We are an international diversified shipping company which currently owns and operates a modern fleet of eco-efficient mid-sized vessels consisting of product tankers and dry bulk carriers engaged in the seaborne transportation of refined petroleum products and bulk commodities. The average age of our fleet is approximately 3 years less than industry averages. We are focused on medium range (“MR2”) product tankers and 46-84 dwt bulkers, which provide operational flexibility and enhanced earnings potential due to their “eco” features. Our tanker fleet consists of three MR2s with an average age of 11.5 years as of March 3, 2026. In addition, we hold 60% equity interests in two related-party joint ventures, which own modern Ultramax and Kamsarmax (“Kmax”) carriers, and 100% ownership of Kmax, all of which move a broad range of dry bulk commodities.
As of March 3rd, the average age of our bulkers was 10.3 years. We are well-positioned to opportunistically expand in both the product tanker and dry bulk sectors and maximize the value of our fleet due to our strong customer relationships, significant capital resources, competitive cost structure and experienced management team and founder, whose interests are squarely aligned with other shareholders. Our common shares are listed on the NASDAQ Capital Markets under the trading symbol “PXS.”
Diversified Modern Fleet
In conjunction with our listing on the NASDAQ Capital Market in the fall of 2015, we acquired, through a stock-for-stock transaction, six modern product tankers from an affiliate of our founder, Chief Executive Officer, and majority shareholder. Since then, we have actively managed our fleet to maintain operating efficiency, regulatory compliance and strategic focus.
We sold our oldest, non-eco MR, the Pyxis Delta, in early 2020. In July 2021, we acquired the 2013-built eco-efficient MR Pyxis Karteria, and in December 2021, we acquired the 2017-built Pyxis Lamda through a related party transaction. In early 2022, we completed the sale of two non-core small tankers, the Northsea Alpha and Northsea Beta. In March 2023, we sold our 2009-built eco-modified MR, the Pyxis Malou, followed by the opportunistic sale of the 2015-built Pyxis Epsilon in December 2023. As of March 3, we own and operate a fleet of three eco-efficient MR2 product tankers, all capable of transporting refined petroleum products as well as other liquid bulk cargoes.
In late 2023, we launched a disciplined, counter-cyclical diversification strategy into the dry bulk sector, leveraging the significant prior experience of our management team in this space. As part of this initiative:
In September 2023, we acquired a 60% controlling interest in a joint venture that owns the Konkar Ormi, a 2016-built, scrubber-fitted, Ultramax;
In February 2024, we acquired the Konkar Asteri, a 2015-built, scrubber-fitted Kamsarmax; and
In June 2024, we completed another joint venture agreement, acquiring the Konkar Venture, an 82,013 dwt Kamsarmax built in 2015 and sister ship to the Konkar Asteri, also under our 60% control.
As of March 3rd, we control and operate three dry bulk carriers transporting coal, grain, ores, and other commodities, alongside our product tanker fleet, forming a diversified platform of six mid-sized eco-efficient vessels.
Fleet Expansion Plans
In July 2025, the Company closed a flexible loan facility of up to $45 million, providing a “hunting license” to opportunistically pursue acquisitions of modern vessels in either the product tanker or dry-bulk sectors. As of December 31, 2025, the Company held approximately $54.9 million in total cash and short-term investments, strengthening its financial flexibility to pursue opportunistic vessel acquisitions. Combined with its existing liquidity and committed financing, the Company has capital resources approaching $100 million to support potential fleet expansion across both sectors.
Stable Cash Flow with Upside from Vessel Employment & Operational Platform
Our chartering strategy is intended to provide stable, visible cash flows from staggered time charters and an upside opportunity through the spot market during periods of market strength. We have strong relationships with a large list of reputable customers, most of which are repeat charterers. We have developed a scalable operational platform which is cost-competitive to our peers and helps management minimize costs and focus on long-term shareholder value.
Aligned Company Ownership Structure
Following the full redemption of the Company’s Series A 7.75% Convertible Preferred Stock in 2024 and the completion of our first $3.0 million common share repurchase program by January 2025, our Board of Directors authorized a second $3.0 million common share repurchase program in November 2025. As of March 3, 2026, we have acquired over 149K PXS shares in the open market and have $2.5 million remaining availability. As of that date, we had approximately 10.3 million common shares outstanding of which ~4.3 million shares are in the public float. The Company’s management team beneficially owns over 59% of the outstanding common stock.