Historically, our ship manager, Pyxis Maritime Corp. (“Maritime”), and our technical manager, International Tanker Management Ltd. (“ITM”), have entered into individual ship management agreements with our vessel owning subsidiaries to which they provide:

• commercial management services, i.e., the chartering, for our vessels and managing those customer relationships;
• strategic management services, which include strategic guidance with respect to locating, purchasing, financing and selling vessels;
• technical management services, which include managing day-to-day vessel operations, performing general vessel maintenance, ensuring regulatory and classification society compliance, supervising the maintenance and general efficiency of vessels, arranging the hire of qualified officers and crew, arranging and supervising drydocking and repairs, arranging insurance for vessels, purchasing stores, supplies, spares and new equipment for vessels, appointing supervisors and technical consultants and providing technical support; and
• shoreside personnel who carry out the management functions described above.

We outsource the day-to-day technical management of our vessels to an unaffiliated third party, ITM, which has been certified for ISO 9001:2008 and ISO 14001:2004 and is a subsidiary of V.Ships Limited. Each vessel owning subsidiary in our fleet under a time or spot charter has entered into a ship management agreement with ITM which is responsible for all technical management, including crewing, maintenance, repair, drydockings and maintaining required vetting approvals. In performing its services, ITM is responsible to operate a management system that complies, and ensure that each vessel and our crew comply, with all applicable health, safety and environmental laws and regulations.