Introduction This section introduces Pyxis Tankers Inc. and its consolidated subsidiaries, clarifying the terminology used throughout the Annual Report on Form 20-F Summary This section introduces Pyxis Tankers Inc. and its consolidated subsidiaries, clarifying the terminology used throughout the Annual Report on Form 20-F. It also states that the audited consolidated financial statements are prepared in accordance with U.S. GAAP and defines currency notations - The report refers to Pyxis Tankers Inc. and its consolidated subsidiaries as 'Pyxis,' 'the Company,' 'we,' 'us,' and 'our'15 - Consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP)16 - All monetary references in the report are in U.S. dollars ($, US$, U.S.$, U.S. dollars, USD) unless otherwise noted, and '€' refers to euros16 Forward-Looking Statements This section outlines the forward-looking nature of statements in the Annual Report, which are subject to risks and uncertainties Summary This section outlines the forward-looking nature of statements in the Annual Report, which are subject to risks and uncertainties. It lists various factors that could cause actual results to differ materially from projections, including economic conditions, regulatory changes, market volatility, and geopolitical events. Investors are cautioned against undue reliance on these statements - Forward-looking statements cover future operating/financial results, global economic/political conditions, vessel acquisitions, business strategy, capital/operating expenses, competition, shipping market trends (charter rates, supply/demand), financial condition, liquidity, and vessel availability/useful lives18 - Key factors that might cause future results to differ include changes in governmental taxation/regulations, U.S. election impacts, economic/competitive conditions (charter rates, charterer performance), central bank policies (inflation, interest rates, FX), borrowing availability, ability to employ vessels, operating expense changes (fuel, crewing, dry docking, insurance), capital expenditure funding, vessel breakdowns, litigation, vessel detention, cybersecurity breaches, supply/demand shifts in shipping, trade protectionism, international hostilities (Ukraine War, Middle East conflicts), interest/exchange rate changes, weather disruptions (Panama Canal drought), natural disasters/pandemics, supply chain disruptions, FCPA non-compliance, and ESG scrutiny1921 - Investors should not place undue reliance on forward-looking statements as they are not guarantees of future performance and actual results may vary materially20 Part I This part covers key information, business overview, and financial performance of the company Item 1. Identity of Directors, Senior Management and Advisers This section states that the information regarding the identity of directors, senior management, and advisers is not applicable for this report item - Information regarding the identity of directors, senior management, and advisers is not applicable for this item23 Item 2. Offer Statistics and Expected Timetable This section indicates that information on offer statistics and expected timetable is not applicable for this report item - Information on offer statistics and expected timetable is not applicable for this item24 Item 3. Key Information This section provides key information about the company, including reserved sections for A, B, and C, and a detailed discussion of risk factors (D) that investors should consider before investing in the company's securities A. [Reserved] This sub-section is reserved and contains no specific information B. Capitalization and Indebtedness This sub-section states that information regarding capitalization and indebtedness is not applicable for this report item - Information on capitalization and indebtedness is not applicable for this item25 C. Reasons for the Offer and Use of Proceeds This sub-section states that information regarding reasons for the offer and use of proceeds is not applicable for this report item - Information on reasons for the offer and use of proceeds is not applicable for this item26 D. Risk Factors This section details the significant risks associated with investing in the company's securities, categorized into risks related to the industry, business and operations, common stock, and tax - Investing in the company's securities is highly speculative and involves a degree of risk, requiring careful consideration of all described risks27 - Risks Related to Our Industry: Geopolitical events (Ukraine War, Middle East conflicts), international operational risks, seasonal/cyclical/volatile charter rates, global economic conditions, over-supply of capacity, economic slowdown in Asia Pacific (especially China), changes in fuel prices, sanctions/embargoes, government requisition of vessels, ESG scrutiny, complex environmental/safety regulations, climate change restrictions, and technological innovation reducing vessel value283032 - Risks Related to Our Business and Operations: Highly competitive markets, inability to secure profitable short-to-medium term employment, customer risk assessment failures, dependence on limited customers, reliance on ITM, Maritime, and Konkar Agencies, lack of scrubber installation on some vessels, challenges in implementing growth strategy, risks of operating secondhand vessels (start-up costs, increased expenses, aging fleet), vessel impairment charges, conflicts of interest due to CEO's affiliations and majority ownership, insufficient insurance coverage, litigation, group liability for subsidiaries, and financial strength of private management companies31114115 - Risks Related to Our Indebtedness: Insufficient cash flow for debt service, declining vessel market values leading to covenant breaches or impairment, restrictive covenants limiting corporate actions and dividend payments, dependence on subsidiary distributions, and volatility of SOFR affecting profitability189190191 - Risks Related to Our Common Stock: Wide fluctuations in market price, potential dilution from future equity issuances (e.g., warrants), no intention to pay cash dividends in the near future, risk of delisting from Nasdaq due to minimum share price requirements, and anti-takeover provisions206207208 - Tax Risks: Potential U.S. source income tax, adverse impact from various tax rules or changes, and adverse U.S. federal income tax consequences if treated as a 'controlled foreign corporation' or 'passive foreign investment company'236237238 Item 4. Information on the Company This section provides an overview of Pyxis Tankers Inc., including its history, recent developments, business operations, fleet details, management structure, and competitive landscape A. History and Development of the Company Pyxis Tankers Inc. was incorporated in the Marshall Islands in March 2015, operating as an international maritime transportation holding company - Pyxis Tankers Inc. was incorporated in the Republic of the Marshall Islands on March 23, 2015, and operates as an international maritime transportation holding company244 - The company entered the dry-bulk market in September 2023 with a 60% owned eco-Ultramax carrier ('Konkar Ormi'), acquired a 100% owned eco-Kamsarmax ('Konkar Asteri') in February 2024, and a 60% owned eco-Kamsarmax ('Konkar Venture') in June 2024246247248 - The ongoing Ukraine War and Middle East conflicts have impacted trade routes for refined petroleum products and dry-bulk commodities, leading to increased oil and bunker fuel prices, but have not negatively affected the company's charter contracts or operations to date249 B. Business Overview Pyxis Tankers Inc. is an international maritime transportation company specializing in mid-sized eco-vessels for product tanker and dry-bulk sectors - As of March 28, 2025, the fleet consists of three double hull product tankers (average age 10.6 years, 148,592 dwt) and three dry-bulk carriers (average age 9.3 years, 227,632 dwt), employed under a mix of spot and short-term time charters250252 Fleet Summary as of March 21, 2025 | Vessel Name | Vessel type | Carrying Capacity (dwt) | Year Built | Type of charter | Charter Rate ($ per day) | Earliest Redelivery Date | |---|---|---|---|---|---|---| | Tanker fleet | | | | | | | | Pyxis Lamda | MR2 | 50,145 | 2017 | Spot | 20,000 | Sep 2025 | | Pyxis Theta | MR2 | 51,795 | 2013 | Time | 22,000 | Dec 2025 | | Pyxis Karteria | MR2 | 46,652 | 2013 | Time | 24,500 | Sep 2025 | | Dry-bulk fleet | | | | | | | | Konkar Ormi | Ultramax | 63,520 | 2016 | Time | 16,750 | Apr 2025 | | Konkar Asteri | Kamsarmax | 82,013 | 2015 | Special Survey | n/a | n/a | | Konkar Venture | Kamsarmax | 82,099 | 2015 | Special Survey | n/a | n/a | - Business strategy includes expanding the fleet through selective acquisitions of modern eco-product tankers (primarily MRs) and mid-sized eco-dry-bulk carriers (46,000-84,000 dwt), optimizing operating efficiency through vessel modifications and software, utilizing a portfolio approach for commercial employment (mix of spot and time charters), preserving a strong safety record, maintaining financial flexibility, and supporting good ESG standards251259260 - The company's significant customers in 2024 included PMI Trading Designated Activity Company (31% of revenues), Trafigura Maritime Logistics Pte. Ltd. (20%), and Mansel (15%). In 2023, three customers accounted for 85% of total revenues, with Trafigura at 43% and P.M.I. at 24%288 - The IMO's revised GHG strategy (July 2023) aims for net-zero emissions from international shipping by 2050, with indicative checkpoints for 2030 (at least 20% reduction, striving for 30%) and 2040 (at least 70% reduction, striving for 80%) compared to 2008 levels345402 - The EU Emissions Trading System (EU ETS) has been extended to cover CO2 emissions from all large ships entering EU ports starting January 2024, requiring shipowners to buy permits. FuelEU Maritime regulation sets requirements on annual average GHG intensity of energy used by ships trading within the EU/EEA, starting with a 2% reduction in 2025396397 C. Organizational Structure Pyxis Tankers Inc. is a Marshall Islands corporation, owning its fleet through four wholly-owned and two 60% owned subsidiaries, all incorporated in the Marshall Islands - Pyxis Tankers Inc. was incorporated in the Republic of the Marshall Islands on March 23, 2015, and owns its fleet through six separate subsidiaries: four wholly-owned and two 60% owned joint ventures, all incorporated in the Marshall Islands415 List of Subsidiaries (as of March 21, 2025) | Name of Company | Country of Incorporation | Principal Activities | Ownership | |---|---|---|---| | SEVENTHONE CORP. | Marshall Islands | Ship ownership and operations | 100% | | TENTHONE CORP. | Marshall Islands | Ship ownership and operations | 100% | | ELEVENTHONE CORP. | Marshall Islands | Ship ownership and operations | 100% | | DRYTWO CORP. | Marshall Islands | Ship ownership and operations | 100% | | DRYONE CORP. | Marshall Islands | Ship ownership and operations | 60% | | DRYTHREE CORP. | Marshall Islands | Ship ownership and operations | 60% | | SECONDONE CORPORATION LTD | Marshall Islands | Non-operating subsidiary | 100% | | THIRDONE CORPORATION LTD | Marshall Islands | Non-operating subsidiary | 100% | | FOURTHONE CORPORATION LTD | Malta | Non-operating subsidiary | 100% | | SIXTHONE CORP. | Marshall Islands | Non-operating subsidiary | 100% | | EIGHTHONE CORP. | Marshall Islands | Non-operating subsidiary | 100% | | MARITIME TECHNOLOGIES CORP. | Delaware | Non-operating subsidiary | 100% | | DRYKON MARITIME INC. | Marshall Islands | Non-operating subsidiary | 60% | | ACCUSHIP MARITIME LTD | Marshall Islands | Non-operating subsidiary | 60% | D. Property, Plants and Equipment The company's primary material property consists of its vessels. Office space is provided by its affiliated ship management company, Maritime, under a Head Management Agreement - The company's material property is limited to its vessels417 - Office space is provided by Maritime, an affiliated ship management company, as part of administrative services417 Item 4A. Unresolved Staff Comments This section states that there are no unresolved staff comments applicable to this report - This item is not applicable, indicating no unresolved staff comments418 Item 5. Operating and Financial Review and Prospects This section provides a detailed discussion of the company's financial condition and results of operations for the years ended December 31, 2023 and 2024, including operating results, liquidity, capital resources, and critical accounting estimates A. Operating Results The company's operating results for 2024 showed an increase in net revenues, driven by higher MR daily TCE rates and fleet expansion in the dry-bulk sector, despite a decrease in overall fleet utilization Revenues, Net (2023 vs. 2024) | Category | 2023 (thousands of U.S. dollars) | 2024 (thousands of U.S. dollars) | Change ($) | Change (%) | |---|---|---|---|---| | Revenues derived from spot charters, net | 12,665 | 19,769 | 7,104 | 56.1% | | Revenues derived from time charters, net | 32,803 | 31,773 | (1,030) | (3.1%) | | Revenues, net | 45,468 | 51,542 | 6,074 | 13.4% | Key Operating Data (2023 vs. 2024) | Metric | 2023 | 2024 | Change | |---|---|---|---| | MR vessels: | | | | | Ownership days | 1,525 | 1,098 | (427) | | Available days | 1,482 | 1,098 | (384) | | Operating days | 1,418 | 1,055 | (363) | | Utilization % | 95.7% | 96.1% | 0.4% | | Daily TCE rate | $26,633 | $29,289 | $2,656 | | Daily vessel operating expenses | $7,065 | $7,195 | $130 | | Average number of vessels | 4.2 | 3.0 | (1.2) | | Weighted average age (years) | 9.4 | 10.3 | 0.9 | | Dry-bulk vessels: | | | | | Ownership days | 109 | 873 | 764 | | Available days | 109 | 873 | 764 | | Operating days | 88 | 724 | 636 | | Utilization % | 80.7% | 82.9% | 2.2% | | Daily TCE rate | $15,323 | $15,353 | $30 | | Daily vessel operating expenses | $7,772 | $6,240 | ($1,532) | | Average number of vessels | 0.3 | 2.4 | 2.1 | | Weighted average age (years) | 7.2 | 9.2 | 2.0 | | Total fleet: | | | | | Ownership days | 1,634 | 1,971 | 337 | | Available days | 1,591 | 1,971 | 380 | | Operating days | 1,506 | 1,779 | 273 | | Utilization % | 94.7% | 90.3% | (4.4%) | | Daily TCE rate | $25,972 | $23,617 | ($2,355) | | Daily vessel operating expenses | $7,112 | $6,772 | ($340) | | Average number of vessels | 4.5 | 5.4 | 0.9 | | Weighted average age (years) | 8.8 | 9.6 | 0.8 | Consolidated Statements of Comprehensive Income Highlights (2023 vs. 2024) | Item | 2023 (thousands of U.S. dollars) | 2024 (thousands of U.S. dollars) | Change ($) | Change (%) | |---|---|---|---|---| | Revenues, net | 45,468 | 51,542 | 6,074 | 13.4% | | Voyage related costs and commissions | (6,352) | (9,527) | (3,175) | 50.0% | | Vessel operating expenses | (11,623) | (13,367) | (1,744) | 15.0% | | General and administrative expenses | (3,448) | (2,996) | 452 | (13.1%) | | Management fees, related parties | (728) | (1,177) | (449) | 61.7% | | Management fees, other | (760) | (503) | 257 | (33.8%) | | Amortization of special survey costs | (388) | (382) | 6 | (1.5%) | | Depreciation | (5,503) | (6,904) | (1,401) | 25.5% | | Allowance for credit losses | 78 | 38 | (40) | (51.3%) | | Gain/(Loss) from the sale of vessels, net | 25,125 | — | (25,125) | (100.0%) | | Operating income | 41,869 | 16,724 | (25,145) | (60.1%) | | Total other expenses, net | (5,033) | (4,217) | 816 | (16.2%) | | Net income | 36,836 | 12,507 | (24,329) | (66.0%) | | Net income attributable to common shareholders | 36,227 | 9,624 | (26,603) | (73.4%) | | Income per common share, basic | $3.38 | $0.91 | ($2.47) | (73.1%) | | Income per common share, diluted | $2.94 | $0.91 | ($2.03) | (69.0%) | - Adjusted net income for 2024 was $12.3 million ($1.17 adjusted EPS basic), down from $36.2 million ($3.38 adjusted EPS basic in 2023), primarily due to the $25.1 million gain from vessel sales in 2023 and a $2.7 million deemed dividend from preferred stock redemption in 2024449452 B. Liquidity and Capital Resources The company's liquidity is primarily sourced from operations, bank debt, vessel sales, and equity/debt issuances - Principal liquidity sources are cash flows from operations, bank debt, selective vessel sales, and future equity/debt issuances471 - Key liquidity requirements include debt principal/interest payments, vessel operating expenses (including dry-docking/special survey costs), technical/commercial management fees, maintaining cash reserves for loan covenants, common share repurchases, and potential vessel acquisitions474 Cash and Working Capital Position (2023 vs. 2024) | Metric | December 31, 2023 (thousands of U.S. dollars) | December 31, 2024 (thousands of U.S. dollars) | |---|---|---| | Cash and cash equivalents and restricted cash | 56,339 | 39,600 | | Working capital surplus | 50,800 | 33,900 | Consolidated Cash Flows (2023 vs. 2024) | Activity | 2023 (thousands of U.S. dollars) | 2024 (thousands of U.S. dollars) | |---|---|---| | Net cash provided by operating activities | 21,442 | 18,846 | | Net cash (used in) / provided by investing activities | 12,205 | (42,163) | | Net cash provided by / (used in) financing activities | (7,497) | 9,571 | | Change in cash and cash equivalents and restricted cash | 26,150 | (13,746) | - In 2024, net cash used in investing activities was $42.2 million, primarily due to the acquisition of 'Konkar Asteri' ($24.0 million paid) and 'Konkar Venture' ($28.5 million cash payment), partially offset by $3.0 million from short-term investments507 - Net cash provided by financing activities in 2024 was $9.6 million, reflecting $31.0 million in new long-term debt and $5.9 million from non-controlling interests, offset by $7.3 million in debt principal payments and $10.1 million for preferred share redemption509 Long-term Debt Outstanding (2023 vs. 2024) | Vessel (Borrower) | 2023 (thousands of U.S. dollars) | 2024 (thousands of U.S. dollars) | |---|---|---| | Pyxis Theta (Seventhone) | 11,350 | 10,150 | | Pyxis Karteria (Tenthone) | 14,150 | 12,800 | | Pyxis Lamda (Eleventhone) | 17,390 | 15,663 | | Konkar Ormi (Dryone Corp.) | 18,600 | 17,100 | | Konkar Asteri (Drytwo Corp.) | — | 13,600 | | Konkar Venture (Drythree Corp.) | — | 15,870 | | Total | 61,490 | 85,183 | - As of December 31, 2024, the company was in compliance with all financial covenants, including minimum liquidity and minimum security cover ratios, and had no available undrawn amounts under existing loan agreements519881 Annual Principal Payments Required After December 31, 2024 | To December 31, | Amount (thousands of U.S. dollars) | |---|---| | 2025 | 7,787 | | 2026 | 19,996 | | 2027 | 6,060 | | 2028 | 26,360 | | 2029 | 24,980 | | Total | 85,183 | C. Research and Development, Patents and Licenses, etc. The company does not hold any patents and uses only ordinary information technology licenses. It has no significant research and development activities - The company has no patents and uses only ordinary information technology licenses528 D. Trend Information This section refers to the 'International Product Tanker and Dry-bulk Shipping Industry' section for trend information, indicating that market trends are discussed elsewhere in the report - Trend information is referenced to the 'International Product Tanker and Dry-bulk Shipping Industry' section (Item 4.B)529 E. Critical Accounting Estimates This section outlines the critical accounting policies that involve significant judgments and uncertainties, including vessel impairment, vessel lives and depreciation, and revenue recognition for spot and time charters - Critical accounting policies include vessel impairment, vessel lives and depreciation, and revenue recognition for spot and time charters, all requiring significant management judgment529530534 - Vessel impairment is assessed when events indicate carrying value may not be recoverable, comparing undiscounted future cash flows to carrying value. Fair value is determined using management estimates, market data, and third-party valuations. No impairment charge was recorded as of December 31, 2024530531532 - Vessels are depreciated straight-line over an estimated useful life of 25 years from delivery, with a residual value of $340 per lightweight ton. Useful life is adjusted if regulations limit worldwide trading ability534 Revenue Disaggregation by Source (2023 vs. 2024) | Revenue Source | 2023 (thousands of U.S. dollars) | 2024 (thousands of U.S. dollars) | |---|---|---| | Revenues derived from spot charters, net | 12,665 | 19,769 | | Revenues derived from time charters, net | 32,803 | 31,773 | | Revenues, net | 45,468 | 51,542 | - Spot charter revenue is recognized over time from load-to-discharge, with demurrage estimated at contract inception. Voyage costs during ballast are capitalized and amortized, while those during the spot charter are expensed. Time charters are accounted for as operating leases, with revenue recognized over the lease term536537541 Item 6. Directors, Senior Management and Employees This section details the company's executive officers and directors, their biographical information, compensation practices (including the Equity Incentive Plan), board practices, and employee structure A. Directors and Senior Management The company's executive officers and directors include Valentios 'Eddie' Valentis (Chairman, CEO, Class I Director), Henry P. Williams (CFO, Treasurer), Konstantinos Lytras (COO, Secretary), and independent directors Robin P. Das, Basil G. Mavroleon, and Aristides J. Pittas Executive Officers and Directors | Name | Age | Position | |---|---|---| | Valentios "Eddie" Valentis | 58 | Chairman, Chief Executive Officer and Class I Director | | Henry P. Williams | 69 | Chief Financial Officer and Treasurer | | Konstantinos Lytras | 60 | Chief Operating Officer and Secretary | | Robin P. Das | 52 | Class III Director | | Basil G. Mavroleon | 76 | Class III Director | | Aristides J. Pittas | 65 | Class II Director | - Mr. Valentis has over 31 years of shipping experience, founded Pyxis Maritime Corp. in 2007, and has been President and Managing Director of Konkar Shipping Agencies S.A. since 2001544 - Mr. Williams has over 36 years of commercial, investment, and merchant banking experience, serving as CFO and Treasurer since August 2015545 - Mr. Lytras has served as COO since inception and Secretary since October 2018, with extensive financial and shipping management experience546 B. Compensation The company has no direct employees; executive officers' services are provided by Maritime under a Head Management Agreement, with an annual fee of $1.9 million in 2025 - The company has no direct employees; executive officers' services are provided by Maritime, with an annual fee of $1.9 million in 2025 for administrative services552569 - Non-executive directors receive an aggregate annual compensation of $125,000, plus expense reimbursements. In 2023 and 2024, they received restricted common share grants (5,000 and 2,500 shares, respectively) under the EIP553 - The Equity Incentive Plan (EIP) allows for various share-based awards to employees, officers, directors, and consultants, with a maximum aggregate of 15% of outstanding common stock over its ten-year term554555 C. Board Practices The Board of Directors consists of four directors, with three independent members. Directors serve staggered three-year terms - The Board of Directors has four directors, with three independent members (Robin P. Das, Basil G. Mavroleon, Aristides J. Pittas) serving staggered three-year terms564 - The audit committee consists of three independent directors, with Robin Das qualifying as an audit committee 'financial expert'565 - The nominating and corporate governance committee includes two independent directors and one non-independent executive director566 - A Clawback Policy is adopted to recover erroneously awarded incentive-based compensation in cases of accounting restatements or significant misconduct567 D. Employees The company has no direct employees; executive officers and administrative staff services are provided by Maritime under a Head Management Agreement, with an annual fee of $1.9 million in 2025 - The company has no direct employees; executive officers and administrative staff services are provided by Maritime under a Head Management Agreement569 - The annual fee paid to Maritime for these services is $1.9 million in 2025569 E. Share Ownership This section refers to 'Item 7. Major Shareholders and Related Party Transactions – A. Major Shareholders' for information on common stock ownership by officers and directors as a group - Information on common stock ownership by officers and directors as a group is provided in 'Item 7. Major Shareholders and Related Party Transactions – A. Major Shareholders'572 F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation This section states that the disclosure of a registrant's action to recover erroneously awarded compensation is not applicable - This item is not applicable572 Item 7. Major Shareholders and Related Party Transactions This section details the beneficial ownership of the company's common stock, particularly by major shareholders and executive officers, and outlines significant related party transactions A. Major Shareholders As of March 21, 2025, Valentios 'Eddie' Valentis (through Maritime Investors Corp.) beneficially owned 57.3% of the company's outstanding common stock Beneficial Ownership of Common Stock (as of March 21, 2025) | Identity of person or group | Number of Shares Beneficially Owned | Percentage | |---|---|---| | Valentios "Eddie" Valentis (Maritime Investors Corp.) | 6,007,587 | 57.3% | | Henry P. Williams | 59,215 | *% | | Konstantinos Lytras | 29,094 | *% | | Robin P. Das | 7,500 | *% | | Basil G. Mavroleon | 7,500 | *% | | Aristides J. Pittas | 7,500 | *% | | All directors and executive officers as a group (6 person) | 6,118,396 | 58.3% | * Less than 1% of outstanding shares. - As of March 21, 2025, there were 720 shareholders of record, with 80 located in the United States holding 97% of outstanding common stock, largely through CEDE & CO.576 B. Related Party Transactions The company has significant related party transactions, primarily through management agreements with Maritime and Konkar Agencies, both controlled by Mr. Valentis - Maritime, controlled by Mr. Valentis, provides ship management and administrative services to the company and its product tankers under a Head Management Agreement, which was automatically renewed for five years through March 23, 2030578580 Amounts Charged by Maritime and Konkar Agencies (2022-2024) | Category | 2022 (thousands of U.S. dollars) | 2023 (thousands of U.S. dollars) | 2024 (thousands of U.S. dollars) | |---|---|---|---| | Charter hire commissions | 735 | 575 | 644 | | Ship-Management Fees | 702 | 728 | 1,177 | | Administration Fees | 1,652 | 1,812 | 1,958 | | Total | 3,089 | 3,115 | 3,779 | - Konkar Agencies, also controlled by Mr. Valentis, provides commercial and technical management services for the dry-bulk vessels, charging a daily fee of $873 per bulker in 2025590 - A $6.0 million promissory note with Maritime Investors Corp. (an affiliate of Mr. Valentis) was fully repaid in March 2023, with interest charged at 7.5% annually585850 - In June 2024, the company acquired the 'Konkar Venture' (dry-bulk vessel) from a related party entity for $30.0 million, funded by secured bank debt, cash, and the issuance of 267,857 restricted common shares ($1.5 million value) to the seller588853 C. Interests of Experts and Counsel This section states that information regarding the interests of experts and counsel is not applicable - This item is not applicable592 Item 8. Financial Information This section refers to Item 18 for consolidated financial statements and discusses legal proceedings and the company's dividend policy A. Consolidated Statements and Other Financial Information This section refers to Item 18 for the full consolidated financial statements. It also notes that the company is not currently involved in any legal proceedings that would significantly impact its financial position or profitability, and maintains insurance coverage for typical shipping risks - Full consolidated financial statements are provided in Item 18593 - The company is not aware of any legal proceedings or claims that could significantly affect its financial position or profitability, and maintains insurance policies for ordinary course of business risks594 - The company does not intend to pay common stock dividends in the near future, with payments subject to Board discretion and compliance with legal, fiduciary, and contractual requirements, including loan covenants (e.g., total liabilities to market value adjusted total assets ratio not exceeding 75%). As of December 31, 2024, this ratio was 40%, permitting dividend distribution under Alpha Bank Facilities595 B. Significant Changes This section states that there are no significant changes applicable to this report - This item is not applicable596 [Item 9. The Offer and Listing](index=103&type=section&id=ITEM%209.%20THE%20OFFER%20AND%20LISTING
PYXIS TKRS.EQ.WARRT(PXSAW) - 2024 Q4 - Annual Report