NASDAQ PXS 3.82 +0.05 +1.33%
Volume: 54,201 September 27, 2022

The collaborative approach between our management team and our commercial and technical ship managers creates an effective platform that we believe is able to deliver superior operating results at competitive costs and positions us for further growth.

Management of Ship Operations, Administration and Safety

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.

Ship Management Agreements with Pyxis Maritime Corp.

Headquartered in Athens, Greece, Maritime was formed in 2007 by our founder and Chief Executive Officer to take advantage of opportunities in the tanker sector. We have entered into a Head Management Agreement with Maritime, pursuant to which Maritime provides us and our vessels, among other things, with ship management services. Under the Head Management Agreement, each of our vessel owning subsidiaries has entered into a separate ship management agreement with Maritime which provides the following services: commercial, sale and purchase, provisions, insurance, bunkering, operations and maintenance, dry-docking and newbuilding construction supervision. Maritime also supervises the crewing and technical management performed by ITM for all our vessels.

Ship Management Agreements with International Tanker Management Ltd.

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.