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Pyxis Tankers Acquires Remaining 40% Interest in Ormi
Pyxis Tankers announced that it has entered into an agreement to acquire the remaining 40% non-controlling interest in the entity that owns the Ormi, a 2016-built, Japanese-built, scrubber-fitted Ultramax dry bulk vessel. The transaction is expected to be immediately accretive and, upon closing, will result in Pyxis owning 100% of the vessel-owning entity and further simplify the company's ownership structure. The Ormi was acquired in October 2023 from an unaffiliated third party for $28.5M. Pyxis acquired a 60% controlling interest, while the remaining 40% was acquired by a company related to Pyxis' chairman and CEO, Eddie Valentis. The Ormi has recently been appraised by three recognized international shipbrokers, each acting independently, at an average value of approximately $32.08M. After $15.0M of vessel-related debt, the implied net appraised equity value is approximately $17.08M, of which 40% corresponds to $6.83M. Pyxis has agreed to acquire the remaining 40% interest for the seller's share of the vessel's net appraised equity value. The transaction will not result in any incremental vessel debt on the company's consolidated balance sheet. The transaction was reviewed and approved solely by the independent members of the board of directors. The acquisition is expected to close within October.
Pyxis Tankers Signs New Charter with Citgo at $31,000 per Day
Pyxis Tankers announced that it has agreed to a new time charter for its 2017-built MR product tanker Pyxis Lamda with Citgo Petroleum Corporation for 24 months, plus or minus 30 days at the charterer's option, at a gross rate of $31,000 per day. The vessel's current charter is expected to expire on or about November 20. Pyxis Lamda will then undergo its scheduled special survey and drydocking. The new charter is expected to commence immediately after drydocking is completed and is expected to generate approximately $21.8M in net charter revenue after 2.5% commissions over its term, assuming 720 revenue earning days. Based on the new charter rate and current cost estimates, Pyxis expects Pyxis Lamda to generate approximately $7.7M in annualized EBITDA and contribute approximately $5.2M in annualized net income, or 51c per common share. The new charter rate is $8,000 per day higher than the current rate, representing approximately $2.8 million in incremental annualized revenue after commissions and, assuming no change in other related costs, approximately 27c in incremental annualized earnings per common share.
Pyxis Tankers Updates Operational Status of M/T Pyxis Karteria
Pyxis Tankers provided an operational update regarding its MR product tanker, M/T Pyxis Karteria. The M/T Pyxis Karteria safely transited the Strait of Hormuz on June 23 and is currently at the port of Fujairah, United Arab Emirates. The vessel is proceeding in accordance with charterer's instructions.
Company Reports Q1 Revenue of $9.61M, Down from $9.98M Last Year
Reports Q1 revenue $9.61M vs. $9.98M last year. The company said, "We are pleased to report another strong quarter, driven by robust market conditions, disciplined commercial execution, and the quality of our fleet and operating platform. For the quarter ended March 31, 2026, our fleet achieved higher TCE rates, improved utilization, and lower operating expenses per day. Our operating performance continues to be supported by evolving global energy trade flows, longer-haul transportation demand, and elevated ton-mile activity, particularly across Atlantic Basin routes. In this environment, we remain focused on maintaining a strong balance sheet and a disciplined capital allocation framework while preserving flexibility to pursue accretive growth opportunities. As of March 31, 2026, our cash and cash equivalents and short term investment in time deposits increased to $54.4 million. Including our recently secured $45 million "Hunting License" loan facility, total available liquidity now approaches $100 million. Given our strong liquidity position, we continue to evaluate prudent capital deployment opportunities across selective fleet growth, balance sheet optimization, and opportunistic share repurchases. We continue to actively monitor the evolving situation in the Middle East and assess the potential implications for global shipping markets. One of our MR tankers, the Pyxis Karteria, currently operates in the Persian Gulf and remains safe and employed under an existing fixed-rate time charter through August 2026. The safety of our crews and vessels remains our primary consideration. Looking ahead, while macroeconomic and geopolitical risks remain elevated, we believe shipping market fundamentals remain constructive, supported by longer-haul trade patterns, constrained fleet growth, and ongoing supply-chain inefficiencies. As certain existing time charters expire during the coming quarters, we believe current market conditions may provide opportunities to secure renewed employment at improved rates for portions of our fleet. We remain focused on disciplined execution, prudent risk management, and long-term shareholder value creation."
Pyxis Tankers CFO Henry Williams to Step Down at End of April 2026
Pyxis Tankers announced that its Chief Financial Officer, Henry Williams, will be stepping down at the end of April, 2026. Effective May, 1, 2026, Fotis Giannakoulis will assume the role of CFO. "We sincerely appreciate Henry Williams for his significant contributions to the Company since its public listing in 2015," said chairman and CEO Valentios Valentis. "He is held in the highest regard, and we wish him continued success in his future endeavors. We have known Fotis Giannakoulis, both personally and professionally for many years, and are very pleased to welcome him to our senior management team. Fotis brings 25 years of experience in ship finance, having served as a lender, research analyst and investment banker with leading institutions including Morgan Stanley, Fearnleys and ABN AMRO. We look forward to his meaningful impact as we pursue and execute on our next phase of growth."
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