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NASDAQ: PXS

OVERVIEW


COMPANY SUMMARY

We are an international shipping company which currently owns and operates a modern fleet of eco-efficient mid-sized vessels consisting of product tankers and scrubber-fitted dry bulk carriers engaged in the seaborne transportation of refined petroleum products and bulk commodities. 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 fleets consist of three MR2s with an average age of 9.3 years as of February 15, 2024. In addition, we hold a controlling interest in a joint venture which owns a modern Ultramax carrier and 100% ownership of Kamsarmax which move a broad range of dry bulk commodities. We are positioned to opportunistically expand 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.”’ In addition, our publicly traded convertible preferred stock and common stock purchase warrants can be found on NASDAQ under the ticker symbols “PXSAB” and “PXSAW”, respectively.

Stable Cash Flow with Upside from Vessel Employment

Our chartering strategy is intended to provide stable, visible cash flows from time charters and upside opportunity through the spot market during periods of market strength. Our scalable operating structure allows management to minimize costs and focus on long term shareholder value.

Diversified Fleet

In conjunction with our listing on the NASDAQ Capital Markets in the fall of 2015, we acquired in a stock-for-stock based transaction six modern product tankers from an affiliate of our founder, Chief Executive Officer and majority shareholder. We sold our oldest, non-eco MR, the “Pyxis Delta”, in early 2020. In July 2021, we acquired a 2013 built eco-efficient MR which we named “Pyxis Karteria”. In December 2021, we acquired a 2017 built MR, the “Pyxis Lamda” in a related party transaction. In early 2022, we completed the sales of two non-core assets, the “Northsea Alpha” and the “Northsea Beta”. In March, 2023 we sold our eco-modified tanker, the 2009 built “Pyxis Malou” and in December 2023 we opportunistically sold the 2015 built “Pyxis Epsilon”. We currently have a fleet of 3 eco - MR2s.


Starting 2H 2023, we commence a counter – cyclical diversification strategy into the dry bulk sector, an area where our management team has significant prior ownership and operating experience. In September, we acquired a controlling interest in an Ultramax joint venture and in February, 2024 we completed the acquisition of the Kamsarmax.


Our current fleet list can be found here.

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