Third Quarter Ended September 30, 2024 Results November 22, 2024 DISCLAIMER FORWARD-LOOKING STATEMENTS & INFORMATION This presentation contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words "expected'', "estimated", "scheduled", "could", "should", "anticipated", "long-term", "opportunities", "potential", "continue", "likely", "may", "will", "positioned", "possible", "believe", "expan ...

Core Viewpoint - Pyxis Tankers Inc. reported strong financial results for the third quarter of 2024, with significant increases in revenues and net income, driven by favorable market conditions in the product tanker sector and improved operational efficiency. Financial Performance - For the three months ended September 30, 2024, net revenues were $13.8 million, an increase of $2.7 million, or 24.3%, compared to $11.1 million in the same period of 2023 [2][8] - Time charter equivalent (TCE) revenues for the same period were $11.7 million, up $2.4 million, or 25.5%, from the prior year [2][8] - Net income attributable to common shareholders was $3.6 million, an increase of $0.4 million from $3.1 million in the comparable period of 2023 [2][8] - Adjusted EBITDA for the third quarter of 2024 was $6.7 million, an increase of $1.2 million from $5.5 million in the same period of 2023 [2][8] Operational Highlights - The average daily TCE for the MR fleet was $29,826, a 6.4% increase from $28,024 in the same quarter of 2023 [4][13] - The product tanker sector experienced a healthy chartering environment due to global demand for transportation fuels and tight inventories [4][5] - As of November 20, 2024, 69% of available MR days for the fourth quarter were booked at an estimated average TCE of $24,630 per day [4][5] Debt Management - On July 30, 2024, the company refinanced existing debt, resulting in a five-year amortizing bank loan with a reduced interest margin from 3.15% to 2.40% [3][20] - The outstanding balance of the two loans as of September 30, 2024, was $26.5 million, with an average reduction in interest margin of 85 basis points [3][20] Market Conditions - The product tanker sector is expected to benefit from modest global demand growth and manageable order books, despite potential market dislocation due to geopolitical events [5][6] - The dry bulk sector has seen lackluster chartering conditions, with average TCE for mid-sized eco-efficient bulk carriers at $13,841 per day for the third quarter of 2024 [4][5] Shareholder Value - The company has repurchased 581,000 common shares since June 2023, enhancing shareholder value by eliminating potential dilution from convertible preferred stock [6][7]

Company Overview - Pyxis Tankers Inc. is an international shipping company that owns a modern fleet of mid-sized eco-vessels, including three MR product tankers and three dry-bulk carriers [5] - The company has controlling interests in two dry-bulk joint ventures and one fully owned Kamsarmax vessel, which transport a variety of dry-bulk commodities [5] - Pyxis Tankers is positioned to expand its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships, and an experienced management team [5] Earnings Release - The company will release its unaudited results for the third quarter ended September 30, 2024, before the market opens in New York on November 22, 2024 [1] - A conference call to discuss the results will be held on the same day at 8:30 a.m. Eastern Time [1] Conference Call Details - Participants can join the call by dialing +1 877 405 1226 (US Toll-Free) or +1 201 689 7823 (US and Standard International) [2] - A webcast of the conference call will be available on the company's website, and a telephonic replay will be accessible until November 29, 2024 [4]

Company Overview - Pyxis Tankers Inc. owns a modern fleet of six mid-sized eco-vessels engaged in the transportation of refined petroleum products and dry bulk commodities, including three MR product tankers, one Kamsarmax bulk carrier, and interests in two dry bulk joint ventures [3] - The company is positioned to expand its fleet of eco-efficient vessels due to significant capital resources, a competitive cost structure, strong customer relationships, and an experienced management team aligned with shareholder interests [3] Industry Event - Pyxis Tankers will participate in The ThinkEquity Conference on October 30, 2024, at the Mandarin Oriental Hotel in New York, which gathers institutional investors, corporate clients, and industry professionals [1] - The conference will feature presentations from Mr. Eddie Valentis, Chairman & CEO, and Mr. Henry Williams, CFO, at 2 p.m. ET, along with one-on-one investor meetings throughout the day [1] ThinkEquity Background - ThinkEquity is a boutique investment bank that has collectively financed over $50 billion in public and private capital raises, restructurings, and mergers and acquisitions over the past decade [2] - Previous conferences have included over 70 company presentations, 700+ attendees, and 500+ one-on-one meetings, providing a valuable platform for companies and investors to connect [2]

Maroussi, Greece – September 11, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), ("we", "our", "us", the "Company" or "Pyxis Tankers"), an international shipping company, announced today key shareholder and chartering updates. 1. On September 6, 2024, the Company's Board of Directors approved the redemption of the remaining 303,631 outstanding shares of our 7.75% Series A Cumulative Convertible Preferred Stock (the "Preferred Shares") (NASDAQ Cap Mkts: PXSAP) with a redemption date of October 20, 2024 (th ...

Financial Data and Key Metrics - Consolidated time charter equivalent (TCE) revenues for Q2 2024 were $12.2 million, a 42% increase compared to Q2 2023 [3] - Daily TCE for the fleet in Q2 2024 was $29,150, with MR2 product tankers averaging $32,900 and midsized bulkers averaging $22,300 per day [3] - Net income for Q2 2024 was $5 million, or $0.48 basic EPS, significantly higher than Q2 2023 [4] - Adjusted EBITDA for Q2 2024 rose to $8 million, up $2.8 million from the previous year [15] - The company's consolidated leverage ratio of net funded debt stood at 23% of total capitalization as of June 30, 2024, with a weighted average interest rate of 8% [16] - Total cash position at the end of June 2024 was $44.6 million, with most excess cash invested in short-term money market investments earning 5.5% [16] Business Line Data and Key Metrics - The fleet consists of six modern midsized eco vessels: three MR2 product tankers, one Ultramax, and two Kamsarmax bulk carriers [3] - As of August 9, 68% of available days in Q3 2024 were booked for MRs at an average estimated TC rate of $33,850 per day [5] - For the dry bulk sector, 76% of available days in Q3 2024 were booked at an average estimated TC rate of $17,200 per day [5] - The average age of the fleet is below industry averages, with MRs at 9.9 years and bulkers at 8.7 years [7] Market Data and Key Metrics - Global refinery activity remains constructive, with 3.7 million barrels per day of net new refinery capacity scheduled to come online from 2024 through 2028, primarily in the Middle East and Asia [8] - The Russia-Ukraine war and Middle East conflicts have sustained strong charter rates, lengthened sailing distances, and expanded ton miles [9] - The order book for MR2 product tankers stands at 274 vessels, or 16.1% of the global fleet, with 104 MRs scheduled for delivery by the end of 2025 [10] - 13.5% of the global MR2 fleet, or 230 tankers, are 20 years of age or older, indicating potential for increased scrapping in the next five years [10] - Dry bulk trade is estimated to grow 2.6% to almost 5.7 billion tons in 2024, with ton miles increasing by 3.9% [12] Company Strategy and Industry Competition - The company is committed to pursuing value-enhancing accretive investment opportunities, focusing on strengthening the balance sheet, amortizing scheduled debt, and repurchasing additional shares [6] - The company maintains a mixed chartering strategy of time and spot charters, with a focus on diversification by customer and direction [7] - The company is selective in pursuing acquisitions in the dry bulk sector due to appreciating asset values, while finding it challenging to acquire modern MRs at current high prices [6] - The company expects to benefit from long-term demand for product tankers driven by refinery additions and global GDP growth supporting dry bulk demand [17] Management Commentary on Operating Environment and Future Outlook - The fundamental outlook for product tankers and dry bulk carriers remains positive, with healthy charter rates and rising asset values, though market conditions are influenced by macroeconomic and geopolitical events [2] - The company expects demand for product tankers to be boosted by refinery additions in the Middle East and Asia, leading to further expansion of ton miles [8] - The company anticipates continued strong chartering conditions for both product tankers and dry bulk carriers, supported by solid end-market consumption, lower refined product inventories, and changing trade patterns [17] - The company plans to utilize its solid financial position and industry relationships to develop additional investment opportunities, including selective fleet expansion [17] Other Important Information - The company's next vessel surveys are scheduled for the first half of 2025 on the Konkar Asteri and Konkar Venture [7] - The company has approximately 10.7 million common shares outstanding as of August 9, 2024, and 12 million shares on a fully diluted basis [16] Q&A Session Summary - No specific questions or answers were provided in the transcript [18]

Second Quarter Ended June 30, 2024 Results August 12, 2024 DISCLAIMER FORWARD-LOOKING STATEMENTS & INFORMATION This presentation contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words "expected'', "estimated", "scheduled", "could", "should", "anticipated", "long-term", "opportunities", "potential", "continue", "likely", "may", "will", "positioned", "possible", "believe", "expand" and ...

Maroussi, Greece, August 12, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), ("we", "our", "us", the "Company" or "Pyxis Tankers"), an international shipping company, today announced unaudited results for the three and six month periods ended June 30, 2024. Summary For the three months ended June 30, 2024, our Revenues, net were $13.9 million. For the same period, our time charter equivalent ("TCE") revenues were $12.2 million, an increase of $3.6 million, or 41.9%, over the comparable period in 2023. Our ...

Maroussi, Greece – June 28, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the "Company"), an international shipping company, announced today that it has closed its previously announced dry bulk vessel joint venture with an entity related to its Chairman and Chief Executive Officer, that was newly formed to acquire, own and operate, the "Konkar Venture", a 2015 built 82,099 dwt Kamsarmax carrier. The Company invested $7.3 million in cash and will issue 267,857 restricted common shares for a 60% ownership ...

While certainly valid concerns, they do not justify a more than 60% discount to NAV, at least not in my opinion. | --- | --- | |--------------------------------------------------|-------| | Pyxis Tankers - Net Asset Value June 2024 | | | Fleet Value (net of non-controlling interest) | 178.9 | | Cash and Restricted Cash | 49.0 | | Estimated Q2/2024 Cash Generation | 5.0 | | Vessel Purchase Obligations | 18.1 | | Long-Term Debt (net of non-controlling interest) | 66.6 | | Preferred Stock | 10.1 | | Net Asset ...