82,907 | | | | | | 100.0 | | |
|
Product/Chemical
|
| |
Deadweight
Tons (Dwt) |
| |
Number of
Vessels |
| |
% of
Fleet |
| |
Capacity
’000 Dwt |
| |
% of
Fleet |
| ||||||||||||
Long Range 2 (LR2)
|
| |
80,000+
|
| | | | 3 | | | | | | 0.2 | | | | | | 301 | | | | | | 0.5 | | |
Long Range 1 (LR1)
|
| |
55 – 79,999
|
| | | | 23 | | | | | | 1.9 | | | | | | 1,675 | | | | | | 3.0 | | |
Medium Range 2 (MR2)
|
| |
37 – 54,999
|
| | | | 1,098 | | | | | | 89.2 | | | | | | 50,794 | | | | | | 91.1 | | |
Medium Range 1 (MR1)
|
| |
25 – 36,999
|
| | | | 69 | | | | | | 5.6 | | | | | | 2,406 | | | | | | 4.3 | | |
Handy
|
| |
10 – 24,999
|
| | | | 38 | | | | | | 3.1 | | | | | | 572 | | | | | | 1.0 | | |
Total | | | | | | | | 1,231 | | | | | | 100.0 | | | | | | 55,748 | | | | | | 100.0 | | |
|
Total Product Fleet
|
| |
Scheduled Year of Delivery
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Deadweight
Tons (Dwt) |
| |
Orderbook
|
| |
% Fleet
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020+
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel Size
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
Dwt
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
000 Dwt
|
| |||||||||||||||||||||||||||||||||||||||
Long Range 2 (LR2)
|
| |
80,000+
|
| | | | 50 | | | | | | 5,796 | | | | | | 18.1 | | | | | | 19.2 | | | | | | 31 | | | | | | 3,536 | | | | | | 13 | | | | | | 1,570 | | | | | | 6 | | | | | | 690 | | | | | | 0 | | | | | | 0 | | |
Long Range 1 (LR1)
|
| |
55 – 79,999
|
| | | | 40 | | | | | | 2,980 | | | | | | 11.9 | | | | | | 12.1 | | | | | | 23 | | | | | | 1,710 | | | | | | 14 | | | | | | 1,034 | | | | | | 1 | | | | | | 77 | | | | | | 2 | | | | | | 159 | | |
Medium Range 2 (MR2)
|
| |
37 – 54,999
|
| | | | 95 | | | | | | 4,699 | | | | | | 5.9 | | | | | | 6.3 | | | | | | 41 | | | | | | 2,019 | | | | | | 39 | | | | | | 1,930 | | | | | | 11 | | | | | | 551 | | | | | | 4 | | | | | | 199 | | |
Medium Range 1 (MR1)
|
| |
25 – 36,999
|
| | | | 0 | | | | | | 0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Handy
|
| |
10 – 24,999
|
| | | | 8 | | | | | | 137 | | | | | | 3.2 | | | | | | 3.7 | | | | | | 5 | | | | | | 92 | | | | | | 3 | | | | | | 45 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total
|
| | | | | | | 193 | | | | | | 13,612 | | | | | | 7.3 | | | | | | 9.8 | | | | | | 100 | | | | | | 7,357 | | | | | | 69 | | | | | | 4,579 | | | | | | 18 | | | | | | 1,318 | | | | | | 6 | | | | | | 358 | | |
|
Of Which:
|
| | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Deadweight
Tons (Dwt) |
| |
Orderbook
|
| |
% Fleet
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020+
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Tankers
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
Dwt
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
000 Dwt
|
| |||||||||||||||||||||||||||||||||||||||
Long Range 2 (LR2)
|
| |
80,000+
|
| | | | 50 | | | | | | 5,796 | | | | | | 18.3 | | | | | | 19.4 | | | | | | 31 | | | | | | 3,536 | | | | | | 13 | | | | | | 1,570 | | | | | | 6 | | | | | | 690 | | | | | | 0 | | | | | | 0 | | |
Long Range 1 (LR1)
|
| |
55 – 79,999
|
| | | | 40 | | | | | | 2,980 | | | | | | 12.8 | | | | | | 13.0 | | | | | | 23 | | | | | | 1,710 | | | | | | 14 | | | | | | 1,034 | | | | | | 1 | | | | | | 77 | | | | | | 2 | | | | | | 159 | | |
Medium Range 2 (MR2)
|
| |
37 – 54,999
|
| | | | 11 | | | | | | 526 | | | | | | 2.2 | | | | | | 2.2 | | | | | | 4 | | | | | | 188 | | | | | | 4 | | | | | | 189 | | | | | | 1 | | | | | | 50 | | | | | | 2 | | | | | | 99 | | |
Medium Range 1 (MR1)
|
| |
25 – 36,999
|
| | | | 0 | | | | | | 0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Handy
|
| |
10 – 24,999
|
| | | | 8 | | | | | | 137 | | | | | | 3.7 | | | | | | 4.4 | | | | | | 5 | | | | | | 92 | | | | | | 3 | | | | | | 45 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total
|
| | | | | | | 109 | | | | | | 9,439 | | | | | | 7.7 | | | | | | 11.4 | | | | | | 63 | | | | | | 5,526 | | | | | | 34 | | | | | | 2,838 | | | | | | 8 | | | | | | 817 | | | | | | 4 | | | | | | 258 | | |
|
| | |
Deadweight
Tons (Dwt) |
| |
Orderbook
|
| |
% Fleet
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020+
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product/Chemical
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
Dwt
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
000 Dwt
|
| |
No
|
| |
000 Dwt
|
| |||||||||||||||||||||||||||||||||||||||
Long Range 2 (LR2)
|
| |
80,000+
|
| | | | 0 | | | | | | 0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long Range 1 (LR1)
|
| |
55 – 79,999
|
| | | | 0 | | | | | | 0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Medium Range 2 (MR2)
|
| |
37 – 54,999
|
| | | | 84 | | | | | | 4,173 | | | | | | 7.7 | | | | | | 8.2 | | | | | | 37 | | | | | | 1,831 | | | | | | 35 | | | | | | 1,741 | | | | | | 10 | | | | | | 501 | | | | | | 2 | | | | | | 100 | | |
Medium Range 1 (MR1)
|
| |
25 – 36,999
|
| | | | 0 | | | | | | 0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Handy
|
| |
10 – 24,999
|
| | | | 0 | | | | | | 0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total
|
| | | | | | | 84 | | | | | | 4,173 | | | | | | 6.8 | | | | | | 7.5 | | | | | | 37 | | | | | | 1,831 | | | | | | 35 | | | | | | 1,741 | | | | | | 10 | | | | | | 501 | | | | | | 2 | | | | | | 100 | | |
|
Product
|
| |
<5 Yrs
|
| |
5 – 10 Yrs
|
| |
10 – 15 Yrs
|
| |
15 – 20 Yrs
|
| |
20 – 25 Yrs
|
| |
25+ Yrs
|
| |
Average Age – Yrs
|
| |||||||||||||||||||||
10 – 24,999 Dwt
|
| | | | 7 % | | | | | | 14 % | | | | | | 12 % | | | | | | 16 % | | | | | | 31 % | | | | | | 19 % | | | | |
|
19.1
|
| |
25 – 36,999 Dwt
|
| | | | 1 % | | | | | | 23 % | | | | | | 27 % | | | | | | 11 % | | | | | | 27 % | | | | | | 11 % | | | | |
|
19.1
|
| |
37 – 54,999 Dwt
|
| | | | 3 % | | | | | | 37 % | | | | | | 14 % | | | | | | 8 % | | | | | | 8 % | | | | | | 30 % | | | | |
|
13.2
|
| |
55 – 79,999 Dwt
|
| | | | 9 % | | | | | | 44 % | | | | | | 4 % | | | | | | 1 % | | | | | | 0 % | | | | | | 41 % | | | | |
|
9.5
|
| |
80,000+ Dwt
|
| | | | 32 % | | | | | | 16 % | | | | | | 8 % | | | | | | 2 % | | | | | | 1 % | | | | | | 40 % | | | | |
|
7.6
|
| |
Product/Chemical
|
| |
<5 Yrs
|
| |
5 – 10 Yrs
|
| |
10 – 15 Yrs
|
| |
15 – 20 Yrs
|
| |
20 – 25 Yrs
|
| |
25+ Yrs
|
| |
Average Age – Yrs
|
| |||||||||||||||||||||
10 – 24,999 Dwt
|
| | | | 0 % | | | | | | 0 % | | | | | | 0 % | | | | | | 100 % | | | | | | 0 % | | | | | | 0 % | | | | |
|
17.0
|
| |
25 – 36,999 Dwt
|
| | | | 0 % | | | | | | 8 % | | | | | | 47 % | | | | | | 45 % | | | | | | 0 % | | | | | | 0 % | | | | |
|
14.0
|
| |
37 – 54,999 Dwt
|
| | | | 34 % | | | | | | 33 % | | | | | | 25 % | | | | | | 6 % | | | | | | 2 % | | | | | | 0 % | | | | |
|
7.8
|
| |
55 – 79,999 Dwt
|
| | | | 16 % | | | | | | 62 % | | | | | | 16 % | | | | | | 6 % | | | | | | 0 % | | | | | | 0 % | | | | |
|
7.8
|
| |
80,000+ Dwt
|
| | | | 0 % | | | | | | 0 % | | | | | | 61 % | | | | | | 22 % | | | | | | 0 % | | | | | | 17 % | | | | |
|
16.8
|
| |
Year
Period Average |
| |
MR1
Med-Med (Clean) |
| |
MR2
Caribs-USAC |
| |
LR1
AG-Japan (Clean) |
| |||||||||
2006
|
| | | | 18,908 | | | | | | n/a | | | | | | 22,858 | | |
2007
|
| | | | 18,425 | | | | | | n/a | | | | | | 19,567 | | |
2008
|
| | | | 19,600 | | | | | | 23,358 | | | | | | 28,800 | | |
2009
|
| | | | 5,417 | | | | | | 8,575 | | | | | | 9,267 | | |
2010
|
| | | | 8,908 | | | | | | 9,875 | | | | | | 6,608 | | |
2011
|
| | | | 6,750 | | | | | | 10,417 | | | | | | 2,408 | | |
2012
|
| | | | 8,117 | | | | | | 10,450 | | | | | | 4,800 | | |
2013
|
| | | | 9,375 | | | | | | 12,642 | | | | | | 5,417 | | |
2014
|
| | | | 12,125 | | | | | | 8,942 | | | | | | 8,858 | | |
2015
|
| | | | 21,050 | | | | | | 20,400 | | | | | | 21,742 | | |
2016
|
| | | | 11,663 | | | | | | 12,400 | | | | | | 10,283 | | |
Feb-17
|
| | | | 19,800 | | | | | | 7,200 | | | | | | 3,100 | | |
2008 – 2016 | | | | | |||||||||||||||
Averages
|
| | | | 12,755 | | | | | | 13,006 | | | | | | 12,783 | | |
Low
|
| | | | 1,600 | | | | | | 1,800 | | | | | | -3,800 | | |
High
|
| | | | 32,400 | | | | | | 32,400 | | | | | | 51,600 | | |
Year
Period Average |
| |
MR1
|
| |
MR2
|
| |
LR1
|
| |
LR2
|
| ||||||||||||
2006
|
| | | | 21,417 | | | | | | 26,792 | | | | | | 26,683 | | | | | | 29,100 | | |
2007
|
| | | | 22,200 | | | | | | 25,367 | | | | | | 25,954 | | | | | | 30,408 | | |
2008
|
| | | | 21,438 | | | | | | 23,092 | | | | | | 23,429 | | | | | | 28,525 | | |
2009
|
| | | | 13,675 | | | | | | 14,850 | | | | | | 16,338 | | | | | | 18,617 | | |
2010
|
| | | | 11,038 | | | | | | 12,388 | | | | | | 14,608 | | | | | | 16,333 | | |
2011
|
| | | | 12,208 | | | | | | 13,633 | | | | | | 13,767 | | | | | | 14,758 | | |
2012 | | | | | 12,013 | | | | | | 13,325 | | | | | | 13,129 | | | | | | 13,263 | | |
2013
|
| | | | 12,833 | | | | | | 14,246 | | | | | | 13,708 | | | | | | 14,488 | | |
2014
|
| | | | 12,938 | | | | | | 14,438 | | | | | | 15,188 | | | | | | 15,708 | | |
2015
|
| | | | 14,958 | | | | | | 17,271 | | | | | | 19,333 | | | | | | 21,688 | | |
2016
|
| | | | 13,833 | | | | | | 15,125 | | | | | | 17,000 | | | | | | 22,063 | | |
Feb-17
|
| | | | 11,000 | | | | | | 12,500 | | | | | | 13,500 | | | | | | 17,000 | | |
2008 – 2016 | | | | | | ||||||||||||||||||||
Averages
|
| | | | 13,881 | | | | | | 15,374 | | | | | | 16,278 | | | | | | 18,382 | | |
Low
|
| | | | 9,700 | | | | | | 10,800 | | | | | | 12,800 | | | | | | 12,500 | | |
High
|
| | | | 22,500 | | | | | | 25,000 | | | | | | 25,000 | | | | | | 30,250 | | |
| | |
MR1
|
| |||||||||||||||||||||
End Year
|
| |
NB Price
|
| |
NB Price Average
06 – 16 |
| |
SH Price –
5 Yrs Old |
| |
SH Price Average
06 – 16 |
| ||||||||||||
2006
|
| | | | 40.5 | | | | | | 34.6 | | | | | | 42.0 | | | | | | 27.1 | | |
2007
|
| | | | 46.0 | | | | | | 34.6 | | | | | | 40.5 | | | | | | 27.1 | | |
2008
|
| | | | 40.0 | | | | | | 34.6 | | | | | | 36.5 | | | | | | 27.1 | | |
2009
|
| | | | 31.0 | | | | | | 34.6 | | | | | | 20.5 | | | | | | 27.1 | | |
2010
|
| | | | 33.0 | | | | | | 34.6 | | | | | | 21.5 | | | | | | 27.1 | | |
2011
|
| | | | 31.5 | | | | | | 34.6 | | | | | | 22.5 | | | | | | 27.1 | | |
2012
|
| | | | 30.0 | | | | | | 34.6 | | | | | | 20.0 | | | | | | 27.1 | | |
2013
|
| | | | 31.0 | | | | | | 34.6 | | | | | | 21.0 | | | | | | 27.1 | | |
2014
|
| | | | 33.0 | | | | | | 34.6 | | | | | | 18.5 | | | | | | 27.1 | | |
2015
|
| | | | 32.0 | | | | | | 34.6 | | | | | | 20.0 | | | | | | 27.1 | | |
2016
|
| | | | 30.0 | | | | | | 34.6 | | | | | | 19.0 | | | | | | 27.1 | | |
Feb-17
|
| | | | 30.0 | | | | | | | | | | | | 19.0 | | | | | | | | |
| | |
MR2
|
| |||||||||||||||||||||
End Year
|
| |
NB Price
|
| |
NB Price Average
06 – 16 |
| |
SH Price –
5 Yrs Old |
| |
SH Price Average
06 – 16 |
| ||||||||||||
2006
|
| | | | 47.5 | | | | | | 39.5 | | | | | | 47.5 | | | | | | 32.9 | | |
2007
|
| | | | 54.0 | | | | | | 39.5 | | | | | | 52.0 | | | | | | 32.9 | | |
2008
|
| | | | 46.5 | | | | | | 39.5 | | | | | | 42.0 | | | | | | 32.9 | | |
2009
|
| | | | 36.0 | | | | | | 39.5 | | | | | | 24.0 | | | | | | 32.9 | | |
2010
|
| | | | 36.0 | | | | | | 39.5 | | | | | | 24.0 | | | | | | 32.9 | | |
2011
|
| | | | 36.0 | | | | | | 39.5 | | | | | | 27.0 | | | | | | 32.9 | | |
2012
|
| | | | 33.0 | | | | | | 39.5 | | | | | | 24.0 | | | | | | 32.9 | | |
2013
|
| | | | 35.0 | | | | | | 39.5 | | | | | | 29.0 | | | | | | 32.9 | | |
2014
|
| | | | 37.0 | | | | | | 39.5 | | | | | | 24.0 | | | | | | 32.9 | | |
2015
|
| | | | 36.0 | | | | | | 39.5 | | | | | | 27.0 | | | | | | 32.9 | | |
2016
|
| | | | 32.0 | | | | | | 39.5 | | | | | | 22.0 | | | | | | 32.9 | | |
Feb-17
|
| | | | 32.0 | | | | | | | | | | | | 22.0 | | | |
Vessel Name
|
| |
Year
Built |
| |
Shipyard
|
| |
Vessel
type |
| |
Carrying
Capacity (dwt) |
| |
Type of
Charter |
| |
Charter
Rate (p/day) (1) |
| |
Anticipated
Delivery Date |
|
Pyxis Epsilon
|
| |
2015
|
| |
SPP/S. Korea
|
| |
MR
|
| |
50,295
|
| |
Time
|
| |
$13,350
|
| |
Dec. 2017
|
|
Pyxis Theta
|
| |
2013
|
| |
SPP/S. Korea
|
| |
MR
|
| |
51,795
|
| |
Spot
|
| |
n/a
|
| |
n/a
|
|
Pyxis Malou
|
| |
2009
|
| |
SPP/S. Korea
|
| |
MR
|
| |
50,667
|
| |
Spot
|
| |
n/a
|
| |
n/a
|
|
Pyxis Delta
|
| |
2006
|
| |
Hyundai/S. Korea
|
| |
MR
|
| |
46,616
|
| |
Time
|
| |
$13,125
|
| |
Sep. 2017
|
|
Northsea Alpha
|
| |
2010
|
| |
Kejin/China
|
| |
Small Tanker
|
| |
8,615
|
| |
Spot
|
| |
n/a
|
| |
n/a
|
|
Northsea Beta
(2)
|
| |
2010
|
| |
Kejin/China
|
| |
Small Tanker
|
| |
8,647
|
| |
Time
|
| |
$7,650
|
| |
Sep. 2017
|
|
| | |
Avg Age:
6.1 |
| | | | | | | |
Total:
216,635 |
| | | | | |
| | | |
Time Charter
|
| |
Spot Charters
|
|
| Typical contract length | | | Typically 3 months – 5 years or more | | | Indefinite but typically less than 3 months | |
|
Basis on which charter rate is paid
|
| | Per day | | | Per ton, typically | |
| Voyage expenses (1) | | | Charterer pays | | | We pay | |
| Vessel operating costs (2) | | | We pay | | | We pay | |
| Off-hire (3) | | | We pay | | | We pay | |
|
Consideration Value per share
|
| | | $ | 4.30 | | |
|
Less: New Offering Price per share
|
| | | $ | | | |
|
Make-Whole per share
|
| | | $ | | | |
|
Multiplied by Shares held by LS Legacy Stockholders
|
| | |||||
|
Make-Whole Amount
|
| | | $ | | | |
|
Divided by New Offering Price per share
|
| | | $ | | | |
|
Additional Pyxis shares to be issued to Legacy LS Stockholders for Make-Whole provision
|
| |
Type
|
| |
Aggregate Sum Insured For All Vessels in our Existing Fleet
|
|
Hull and Machinery | | | $202.0 million | |
War Risk | | | $202.0 million | |
Protection and Indemnity (“P&I”)
|
| |
Pollution liability claims: limited to $1.0 billion per vessel per incident
|
|
Charterer
|
| |
2015
|
| |
2016
|
| ||||||
Shell Tankers (Singapore) Pte. Ltd.
|
| | | | 18 % | | | | | | — | | |
Mansel Ltd.
|
| | | | 17 % | | | | | | 12 % | | |
MTM Trading LLC
|
| | | | 17 % | | | | | | 20 % | | |
Cargill International S.A.
|
| | | | — | | | | | | 14 % | | |
Hyproc Shipping Company SPA
|
| | | | — | | | | | | 10 % | | |
| | | | | 52 % | | | | | | 56 % | | |
|
Class:
|
| |
Term:
|
|
Class I | | | Class I directors serve for a term of three years, and are elected by the shareholders at the beginning of each term. The current full 3-year term for Class I directors extends to our annual meeting of shareholders in 2018. | |
Class II | | | Class II directors served for an initial term of one year and were re-elected at our 2016 annual meeting of shareholders to a term of three years, and are elected by the shareholders at the beginning of each term. The current full 3-year term for Class II directors extends to our 2019 annual shareholders meeting. | |
Class III
|
| | Class III directors serve for an initial term of two years and are expected thereafter to serve three year terms, and are elected by the shareholders at the beginning of each term. The current term for Class III directors extends to our 2017 annual shareholders meeting. | |
Name
|
| |
Age
|
| |
Position
|
|
Eddie Valentis | | | 50 | | | Chairman, Chief Executive Officer and Class I Director | |
Henry P. Williams | | | 61 | | | Chief Financial Officer and Treasurer | |
Antonios C. Backos | | | 47 | | | Senior Vice President for Corporate Development, General Counsel and Secretary | |
Konstantinos Lytras | | | 51 | | | Chief Operating Officer | |
Robin P. Das | | | 44 | | | Class III Director | |
Robert B. Ladd | | | 58 | | | Class II Director | |
Basil G. Mavroleon | | | 69 | | | Class III Director | |
Aristides J. Pittas | | | 58 | | | Class II Director | |
Identity of person or group
(1)
|
| |
Shares Beneficially
Owned Prior to Offering |
| |
Shares Beneficially
Owned After Offering Assuming No Exercise of Over-Allotment Option |
| |
Shares Beneficially
Owned After Offering Assuming Exercise in Full of Over-Allotment Option |
| |||||||||||||||||||||||||||
|
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||||||||||||||
Maritime Investors Corp.
(2)
|
| | | | 17,002,445 | | | | | | 93.0 % | | | | | | | | | | | | | | | | | | | | | | | | | | |
Valentios (“Eddie”) Valentis
(2)
|
| | | | 17,007,445 | | | | | | 93.0 % | | | | | | | | | | | | | | | | | | | | | | | | | | |
Henry P. Williams
(3)
|
| | | | 16,074 | | | | | | * | | | | | | | | | | | | | | | | | | | | | | | | | | |
Antonios C. Backos
(3)
|
| | | | 11,905 | | | | | | * | | | | | | | | | | | | | | | | | | | | | | | | | | |
Konstantinos Lytras
(3)
|
| | | | 13,974 | | | | | | * | | | | | | | | | | | | | | | | | | | | | | | | | | |
Robin P. Das
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Robert B. Ladd
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Basil G. Mavroleon
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Aristides J. Pittas
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All directors and executive officers as a
group (8 person) |
| | | | 17,048,567 | | | | | | 93.3 % | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(In thousands of U.S. Dollars, except per share data)
|
| |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
Charter hire commissions
|
| | | $ | 236 | | | | | $ | 321 | | | | | $ | 316 | | |
Ship-management fees
|
| | | | 611 | | | | | | 577 | | | | | | 631 | | |
Administration fees
|
| | | | — | | | | | | 1,245 | | | | | | 1,600 | | |
Vessel construction supervision fees
|
| | | | 255 | | | | | | 10 | | | | | | — | | |
Total
|
| | | $ | 1,102 | | | | | $ | 2,153 | | | | | $ | 2,547 | | |
Date
|
| |
Number of Shares
Eligible for Sale |
| |
Comment
|
|
Date of prospectus | | | | | | Shares not locked up and eligible for sale freely or under Rule 144 | |
90 days from date of the closing of this offering (1) | | | | | | Lock-up released; shares eligible for sale under Rule 144 | |
|
Marshall Islands
|
| |
Delaware
|
|
| Held at a time and place as designated in the bylaws. | | | May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors. | |
| Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the articles of incorporation or by the bylaws | | | Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws. | |
| May be held within or outside the Marshall Islands. | | | May be held within or outside Delaware. | |
| Notice: | | | Notice: | |
| Whenever shareholders are required to take any action at a meeting, written notice of the meeting shall be given which shall state the place, date and hour of the meeting and, unless it is an annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting. | | | Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communications, if any. | |
| A copy of the notice of any meeting shall be given personally or sent by mail not less than 15 nor more than 60 days before the meeting. | | | Written notice of any meeting shall be given not less than 10 nor more than 60 days before the date of the meeting. | |
|
Marshall Islands
|
| |
Delaware
|
|
| Any action required to be taken by a meeting of shareholders may be taken without meeting if consent is in writing and is signed by all the shareholders entitled to vote. | | | Any action required to be taken at a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not fewer than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. | |
|
Marshall Islands
|
| |
Delaware
|
|
| Any person authorized to vote may authorize another person or persons to act for him by proxy. | | | Any person authorized to vote may authorize another person or persons to act for him or her by proxy. | |
| Unless otherwise provided in the articles of incorporation, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one-third of the shares entitled to vote at a meeting. | | | For stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum. | |
| Except as otherwise required by the BCA or the articles of incorporation, directors shall be elected by a plurality of the votes cast by holders of shares entitled to vote, and, except as required or permitted by the BCA or our articles of incorporation, any other corporate action shall be authorized by a majority of votes cast by holders of shares entitled to vote thereon. | | | Unless otherwise specified in the certificate of incorporation or by-laws, directors shall be elected by a plurality of the votes of the shares entitled to vote on the election of directors, and, in all other matters, the affirmative vote of the majority of the shares entitled to vote on the subject matter shall be the act of the shareholders. | |
| The articles of incorporation may provide for cumulative voting in the election of directors. | | | The certificate of incorporation may provide for cumulative voting in the election of directors. | |
| Any two or more domestic corporations may merge into a single corporation if approved by the board and if authorized by a majority vote of the holders of outstanding shares at a shareholder meeting. | | | Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and upon the majority vote by shareholders of each constituent corporation at an annual or special meeting. | |
| Any sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation’s usual or regular course of business, once approved by the board, shall be authorized by the affirmative vote of two-thirds of the shares of those entitled to vote at a shareholder meeting. | | | Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board of directors deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority of the outstanding stock of the corporation entitled to vote. | |
| Any domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation may merge such other corporation into itself without the authorization of the shareholders of any corporation. | | | Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly called shareholder meeting. | |
|
Marshall Islands
|
| |
Delaware
|
|
| Any mortgage, pledge of or creation of a security interest in all or any part of the corporate property may be authorized without the vote or consent of the shareholders, unless otherwise provided for in the articles of incorporation. | | | Any mortgage or pledge of a corporation’s property and assets may be authorized without the vote or consent of shareholders, except to the extent that the certificate of incorporation otherwise provides. | |
| Shareholders have a right to dissent from a merger or consolidation or sale or exchange of all or substantially all assets not made in the usual and regular course of business, and receive payment of the fair value of their shares, subject to exceptions. | | | Appraisal rights shall be available for the shares of a corporation in a merger or consolidation, subject to exceptions. | |
| A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment: | | | The certificate of incorporation may provide that appraisal rights are available for shares as a result of an amendment to the certificate of incorporation, any merger or consolidation or the sale of all or substantially all of the assets. | |
| alters or abolishes any preferential right of any outstanding shares having preferences; | | | ||
| creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; | | | ||
| alters or abolishes any preemptive right of such holder to acquire shares or other securities; or | | | ||
| excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class | | |
|
Marshall Islands
|
| |
Delaware
|
|
| The board of directors must consist of at least one member. | | | The board of directors must consist of at least one member. | |
| The number of board members may be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw. | | | The number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by an amendment to the certificate of incorporation. | |
| | | | ||
| If the board is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no decrease in the number shall shorten the term of any incumbent director. | | | If the number of directors is fixed by the certificate of incorporation, a change in the number shall be made only by an amendment of the certificate. | |
| | | |
|
Marshall Islands
|
| |
Delaware
|
|
| Members of a board of directors owe a fiduciary duty to the company to act honestly and in good faith with a view to the best interests of the company and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. | | | The business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. | |
|
Marshall Islands
|
| |
Delaware
|
|
| Any or all of the directors may be removed for cause by vote of the shareholders. | | | Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the certificate of incorporation otherwise provides. | |
| If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders. | | | In the case of a classified board, shareholders may affect removal of any or all directors only for cause. | |
Name
|
| |
Number of shares
of Common Stock |
| |||
Maxim Group LLC
|
| | | | | | |
Total | | | | | | | |
| | |
Total
|
| |||||||||
| | |
Per Share of
Common Stock |
| |
No
Exercise |
| |
Full
Exercise |
| |||
Public offering price
|
| | | $ | | | | | | ||||
Underwriting discounts and commissions to be paid by us:
|
| | | $ | | | | | | ||||
Proceeds, before expenses, to us
|
| | | $ | | | | | |
|
SEC Registration Fee
|
| | | $ | 1,333 | | |
|
Printing and Engraving Expenses
|
| | | $ | 15,000 | | |
|
Legal Fees and Expenses
|
| | | $ | 125,000 | | |
|
Accountants’ Fees and Expenses
|
| | | $ | 165,000 | | |
|
FINRA Fee
|
| | | $ | 2,225 | | |
|
Blue Sky Fees and Expenses
|
| | | $ | 15,000 | | |
|
Transfer Agent’s Fees and Expenses
|
| | | $ | 1,000 | | |
|
Miscellaneous Costs
|
| | | $ | 30,442 | | |
|
Total
|
| | | $ | 355,000 | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | |
| | |
Notes
|
| |
2015
|
| |
2016
|
| ||||||
ASSETS | | | | | ||||||||||||
CURRENT ASSETS: | | | | | ||||||||||||
Cash and cash equivalents
|
| | | | | | $ | 4,122 | | | | | $ | 783 | | |
Restricted cash, current portion
|
| | | | | | | 143 | | | | | | 143 | | |
Inventories
|
| |
4
|
| | | | 583 | | | | | | 1,173 | | |
Trade receivables, net
|
| | | | | | | 455 | | | | | | 1,681 | | |
Prepayments and other assets
|
| | | | | | | 725 | | | | | | 404 | | |
Total current assets
|
| | | | | | | 6,028 | | | | | | 4,184 | | |
FIXED ASSETS, NET: | | | | | ||||||||||||
Vessels, net
|
| |
5, 10
|
| | | | 130,501 | | | | | | 121,341 | | |
Total fixed assets, net
|
| | | | | | | 130,501 | | | | | | 121,341 | | |
OTHER NON-CURRENT ASSETS: | | | | | ||||||||||||
Restricted cash, net of current portion
|
| | | | | | | 4,357 | | | | | | 4,857 | | |
Deferred charges, net
|
| |
6
|
| | | | 836 | | | | | | 358 | | |
Total other non-current assets
|
| | | | | | | 5,193 | | | | | | 5,215 | | |
Total assets
|
| | | | | | $ | 141,722 | | | | | $ | 130,740 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | ||||||||||||
CURRENT LIABILITIES: | | | | | ||||||||||||
Current portion of long-term debt, net of deferred financing costs, current
|
| |
7
|
| | | $ | 7,095 | | | | | $ | 6,813 | | |
Accounts payable
|
| | | | | | | 1,103 | | | | | | 3,115 | | |
Due to related parties
|
| |
3
|
| | | | 121 | | | | | | 1,953 | | |
Hire collected in advance
|
| | | | | | | 2,129 | | | | | | 415 | | |
Accrued and other liabilities
|
| | | | | | | 752 | | | | | | 574 | | |
Total current liabilities
|
| | | | | | | 11,200 | | | | | | 12,870 | | |
NON-CURRENT LIABILITIES: | | | | | ||||||||||||
Long-term debt, net of current portion and deferred financing costs, non-current
|
| |
7
|
| | | | 73,456 | | | | | | 66,617 | | |
Promissory note
|
| |
3
|
| | | | 2,500 | | | | | | 2,500 | | |
Total non-current liabilities
|
| | | | | | | 75,956 | | | | | | 69,117 | | |
COMMITMENTS AND CONTINGENCIES
|
| |
11
|
| | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY: | | | | | ||||||||||||
Preferred stock ($0.001 par value; 50,000,000 shares authorized; none
issued) |
| |
8
|
| | | | — | | | | | | — | | |
Common stock ($0.001 par value; 450,000,000 shares authorized; 18,244,671
and 18,277,893 shares issued and outstanding at December 31, 2015 and 2016, respectively) |
| |
8
|
| | | | 18 | | | | | | 18 | | |
Additional paid-in capital
|
| |
8
|
| | | | 70,123 | | | | | | 70,123 | | |
Accumulated deficit
|
| | | | | | | (15,575 ) | | | | | | (21,388 ) | | |
Total stockholders’ equity
|
| | | | | | | 54,566 | | | | | | 48,753 | | |
Total liabilities and stockholders’ equity
|
| | | | | | $ | 141,722 | | | | | $ | 130,740 | | |
|
| | |
Notes
|
| |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
Voyage revenues
|
| | | | | | $ | 27,760 | | | | | $ | 33,170 | | | | | $ | 30,710 | | |
Expenses: | | | | | | |||||||||||||||||
Voyage related costs and commissions
|
| |
3
|
| | | | (10,030 ) | | | | | | (4,725 ) | | | | | | (6,611 ) | | |
Vessel operating expenses
|
| | | | | | | (11,064 ) | | | | | | (13,188 ) | | | | | | (12,871 ) | | |
General and administrative expenses
|
| |
3, 8
|
| | | | (93 ) | | | | | | (1,773 ) | | | | | | (2,574 ) | | |
Management fees, related parties
|
| |
3
|
| | | | (611 ) | | | | | | (577 ) | | | | | | (631 ) | | |
Management fees, other
|
| | | | | | | (922 ) | | | | | | (1,061 ) | | | | | | (1,024 ) | | |
Amortization of special survey costs
|
| |
6
|
| | | | (203 ) | | | | | | (174 ) | | | | | | (236 ) | | |
Depreciation
|
| |
5
|
| | | | (5,446 ) | | | | | | (5,710 ) | | | | | | (5,768 ) | | |
Vessel impairment charge
|
| |
5, 10
|
| | | | (16,930 ) | | | | | | — | | | | | | (3,998 ) | | |
Operating (loss)/income
|
| | | | | | | (17,539 ) | | | | | | 5,962 | | | | | | (3,003 ) | | |
Other income/(expenses): | | | | | | |||||||||||||||||
Other income
|
| | | | | | | — | | | | | | 74 | | | | | | — | | |
Interest and finance costs, net
|
| |
3, 12
|
| | | | (1,704 ) | | | | | | (2,531 ) | | | | | | (2,810 ) | | |
Total other expenses, net
|
| | | | | | | (1,704 ) | | | | | | (2,457 ) | | | | | | (2,810 ) | | |
Net (loss)/income
|
| | | | | | $ | (19,243 ) | | | | | $ | 3,505 | | | | | $ | (5,813 ) | | |
(Loss)/earnings per common share, basic and diluted
|
| |
9
|
| | | $ | (1.05 ) | | | | | $ | 0.19 | | | | | $ | (0.32 ) | | |
Weighted average number of shares, basic
|
| |
9
|
| | | | 18,244,671 | | | | | | 18,244,671 | | | | | | 18,277,893 | | |
Weighted average number of shares, diluted
|
| |
9
|
| | | | 18,244,671 | | | | | | 18,277,893 | | | | | | 18,277,893 | | |
| | |
Common Stock
|
| |
Additional
paid-in capital |
| |
Retained
Earnings/ (Accumulated Deficit) |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||
| | |
# of Shares
|
| |
Par value
|
| ||||||||||||||||||||||||
BALANCE, January 1, 2014
|
| | | | — | | | | | $ | — | | | | | $ | 54,157 | | | | | $ | 163 | | | | | $ | 54,320 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (19,243 ) | | | | | | (19,243 ) | | |
Stockholder’s contributions
|
| | | | — | | | | | | — | | | | | | 18,824 | | | | | | — | | | | | | 18,824 | | |
BALANCE, December 31, 2014
|
| | | | — | | | | | $ | — | | | | | $ | 72,981 | | | | | $ | (19,080 ) | | | | | $ | 53,901 | | |
Issuance of common stock
|
| | | | 18,244,671 | | | | | | 18 | | | | | | (8 ) | | | | | | — | | | | | | 10 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,505 | | | | | | 3,505 | | |
Expenses for Merger
|
| | | | — | | | | | | — | | | | | | (1,745 ) | | | | | | — | | | | | | (1,745 ) | | |
Stock compensation
|
| | | | — | | | | | | — | | | | | | 143 | | | | | | — | | | | | | 143 | | |
Paid-in capital re-imbursement/distribution
|
| | | | — | | | | | | — | | | | | | (1,248 ) | | | | | | — | | | | | | (1,248 ) | | |
BALANCE, December 31, 2015
|
| | | | 18,244,671 | | | | | $ | 18 | | | | | $ | 70,123 | | | | | $ | (15,575 ) | | | | | $ | 54,566 | | |
Issuance of common stock
|
| | | | 33,222 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,813 ) | | | | | | (5,813 ) | | |
BALANCE, December 31, 2016
|
| | | | 18,277,893 | | | | | $ | 18 | | | | | $ | 70,123 | | | | | $ | (21,388 ) | | | | | $ | 48,753 | | |
|
| | |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
Cash flows from operating activities: | | | | | |||||||||||||||
Net (loss)/income
|
| | | $ | (19,243 ) | | | | | $ | 3,505 | | | | | $ | (5,813 ) | | |
Adjustments to reconcile net (loss)/income to net cash from operating activities:
|
| | | | |||||||||||||||
Depreciation
|
| | | | 5,446 | | | | | | 5,710 | | | | | | 5,768 | | |
Amortization of special survey costs
|
| | | | 203 | | | | | | 174 | | | | | | 236 | | |
Amortization of financing costs
|
| | | | 136 | | | | | | 173 | | | | | | 164 | | |
Vessel impairment charge
|
| | | | 16,930 | | | | | | — | | | | | | 3,998 | | |
Stock compensation
|
| | | | — | | | | | | 143 | | | | | | — | | |
Changes in assets and liabilities: | | | | | |||||||||||||||
Inventories
|
| | | | (482 ) | | | | | | 321 | | | | | | (590 ) | | |
Trade receivables
|
| | | | (131 ) | | | | | | 748 | | | | | | (1,226 ) | | |
Prepayments and other assets
|
| | | | (217 ) | | | | | | (107 ) | | | | | | 321 | | |
Special surveys cost
|
| | | | (469 ) | | | | | | (888 ) | | | | | | (364 ) | | |
Accounts payable
|
| | | | 328 | | | | | | 532 | | | | | | 2,012 | | |
Due to related parties
|
| | | | 3,353 | | | | | | (10 ) | | | | | | 1,832 | | |
Hire collected in advance
|
| | | | (421 ) | | | | | | 1,650 | | | | | | (1,714 ) | | |
Accrued and other liabilities
|
| | | | (71 ) | | | | | | 415 | | | | | | (178 ) | | |
Net cash provided by operating activities
|
| | | $ | 5,362 | | | | | $ | 12,366 | | | | | $ | 4,446 | | |
Cash flows from investing activities: | | | | | |||||||||||||||
Advances for vessel acquisition
|
| | | | (6,923 ) | | | | | | (18,766 ) | | | | | | — | | |
Additions to vessel cost
|
| | | | (233 ) | | | | | | — | | | | | | — | | |
Net cash used in investing activities
|
| | | $ | (7,156 ) | | | | | $ | (18,766 ) | | | | | $ | — | | |
Cash flows from financing activities: | | | | | |||||||||||||||
Proceeds from long-term debt
|
| | | | — | | | | | | 21,000 | | | | | | — | | |
Repayment of long-term debt
|
| | | | (6,183 ) | | | | | | (6,863 ) | | | | | | (7,263 ) | | |
Issuance of promissory note
|
| | | | — | | | | | | 2,500 | | | | | | — | | |
Issuance of common stock
|
| | | | — | | | | | | 10 | | | | | | — | | |
Change in restricted cash
|
| | | | — | | | | | | (3,500 ) | | | | | | (500 ) | | |
Proceeds from equity contributions
|
| | | | 6,424 | | | | | | — | | | | | | — | | |
Paid-in capital re-imbursement/distribution
|
| | | | — | | | | | | (1,248 ) | | | | | | — | | |
Payment of financing costs
|
| | | | — | | | | | | (279 ) | | | | | | (22 ) | | |
Expenses for Merger
|
| | | | — | | | | | | (1,745 ) | | | | | | — | | |
Net cash provided by/(used in) financing activities
|
| | | $ | 241 | | | | | $ | 9,875 | | | | | $ | (7,785 ) | | |
Net (decrease)/increase in cash and cash equivalents
|
| | | | (1,553 ) | | | | | | 3,475 | | | | | | (3,339 ) | | |
Cash and cash equivalents at beginning of the year
|
| | | | 2,200 | | | | | | 647 | | | | | | 4,122 | | |
Cash and cash equivalents at end of the year
|
| | | $ | 647 | | | | | $ | 4,122 | | | | | $ | 783 | | |
SUPPLEMENTAL INFORMATION: | | | | | |||||||||||||||
Cash paid for interest, net of amounts capitalized
|
| | | $ | 1,788 | | | | | $ | 2,191 | | | | | $ | 2,779 | | |
Vessel-owning company
|
| |
Incorporation date
|
| |
Vessel
|
| |
DWT
|
| |
Year built
|
| |
Acquisition date
|
|
Secondone | | |
05/23/2007
|
| |
Northsea Alpha
|
| |
8,615
|
| |
2010
|
| |
05/28/2010
|
|
Thirdone | | |
05/23/2007
|
| |
Northsea Beta
|
| |
8,647
|
| |
2010
|
| |
05/25/2010
|
|
Fourthone | | |
05/30/2007
|
| |
Pyxis Malou
|
| |
50,667
|
| |
2009
|
| |
02/16/2009
|
|
Sixthone | | |
01/15/2010
|
| |
Pyxis Delta
|
| |
46,616
|
| |
2006
|
| |
03/04/2010
|
|
Seventhone | | |
05/31/2011
|
| |
Pyxis Theta
|
| |
51,795
|
| |
2013
|
| |
09/16/2013
|
|
Eighthone | | |
02/08/2013
|
| |
Pyxis Epsilon
|
| |
50,295
|
| |
2015
|
| |
01/14/2015
|
|
Charterer
|
| |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
A
|
| | | | 7 % | | | | | | 18 % | | | | | | — | | |
B
|
| | | | 21 % | | | | | | 17 % | | | | | | 12 % | | |
C
|
| | | | — | | | | | | 17 % | | | | | | 20 % | | |
D
|
| | | | — | | | | | | — | | | | | | 14 % | | |
E
|
| | | | — | | | | | | — | | | | | | 10 % | | |
| | | | | 28 % | | | | | | 52 % | | | | | | 56 % | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
Included in Voyage related costs and commissions | | | | | |||||||||||||||
Charter hire commissions
|
| | | $ | 236 | | | | | $ | 321 | | | | | $ | 316 | | |
Included in Management fees, related parties | | | | | |||||||||||||||
Ship-management fees
|
| | | | 611 | | | | | | 577 | | | | | | 631 | | |
Included in General and administrative expenses | | | | | |||||||||||||||
Administration fees
|
| | | | — | | | | | | 1,245 | | | | | | 1,600 | | |
Total
|
| | | $ | 847 | | | | | $ | 2,143 | | | | | $ | 2,547 | | |
|
| | |
2015
|
| |
2016
|
| ||||||
Lubricants
|
| | | $ | 583 | | | | | $ | 479 | | |
Bunkers
|
| | | | — | | | | | | 694 | | |
Total
|
| | | $ | 583 | | | | | $ | 1,173 | | |
|
| | |
Vessel
Cost |
| |
Accumulated
Depreciation |
| |
Net Book
Value |
| |||||||||
Balance January 1, 2014
|
| | | $ | 143,505 | | | | | ($ | 18,045 ) | | | | | $ | 125,460 | | |
Additions to vessel cost
|
| | | | 233 | | | | | | — | | | | | | 233 | | |
Depreciation
|
| | | | — | | | | | | (5,446 ) | | | | | | (5,446 ) | | |
Vessel impairment charge
|
| | | | (28,443 ) | | | | | | 11,913 | | | | | | (16,530 ) | | |
Balance December 31, 2014
|
| | | | 115,295 | | | | | | (11,578 ) | | | | | | 103,717 | | |
Depreciation
|
| | | | — | | | | | | (5,710 ) | | | | | | (5,710 ) | | |
Transfer from advances for vessel acquisition
|
| | | | 32,494 | | | | | | — | | | | | | 32,494 | | |
Balance December 31, 2015
|
| | | | 147,789 | | | | | | (17,288 ) | | | | | | 130,501 | | |
Depreciation
|
| | | | — | | | | | | (5,768 ) | | | | | | (5,768 ) | | |
Vessel impairment charge
|
| | | | (9,729 ) | | | | | | 6,337 | | | | | | (3,392 ) | | |
Balance December 31, 2016
|
| | | $ | 138,060 | | | | | ($ | 16,719 ) | | | | | $ | 121,341 | | |
|
| | |
Special Survey
Costs |
| |||
Balance, January 1, 2014
|
| | | $ | 256 | | |
Additions
|
| | | | 469 | | |
Amortization
|
| | | | (203 ) | | |
Impairment charge
|
| | | | (400 ) | | |
Balance, December 31, 2014
|
| | |
|
122
|
| |
Additions
|
| | | | 888 | | |
Amortization
|
| | | | (174 ) | | |
Balance, December 31, 2015
|
| | |
|
836
|
| |
Additions
|
| | | | 364 | | |
Amortization
|
| | | | (236 ) | | |
Impairment charge
|
| | | | (606 ) | | |
Balance, December 31, 2016
|
| | | $ | 358 | | |
|
Vessel (Borrower)
|
| |
2015
|
| |
2016
|
| ||||||
(a) Northsea Alpha (Secondone)
|
| | | $ | 5,268 | | | | | $ | 4,808 | | |
(a) Northsea Beta (Thirdone)
|
| | | | 5,268 | | | | | | 4,808 | | |
(b) Pyxis Malou (Fourthone)
|
| | | | 22,490 | | | | | | 20,350 | | |
(c) Pyxis Delta (Sixthone)
|
| | | | 9,787 | | | | | | 8,437 | | |
(c) Pyxis Theta (Seventhone)
|
| | | | 18,481 | | | | | | 17,228 | | |
(d) Pyxis Epsilon (Eighthone)
|
| | | | 19,800 | | | | | | 18,200 | | |
Total
|
| | | $ | 81,094 | | | | | $ | 73,831 | | |
Current portion
|
| | | $ | 7,263 | | | | | $ | 6,963 | | |
Less: Current portion of deferred financing costs
|
| | | | (168 ) | | | | | | (150 ) | | |
Current portion of long-term debt, net of deferred financing costs, current
|
| | | $ | 7,095 | | | | | $ | 6,813 | | |
Long-term portion
|
| | | $ | 73,831 | | | | | $ | 66,868 | | |
Less: Non-current portion of deferred financing costs
|
| | | | (375 ) | | | | | | (251 ) | | |
Long-term debt, net of current portion and deferred financing costs, non-current
|
| | |
$
|
73,456
|
| | | |
$
|
66,617
|
| |
|
Year ending December 31,
|
| |
Amount
|
| |||
2017
|
| | | $ | 6,963 | | |
2018
|
| | | | 27,322 | | |
2019
|
| | | | 4,260 | | |
2020
|
| | | | 21,986 | | |
2021
|
| | | | 1,200 | | |
2022 and thereafter
|
| | | | 12,100 | | |
Total
|
| | |
$
|
73,831
|
| |
|
| | |
2014
|
| |
2015
|
| |
2016
|
|
Net (loss)/income available to common stockholders
|
| |
($19,243)
|
| |
$3,505
|
| |
($5,813)
|
|
Weighted average number of common shares, basic
|
| |
18,244,671
|
| |
18,244,671
|
| |
18,277,893
|
|
Dilutive effect of stock granted under the EIP
|
| |
—
|
| |
33,222
|
| |
—
|
|
Weighted average number of common shares, diluted
|
| |
18,244,671
|
| |
18,277,893
|
| |
18,277,893
|
|
(Loss)/earnings per common share, basic and diluted
|
| |
($1.05)
|
| |
$0.19
|
| |
($0.32)
|
|
Vessel
|
| |
Significant Other
Observable Inputs (Level 2) |
| |
Impairment Loss
charged against Vessels, net |
| |
Impairment Loss
charged against Deferred charges, net |
| |
Vessel Impairment
Charge |
| ||||||||||||
Northsea Alpha
|
| | | $ | 8,000 | | | | | $ | 1,769 | | | | | $ | 292 | | | | | $ | 2,061 | | |
Northsea Beta
|
| | | | 8,000 | | | | | | 1,623 | | | | | | 314 | | | | | | 1,937 | | |
TOTAL
|
| | | $ | 16,000 | | | | | $ | 3,392 | | | | | $ | 606 | | | | | $ | 3,998 | | |
|
Year ending December 31,
|
| |
Amount
|
| |||
2017
|
| | | $ | 4,846 | | |
| | | | $ | 4,846 | | |
|
| | |
2014
|
| |
2015
|
| |
2016
|
| |||||||||
Interest on long-term debt (Note 7)
|
| | | $ | 1,796 | | | | | $ | 2,359 | | | | | $ | 2,577 | | |
Interest on Promissory Note (Note 3)
|
| | | | — | | | | | | 12 | | | | | | 69 | | |
Capitalized interest
|
| | | | (228 ) | | | | | | (13 ) | | | | | | — | | |
Amortization of deferred financing costs (Note 7)
|
| | | | 136 | | | | | | 173 | | | | | | 164 | | |
Total
|
| | | $ | 1,704 | | | | | $ | 2,531 | | | | | $ | 2,810 | | |
|
| | |
2015
|
| |
2016
|
| ||||||
ASSETS | | | | ||||||||||
CURRENT ASSETS: | | | | ||||||||||
Cash and cash equivalents
|
| | | $ | 1,967 | | | | | $ | — | | |
Prepayments and other assets
|
| | | | 2 | | | | | | — | | |
Total current assets
|
| | | | 1,969 | | | | | | — | | |
NON-CURRENT ASSETS: | | | | ||||||||||
Restricted cash
|
| | | | 2,607 | | | | | | 131 | | |
Investment in subsidiaries*
|
| | | | 57,778 | | | | | | 52,131 | | |
Total non-current assets
|
| | | | 60,385 | | | | | | 52,262 | | |
Total assets
|
| | | $ | 62,354 | | | | | $ | 52,262 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | ||||||||||
CURRENT LIABILITIES: | | | | ||||||||||
Accounts payable
|
| | | $ | 226 | | | | | $ | 105 | | |
Due to related parties
|
| | | | 4,909 | | | | | | 822 | | |
Accrued and other liabilities
|
| | | | 153 | | | | | | 82 | | |
Total current liabilities
|
| | | | 5,288 | | | | | | 1,009 | | |
NON-CURRENT LIABILITIES: | | | | ||||||||||
Promissory note
|
| | | | 2,500 | | | | | | 2,500 | | |
Total non-current liabilities
|
| | | | 2,500 | | | | | | 2,500 | | |
COMMITMENTS AND CONTINGENCIES
|
| | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY: | | | | ||||||||||
Preferred stock ($0.001 par value; 50,000,000 shares authorized; none issued)
|
| | | | — | | | | | | — | | |
Common stock ($0.001 par value; 450,000,000 shares authorized; 18,244,671 and 18,277,893 shares issued and outstanding at December 31, 2015 and 2016, respectively)
|
| | | | 18 | | | | | | 18 | | |
Additional paid-in capital
|
| | | | 70,123 | | | | | | 70,123 | | |
Accumulated deficit
|
| | | | (15,575 ) | | | | | | (21,388 ) | | |
Total stockholders’ equity
|
| | | | 54,566 | | | | | | 48,753 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 62,354 | | | | | $ | 52,262 | | |
|
| | |
From Incorporation Date
until December 31, 2015 |
| |
Year Ended
December 31, 2016 |
| ||||||
Expenses: | | | | ||||||||||
General and administrative expenses
|
| | | $ | (1,607 ) | | | | | $ | (2,344 ) | | |
Operating loss
|
| | | | (1,607 ) | | | | | | (2,344 ) | | |
Other expenses: | | | | ||||||||||
Interest and finance costs, net
|
| | | | (13 ) | | | | | | (72 ) | | |
Total other expenses, net
|
| | | | (13 ) | | | | | | (72 ) | | |
Equity in earnings/(loss) of subsidiaries*
|
| | | | 5,125 | | | | | | (3,397 ) | | |
Net income/(loss)
|
| | | $ | 3,505 | | | | | $ | (5,813 ) | | |
Earnings/(loss) per common share, basic and diluted
|
| | | $ | 0.19 | | | | | $ | (0.32 ) | | |
Weighted average number of shares, basic
|
| | | | 18,244,671 | | | | | | 18,277,893 | | |
Weighted average number of shares, diluted
|
| | | | 18,277,893 | | | | | | 18,277,893 | | |
| | |
Common Stock
|
| |
Additional
paid-in capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||
| | |
# of Shares
|
| |
Par value
|
| ||||||||||||||||||||||||
BALANCE, as of Incorporation Date
|
| | | | — | | | | | $ | — | | | | | $ | 71,733 | | | | | $ | (19,080 ) | | | | | $ | 52,653 | | |
Issuance of common stock
|
| | | | 18,244,671 | | | | | | 18 | | | | | | (8 ) | | | | | | — | | | | | | 10 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,505 | | | | | | 3,505 | | |
Expenses for Merger
|
| | | | — | | | | | | — | | | | | | (1,745 ) | | | | | | — | | | | | | (1,745 ) | | |
Stock compensation
|
| | | | — | | | | | | — | | | | | | 143 | | | | | | — | | | | | | 143 | | |
BALANCE, December 31, 2015
|
| | | | 18,244,671 | | | | | $ | 18 | | | | | $ | 70,123 | | | | | $ | (15,575 ) | | | | | $ | 54,566 | | |
Issuance of common stock
|
| | | | 33,222 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,813 ) | | | | | | (5,813 ) | | |
BALANCE, December 31, 2016
|
| | | | 18,277,893 | | | | | $ | 18 | | | | | $ | 70,123 | | | | | $ | (21,388 ) | | | | | $ | 48,753 | | |
|
| | |
From Incorporation Date
until December 31, 2015 |
| |
Year Ended
December 31, 2016 |
| ||||||
Cash flows from operating activities: | | | | ||||||||||
Net income/(loss)
|
| | | $ | 3,505 | | | | | $ | (5,813 ) | | |
Adjustments to reconcile net income/(loss) to net cash from operating activities:
|
| | | ||||||||||
Stock compensation
|
| | | | 143 | | | | | | — | | |
Equity in (earnings)/loss of subsidiaries, net of dividends
received* |
| | | | (5,125 ) | | | | | | 5,647 | | |
Changes in assets and liabilities: | | | | ||||||||||
Prepayments and other assets
|
| | | | (2 ) | | | | | | 2 | | |
Accounts payable
|
| | | | 226 | | | | | | (121 ) | | |
Due to related parties
|
| | | | 4,909 | | | | | | (4,087 ) | | |
Accrued and other liabilities
|
| | | | 153 | | | | | | (71 ) | | |
Net cash provided by/(used in) operating activities
|
| | | $ | 3,809 | | | | | $ | (4,443 ) | | |
Cash flows from investing activities: | | | | ||||||||||
Net cash provided by investing activities
|
| | | $ | — | | | | | $ | — | | |
Cash flows from financing activities: | | | | ||||||||||
Issuance of promissory note
|
| | | | 2,500 | | | | | | — | | |
Issuance of common stock
|
| | | | 10 | | | | | | — | | |
Change in restricted cash
|
| | | | (2,607 ) | | | | | | 2,476 | | |
Expenses for Merger
|
| | | | (1,745 ) | | | | | | — | | |
Net cash (used in)/provided by financing activities
|
| | | $ | (1,842 ) | | | | | $ | 2,476 | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | 1,967 | | | | | | (1,967 ) | | |
Cash and cash equivalents at beginning of the period
|
| | | | — | | | | | | 1,967 | | |
Cash and cash equivalents at end of the period
|
| | | $ | 1,967 | | | | | $ | — | | |
|
Securities Sold
|
| |
Date Sold
|
| |
Consideration
Per Share |
| |
Total
Consideration |
| |
Registration
Exemption |
| |
Purchaser
|
|
10,000,000 shares of Common Stock
|
| |
March 23, 2015
|
| |
$1,000
|
| |
$10,000
|
| |
Section 4(a)(2) of the Securities Act
|
| |
Maritime Investors Corp.
|
|
Exhibit
Number |
| |
Description of Exhibit
|
| |
Schedule/
Form |
| |
File
Number |
| |
Exhibit
|
| |
File Date
|
|
1.1** | | | Form of Underwriting Agreement | | | | | | ||||||||
2.1# | | | Agreement and Plan of Merger, dated April 23, 2015, by and among Pyxis Tankers Inc., Maritime Technologies Corp., LookSmart, Ltd. and LookSmart Group, Inc. | | |
F-4
|
| |
333-203598
|
| |
2.1
|
| |
April 23, 2015
|
|
2.2# | | | Amendment to Agreement and Plan of Merger, dated as of September 22, 2015, by and among Pyxis Tankers Inc., Maritime Technologies Corp., LookSmart Ltd. and LookSmart Group, Inc. | | |
20-F
|
| |
001-37611
|
| |
2.2
|
| |
March 23, 2016
|
|
3.1# | | | Articles of Incorporation of the Company | | |
F-4
|
| |
333-203598
|
| |
3.1
|
| |
April 23, 2015
|
|
3.2# | | | Bylaws of the Company | | |
F-4
|
| |
333-203598
|
| |
3.2
|
| |
April 23, 2015
|
|
4.1# | | | Specimen Stock Certificate of Pyxis Tankers Inc. | | |
F-4
|
| |
333-203598
|
| |
4.2
|
| |
September 28, 2015
|
|
5.1* | | | Form of Opinion of Seward & Kissel LLP as to the validity of the Common Stock of Pyxis Tankers Inc. being registered | | | | | | ||||||||
8.1* | | | Form of Opinion of Seward & Kissel LLP as to certain tax matters | | | | | | ||||||||
10.1# | | | Form of Lock-Up Agreement | | |
F-4
|
| |
333-203598
|
| |
10.1
|
| |
April 23, 2015
|
|
10.2# | | | Voting Agreement between LookSmart, Ltd., Pyxis Tankers Inc. and Michael Onghai | | |
F-4
|
| |
333-203598
|
| |
10.2
|
| |
August 6, 2015
|
|
10.3# | | | Amended and Restated Head Management Agreement, dated August 5, 2015, by and between Pyxis Tankers Inc. and Pyxis Maritime Corp. | | |
F-4
|
| |
333-203598
|
| |
10.3
|
| |
September 4, 2015
|
|
10.4# | | | First Amendment dated August 9, 2016, to the Amended and Restated Head Management Agreement, dated August 5, 2015, by and between Pyxis Tankers Inc. and Pyxis Maritime Corp. | | |
20-F
|
| |
001-37611
|
| |
4.1.1
|
| |
March 28, 2017
|
|
10.5# | | | Form of Ship Management Agreement with International Tanker Management Ltd. | | |
F-4
|
| |
333-203598
|
| |
10.4
|
| |
September 4, 2015
|
|
10.6# | | | Form of Commercial Ship Management Agreement with North Sea Tankers BV | | |
F-4
|
| |
333-203598
|
| |
10.5
|
| |
September 4, 2015
|
|
10.7# | | | Loan Agreement, dated as of September 26, 2007, by and between Secondone Corp. and Thirdone Corp., as borrowers, and Deutsche Schiffsbank Aktiengesellschaft, as lender | | |
F-4
|
| |
333-203598
|
| |
10.6
|
| |
August 6, 2015
|
|
Exhibit
Number |
| |
Description of Exhibit
|
| |
Schedule/
Form |
| |
File
Number |
| |
Exhibit
|
| |
File Date
|
|
10.8# | | | Supplemental Agreement relating to a term loan facility dated September 26, 2007, dated as of May 28, 2010, by and between Secondone Corp. and Thirdone Corp., as joint and several borrowers, and Deutsche Schiffsbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.4.1
|
| |
March 23, 2016
|
|
10.9# | | | Supplemental Agreement in relation to a Loan Agreement dated September 26, 2007, dated as of December 1, 2010, by and between Secondone Corp. and Thirdone Corp., as joint and several borrowers, and Deutsche Schiffsbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.4.2
|
| |
March 23, 2016
|
|
10.10# | | | Third Supplemental Agreement in relation to a Loan Agreement dated September 26, 2007, dated as of October 23, 2015, by and between Secondone Corp. and Thirdone Corp., as joint and several borrowers, and Commerzbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.4.3
|
| |
March 23, 2016
|
|
10.11# | | | Guarantee relating to a Loan Agreement dated September 26, 2007, dated as of October 23, 2015, by and between Pyxis Tankers Inc., as guarantor, and Commerzbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.4.4
|
| |
March 23, 2016
|
|
10.12# | | | Loan Agreement, dated as of December 12, 2008, between Fourthone Corp., as borrower, and Deutsche Schiffsbank Aktiengesellschaft, as lender | | |
F-4
|
| |
333-203598
|
| |
10.7
|
| |
August 6, 2015
|
|
10.13# | | | Supplemental Agreement in relation to a Loan Agreement dated December 12, 2008, dated as of October 23, 2015, by and between Fourthone Corp., as borrower, and Commerzbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.5.1
|
| |
March 23, 2016
|
|
10.14# | | | Guarantee relating to a Loan Agreement dated December 12, 2008, dated as of October 23, 2015, by and between Pyxis Tankers Inc., as guarantor, and Commerzbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.5.2
|
| |
March 23, 2016
|
|
10.15# | | | Loan Agreement, dated October 12, 2012, by and among Sixthone Corp. and Seventhone Corp., as borrowers, the banks and financial institutions listed therein, as lenders, and HSH Nordbank AG, as agent | | |
F-4
|
| |
333-203598
|
| |
10.8
|
| |
August 6, 2015
|
|
Exhibit
Number |
| |
Description of Exhibit
|
| |
Schedule/
Form |
| |
File
Number |
| |
Exhibit
|
| |
File Date
|
|
10.16# | | | Supplemental Agreement relating to a secured loan facility dated October 12, 2012, dated February 13, 2013, by and among Sixthone Corp. and Seventhone Corp., the lenders and HSH Nordbank AG, as agent | | |
F-4
|
| |
333-203598
|
| |
10.9
|
| |
August 6, 2015
|
|
10.17# | | | Second Supplemental Agreement relating to a senior secured loan facility dated October 12, 2012, dated October 23, 2015, by and among Sixthone Corp. and Seventhone Corp., the lenders, and HSH Nordbank AG, as agent | | |
20-F
|
| |
001-37611
|
| |
4.6.2
|
| |
March 23, 2016
|
|
10.18# | | | Guarantee relating to a Loan Agreement dated October 12, 2012, dated as of October 26, 2015, by and between Pyxis Tankers Inc., as guarantor, and HSH Nordbank AG, as security trustee | | |
20-F
|
| |
001-37611
|
| |
4.6.3
|
| |
March 23, 2016
|
|
10.19# | | | Third Supplemental Agreement relating to a senior secured loan facility dated October 12, 2012, dated September 29, 2016, by and among Sixthone Corp. and Seventhone Corp., the lenders, and HSH Nordbank AG, as agent | | |
20-F
|
| |
001-37611
|
| |
4.6.4
|
| |
March 28, 2017
|
|
10.20# | | | Facility Agreement for a $21,000,000 Term Loan Facility, dated January 12, 2015, by and among Eighthone Corp., as borrower, and DVB Bank SE, as lender and as agent and security trustee | | |
F-4
|
| |
333-203598
|
| |
10.10
|
| |
August 6, 2015
|
|
10.21# | | | Supplemental Agreement in relation to a Loan Agreement dated January 12, 2015, dated October 23, 2015, by and among Eighthone Corp., DVB Bank SE, as lender and as agent and security trustee | | |
20-F
|
| |
001-37611
|
| |
4.7.1
|
| |
March 23, 2016
|
|
10.22# | | | Corporate Guarantee, dated as of October 26, 2015, by and between Pyxis Tankers Inc., as guarantor, and DVB Bank SE, as security trustee | | |
20-F
|
| |
001-37611
|
| |
4.7.2
|
| |
March 23, 2016
|
|
10.23# | | | Pledge over Shares in Eighthone Corp., dated as of October 26, 2015, by and between Pyxis Tankers Inc., as shareholder, and DVB Bank SE, as security trustee | | |
20-F
|
| |
001-37611
|
| |
4.7.3
|
| |
March 23, 2016
|
|
10.24# | | | Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of April 23, 2015 | | |
F-4
|
| |
333-203598
|
| |
10.11
|
| |
August 6, 2015
|
|
Exhibit
Number |
| |
Description of Exhibit
|
| |
Schedule/
Form |
| |
File
Number |
| |
Exhibit
|
| |
File Date
|
| | | ||||
10.25# | | | Pledge Agreement, dated as of April 23, 2015, between Michael Onghai, LookSmart Group Inc. and Pyxis Tankers Inc. | | |
20-F
|
| |
001-37611
|
| |
4.9
|
| |
March 23, 2016
|
| | | ||||
10.26# | | | Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of October 28, 2015 | | |
20-F
|
| |
001-37611
|
| |
4.12
|
| |
March 23, 2016
|
| | | ||||
10.27# | | | First Amendment dated August 9, 2016, to the Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of October 28, 2015 | | |
20-F
|
| |
001-37611
|
| |
4.12.1
|
| |
March 28, 2017
|
| | | ||||
10.28# | | | Second Amendment dated March 7, 2017, to the Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of October 28, 2015 | | |
20-F
|
| |
001-37611
|
| |
4.12.2
|
| |
March 28, 2017
|
| | | ||||
10.29# | | | Form of 2015 Equity Incentive Plan | | |
F-4
|
| |
333-203598
|
| |
10.12
|
| |
September 4, 2015
|
| | | ||||
10.30# | | | Form of Indemnification Agreement | | |
F-4
|
| |
333-203598
|
| |
10.13
|
| |
September 4, 2015
|
| | | ||||
21.1* | | | List of Subsidiaries | | | | | | | | ||||||||||||
23.1* | | | Consent of Ernst & Young (Hellas) Certified Auditors – Accountants S.A. independent registered public accounting firm of Pyxis Tankers Inc. | | | | | | | | ||||||||||||
23.2* | | | Consent of Drewry Shipping Consultants Ltd. | | | | | | | | ||||||||||||
23.3* | | | Consent of Seward & Kissel LLP (included within Exhibit 5.1) | | | | | | | | ||||||||||||
24.1* | | | Powers of Attorney (included on the signature page hereto) | | | | | | | | | | | | | | | | | | | |
| | | | PYXIS TANKERS INC. | | |||
| | | | | ||||
| | | | By: | | |
/s/ Valentios Valentis
Name:
Valentios (“Eddie”) Valentis
Title: Chairman, Chief Executive Officer and Director |
|
|
Signature
|
| |
Title
|
|
|
/s/ Valentios Valentis
Valentios (“Eddie”) Valentis
|
| |
Chairman, Chief Executive Officer and Director (Principal Executive Officer)
|
|
|
/s/ Henry P. Williams
Henry P. Williams
|
| |
Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)
|
|
|
/s/ Robin P. Das
Robin P. Das
|
| |
Director
|
|
|
/s/ Robert B. Ladd
Robert B. Ladd
|
| |
Director
|
|
|
/s/ Basil G. Mavroleon
Basil G. Mavroleon
|
| |
Director
|
|
|
/s/ Aristides J. Pittas
Aristides J. Pittas
|
| |
Director
|
|
| | | | AUTHORIZED REPRESENTATIVE | | |||
| | | | | ||||
| | | | By: | | |
/s/ Henry P. Williams
Name:
Henry P. Williams
Title: Authorized Representative |
|
Exhibit
Number |
| |
Description of Exhibit
|
| |
Schedule/
Form |
| |
File
Number |
| |
Exhibit
|
| |
File Date
|
|
1.1** | | | Form of Underwriting Agreement | | | | | | ||||||||
2.1# | | | Agreement and Plan of Merger, dated April 23, 2015, by and among Pyxis Tankers Inc., Maritime Technologies Corp., LookSmart, Ltd. and LookSmart Group, Inc. | | |
F-4
|
| |
333-203598
|
| |
2.1
|
| |
April 23, 2015
|
|
2.2# | | | Amendment to Agreement and Plan of Merger, dated as of September 22, 2015, by and among Pyxis Tankers Inc., Maritime Technologies Corp., LookSmart Ltd. and LookSmart Group, Inc. | | |
20-F
|
| |
001-37611
|
| |
2.2
|
| |
March 23, 2016
|
|
3.1# | | | Articles of Incorporation of the Company | | |
F-4
|
| |
333-203598
|
| |
3.1
|
| |
April 23, 2015
|
|
3.2# | | | Bylaws of the Company | | |
F-4
|
| |
333-203598
|
| |
3.2
|
| |
April 23, 2015
|
|
4.1# | | |
Specimen Stock Certificate of Pyxis Tankers Inc.
|
| |
F-4
|
| |
333-203598
|
| |
4.2
|
| |
September 28, 2015
|
|
5.1* | | | Form of Opinion of Seward & Kissel LLP as to the validity of the Common Stock of Pyxis Tankers Inc. being registered | | | | | | ||||||||
8.1* | | | Form of Opinion of Seward & Kissel LLP as to certain tax matters | | | | | | ||||||||
10.1# | | | Form of Lock-Up Agreement | | |
F-4
|
| |
333-203598
|
| |
10.1
|
| |
April 23, 2015
|
|
10.2# | | | Voting Agreement between LookSmart, Ltd., Pyxis Tankers Inc. and Michael Onghai | | |
F-4
|
| |
333-203598
|
| |
10.2
|
| |
August 6, 2015
|
|
10.3# | | | Amended and Restated Head Management Agreement, dated August 5, 2015, by and between Pyxis Tankers Inc. and Pyxis Maritime Corp. | | |
F-4
|
| |
333-203598
|
| |
10.3
|
| |
September 4, 2015
|
|
10.4# | | | First Amendment dated August 9, 2016, to the Amended and Restated Head Management Agreement, dated August 5, 2015, by and between Pyxis Tankers Inc. and Pyxis Maritime Corp. | | |
20-F
|
| |
001-37611
|
| |
4.1.1
|
| |
March 28, 2017
|
|
10.5# | | | Form of Ship Management Agreement with International Tanker Management Ltd. | | |
F-4
|
| |
333-203598
|
| |
10.4
|
| |
September 4, 2015
|
|
10.6# | | | Form of Commercial Ship Management Agreement with North Sea Tankers BV | | |
F-4
|
| |
333-203598
|
| |
10.5
|
| |
September 4, 2015
|
|
10.7# | | | Loan Agreement, dated as of September 26, 2007, by and between Secondone Corp. and Thirdone Corp., as borrowers, and Deutsche Schiffsbank Aktiengesellschaft, as lender | | |
F-4
|
| |
333-203598
|
| |
10.6
|
| |
August 6, 2015
|
|
10.8# | | | Supplemental Agreement relating to a term loan facility dated September 26, 2007, dated as of May 28, 2010, by and between Secondone Corp. and Thirdone Corp., as joint and several borrowers, and Deutsche Schiffsbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.4.1
|
| |
March 23, 2016
|
|
10.9# | | | Supplemental Agreement in relation to a Loan Agreement dated September 26, 2007, dated as of December 1, 2010, by and between Secondone Corp. and Thirdone Corp., as joint and several borrowers, and Deutsche Schiffsbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.4.2
|
| |
March 23, 2016
|
|
Exhibit
Number |
| |
Description of Exhibit
|
| |
Schedule/
Form |
| |
File
Number |
| |
Exhibit
|
| |
File Date
|
|
10.10# | | | Third Supplemental Agreement in relation to a Loan Agreement dated September 26, 2007, dated as of October 23, 2015, by and between Secondone Corp. and Thirdone Corp., as joint and several borrowers, and Commerzbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.4.3
|
| |
March 23, 2016
|
|
10.11# | | | Guarantee relating to a Loan Agreement dated September 26, 2007, dated as of October 23, 2015, by and between Pyxis Tankers Inc., as guarantor, and Commerzbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.4.4
|
| |
March 23, 2016
|
|
10.12# | | | Loan Agreement, dated as of December 12, 2008, between Fourthone Corp., as borrower, and Deutsche Schiffsbank Aktiengesellschaft, as lender | | |
F-4
|
| |
333-203598
|
| |
10.7
|
| |
August 6, 2015
|
|
10.13# | | | Supplemental Agreement in relation to a Loan Agreement dated December 12, 2008, dated as of October 23, 2015, by and between Fourthone Corp., as borrower, and Commerzbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.5.1
|
| |
March 23, 2016
|
|
10.14# | | | Guarantee relating to a Loan Agreement dated December 12, 2008, dated as of October 23, 2015, by and between Pyxis Tankers Inc., as guarantor, and Commerzbank Aktiengesellschaft, as lender | | |
20-F
|
| |
001-37611
|
| |
4.5.2
|
| |
March 23, 2016
|
|
10.15# | | | Loan Agreement, dated October 12, 2012, by and among Sixthone Corp. and Seventhone Corp., as borrowers, the banks and financial institutions listed therein, as lenders, and HSH Nordbank AG, as agent | | |
F-4
|
| |
333-203598
|
| |
10.8
|
| |
August 6, 2015
|
|
10.16# | | | Supplemental Agreement relating to a secured loan facility dated October 12, 2012, dated February 13, 2013, by and among Sixthone Corp. and Seventhone Corp., the lenders and HSH Nordbank AG, as agent | | |
F-4
|
| |
333-203598
|
| |
10.9
|
| |
August 6, 2015
|
|
10.17# | | | Second Supplemental Agreement relating to a senior secured loan facility dated October 12, 2012, dated October 23, 2015, by and among Sixthone Corp. and Seventhone Corp., the lenders, and HSH Nordbank AG, as agent | | |
20-F
|
| |
001-37611
|
| |
4.6.2
|
| |
March 23, 2016
|
|
10.18# | | | Guarantee relating to a Loan Agreement dated October 12, 2012, dated as of October 26, 2015, by and between Pyxis Tankers Inc., as guarantor, and HSH Nordbank AG, as security trustee | | |
20-F
|
| |
001-37611
|
| |
4.6.3
|
| |
March 23, 2016
|
|
10.19# | | | Third Supplemental Agreement relating to a senior secured loan facility dated October 12, 2012, dated September 29, 2016, by and among Sixthone Corp. and Seventhone Corp., the lenders, and HSH Nordbank AG, as agent | | |
20-F
|
| |
001-37611
|
| |
4.6.4
|
| |
March 28, 2017
|
|
10.20# | | | Facility Agreement for a $21,000,000 Term Loan Facility, dated January 12, 2015, by and among Eighthone Corp., as borrower, and DVB Bank SE, as lender and as agent and security trustee | | |
F-4
|
| |
333-203598
|
| |
10.10
|
| |
August 6, 2015
|
|
Exhibit
Number |
| |
Description of Exhibit
|
| |
Schedule/
Form |
| |
File
Number |
| |
Exhibit
|
| |
File Date
|
|
10.21# | | | Supplemental Agreement in relation to a Loan Agreement dated January 12, 2015, dated October 23, 2015, by and among Eighthone Corp., DVB Bank SE, as lender and as agent and security trustee | | |
20-F
|
| |
001-37611
|
| |
4.7.1
|
| |
March 23, 2016
|
|
10.22# | | | Corporate Guarantee, dated as of October 26, 2015, by and between Pyxis Tankers Inc., as guarantor, and DVB Bank SE, as security trustee | | |
20-F
|
| |
001-37611
|
| |
4.7.2
|
| |
March 23, 2016
|
|
10.23# | | | Pledge over Shares in Eighthone Corp., dated as of October 26, 2015, by and between Pyxis Tankers Inc., as shareholder, and DVB Bank SE, as security trustee | | |
20-F
|
| |
001-37611
|
| |
4.7.3
|
| |
March 23, 2016
|
|
10.24# | | | Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of April 23, 2015 | | |
F-4
|
| |
333-203598
|
| |
10.11
|
| |
August 6, 2015
|
|
10.25# | | | Pledge Agreement, dated as of April 23, 2015, between Michael Onghai, LookSmart Group Inc. and Pyxis Tankers Inc. | | |
20-F
|
| |
001-37611
|
| |
4.9
|
| |
March 23, 2016
|
|
10.26# | | | Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of October 28, 2015 | | |
20-F
|
| |
001-37611
|
| |
4.12
|
| |
March 23, 2016
|
|
10.27# | | | First Amendment dated August 9, 2016, to the Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of October 28, 2015 | | |
20-F
|
| |
001-37611
|
| |
4.12.1
|
| |
March 28, 2017
|
|
10.28# | | | Second Amendment dated March 7, 2017, to the Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of October 28, 2015 | | |
20-F
|
| |
001-37611
|
| |
4.12.2
|
| |
March 28, 2017
|
|
10.29# | | | Form of 2015 Equity Incentive Plan | | |
F-4
|
| |
333-203598
|
| |
10.12
|
| |
September 4, 2015
|
|
10.30# | | | Form of Indemnification Agreement | | |
F-4
|
| |
333-203598
|
| |
10.13
|
| |
September 4, 2015
|
|
21.1* | | | List of Subsidiaries | | | | | | ||||||||
23.1* | | | Consent of Ernst & Young (Hellas) Certified Auditors – Accountants S.A. independent registered public accounting firm of Pyxis Tankers Inc. | | | | | | ||||||||
23.2* | | | Consent of Drewry Shipping Consultants Ltd. | | | | | | ||||||||
23.3* | | | Consent of Seward & Kissel LLP (included within Exhibit 5.1) | | | | | | ||||||||
24.1* | | | Powers of Attorney (included on the signature page hereto) | | | | | |
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